According to the Zhitong Finance App, Baofa Group (03326) announced that the Group's net profit in 2023 is expected to increase by about 20% to 30% year-on-year. This expected increase is mainly due to a significant increase in impairment losses in China's trade accounts receivable under the expected credit loss model in 2022, but no significant impairment losses were achieved in 2023 under the expected credit loss model. This impact was partially offset by the decline in the financial performance of the Group's jewelry business.