智通财经APP获悉，东方甄选(01797)午后涨超6%，截至发稿，涨5.57%，报24.65港元，成交额7974.62万港元。 华安证券指出，东方甄选持续扩宽产品种类，自营产品的数量为264个，FY24H1公司实现GMV 57亿元；同时，公司积极探索出海路线，2024年1月公司发布TikTok海外店铺运营等岗位，有望打开长期成长空间。此外，公司拟将旗下教育业务以15亿元人民币对价出售给控股股东新东方。出售完成后，东方甄选不再营运在线教育业务，将成为纯粹的自营及直播电商运营商，在线线下融合教育由母公司专注运营。出售教育业务后，东方甄选在手现金将进一步充实，为公司电商业务的持续增长提供坚实的资金保障。 中信建投表示，展望后续，24财年上半年，公司加大自营品促销力度且董宇辉旗下的“与辉同行”抖音直播间从24年1月9日单独直播以来带货表现突出，有望支撑营收增长；预计12月开始的自营品折扣力度加大或将拖累24财年第三季度利润率，“与辉同行”抖音直播间有望贡献业绩增量；中长期看，围绕流量和产品双引擎发力，APP会员制有望深化自营品战略。 ...

刚刚过去的 2023 年，直播电商江湖可谓在喧嚣中前进，头部主播们似乎集体水逆，纷纷陷入了多事之秋。 东方甄选与董宇辉的风波，精彩程度堪比甄嬛传。除此之外，被危机缠身的，还有李佳琦。在售卖花西子眉笔时阴阳消费者，一句“哪里贵了”、“找找自己的原因”彻底引发众怒。 一向以幽默搞怪著称的小杨哥，先是因直播内容低俗受到批评，继而又出现品控问题等争议。 而“快手一哥”辛巴这边也并不太平，一年上了 18 次微博热搜。从夏天的榴莲，到双十一的思慕床垫，差不多都是负面新闻。最近更是在直播中说出了“预制菜最应该给孩子吃”的逆天言论。 * 图片来源刺猬公社 不知不觉，直播电商已经走过了 7 个年头，最引人关注的不再是带货成绩，而是平台、商家和主播之间的闹剧。 水逆之后，不一定是平静，或许是更激烈的厮杀。 01 头部主播频频翻车 如果有时光机的话，李佳琦肯定想穿越回 2023 年 9 月 10日，好在直播中管住自己的嘴巴。 没想到堂堂淘宝带货一哥，却栽在了一支小小的眉笔上。哭也哭了，歉也道了，但口碑已经一去不复返。 这之后，李佳琦谨言慎行，却接二连三的翻车。 京东采销和海氏之间的混战，他可能是被拉出来炒热度的。只不过，真相或 ...

Group 1: Movie Promotion and Reception - The movie "Red Carpet Mr." directed by Ning Hao and starring Andy Lau will be released on February 10, coinciding with the Lunar New Year [1] - During a live stream, 300,000 tickets for the movie were sold out within 10 minutes, indicating strong demand [1] - The film portrays the absurdities of the entertainment industry through the story of a Hong Kong superstar trying to win an award [1] Group 2: Controversy Over Plagiarism - On the same day, a controversy arose regarding the "With Hui Together" live stream being accused of large-scale plagiarism by a popular Douyin influencer [2] - The influencer claimed that the content presented by the live stream host was similar to their own previous work, leading to significant public discussion [2] - The host responded by stating that any similarities were unintentional and invited communication regarding the issue [2] Group 3: Insights on Short Video Impact - During the live stream, discussions included the impact of short videos on public discourse, highlighting issues like misinformation and the overwhelming noise in online discussions [3] - This commentary was perceived as a subtle response to the plagiarism allegations, emphasizing the challenges of maintaining factual integrity in the digital age [3] Group 4: Financial Developments of Oriental Selection - On January 31, Oriental Selection and New Oriental announced a commitment to purchase a total of HKD 700 million worth of shares in Oriental Selection [4] - New Oriental will buy shares worth HKD 660 million, while founder Yu Minhong will purchase HKD 40 million worth of shares, enhancing liquidity for existing shareholders [4] - The board believes that the current share price does not accurately reflect the company's value, especially after a recent sale of its education business for RMB 1.5 billion [4] Group 5: Stock Performance - As of January 31, Oriental Selection's stock closed at HKD 23 per share, marking a 6.24% increase, and opened higher the following day [5] - Despite the recent recovery, the stock has declined nearly two-thirds from its peak of HKD 65 per share a year ago [5]

Financial Performance - Total revenue for the six months ended November 30, 2023, was RMB 2,795,046, representing a 34.4% increase compared to RMB 2,080,073 for the same period in 2022[5]. - Profit before tax decreased by 49.9% to RMB 378,128 from RMB 755,294 year-on-year[5]. - The company reported a net profit of RMB 249,191, down 57.4% from RMB 585,293 in the previous year[5]. - The adjusted profit for the period was RMB 508,500, a decrease of 15.4% from RMB 600,995 in the same period last year[5]. - Total revenue increased by 34.4% from RMB 2.08 billion for the six months ended November 30, 2022, to RMB 2.8 billion for the six months ended November 30, 2023[26]. - Net profit decreased from RMB 585.3 million for the six months ended November 30, 2022, to RMB 249.2 million for the six months ended November 30, 2023[40]. - Basic earnings per share decreased to RMB 0.25 from RMB 0.58, indicating a decline of 