Guosen Securities: Maintains the "outperform" rating for Toutiao (06110.HK) and lowers the fair value range to HKD 3.2-3.5.

According to the WiseFinancial APP, Guosen Securities released a research report stating that, based on the significant disruption of offline retail, it slightly lowered the profit forecast for Taobao (06110.HK), with expected net profits of 12.2/13.3/14.9 billion yuan in FY2026-2028 (previously 12.9/14.1/15.7 billion yuan), representing a year-on-year change of -5.3%/+9.6%/+11.5%. Based on the downward revision of profit forecasts, the reasonable valuation range was adjusted to 3.2~3.5 Hong Kong dollars (previously 3.8~4.0 Hong Kong dollars), corresponding to a 14~15x PE ratio for the 2027 financial year, and maintaining a "outperform the market" rating.