According to a report by Lyons, as of the end of March 2024, Want Want China's profit margin exceeded market expectations, due to a 90% reduction in sales costs, including raw materials and labor costs for milk powder, packaging, etc. The bank predicts that the company's gross margin will continue to expand in fiscal year 2025, as the lower cost of milk powder is expected to last for 6 to 9 months in fiscal year 2025, and with support from new channels and overseas markets, sales are expected to grow moderately. Lyons believes that the stock's 6% to 7% yield will support its price performance. Based on the P/E ratio, the target price has been lowered from HKD 5.25 to HKD 4.5, maintaining an "underperform" rating against the broader market.