56.9%[1]. Revenue Breakdown - Revenue from self-operated products and live e-commerce rose by 36.6% from RMB 1.77 billion to RMB 2.41 billion during the same period[11]. - University education segment revenue rose by 23.9% from RMB 295.1 million to RMB 365.7 million, despite a decrease in paid student numbers from 315,000 to 225,000[28]. - Revenue from institutional clients decreased by 6.2% from RMB 19.2 million to RMB 18.0 million due to business adjustments[29]. - Revenue from self-operated products and live e-commerce customers was RMB 2,411,323 thousand, up from RMB 1,765,803 thousand, showing a growth of 36.5%[83]. Cost and Expenses - Total revenue cost increased by 55.0% from RMB 1.1 billion to RMB 1.7 billion, primarily due to increased inventory and transportation costs[30]. - Gross profit rose by 11.4% from RMB 982.5 million to RMB 1.1 billion, while gross margin decreased from 47.2% to 39.1%[30]. - Sales and marketing expenses surged by 145.6% from RMB 227.8 million to RMB 559.5 million, driven by increased staffing costs for self-operated products and live e-commerce operations[35]. - R&D expenses increased by 56.5% from RMB 48.3 million for the six months ended November 30, 2022, to RMB 75.5 million for the six months ended November 30, 2023, primarily due to investments in internet technology systems and applications for proprietary brands and live e-commerce[36]. - Administrative expenses rose by 129.6% from RMB 62.3 million for the six months ended November 30, 2022, to RMB 142.9 million for the six months ended November 30, 2023, mainly due to increased share-based payment expenses[37]. Operational Highlights - The Gross Merchandise Volume (GMV) reached RMB 5.7 billion, up from RMB 4.8 billion year-on-year[8]. - The number of followers on Douyin increased to 45.8 million, compared to 35.2 million in the previous year[8]. - The number of paid orders on Douyin decreased to 59.6 million from 70.2 million year-on-year[8]. - The average spending per paid student in the university education segment increased from RMB 1,058 to RMB 1,944, despite a decrease in the number of paid students from 315,000 to 225,000[9]. - The company continues to focus on expanding its live e-commerce platform and enhancing customer experience through innovative live streaming activities[6]. Strategic Initiatives - The company announced plans to sell its education business, which is expected to be approved at a special shareholder meeting on January 18, 2024[9]. - The company announced plans to sell its entire education business to its parent company, New Oriental, to focus on self-operated and live e-commerce operations[18]. - The company plans to enhance its supply chain management and expand its product offerings, with over 264 self-operated products currently available[17]. - The company has established a membership program to improve customer service and increase customer retention[15]. - The company is focusing on a multi-platform strategy to broaden its user base and enhance brand awareness[19]. Financial Position - Cash and cash equivalents amounted to RMB 1.3 billion as of November 30, 2023, up from RMB 793.7 million as of November 30, 2022[45]. - The debt-to-asset ratio was 30.3% as of November 30, 2023, compared to 27.8% as of November 30, 2022[46]. - Total current assets as of November 30, 2023, were RMB 4,358,941 thousand, compared to RMB 3,436,916 thousand as of May 31, 2023, indicating a growth of 26.8%[75]. - Total equity increased to RMB 3,305,059 thousand from RMB 2,803,808 thousand, reflecting a growth of 17.8%[76]. - The company reported a significant increase in inventory, which rose to RMB 359,754 thousand from RMB 140,952 thousand, a growth of 155.5%[75]. Governance and Compliance - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended November 30, 2023[60]. - The company has complied with all applicable corporate governance code provisions during the reporting period[58]. - The company has established a nomination committee and a remuneration committee in addition to the audit committee[61].

