Gelonghui November 2 | According to a research report published by Morgan Stanley, Zhaojin's performance in the first nine months of this year fell short of expectations. The bank calculated the group's market fair value loss of 217 million yuan in the first nine months. It estimated that this year's non-cash losses were 797 million yuan, compared to the previous forecast of 640 million yuan. The bank lowered the Group's earnings per share estimates for 2023 and 24 by 14% and 5.5% respectively, and raised the 2025 forecast by 1.5%. The target price fell 12% from HK$12.9 to HK$11.4. The rating was “in sync with the market”.