Gelonghui, March 6, 丨 Taixing Group (06811.HK) announced that for the year ended December 31, 2023, the Group expects to record profit attributable to shareholders of approximately HK$90 million to HK$95 million this year, while losses attributable to shareholders for the year ended 31 December 2022 are approximately HK$43 million.

According to the announcement, the Board of Directors believes that this year's forecast to turn a loss into profit is mainly due to the following factors: (1) as various travel restrictions and social distancing measures related to the novel coronavirus pandemic were lifted this year, the number of visitors to Hong Kong and mainland China rebounded sharply compared to last year, leading to a gradual recovery in the local economy and restaurant market; in addition, the Group continued to optimize the restaurant network and carry out restaurant renovations to enhance the customer experience, all of which increased the Group's business benefits; and (2) the Group continues to adhere to prudent financial management policies and strict cost control measures, including when selecting new locations Adopting a prudent approach and adopting source procurement strategies to effectively control food costs. Furthermore, by actively improving operating processes, the Group has been able to improve its operating efficiency, gross margin and profit.