China Energy Storage Technology Development Limited provided consolidated earnings guidance for the year ended 31 December 2023. The Group is expected to record a net profit for the year ended 31 December 2023 of approximately not more than HKD 6 million, as compared to the net loss of the Group for the year ended 31 December 2022 of approximately HKD 52.0 million. The expected increase in unaudited consolidated net profit was mainly contributed by gross profit increase of the Group.

The gross profit increase was due to of the EMS segment of the cost saving arising from automation of the production and the drop in material cost upon the resumption of supply chain from the lapse of the Covid-19 pandemic crisis during the year ended 31 December 2023 as compared to the year ended 31 December 2022.