Summary by Futu AI
Jiumaojiu International Holdings Limited ("the Company") announced its unaudited interim financial report for the six months ended June 30, 2024. The report shows that the company's revenue increased by 6.4% from RMB 2,879.4 million in the same period last year to RMB 3,064.2 million. However, the interim profit decreased by 71.5% from RMB 238.4 million to RMB 68.0 million. The company's restaurant operations are affected by seasonal factors, especially during the Chinese New Year holiday, summer peak season, and National Day holiday when customer traffic is usually higher. The company did not declare an interim dividend during the reporting period (nil for the six months ended June 30, 2023). During the reporting period, the company repurchased and canceled 21,459,000 shares at a total price of HK$93,183,000 (equivalent to RMB 84,917,000). As of June 30, 2024, the company's total assets were RMB 448,534,000, primarily used for property acquisitions, plant and equipment, and intangible assets. During the reporting period, the company conducted several significant transactions with related parties, including providing loans to joint ventures and acquiring non-controlling interests.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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