Lyon released a research report saying that Vinda's sales in the third quarter beat expectations, but net profit margin fell short of expectations. Although demand rebounded in September, slower than expected digestion of high-priced wood pulp stocks and promotional pressure partially offset the improvement in gross margin. Moving into the fourth quarter, the bank mentioned that Vinda management expects sales momentum to continue in September. The bank believes that discount pressures may continue to offset the recovery in gross margins and believes that falling pulp prices will continue to push gross margins upward in the fourth quarter and 2024, but the monthly rebound in pulp prices from July to October increases uncertainty about future pulp price trends.

After Vinda's results announcement, the bank basically maintained its sales forecast for Vinda, but lowered its net profit forecast for 2023 to 2025 by 11 to 13% to reflect the expected decline in gross profit margin, downgraded Vinda's investment rating to "Underperform" and maintained its target price of HK$21.