Yongsheng Advanced Materials Company Limited provided earnings guidance for the year ended December 31, 2021. For the year, the company expected to record a net loss attributable to owners ranging from approximately RMB 175 million to RMB 275 million comparing with the net profit attributable to owners of approximately RMB 72.7 million recorded during the corresponding period last year. The Group expects to record a net loss for the Year, instead of net profit, primarily due to the resurgence of COVID-19 pandemic which adversely affected the number of projects of the Group's renovation, maintenance, alteration and addition works business during the Year and in turn the performance of the RMAA Business did not match the management's profit forecast, which resulted in impairment in the goodwill and long-lived assets of the RMAA Business ranging from approximately RMB 103 million to RMB 153 million; the decrease in the fair value of investment properties ranging from approximately RMB 84 million to RMB 134 million in relation to Yongsheng Plaza as a result of the decline in market demand and market rental in the gloomy macro-economic environment; and fair value loss of approximately RMB 19 million on financial instruments at fair value through profit or loss.