According to the Zhitong Finance App, Tongfang Tide (01206) announced that the group expects to lose about RMB 99 million to RMB 109 million for the year ended December 31, 2023, and profit of about RMB 55.7 million for the year ended December 31, 2022. Losses during the reporting period were mainly due to the target market's recovery falling short of expectations and increased competition in the industry. In order to ensure market share, the Group adjusted its market strategy accordingly, and gross margin declined markedly during the period, which had a significant adverse impact on net profit.