According to the research report released by Citigroup on the app of Zhìtōng Cáijīng, considering the poor performance of L'Occitane (00973) in the fiscal year 2024 compared to expectations, Citigroup has cut its net income forecast of the group for the fiscal years 2025 and 2026 by 16% and 13%, raised the target price from HKD 32.8 to HKD 34, keeping it consistent with the privatization offer, and downgraded its rating from "buy" to "neutral" due to the current fluctuations of its share price in the privatization price range.

According to the report, the company's net profit for fiscal year 2024 fell by 18% year-on-year, mainly due to weaker-than-expected revenue performance, with only about 19% increase, and unexpected asset impairment losses and higher actual tax rates. The core operating profit for the period performed as expected, with a good core operating profit margin, offsetting the impact of weak sales.