Gelonghui November 16 | CICC published a report stating that Gaoxin Retail recorded revenue of 35.77 billion yuan in the middle of September, a year-on-year decrease of 11.9%; losses increased to 360 million yuan, with losses of 70 million yuan in the same period last year. The loss per share was 4 points, in line with the company's previous earnings warnings and market expectations. The bank pointed out that considering the intense competition in the industry, Gaoxin Retail's revenue forecasts for the 2024 and 2025 fiscal years were lowered by 7% each to 78.2 billion and 80 billion yuan, and the net profit forecast was lowered from 170 million yuan and 430 million yuan, respectively, to a loss of 150 million yuan and a profit of 320 million yuan, maintaining its “outperform the industry” rating. The target price was lowered by 32% to HK$2.3, taking into account adjustments in profit forecasts and changes in market risk appetite.