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1、Morningstar Equity Analyst Note|Report as of 1 Sep 2025 09:43,UTC|Reporting Currency:CNY|Trading Currency:HKD|Exchange:HONG KONG EXCHANGES AND CLEARING LTDPage 1 of 132025 Morningstar.All Rights Reserved.Unless otherwise provided in a separate agreement,you may use this report only in the country in

2、 which its original distributor is based.The information,data,analyses and opinions presented herein do not constitute investment advice;are provided solely for informational purposes and therefore are not an offer to buy or sell a security;and are not warranted to be correct,complete or accurate.Th

3、e opinions expressed are as of the date written and are subject to change without notice.Except as otherwise required by law,Morningstar shall not be responsible for any trading decisions,damages or other losses resulting from,or related to,the information,data,analyses or opinions or their use.The

4、information contained herein is the proprietary property of Morningstar and may not be reproduced,in whole or in part,or used in any manner,without the prior written consent of Morningstar.Investment research is produced and issued by subsidiaries of Morningstar,Inc.including,but not limited to,Morn

5、ingstar Research Services LLC,registered with and governed by the U.S.Securities and Exchange Commission.To order reprints,call+1 312-696-6100.To license the research,call+1 312-696-6869.Please see important disclosures at the end of this report.?Financial Summary and Key Statistics ActualForecast20

6、23202420252026Revenue(CNY Mil)5,9184,7553,7694,013Revenue Growth%25.3-19.7-20.76.5Operating Income(Mil)-119-231-110-203Operating Margin%-2.0-4.9-2.9-5.1Adjusted EBITDA(Mil)814400464415Adjusted EBITDA Margin%13.88.412.310.3Earnings Per Share(Diluted)(CNY)-0.18-0.38-0.16-0.23Adjusted Earnings Per Shar