On June 17th, Guosen Securities reported that Chow Tai Fook's performance was disappointing to the market, with annual profits 14% lower than the bank's forecast. Even if the unrealized losses from gold loans are excluded, its profitability and recent performance still reflect a significant weakening in domestic and Hong Kong-Macau sales momentum since earlier this year. The bank believes that the group needs macro factors to drive transformation, but considering its dividend payout ratio, the downside risk after the recent stock price adjustment is limited. The company's rating was downgraded from 'buy' to 'hold' and its target price was reduced from 15.3 Hong Kong dollars to 8.4 Hong Kong dollars. Guosen Securities said that same-store sales growth for Chow Tai Fook was far below market expectations, reflecting weak consumer confidence. The management believes that it is due to the high gold price and expects emotions to recover in one to two quarters. Therefore, the management expects same-store sales growth for the full year of 2025 to record a mid-single-digit decline. The bank believes that the group's earnings visibility for the fiscal year 2025 is still very limited, and whether its performance can improve will largely depend on macro factors such as gold prices.