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Want Want China(151): announced its FY2025 results, with total revenue reaching RMB 24.401 billion, a year-on-year growth of 3.8%. However, heavily impacted by the rising costs of raw materials like imported whole milk powder, the gross profit margin slid by 1.3 percentage points to 46.3%. Additionally, organizational restructuring and the setup of new product divisions led to a surge in promotional and labor expenses, causing the profit attributable to equity holders to decrease by 11.5% year-on-year to RMB 3.837 billion. Looking ahead, the Group will firmly adhere to its dual strategies of channel refinement and brand differentiation. Given the sluggish domestic consumption environment, the Board has appropriately lowered the dividend payout ratio to retain more cash reserves. Moving forward, the company plans to fully enhance its sustainable growth momentum by continuously optimizing its internal organization and supply chain management.

The Federal Reserve will abandon forward guidance on interest rates

Wash mentioned that Inflation has cooled in the past four weeks, AI is reshaping the economy, and forward guidance is no longer necessary. Federal Reserve Chairman Warsh stated at the ECB forum that the Fed will abandon forward guidance on interest rates, and future decisions will rely entirely on real-time economic data. He pointed out that the risk of inflation in the US has decreased over the past four weeks, but the ultimate impact of AI on the economy and inflation still needs to be judged by data. Warsh reiterated that the Fed's independence is not affected by political pressure and emphasized that it will continue to promote balance sheet reduction and internal reforms to adapt to the rapidly changing economic environment.

Hong Kong Stock Connect saw a net inflow of HK$5.895 billion on Tuesday, with SMIC (00981) seeing the largest inflow at HK$1.93 billion, followed by Kingboard Laminates (01888). Yangtze Optical Fibre and Cable (06869) recorded the largest net outflow at HK$332 million, followed by Alibaba-W (09988).