Financial Performance - Total revenue for 2023 fiscal year reached RMB 4,509.8 million, a significant increase from RMB 898.5 million in 2022[4] - Net profit for 2023 fiscal year was RMB 971.3 million, compared to a net loss of RMB 533.9 million in 2022[4] - Adjusted EBITDA for 2023 fiscal year was RMB 1,207.5 million, a substantial improvement from a loss of RMB 322.3 million in 2022[4] - Gross profit for 2023 fiscal year was RMB 1,954.8 million, up from RMB 413.5 million in 2022[5] - Operating profit for 2023 fiscal year was RMB 1,070.8 million, compared to an operating loss of RMB 579.6 million in 2022[5] - Total revenue from continuing operations increased by 651.0% from RMB 600.5 million in FY2022 to RMB 4.5 billion in FY2023, driven by strong growth in self-operated products and live e-commerce business[34] - Self-operated products and live e-commerce business generated total revenue of RMB 3.9 billion in FY2023, with self-operated products contributing over RMB 2.6 billion[35] - University education revenue increased from RMB 517.5 million in FY2022 to RMB 590.8 million in FY2023, with paid student enrollments rising from 546,000 to 581,000[36] - Revenue from institutional clients decreased by 34.7% from RMB 58.4 million in FY2022 to RMB 38.2 million in FY2023[37] - Gross profit from continuing operations increased by 400.1% from RMB 390.9 million in FY2022 to RMB 2.0 billion in FY2023, with gross margin decreasing from 65.1% to 43.3%[38] - Self-operated products and live e-commerce business gross margin improved from 37.8% in FY2022 to 38.2% in FY2023, with gross profit increasing to RMB 1.5 billion[39] - University education gross margin increased from 64.5% in FY2022 to 74.6% in FY2023, driven by strong market demand recovery and adoption of smart learning systems[40] - Net profit from continuing operations turned around from a loss of RMB 71.0 million in FY2022 to a profit of RMB 971.3 million in FY2023[48] - Adjusted profit for the year reached RMB 1,089,333 thousand, compared to RMB 109,997 thousand in the previous year[51] - Adjusted EBITDA for the year was RMB 1,207,454 thousand, up from RMB 55,567 thousand in the previous year[52] Assets and Liabilities - Total assets increased to RMB 3,852.9 million in 2023, up from RMB 2,059.4 million in 2022[8] - Equity attributable to owners of the company rose to RMB 2,803.8 million in 2023, compared to RMB 1,641.0 million in 2022[8] - Non-current assets increased to RMB 416.0 million in 2023, up from RMB 367.9 million in 2022[8] - Current assets grew to RMB 3,436.9 million in 2023, compared to RMB 1,691.5 million in 2022[8] - Total liabilities decreased to RMB 1,049.1 million in 2023, down from RMB 1,276.4 million in 2021[8] - The company's asset-liability ratio increased to 27.2% at the end of 2023, up from 20.3% in 2022[53] - Cash and cash equivalents increased to RMB 1.165 billion as of May 31, 2023, from RMB 547.4 million in the previous year[53] - Net cash generated from operating activities was RMB 1.264 billion, compared to a net cash used of RMB 918.1 million in the previous year[54] - Net cash used in investing activities was RMB 737.5 million, primarily due to the purchase of financial assets at fair value through profit or loss[56] - Net cash generated from financing activities was RMB 55.6 million, mainly from the issuance of shares upon exercise of share options[57] - Capital expenditures for property and equipment were RMB 12.8 million in 2023, down from RMB 20.3 million in 2022[58] Live E-commerce and Self-Operated Products - The company's live e-commerce business achieved a GMV of RMB 10.0 billion in FY2023, compared to RMB 4.8 billion in the six months ending November 30, 2022[13] - The number of followers on Douyin increased to 41.8 million in FY2023, up from 35.2 million in the six months ending November 30, 2022[13] - The number of paid orders on Douyin reached 136.3 million in FY2023, compared to 70.2 million in the six months ending November 30, 2022[13] - The company's total GMV reached RMB 10.0 billion in FY2023, with the majority coming from Douyin[20] - The number of self-operated products exceeded 120 in FY2023, covering categories from food and beverages to standardized daily necessities[20] - The company established a self-operated product R&D platform, the Nutrition Research Institute, to enhance long-term independent R&D capabilities and develop healthier products[26] - The company will launch live-streaming e-commerce