On August 10, GLONGHUI | Citibank published a report that Qiu Tai Technology's profit for the first half of the year was worse than predicted by Ying Police. Revenue fell 23% year-on-year to 5.5 billion yuan, gross margin improved to 3.4% from the second half of last year, and net profit fell 87% year-on-year to 22 million yuan. The report quoted management's positive views on the outlook for the second half of the year. It is expected that smartphone customers will raise their delivery targets in the second half of the year, and believes that the mainland's measures to stimulate consumption will benefit sales. The bank lowered the company's profit forecasts for this year and next year by 65% and 25% respectively, and lowered its target price from HK$4.2 to HK$3.6. It also believes that the market has absorbed the first half of the year's performance, but competition is still fierce. The rating was raised from “sell” to “neutral”. It is expected that the company will move towards a moderate recovery in the second half of the year, and that mobile phone specification upgrades may bring momentum in the second half of the year.