Gelonhui June 23 丨 After VitaMilk (0345.HK) announced its annual results on Tuesday (20th), the stock price decline continued. Today, it closed down 17.53% to HK$1016, with a transaction of HK$74.94 million. According to the news, brokerage firm Lyon downgraded Vitasoy's rating from “outperforming the market” to “outperforming the market”, and the target price also dropped 18% to HK$13.3. Lyon pointed out that the group's sales fell 7% in the second half of fiscal year 2023, mainly due to a 20% drop in mainland sales. Although management said it would enrich the product portfolio and improve sales channels, Lyon believes that the group's management style is more conservative than that of peers, and it is expected that the execution process will take time. Vitasoy turned a loss last fiscal year into a profit of 45.72 million yuan, with a loss of 159 million yuan in the same period last year; a basic profit of 4.3 cents per share was also announced, and a final interest of 1.4 cents per share was also announced.