activities on Taobao starting from August 29, 2023, aiming to reach more new consumer groups[26] - The company plans to introduce a membership card system to provide more discounts and comprehensive services to customers, enhancing user satisfaction[27] - The company expanded its live e-commerce business in 2021, establishing "Oriental Selection" as a well-known platform for high-quality agricultural products[85] - The company is positioned as a live-streaming platform focused on carefully selecting quality products, with a core focus on self-operated agricultural products under the "Oriental Selection" brand[85] Education Business - The number of paid student enrollments for university education was 581,000 in FY2023, up from 546,000 in FY2022[14] - The average spending per paid student enrollment for university education increased to RMB 1,544 in FY2023, compared to RMB 1,308 in FY2022[15] - The average spending per paying student in the domestic university entrance exam preparation business increased to RMB 1,544 during the reporting period, up from RMB 1,308 in FY2022[21] - The overseas exam preparation business achieved strong results in revenue, enrollment, and profitability, surpassing historical highs and returning to a healthy and rapid development trajectory[21] - The number of paying students in the university education division increased by 6.4% to 581,000 during the reporting period, compared to 546,000 in FY2022[21] - The company will continue to develop a smart learning system for university education, offering personalized learning plans and real-time progress tracking[28] - The company is upgrading its IT infrastructure and exploring the integration of AI with business scenarios to improve student learning experiences and efficiency[21] - The company is collaborating with China Digital Library to establish smart reading spaces and classrooms using virtual reality technology in schools and public libraries[22] - The company plans to continue investing in AI integration, improving intelligent scoring, error correction, and adaptive learning systems, and maintaining exclusive rights to IELTS and TOEFL materials in mainland China[30] Corporate Governance and Shareholder Information - The board of directors consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors[73] - The company monitors currency exchange rate fluctuations and takes necessary measures to mitigate the impact of exchange rate risks[63] - The company's top five customers accounted for approximately 0.8% of total revenue, with the largest customer contributing about 0.6%[89] - The top five suppliers accounted for approximately 2.4% of total procurement, with the largest supplier contributing about 0.9%[89] - No director or their associates, or any shareholder with 5% or more of the company's issued share capital, had any interests in the top five customers or suppliers during the 2023 fiscal year[89] - The company's subsidiaries are listed in Note 39 of the consolidated financial statements[85] - The net proceeds from the global offering amounted to approximately HKD 1.783 billion, with the funds being utilized for sales and marketing, technology infrastructure, teacher and business-related personnel, and working capital[90] - As of the 2023 fiscal year, the company had utilized HKD 145.8 million out of the total HKD 823.6 million net proceeds, leaving a balance of HKD 677.8 million[90] - The company did not repurchase any shares on the Hong Kong Stock Exchange during the 2023 fiscal year, nor did it purchase, sell, or redeem any listed securities[92][93] - No debt instruments were issued by the group during the 2023 fiscal year[94] - The board did not recommend the payment of a final dividend for the 2023 fiscal year[96] - The total revenue from the consolidated affiliated entities was RMB 4,509,849 thousand, accounting for 100% of the group's total revenue during the reporting period[103] - The company's directors and senior management did not receive any discretionary bonuses during the 2023 fiscal year[97] - The company's directors and senior management are eligible to participate in the 2023 plan under the pre-IPO plan and the 2019 plan[97] - The company's directors and senior management did not waive or agree to waive any remuneration during the 2023 fiscal year[97] - The company's directors and senior management did not receive any remuneration as an incentive for joining or leaving the group during the 2023 fiscal year[97] - The