On March 19, GLONGHUI | Titan Energy Technology (02188.HK) announced that compared with the loss attributable to the company's shareholders of approximately RMB 18.6 million for the year ended December 31, 2022, the Group expects to record a loss attributable to the company's shareholders between RMB 40 million and RMB 45 million in fiscal year 2023.
The increase in expected losses for FY2023 is mainly due (i) to a decrease in gross margin due to adjustments to overall marketing strategies to increase market share; (ii) an increase in administrative expenses and sales and distribution expenses; and (iii) an increase in trade accounts receivable provisions.