Glonghui, May 18 | According to the McGore Barber Report, Gaoxin Retail (6808.HK) has annual revenue of 83.7 billion yuan, 3.4% lower than the bank's expectations. Net profit was 109 million yuan, a year-on-year loss turned profit. According to management guidelines, revenue and net profit for fiscal year 2024 are the same year on year. Revenue in fiscal year 2026 will reach 100 billion yuan, with a net profit margin of 1% to 1.5%. Furthermore, management indicated that efforts are being made to reduce the vacancy rate, so rental income is expected to fall year-on-year this year. Macquarie pointed out that he believes the company is moving in the right direction to improve long-term business, but considering that offline channels continue to face short-term adverse factors, the stock rating was downgraded from “running the market” to “neutral”. Net profit forecasts for fiscal year 2024 and fiscal year 2025 were reduced by 40% and 29.9% respectively, and the target price was lowered by 31% to HK$2.4. The stock is currently reported at HK$224, with a total market value of HK$21.4 billion.