华泰金融(HK)9月15日发布公告。Nayuki Holdings’revenue was RMB2,544mn (-1.9% yoy) and adjusted net loss was RMB438mn (1H23: adjusted net profit of RMB70mn), including RMB150mn in impairment losses related to the closure or planned closure of 200 stores, along with the reversal of associated deferred tax assets. As of 1H24, the company operated 1,597 self-owned stores and 297 franchised outlets. If same-store performance stabilizes, there could be medium- to long-term profit upside; however, we expect operations to remain under pressure in 2H24. We project 2024/2025/2026 EPS at RMB-0.40/0.05/0.09. Our target price of RMB1.58 is based on 16x 2026E PE, above its peers’average of 11x on Wind consensus, to factor in its rare positioning. Downgrade to OVERWEIGHT.