Gelonghui, March 18, 丨 Jujiang Construction (01459.HK) announced that the company expects the net profit recorded by the Group to be reduced by about 70% to 90% for the year ended December 31, 2023 compared to approximately RMB 55.8 million for the year ended December 31, 2022.

The decrease in net profit was mainly due to (i) the reduction in the Group's confirmed revenue and gross profit in the current year, mainly due to the overall downturn in the real estate market and a decrease in the net value of the Group's new construction projects during the year; and (ii) the increase in net impairment losses of financial and contract assets during the year, as the financial situation of several of the Group's customers deteriorated in the current year compared to the previous year.