Jia Yao Holdings Limited provided earnings guidance for the six months ended June 30, 2017. For the period, the Group is expected to record a substantial increase in net profit after tax for the six months ended 30 June 2017 as compared with that for the six months ended 30 June 2016. The net profit after tax for the six months ended 30 June 2017 is expected to range from approximately RMB 2.0 million to approximately RMB 5.0 million, representing an increase of approximately RMB 1.5 million to RMB 4.5 million, as compared to the net profit after tax of approximately RMB 0.5 million for the six months ended 30 June 2016. The aforesaid expected increase in net profit after tax is mainly due to (1) increase in gross profit as a result of an increase in sales generated from paper cigarette packages segment during the six months ended 30 June 2017; and (2) decrease in finance costs arising from early redemption of note receivables during the six months ended 30 June 2017.