Beida Jade Bird announced that the group is expected to incur a loss of no more than RMB 7 million attributable to owners of the company for the six months ending June 30, 2024, while a net profit of approximately RMB 0.3773 billion attributable to owners of the company was recorded for the six months ending June 30, 2023.
The expected loss-to-profit reversal is primarily due to the combined impact of the following factors: (i) the group recorded income of approximately RMB 0.3655 billion from the partial sale of a joint venture company due to the sale of 44,900,000 shares of Jing Niao Fire Protection Co., Ltd. during the six months ended June 30, 2023, but there was no such income for the six months ended June 30, 2024; (ii) the group recorded a loss of approximately RMB 32 million from the sale of 40% equity interest in Beijing Jing Niao Hengsheng Investment Fund (Limited Partnership) of a joint venture company during the six months ended June 30, 2023, but there was no such loss for the six months ended June 30, 2024; and (iii) the net profit attributable to a joint venture company decreased by approximately RMB 71.3 million compared to the six months ended June 30, 2023.