On June 26, Gulunhui reported that, according to a Lyon report, Want Want China's profitability for the fiscal year ending in March 2024 is higher than market expectations due to a 90% reduction in sales costs, including raw materials such as milk powder and packaging, as well as labor costs. The bank predicts that the company's gross margin will continue to expand in the fiscal year 2025, as lower milk powder costs will continue for 6 to 9 months in fiscal year 2025, and with the support of new channels and overseas markets, sales are expected to grow moderately. Lyon believes that the stock's 6% to 7% yield will support its stock price performance. Based on the PE ratio valuation, the target price has been lowered from HKD 5.25 to HKD 4.5 and the rating remains "underperform."