According to the report from CICC, Tongrentangcm's revenue in the first half of the year decreased by 18.2% year-on-year, and net profit decreased by 17.4%, which is in line with CICC's forecast. Due to the increase in expense ratio, the bank lowered the profit forecast for the group by 9.4% and 7.2% for the next two years, respectively, to 0.595 billion and 0.684 billion RMB. The target price was also adjusted downward by 12.1% to 11.3 Hong Kong dollars, maintaining a 'outperform' rating.