ZJLD (06979) dropped over 5% in early trading. As of press time, the stock fell 5.41% to HK$9.26, with a trading volume of HK$101 million. On the news front, ZJLD recently released its interim results, achieving revenue of 25.0 billion yuan in the first half of the year, down 39.6% year-on-year, and net profit attributable to shareholders of 5.7 billion yuan, down 23.5% year-on-year.

Soochow Securities noted that the company has a clear product matrix and long-term strategic positioning for brand and quality upgrades, with organizational efficiency and channel momentum expected to gradually emerge. Referring to the first-half revenue performance, the firm expects the decline in the second half to narrow significantly. With the rollout of "Da Zhen" products and demand recovery, it remains optimistic about ZJLD's financial turnaround and profit elasticity showing early signs of improvement.

Everbright Securities pointed out that considering the company's active adjustments and the industry's ongoing recovery needs, it has lowered its adjusted net profit forecasts for 2025-27 to 12.21/13.50/14.50 billion yuan (down 29.7%/28.2%/29.4% from previous forecasts), corresponding to EPS of 0.36/0.40/0.43 yuan. The current stock price corresponds to P/E ratios of 26/23/22 times. After adjustments, the company is expected to operate with a lighter burden, and "Da Zhen" is adopting innovative investment attraction models, which could potentially become a new growth driver. The firm maintains a "Buy" rating.