company's contractual arrangements involve exclusive management and business cooperation agreements, exclusive subscription option agreements, equity pledge agreements, and irrevocable power of attorney, ensuring control over its operating entities and economic benefits[106][107][108][109] - The company's operating entities, including Beijing Xuncheng and its subsidiaries, are controlled through contractual arrangements with foreign-invested enterprises (FIEs) such as Dexin Dongfang, Zhuhai Chongsheng, Xi'an Ruiying, Hainan Haiyue, and Wuhan Dongfang[105][112] - The company's contractual arrangements are designed to comply with Chinese foreign investment restrictions, which limit foreign ownership in certain sectors, such as value-added telecommunications services and radio/TV program production[114] - The company's contractual arrangements were established to maintain actual control over its operating entities and to receive economic benefits generated by its online education and live e-commerce businesses[114] - The company's contractual arrangements are considered fair, reasonable, and in the best interests of the company and its shareholders, as they were entered into on normal commercial terms or better[114] - The company faces risks related to contractual arrangements in China, including potential penalties from the Chinese government, uncertainties in the interpretation of the Foreign Investment Law, and reliance on contractual arrangements with affiliated entities for business operations[115] - The company's contractual arrangements are subject to regulatory scrutiny by Chinese tax authorities, which could result in additional tax liabilities and significantly reduce the company's consolidated net income[116] - The company's contractual arrangements with affiliated entities are considered continuing connected transactions under the Listing Rules, with a maximum applicable percentage ratio expected to exceed 5% and HKD 10 million, requiring exemptions from strict compliance[117] - The company entered into a 2022 New Oriental Framework Agreement with New Oriental Group, involving non-exempt continuing connected transactions such as advertising, marketing, and promotion services, with annual caps and actual transaction amounts provided[118] - The company's transactions with New Oriental Group in 2023 included advertising and marketing services (RMB 39.39 million cap, RMB 34.92 million actual), TPO exam material licensing (RMB 20 million cap, RMB 8.27 million actual), and procurement of goods (RMB 39.13 million cap, RMB 11.22 million actual)[119] - The company entered into a Tigerstep Framework Agreement in 2019, leasing properties for office, recording studio, and administrative use, with annual caps and actual transaction amounts provided for 2023[121] - The company's 2021 Tigerstep Framework Agreement involved leasing properties and property management services, with annual caps and actual transaction amounts provided for 2023[122] - The company has implemented internal control measures for continuous connected transactions, including regular monitoring of transaction terms and comparison with third-party terms[123] - Independent non-executive directors confirmed that all continuous connected transactions in FY2023 were conducted under normal commercial terms and were fair and reasonable[125] - The external auditor confirmed that the disclosed continuous connected transactions did not exceed the annual limits set by the company[126] - No significant contracts or management agreements were entered into with the controlling shareholder during FY2023[127] - The company's consolidated financial statements were audited by Deloitte Touche Tohmatsu, which will retire at the upcoming annual general meeting[128] - No significant events occurred between the end of the reporting period and the date of the FY2023 annual results announcement[129] - The company is committed to fulfilling social responsibilities, promoting employee welfare, protecting the environment, and achieving sustainable development[130] - The company has complied with all relevant laws and regulations that have a significant impact on the group[131] - The annual general meeting will be held on November 3, 2023, with a suspension of share transfer registration from October 31 to November 3, 2023[133] - As of the end of FY2023, directors and key executives held approximately 1.48% to 2.68% of the company's shares[136] - The total number of