中国银河给予报喜鸟谨慎推荐评级：短期业绩承压，下半年拐点有望显现

Group 1 - The core viewpoint of the report is a cautious recommendation for Baoxiniang (002154.SZ) with a latest price of 3.8 yuan [1] - Baoxiniang and Baoniao brand revenues are experiencing fluctuations, while Haji Si maintains steady growth [1] - Overall gross margin has slightly increased, but rising expenses are dragging down net profit [1]