On June 14th, Gelunhui | Bank of America Securities released a research report stating that Chow Tai Fook's core operating profit in the 2024 fiscal year reached HK$12.2 billion, a 29% YoY increase, exceeding the bank's forecast by 8%. The revenue increased by 15% YoY, exceeding expectations by 2%, mainly due to higher-than-expected wholesale business income in China during the period. The rise in gold prices and the group's optimization of pricing strategies have had a positive impact on overall profit margins, but this was largely offset by the higher proportion of gold sales. At the same time, due to the rise in gold prices, Chow Tai Fook recorded an unrealized loss of about HK$2.5 billion from its gold loan at the end of the period. Bank of America pointed out that the group will pay dividends of HK$0.55 per share for the entire year, with a payout ratio of 85%, and did not announce the distribution of special dividends, which was disappointing. In response to the latest performance, the bank raised its core profit forecast for Chow Tai Fook in the 2025 fiscal year by 4% to HK$8.4 billion, but lowered its target price from HK$12.1 to HK$10.9 to reflect a more cautious distribution and downward profit risk, believing that it will not be easy for management to achieve the performance growth guidance for the 2025 fiscal year. The bank reaffirmed its "neutral" rating.