Ming Yuan Cloud Group Holdings Limited provided earnings guidance for the year ended December 31, 2022. For the year, the group expected to record a loss attributable to equity holders of the Company in the range of approximately RMB 1,140 million to approximately RMB1,180 million (loss attributable to equity holders of the Company for the year ended December 31, 2021: approximately RMB 344 million). The overall financial results of the Group were mainly affected by the following factors: in 2022, with the persistent outbreak of COVID-19 pandemic in various locations, the residential property market in China underwent multiple blows which had material and adverse effects on decision-making of customers in relation to their investment in digitalization.

The Group's revenue recognition was adversely affected by a more cautious approach to decision-making, prolonged decision-making and project delivery and execution cycles, delays in new launches of several projects and suspension of works; the Group maintained its investment in research and development in 2022. The Group is expected to report research and development expenses for the year ended 31 December 2022 in the range of approximately RMB 771 million to approximately RMB 835 million, representing an increase of approximately 20% to 30% as compared with the same period in 2021 (research and development expenses for the year ended 31 December 2021: approximately RMB 642 million); share-based compensation expenses of approximately RMB499 million recognized for the Group's share incentive plans; and foreign exchange losses of approximately RMB 200 million as a result of exchange rate fluctuations due to the superimposed impacts of the international and domestic macro environment.