shares that may be issued under the Pre-IPO Plan and 2019 Plan for Mr. Sun is 8,639,000 shares, and under the 2023 Plan, 3,000,000 shares were awarded to Mr. Sun[137] - Mr. Yu holds a total of 201,788,600 shares in New Oriental, representing 11.8% of the company's equity, including shares held through Tigerstep and ADS[139] - Mr. Yu has a 100% interest in Beijing Xuncheng, valued at RMB 122,351,229, and a 99% interest in Century Friendly, valued at RMB 9,900,000[140] - New Oriental holds a 54.95% beneficial interest in the company, with 557,160,500 ordinary shares[143] - A total of 30,459,000 new shares, approximately 3.02% of the company's weighted average issued share capital, may be issued under the 2019 Plan (before termination) and the 2023 Plan[145] - The maximum number of shares available for issuance under the Pre-IPO Plan is 47,836,985 shares, with 27,084,385 shares still exercisable as of May 31, 2023[147][148] - The exercise price for the pre-IPO share option plan is HK$8.88 per share (equivalent to US$1.13 per share before listing)[151] - The pre-IPO share option plan has a remaining term of approximately 1 year and 8 months, expiring on March 27, 2025[152] - As of June 1, 2022, 16,695,285 options granted to Mr. Yu under the pre-IPO plan remained unexercised[154] - Under the 2019 plan, a total of 40,462,810 options remained unexercised as of May 31, 2023, representing approximately 3.93% of the total issued share capital[159] - During the reporting period, 4,315,008 options were exercised under the 2019 plan, while 140,000 were canceled and 1,076,275 expired[159] - The maximum number of shares that may be issued under the 2019 plan and other plans cannot exceed 10% of the total issued shares as of the listing date (91,395,910 shares)[159] - The weighted average closing price of shares immediately before the exercise date in FY2023 was HK$52.01[163] - Under the 2019 plan, 6,000,000 options granted to Mr. Yu remained unexercised as of the end of FY2023[163] - The 2019 plan was terminated on March 9, 2023, and no further options will be granted under this plan[161] - Each grantee must pay RMB 1.00 as consideration for the options granted under the 2019 plan[162] - The 2023 plan allows for the issuance of up to 101,351,871 shares, representing 10% of the company's issued shares as of the plan's adoption date[169] - 30,459,000 share rewards were granted under the 2023 plan between March 9, 2023, and May 31, 2023, with 61,000 share rewards canceled and 84,000 share rewards forfeited during the same period[170] - The 2023 plan has a service provider sub-limit of 2,027,037 shares, which is 2% of the total plan authorization[169] - The 2023 plan has a validity period of 10 years, from March 9, 2023, to March 8, 2033[175] - The vesting period for share rewards under the 2023 plan is at least 12 months, with exceptions for certain limited circumstances[174] - The exercise price for share options under the 2023 plan cannot be lower than the higher of the closing price on the grant date or the average closing price over the five trading days preceding the grant date[172] - The 2023 plan allows for the issuance of share rewards or share options, with the total number of shares available for issuance under the plan being 101,290,871 as of May 31, 2023[169] - The 2023 plan includes a performance-based vesting condition, where a portion of the share rewards will vest if the participant meets the performance evaluation criteria in the year preceding the vesting date[177] - The 2023 plan provides flexibility in determining the exercise period for share options, with a maximum exercise period of 10 years from the grant date[173] - The 2023 plan aims to align the interests of eligible participants with those of the company and its shareholders by offering them the opportunity to acquire equity in the company[166] - The company was registered as an exempted company in the Cayman Islands on February 7, 2018, and its shares were listed on the Main Board of the Stock Exchange on March

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 East Buy Holding Limited 東方甄選控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1797） 截至2023年5月31日止年度的年度業績公告 東方甄選控股有限公司董事會欣然宣佈於報告期間（即截至2023年5月31日止財 政年度）的綜合業績。該等年度業績已經本公司外部核數師德勤•關黃陳方會計 師行審核，並經審核委員會審閱。 於本公告中：(a)「我們」指本公司及（如文義所指）本集團；及(b)除非另有所 指，否則我們的綜合財務報表以本集團的主要功能貨幣人民幣呈列。 財務摘要 2023財年 2022財年 持續 已終止 持續 已終止 經營業務 經營業務 合併總計 經營業務 經營業務 合併總計 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 ...

