June 7, 2026 03:25 PM GMT ZJLD Group | Asia Pacific M Update Risk Reward Update What's Changed For 1H26, we expect revenue to decline by a mid-single-digit % YoY. We also factor in GPM expansion, driven by product mix improvement and a lower selling expense ratio on more targeted promotional activities. We project net profit of Rmb0.58bn in 1H26. We raise our price target slightly by 1% to HK$8.8 from HK$8.7, reflecting FX changes. Our bull and bear case values are adjusted accordingly. Morgan Stanley Asia ...