Gelonghui, March 15, 丨 China Glass (03300.HK) announced that the Group expects to record a loss of no more than RMB 500 million for the year ended December 31, 2023, while the Group recorded a net profit of approximately RMB 102 million for the year ended December 31, 2022.

This loss was mainly affected by the following combination of factors: (1) China's real estate industry continued to recession, causing float glass market prices to be at a low level; (2) high price fluctuations in the market prices of major raw materials and fuel materials; (3) ongoing geopolitical conflicts and global inflation, leading to a decline in the contribution of the Group's overseas bases to the performance of the Group's overseas bases; (4) the Federal Reserve continued to raise interest rates, which led to an increase in the cost of the Group's dollar debt; and (5) after a comprehensive assessment of production line status, preparations were made for the corresponding impairment of some production lines.