Jefferies Financial released a report on June 27th, stating that Want Want China's sales and net income for the second half of the 2024 fiscal year ending in March 2025 increased by 2% and 27%, respectively. The sales performance meets the bank's expectations, but is 5% lower than the market expectations. Net income is 7% higher than the bank's expectations mainly due to a slight improvement in gross margin. Looking forward to the 2025 fiscal year, Want Want's management targets revenue growth that is consistent with the average annual compound growth rate of the past five years. Furthermore, thanks to China's cancellation of tariffs on dairy products from New Zealand since January this year, the bank believes Want Want's gross margin can sustainably improve. The bank expects Want Want's revenue and net income to grow by 3% and 6% annually in the 2025 fiscal year, respectively, and maintains its "hold" rating with a target price slightly raised to HKD 5.42 from HKD 5.3.