IH retail (01373.HK) issued a profit warning, expecting adjusted profits for the fiscal year ending in April to decrease by 32%-38% compared to the previous year's 0.15 billion yuan, with 31.94 million yuan of salary subsidies from the government's 'employment protection' plan already excluded. This is mainly due to the high base effect of the previous year, with revenue expected to decrease by about 4.9% this year; and the increase in human resource costs and the end of the Housing Authority's rent reduction for retail tenants, leading to an increase in operating costs for this year.