Citi maintains a Sell rating on TINGYI due to the company's consistent lowering of full-year guidance for three years, with expectations of further downgrades. The report highlights slowing sales in ready-to-drink beverages, increased competition, and rising raw material costs, leading to lower earnings visibility compared to peers. Citi has also reduced its earnings forecasts for 2026 and 2027 and placed the stock on a 30-day negative catalyst watch.
