Shandong Fengxiang Co. Ltd. provided consolidated earnings guidance for the year ended December 31, 2020. For the period, the Group is expected to record a decrease in its profit (before biological assets fair value adjustment) to approximately RMB 160 million to approximately RMB 200 million as compared to the audited consolidated net profit (before biological assets fair value adjustment) of approximately RMB 833.9 million for the year ended 31 December 2019.