Maoyan Entertainment provided earnings guidance for the six months ended on June 30, 2020. The Company expected that the Group would record a decline in the revenue of the Group for the six months ended on June 30, 2020 (the "1H2020") as compared with the same period last year and would record a net loss for first half 2020 taking into account the impact of the COVID-19 outbreak. The Board wishes to inform the shareholders and potential investors of the Company that, based on the information currently available to the Company and its preliminary assessment of the unaudited consolidated management accounts of the Group for the first half 2020, the revenue of the Group for first half 2020 is expected to range between approximately RMB 200.0 million and RMB 230.0 million, while the revenue for the six months ended June 30, 2019 was approximately RMB 1,984.6 million; the net loss attributable to the owners of the Company to be recorded by the Group for first half 2020 is expected to range between approximately RMB 390.0 million and RMB 440.0 million, while it recorded a net profit attributable to the owners of the Company of approximately RMB 262.0 million for the six months ended June 30, 2019. The aforementioned loss is mainly attributed to the continuous shut down of movie theaters and the cancellation of large offline performances and games in the Mainland China for the period from the outbreak of the COVID-19 to June 30, 2020 which has resulted in the significant decrease of revenue of the Group from online entertainment ticketing services, and based on the principle of being more prudent, the impairment provisions made by the Group for receivables and prepayments during first half 2020 which ranges between approximately RMB 130 million and RMB 140 million.