On March 8, GLONGHUI | Huiju Technology (02481.HK) announced that the Group expects to record net profit attributable to company owners for the year ended December 31, 2023 of approximately RMB 130 million to approximately RMB 150 million, an increase of about 35% to about 56% over approximately RMB 96.4 million for the year ended December 31, 2022.

According to the announcement, the increase is mainly due to (i) the increase in gross profit of heating and heat distribution due to an increase in the Group's actual heating service area, the increase in heating prices and sales costs for several franchise projects; (ii) one-time compensation revenue to compensate for the provision of heating services to the Lanzhou New Area Vocational Education Park; and (iii) an increase in network access construction costs.