FriendTimes Inc. provided consolidated earnings guidance for the six months ended June 30, 2023. The group is expecting to record revenue of approximately RMB 600 million to RMB650 million for the Period, compared with revenue of approximately RMB 826 million for the corresponding period in 2022, with net loss for the Period of approximately RMB 78 million to RMB 85 million, compared to net loss of approximately RMB 73 million for the corresponding period in 2022. The decline in the Group's results was mainly due to the following factors: The decrease in revenue for the Period as compared to the corresponding period in 2022, mainly due to the normal fall-off in underlying revenue from aged games as they proceed with their life cycle; and Impairment of deferred tax assets of approximately RMB60 million as a result of the expected unavailability of tax losses before they expire under the uncertainty of fluctuation in the Company's results.