Feiyang International Holdings Group Limited provided consolidated earnings guidance for the year ended 31 December 2021. The board of the directors of the Company informed the shareholders and the potential investors of the Company that based on a preliminary review of the unaudited consolidated management accounts of the Group, it is expected that the Group will record a net loss in the range of RMB 130 million to RMB 140 million for the year ended 31 December 2021, as compared with a net loss of approximately RMB 86 million for the corresponding period of 2020. Under the outbreak of the novel coronavirus and the continued suspension of all outbound tours, (i) the expected impairment of trade and other receivables increased; and (ii) revenue generated from sales of air tickets and hotel accommodation, sales of package tours and margin income from sales of free independent traveller products decreased.

As a result, the net loss incurred by the Group for the year ended 31 December 2021 increased as compared to the corresponding period of 2020.