The results for the first half of FY2020 were generally in line with expectations. Revenue fell 14.8% year on year, and fell 11.8% year on year based on fixed exchange rates, mainly due to a 14.8% decrease in total sales area and a 4.4% year-on-year decline in comparable store sales. Overall gross margin fell 2.1 percentage points year over year to 49.2%, but regular operating expenses decreased by 20.1% year over year. The total amount of special projects for the first half of FY2020 was HK$138 million. Net loss decreased by 81.3% year over year to HK$331 million. We forecast earnings per share for the fiscal year 2020-2022 of -0.433, -0.228 and -0.122, respectively. We lowered our revenue forecasts for the 2020-2022 fiscal year by 4.4%, 4.5%, and 6.1%, respectively, based on the negative impact of the pressure on business development in the Asia-Pacific region and the COVID-19 outbreak in multiple countries. We lowered our FY2020-2022 gross margin forecast by 2.2 percentage points, and 2.2 percentage points to 49.3%, 50.4%, and 51.4%, respectively, but we still expect the company to maintain strong cost control measures in the second half of FY2020. The target price was lowered to HK$1.42 and the rating was downgraded to “neutral”. The company's restructuring program has had some positive effects, including increased brand recognition and narrowing operating losses, but its business is still under pressure and will take time to recover. We have lowered our target price from HK$1.70 to HK$1.42 to reflect adjustments to our profit forecast. The new target price reflects 7.6% room for growth, so we downgraded the investment rating from “collection” to “neutral.”