On November 27, Gelonghui reported that Macquarie issued a research report indicating that Vitasoy's operating profit in the first half of the fiscal year 2025 increased by 50% year-on-year, mainly due to strict control over advertising and promotions and operating leverage, offsetting operating losses from the Australian and New Zealand businesses. During the period, the operating profit margins for Vitasoy in mainland china and Hong Kong improved to 11.1% and 13.8% respectively, with the group's management aiming to restore them to peak levels of 16% and 19%. Macquarie stated that given Vitasoy's prudent operating expenses, it raised its net income forecast for the fiscal year 2025 by 14.6%. However, considering the moderate revenue growth outlook, it simultaneously downgraded the net income forecasts for the fiscal years 2026 and 2027 by 2.2% and 5.4% respectively. Macquarie has raised Vitasoy's target price by 55% to HKD 10.7, which corresponds to a forecasted PE ratio of 20 times for the fiscal year 2026, maintaining an 'outperform' rating.