On June 14, GLP reported that Daiwa published a research report indicating that Chow Tai Fook released its fiscal year performance ending in March 2024, and held an analyst meeting after the market closed yesterday on June 13. The 15% annual increase in revenue for the fiscal year 2024 meets the expectations of management and the market, and the pure profit is higher than the expected results of both the bank and the market. This is mainly due to the unrealized loss of HKD 2.5 billion in gold loans caused by the rise in gold prices. Chow Tai Fook announced that it will distribute a dividend of HKD 0.55 per share, representing a total dividend payout ratio of 84.6%. As no special dividend was distributed, some investors may be disappointed. The bank has a 'buy' rating for the company. Daiwa pointed out that the high gold price has hindered sales momentum since April, and same-store sales in Mainland China's direct-operated and franchised stores have decreased by 28% and 19% YoY, respectively, while same-store sales in Hong Kong and Macao have also decreased by 32% YoY. The management believes that this will continue to hinder the performance growth in the first half of the fiscal year 2025, and only a more 'normalized' growth will appear in the second half of fiscal year 2025. Despite this, the management still expects revenue growth for the fiscal year 2025 to be flat or slightly increased, because its strategy focuses on high-quality growth rather than large-scale store opening. The bank believes that there are limited positive catalysts for the stock in the short term.