Zhitong Financial APP News, Jiahua Department Store Holdings (00602) issued an announcement that the group's net loss is expected to increase from about 26.3 million yuan (unaudited) in the six months ending June 30, 2022 to about 32 million to 36 million yuan in the six months ending June 30, 2023.

The announcement said that the increase in the group's expected net loss was mainly due to I) continued competition from online e-commerce, ii) fierce competition in physical retail, iii) a general decline in community consumption habits due to factory closures and rising unemployment, and iv) a reduction in the resident population due to foreign divestment and factory closures.