On July 3, Citigroup's research report stated that Six Fortune's pure profit in the 2024 fiscal year increased by 38% year-on-year, which met the company's expectations, but was lower than the bank's expectations. The management expects that the sales and profits in the 2025 fiscal year will remain stable. Considering that the performance in fiscal year 2024 fell short of expectations and the sales in the first quarter of fiscal year 2025 were weak, the bank lowered its pure profit forecast for fiscal year 2025 and 2026 by 24% and 35%, respectively. Citigroup lowered Six Fortune's target price from HK$27.35 to HK$22.2 and maintained a 'buy' rating. However, Citigroup believes that the decline in gold sales is only temporary, and the 2025 P/E ratio is 6 times, with a dividend yield of 7.8%, which is attractive in valuation. Citigroup mentioned in the report that due to the recent rise in gold prices, weak performance from the first quarter of 2025 till now, macro uncertainties, and geopolitical risks, the management finds it difficult to provide financial guidance and believes that flat revenue for the 2025 fiscal year is sufficient. The management also indicated that the operating profit margin in fiscal year 2025 should remain stable at a low double-digit level. The company renewed leases for 35 stores in the 2024 fiscal year, with rent growth of 19%, which was lower than the management's expectations. The management expects rental growth to narrow to a low-double digit or lower level in the 2025 fiscal year. The company also plans to open new stores in mainland China, add 15 new stores in Thailand, the Philippines, the United States and other regions, and open one store in Belgium.