On September 9, PHANCY fell 5.07% in regular trading, trading at HK$28.06/share, with turnover of HK$127 million. The stock extended its pullback after a sharp 14.66% single-day rally on September 4, driven by Macquarie's initiation of coverage with an Outperform rating and a target price of HK$59, alongside mid-term earnings catalysts.

Short-term profit-taking pressure intensified as the stock had accumulated significant gains. On the liquidity front, the company's share transfer registration was suspended from September 7 to September 10 ahead of an extraordinary general meeting scheduled for September 10, constraining trading activity during the period. Southbound capital also showed net selling, with cumulative net disposals exceeding 1.5 million shares over the past five trading days.

Mid-term results revealed H1 revenue of RMB 3.765 billion, up 43.4% year-over-year, with net profit of RMB 119 million marking a turnaround from losses. However, gross margin declined from 37.7% to 32.8%, while operating cash flow widened to negative RMB 2.36 billion, drawing market attention.

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