Lonking Holdings Limited provided earnings guidance for the six months ended 30 June 2022. For the period, the group expects a substantial decline in its net profit for the first half year of 2022. The net profit will be RMB75 million to RMB 150 million, representing a decrease of 84% to 92%, as compared to the corresponding period in the previous year.

The decrease in net profit during the reporting period was mainly due to the domestic construction machinery industry in a downward adjustment period and the decrease in market demand for construction machinery in the first half of this year; the negative impact of the COVID-19 on the production and operating activities of the Group's Shanghai base; the decrease in net income generated from financial assets during the reporting period as compared to the corresponding period in the previous year.