New Ray Medicine International Holding Limited provided unaudited consolidated guidance for the year ended December 31, 2022. For the period, the Company, it is expected that the Group will record a loss of not less than HKD 65.6 million for the year ended 31 December 2022 as compared to a loss of approximately HKD 2.8 million for the year ended 31 December 2021. The expected loss of the Group for Fiscal Year 2022 was primarily due to the substantial decrease in the gross profit owing to the decrease in the revenue of the Group's major product under the second generation of Cephalosporins as a result of (a) the resurgence of coronavirus disease (Covid-19) cases in the mainland China in Fiscal Year 2022 causing the slowdown in the trading activities and business operations of the Group and (b) the adverse impact from the further tightened policy on the adoption of stratified and categorised management of antibacterial drugs in various regions in mainland China; (ii) the decrease in gross profit owing to the decrease in sales volume of the Product along with the fixed amortisation costs, classified as cost of sales, which have remained unchanged for Fiscal Year 2022; (iii) the recognition of equity-settled share-based payment expenses of approximately HKD 10.4 million for the grant of share options by the Group to the Directors and employees in June 2022 and the Group did not record such expenses for Fiscal Year 2021; (iv) the recognition of the net exchange losses of approximately HKD 10.6 million for Fiscal Year 2022 as compared to the net exchange gain of approximately HKD 4.2 million for Fiscal Year 2021; and (v) the recognition of the impairment losses on inventories of not less than HKD 32.6 million for FY2022 in respect of the slow-moving inventories which were close to their expiry date.