GNI : Amendment of "Consolidated Financial Results for FY2022(IFRS)" document

	March 7, 2023
Company Name:	GNI Group Ltd.
Representative:	Director, Representative Executive Officer, President, and
	CEO
	Ying Luo, PhD
	(Security Code: 2160, TSE Growth)
Contact Person:	Director, Investor Relations
	Akihiro Nakano
	(TEL. [phone])

Amendment of "Consolidated Financial Results for FY2022(IFRS)" document

March 7, 2023 - GNI Group Ltd., (TSE Growth listed code: 2160) announced that it was amending "Consolidated Financial Results for FY2022(IFRS)" document which it disclosed on February 15, 2023, as follows.

１． Reason for the amendment:

The following errors have been found in "Consolidated Financial Results for FY2022(IFRS)."

• The tax calculation associated with the market valuation of CellCarta, an investee of the Group, was inappropriate.

• Depreciation and amortization in segment information did not include depreciation expenses for intangible fixed assets.
• In the information related to products and services, the foreign exchange rate applied to convert Renminbi to Japanese yen was not updated, so the ETUARY®'s sales revenue in Japanese yen was incorrect.
• In the consolidated statement of cash flows, some item under "depreciation and amortization" in cash flows from operating activities was inadvertently included in "other." (No impact on "Net cash provided by operating activities" figures)

Therefore, we have revised the consolidated statement of financial position, consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows, as well as the portions related to the above items.

２． Where amendments are added:

The entire updated document is attached below, in which the amendments are underlined.

_______________________________________________________________________________________________

About GNI Group, Inc.:

GNI Group is a global healthcare company listed on the Growth Board of the Tokyo Stock Exchange and engaged in drug discovery, pharmaceutical development, biomaterial development, clinical studies, manufacturing, and sales in

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both the United States and China. For more information, please visit our website below: https://www.gnipharma.com/

This material contains statements concerning the current plans, expectations, and strategies of GNI Group Ltd. (GNI Group). Any statements contained herein that pertain to future operating performance and that are not historic facts are forward-looking statements. Forward-looking statements may include, but are not limited to, words such as "believe," "plan," "strategy," "expect," "forecast," "possibility" and similar words that describe future operating activities, business performance, events, or conditions. Forward-looking statements, whether spoken or written, are based on judgments made by the management of GNI Group, based on information that is currently available to it. As such, these forward-looking statements are subject to various risks and uncertainties, and actual business results may vary from the forecasts expressed or implied in forward-looking statements. Consequently, investors are cautioned not to place undue reliance on forward-looking statements. The information contained in this material does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Any decision to invest in or acquire securities of GNI Group must be based on the information contained in the preliminary offering circular issued or to be issued by GNI Group in connection with any such offer and not on the contents hereof.

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The following information was originally prepared and published by GNI Group Ltd. in Japanese as it contains timely disclosure materials to be submitted to the Tokyo Stock Exchange. This English summary translation is for reference purposes only. To the extent there is any discrepancy between this English translation and the original Japanese version, please refer to the Japanese version. The following information was prepared in accordance with International Financial Reporting Standards ("IFRS").

Consolidated Financial Results for FY2022 (IFRS)

		February 15, 2023
Company Name:	GNI Group Ltd.	Tokyo Stock Exchange
Stock Code:	2160	URL https://www.gnipharma.com
Representative:	Ying Luo, Director, Representative Executive Officer, President, and CEO
Inquiries:	Joseph Francis Meyer, Director, Executive Officer, CFO	TEL: [phone]

Annual General Shareholder Meeting Date	March 30, 2023
Annual financial report (Yuho) disclosure date:	March 31, 2023
Scheduled dividend payment commencement date:	-
Supplementary materials prepared for financial results:	Yes
Financial result briefing meeting:	Yes (For institutional investors and analysts)
	(Amounts of less than one million yen are rounded down)

1. Consolidated Financial Results for FY2022 (January to December)

1. Consolidated Operating Results

(Percentages are shown as year-on-year changes)

														Profit attributable		Total
	Revenue	Operating profit	Profit before tax	Profit for the year		comprehensive
	to owners of the		income for the
														parent
																year
	Million	%	Million		%	Million		%	Million	%	Million			%		Million		%
	yen		yen		yen		yen	yen				yen
FY2022	17,418	37.3	1,377		(15.2)	767		(30.6)	(868)	-	388		(63.5)		187		(88.1)
FY2021	12,690	29.8	1,624		(13.1)	1,107		(38.7)	55	(96.0)	1,066		(15.3)		1,577		61.2
	Basic earnings		Diluted earnings	Ratio of profit for	Ratio of profit before	Ratio of operating
			the year to equity
	per share				per share			attributable to	tax to total assets	profit to revenue
									owners of the parent
		Yen					Yen				%				%				%
FY2022		8.19					8.11				2.0				2.4				7.9
FY2021		22.72					22.08				7.1				4.1				12.8
(2) Consolidated Financial Position
											Total equity	Ratio of total equity			Total equity
											attributable to			attributable to
	Total assets		Total equity			attributable to
				owners of the parent			owners of the
									owners of the parent
													to total assets		parent per share
	Million yen				Million yen			Million yen				%					Yen
FY2022 end		33,906			19,810				20,969		61.8				441.59
FY2021 end		30,296			19,266				18,860		62.3				397.38
(3) Consolidated Cash Flows
	Cash flows from operating		Cash flows from investing	Cash flows from financing		Cash and cash equivalents
	activities						activities			activities				as of the end of period
		Million yen				Million yen		Million yen						Million yen
FY2022			393						(4,116)			(646)							11,049
FY2021			552						(260)			2,853							14,352

