Michong Metaverse (China) Holdings Group Limited provided group earnings guidance for the year ended June 30, 2023. The Group expects to record a net profit of approximately HKD 20,282,000 for the year ended 30 June 2023 as compared to the net loss of approximately HKD 38,193,000 for the year ended 30 June 2022. The Board considers the expected net profit for the year ended 30 June 2023 is mainly attributable to: (i) an increase in the revenue from approximately HKD 112,398,000 for the year ended 30 June 2022 to approximately HKD 131,737,000 for the year ended 30 June 2023 mainly due to the subscription fee of approximately HKD 47,494,000 arisen from the electronic commerce services in the PRC (year ended 30 June 2022: approximately HKD 17,759,000); (ii) an improvement in gross profit margin from approximately 35.9% for the year ended 30 June 2022 to approximately 52.3% for the year ended 30 June 2023; and (iii) a decrease in the selling expenses from approximately HKD 44,073,000 for the year ended 30 June 2022 to approximately HKD 5,969,000 for the year ended 30 June 2023 mainly due to the decrease in the initial marketing cost of the e-commerce business in the PRC.