Financial Performance - Total revenue for the six months ended November 30, 2022, was RMB 2,080,073,000, a significant increase from RMB 573,509,000 for the same period in 2021[9]. - The adjusted profit for the period was RMB 600,995,000, compared to a loss of RMB 418,955,000 in the previous year[9]. - The adjusted EBITDA for the period was RMB 686,246,000, compared to a loss of RMB 348,363,000 in the previous year[9]. - The net profit from continuing and discontinued operations turned from a net loss of RMB 544.0 million for the six months ended November 30, 2021, to a net profit of RMB 585.3 million for the same period in 2022, representing an increase of 207.6%[20]. - The company reported a profit before tax of RMB 755,294,000, a turnaround from a loss of RMB 106,835,000 in the prior year[131]. - Net profit for the period was RMB 585,293,000, compared to a loss of RMB 108,689,000 in the same period last year[131]. - The gross profit for the same period was RMB 982,473,000, compared to RMB 180,005,000 in the previous year, reflecting a substantial growth[131]. - The company reported a total comprehensive income attributable to owners of RMB 585,293 thousand for the six months ended November 30, 2022, compared to a loss of RMB 543,997 thousand in the same period of 2021[133]. Revenue Breakdown - The company's GMV (Gross Merchandise Volume) reached RMB 4.8 billion for the six months ended November 30, 2022[15]. - Revenue from self-operated products and live e-commerce reached RMB 1,765.8 million, with self-operated products exceeding RMB 1 billion[47]. - The university education segment's revenue increased by 10.3% to RMB 295.1 million, with paid student numbers rising from 275,000 to 315,000[48]. - Revenue from continuing operations rose by 590.2% to RMB 2,080.1 million for the six months ended November 30, 2022, from RMB 301.4 million in the prior year[46]. - Revenue from institutional clients decreased by 43.2% to RMB 19.2 million, down from RMB 33.7 million[49]. Operational Highlights - The number of followers on Douyin (TikTok) increased to 35.2 million, with 70.2 million paid orders placed during the same period[15]. - The company continues to focus on high-quality agricultural products and has established a strong presence in the live-streaming e-commerce sector[11]. - The company has established deep cooperation with logistics companies to enhance delivery quality and cold chain delivery range[24]. - The self-operated products and live e-commerce business have become a major long-term growth driver for the company, with a strong performance noted during the reporting period[33]. - The company has initiated collaborations with local governments to promote specialty agricultural products and cultural tourism since July 2022[27]. Cost and Expenses - Sales and marketing expenses decreased by 33.2% to RMB 227.8 million, attributed to the termination of K-12 business[59]. - Research and development expenses decreased by 69.2% to RMB 48.3 million, mainly due to the termination of K-12 business[60]. - Administrative expenses reduced by 72.6% to RMB 62.3 million, primarily due to decreased share-based compensation expenses[61]. - The total cost of revenue for the six months was RMB 1,097,600 thousand, leading to a net loss of RMB 112 thousand after accounting for various expenses[159]. Student Enrollment and Education Services - The average spending per paying student in university education increased to RMB 1,545 for the six months ended November 30, 2022, from RMB 1,249 in the previous year[19]. - The number of paid students in university education increased to 315, while K-12 education was discontinued, resulting in a total of 315 paid students compared to 2,142 in the previous year[16]. - The paid student total for the graduate entrance examination courses saw a significant increase during the 2022 exam season, indicating strong product potential[39]. - The average spending per paid student in the domestic university preparatory course business remained stable at RMB 1,025 during the reporting period, compared to RMB 1,023 for the six months ending November 30, 2021[31]. Cash Flow and Financial Position - Cash and cash equivalents as of November 30, 2022, were RMB 793.7 million, up from RMB 626.6 million as of November 30, 2021[72]. - The net cash generated from operating activities was RMB 537,580 thousand, compared to a cash outflow of RMB 191,908 thousand in the same period last year[142]. - The total equity of the company rose to RMB 2,291,195 thousand, up from RMB 1,641,008 thousand as of May 31, 2022[137]. - The company has not incurred any bank loans or other borrowings during the reporting period, indicating sufficient cash and capital resources for operations and expansion[80]. Shareholder and Governance Information - The company has a total of 1,005,789,456 shares issued, with major shareholders holding significant stakes, including 55.40% by New Oriental[93]. - Key executives hold various equity interests, with Yu Minhong owning approximately 12.1% of the company through controlled entities[88]. - The company has adopted and complied with the new corporate governance code effective from January 1, 2022, ensuring high standards of corporate governance practices[109]. - The company proposed to change its English name from "Koolearn Technology Holding Limited" to "East Buy Holding Limited" to better reflect its business direction and future prospects, which was approved by shareholders on January 31, 2023[107].

