Glonghui, November 27 | According to a report published by CMB International, Chow Tai Fook's revenue for the first half of the fiscal year was 49.53 billion yuan and net profit was 4.55 billion yuan, up 6.4% and 36.4% year-on-year respectively. Although the revenue growth rate of the Mainland, Hong Kong and Macao regions was slightly lower than expected, the overall core net profit was slightly better than expected due to increased commodity pricing, optimized operating efficiency, and the continued upward trend in gold prices. Management said that the current performance of the third fiscal quarter ended at the end of December is in line with expectations. Sales in November are expected to increase by more than 20% in a single month, and growth in December is expected to increase further. It is expected that the number of medium to high units will increase this quarter. Looking at the whole year, revenue is expected to record high unit growth, and the goal of improving the core net profit margin by 50 to 80 basis points remains unchanged. The dividend payout ratio is expected to remain at 70-80% for the whole year. The company also plans to focus on launching inlay products in the second half of the year, and franchisees are very willing to order new products. The bank lowered the Group's revenue forecasts for FY2024 and FY25 by 1.7% and 5.1% respectively, but increased the net profit forecast by 9.1% and 1.1% respectively. The target price dropped slightly from HK$18.7 to HK$18.6, maintaining the “buy” rating.