GLONGHUI, August 28 | Citigroup published a research report stating that Ping An Good Doctor's income for the first half of the year fell 21.4% year-on-year to 2,222 billion yuan, 26% and 30% lower than market expectations and the bank's expectations, respectively; net loss of 245 million yuan, narrower than the decline of 462 million yuan in the same period last year, would beat expectations. Gross margin increased from 27.3% in the first half of last year to 32.2%, mainly due to a shift from a high-profit business to a high-profit business strategy. The bank lowered Ping An Good Doctor's revenue forecast from 2023 to 2025 by 25%, 23%, and 20% to reflect the decline in revenue brought about by exiting the lower gross margin business. The target price was lowered from HK$40 to HK$35, maintaining the “buy” rating.