On November 12, Geelong Report pointed out that hla group corp., (600398.SH) achieved operating income, net profit attributable to mother, and non-net profit attributable to mother of 3.889, 0.271, 0.24 billion yuan in Q3, with year-on-year changes of -11%, -65%, -57%. Both revenue and performance are below expectations. The company's multi-curve layout promotes stable growth in future performance and remains a high-quality symbol in dividends. It is expected that the offline weak retail of the main brand will gradually digest the drag on future performance. With strong growth prospects from multi-curved realization and incremental business under orderly layout, future performance is expected to grow steadily. In addition, the company has high free cash flow, strong performance stability, high book funds surplus, and a large multiple of undistributed profits, demonstrating sustained and superior dividend capabilities, with a dividend payout ratio expected to remain around 90% in recent years. Maintaining a “buy” rating.