Glonghui, May 22, 丨 Lyon published a research report indicating that Gaoxin Retail (06808.HK) sales declined in fiscal year 2023 ending at the end of March this year, reflecting the impact of the weakening macroeconomic economy; however, the year-on-year correction in net profit showed that it was performing well in improving efficiency. The company's management carefully guided the current fiscal year's sales to remain flat year-on-year, and strategically seek offline traffic and diversify its product portfolio. The bank said it appreciates Gao Xin's diversification and efficiency improvement efforts in a competitive environment, but it is expected that it will take time to see results, and it will also require investment of capital. After considering the annual results, the target price was raised from HK$1.93 to HK$2.31, maintaining its rating below the market.