2. Dividends

		Dividends per share			Dividend	Ratio of dividend to
						Total amount	total equity attributable
						payout ratio
	Q1-end	Q2-end	Q3-end	Year-End	Total	of dividends	to owners of the parent
	(consolidated)
								(consolidated)
	Yen	Yen	Yen	Yen	Yen	Million yen	%	%
FY2021	-	-	-	0.00	0.00	-	-	-
FY2022	-	-	-	0.00	0.00	-	-	-
FY2023 (Forecast)	-	-	-	0.00	0.00		-

3. Consolidated Earnings Forecasts for FY2023 (January to December)

(Percentages are shown as year-on-year changes)

	Revenue	Operating profit	Profit before tax	Profit for the year	Profit attributable	Basic earnings
	to owners of the	per share
									parent
	Million	%	Million	%	Million	%	Million	%	Million	%	Yen
	yen		yen		yen		yen		yen
FY2023	17,100 ~	(1.8) ~	700 ~	(49.2) ~	(100) ~	(113.0) ~	(500) ~	n/a	1,100 ~	182.9 ~	22.30 ~
20,900	20.0	1,400	1.6	200	(74.0)	0	1,400	260.1	33.41

Note: Amendment from the forecast most recently published: No

Notes:

1. Changes in Significant Subsidiaries during the Period under Review: Yes
   (Changes in specified subsidiaries resulting in a change in the scope of consolidation) New: Micren Healthcare Co., Ltd.
   Excluded: N.A.
2. Changes in Accounting Policies and Changes in Accounting Estimates ① Changes in accounting policies that are required under IFRS: N.A.

②	Changes in accounting policies other than ① : N.A.
③	Changes in accounting estimates: N.A.
(3) Number of Shares Issued (Common Stock)
①	Number of shares issued as of the end of the
FY2022	47,487,843 shares	FY2021	47,462,943 shares
	period (including treasury stock)
②	Number of treasury stock as of the end of the
FY2022	1,391 shares	FY2021	1,313 shares
	period
③	Average number of shares for the period	FY2022	47,473,964 shares	FY2021	46,924,021 shares

• This consolidated financial report is not subject to audit procedures by certified public accountants or an auditing firm.
• Explanation Concerning the Proper Use of Financial Results Forecasts and Other Relevant Specific Items
  Forward-looking statements including earnings forecasts contained in this report are based on currently available information and management's assumptions and beliefs regarding uncertainties that may impact future earnings forecasts. The Company cautions readers that actual results may differ materially from forecasts due to a variety of factors. For the assumptions that underpin financial results forecasts as well as other related items, please refer to "1. (5) Outlook for the fiscal year ending December 31, 2023."
  The Group is planning to conduct a corporate presentation meeting for institutional investors and analysts on February 17, 2023. Briefing materials used at that session will be posted on the Group's website.

GNI Group Ltd. (2160)

Consolidated Financial Results FY2022

Contents
1. Analysis of Operating Results and Financial Position ……………………………………………………...	2
(1)	Analysis of operating results …………………………………………………………………………..	2
(2)	Analysis of financial position ………………………………………………………………………….	5
(3)	Analysis of cash flows ………………………………………………………………………….……...	5
(4)	Research and development activities …………………………………………………………………..	6
(5)	Outlook for the fiscal year ending December 31, 2023 ………………………………………………..	7
2. Basic Policy on the Selection of Accounting Standards …………………………………………………….	7
3. Consolidated Financial Statements and Notes …………………………………………………….………...	8
(1)	Consolidated statements of financial position ………………………………………………………....	8
(2)	Consolidated statements of income and consolidated statements of comprehensive income …………	9
(3)	Consolidated statements of changes in equity ………………………………………………………....	11
(4)	Consolidated statements of cash flows ……………………………………………………….………..	13
(5)	Notes to consolidated financial statements ……………………………………………………….……	15
	(Notes related to going concern assumptions) …………………………………………………………	15
	(Basis of preparation) ………………………………………………………………………………….	15
	(Segment information) …………………………………………………………………………………	15
	(Earnings per share) ……………………………………………………………………………………	19
	(Important subsequent events) …………………………………………………………………………	19

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