Compiled from Tianfeng Securities: Sasha International's performance is in line with expectations. The new cycle of growth and pressure coexists to maintain “increase”

Investment highlights:

• The momentum of visitors to Hong Kong has been strong, contributing a huge increase to Sasha and the Hong Kong retail market as a whole.

• The completion of new infrastructure in the second half of the year is approaching. Optimistic estimates suggest that it will release about 22.7 million new passenger flows per year over the long term.

• Growth continues to rely on store optimization to improve operational efficiency, and product portfolio optimization drives gross profit growth.

Risk warning: declining visitors to Hong Kong, new passenger flows falling short of expectations, improvement in company performance falling short of expectations, etc.