Morgan Stanley released a report stating that BRILLIANCE CHI issued a profit warning, which is still slightly better than the market's lowered expectations. The company is expected to see a significant year-on-year reduction of about 60% in net profit after tax last year, mainly due to the decline in performance of its associated company, BRILLIANCE BMW Autos, as well as the withholding tax of approximately 1.474 billion yuan paid on dividends by its subsidiaries during the period. This means that BRILLIANCE's net income last year was approximately 3.1 billion yuan, equivalent to a net income of about 1.6 billion yuan in the second half of 2024. Based on the implied profits and the company's dividend guidance, the bank maintains the expectation of a regular dividend payout of 30 to 50 Hong Kong cents per share for the fiscal year 2024, with a Target Price of 5.5 Hong Kong dollars, and a rating of 'Shareholding.'