Financial Performance - Total revenue for the fiscal year 2022 was RMB 898,535 thousand, a decrease of 36.7% from RMB 1,418,655 thousand in fiscal year 2021[9]. - The net loss for the fiscal year 2022 was RMB 533,964 thousand, compared to a net loss of RMB 1,658,392 thousand in fiscal year 2021, showing an improvement[11]. - Adjusted net loss for the fiscal year 2022 was RMB 363,725 thousand, significantly better than the adjusted net loss of RMB 1,322,557 thousand in fiscal year 2021[11]. - Basic and diluted loss per share for fiscal year 2022 was RMB 0.07, compared to RMB 0.46 in fiscal year 2021[9]. - Total revenue from continuing and discontinued operations decreased by 36.7% to RMB 898.5 million in fiscal year 2022 from RMB 1,418.7 million in fiscal year 2021[20]. - The net loss from continuing and discontinued operations decreased by 67.8% to RMB 534.0 million in fiscal year 2022 from RMB 1,658.4 million in fiscal year 2021[20]. - Revenue from continuing operations decreased by 3.7% from RMB 623.6 million in FY2021 to RMB 600.5 million in FY2022[31]. - The total revenue of the university education segment decreased from RMB 548.8 million in FY2021 to RMB 517.5 million in FY2022, primarily due to adjustments in core products and marketing strategies[32]. - The K-12 education segment's total revenue dropped by 62.4% from RMB 787.2 million in FY2021 to RMB 296.1 million in FY2022, as the group terminated its K-12 business during the reporting period[33]. - The preschool education segment's total revenue fell by 76.1% from RMB 7.9 million in FY2021 to RMB 1.9 million in FY2022, mainly due to regulatory impacts[33]. - Total revenue from institutional clients decreased by 21.9% from RMB 74.8 million in FY2021 to RMB 58.4 million in FY2022[34]. - The live e-commerce segment generated total revenue of RMB 24.6 million in FY2022, marking it as a new growth business initiated in December 2021[34]. Assets and Liabilities - Total assets decreased to RMB 2,059,393 thousand in fiscal year 2022 from RMB 3,285,318 thousand in fiscal year 2021, reflecting a decline of 37.2%[12]. - Total equity attributable to owners was RMB 1,641,008 thousand in fiscal year 2022, down from RMB 2,008,872 thousand in fiscal year 2021, a decrease of 18.3%[12]. - Non-current assets decreased to RMB 367,912 thousand in fiscal year 2022 from RMB 738,572 thousand in fiscal year 2021, a decline of 50.2%[12]. - Current liabilities were RMB 393,327 thousand in fiscal year 2022, down from RMB 1,042,842 thousand in fiscal year 2021, indicating a reduction of 62.3%[12]. - The company's total liabilities to total assets ratio improved to 20.3% at the end of fiscal year 2022, compared to 38.9% at the end of fiscal year 2021[51]. Operational Focus and Strategy - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[9]. - The company has shifted its strategic focus to new business segments, including live e-commerce, smart learning products, STEAM education, and vocational education[20]. - The company aims to create a high-quality, cost-effective e-commerce platform centered on agricultural products to enhance customer lifestyles[20]. - The live e-commerce business is expected to become a major growth driver for the company, with plans to enhance the live streaming team and create engaging content[28]. - The company continues to explore new market opportunities while developing existing businesses to increase and solidify its market share[29]. Student Enrollment and Spending - In the fiscal year 2022, the total number of paid students decreased by 38.0% to 2,410,000 from 3,892,000 in fiscal year 2021[16]. - The average spending per paid student in the university education segment remained stable at RMB 1,308 in fiscal year 2022, compared to RMB 1,303 in fiscal year 2021[21]. - The number of paid students in the university education segment stabilized at 546,000 in fiscal year 2022, down from 573,000 in the previous period[21]. - The average spending per paid student in the K-12 education segment was RMB 172, reflecting the impact of new regulations and the termination of related services[17]. Cost and Expenses - The total cost of revenue decreased by 51.8% from RMB 1 billion in FY2021 to RMB 500 million in FY2022, mainly due to the termination of the K-12 business[36]. - The gross profit margin for continuing and discontinued operations increased from 29.1% in FY2021 to 46.0% in FY2022, attributed to the cessation of K-12 operations[36]. - Research and development expenses for continuing operations decreased by 47.1% from RMB 121.8 million in FY2021 to RMB 64.4 million in FY2022[42]. - Administrative expenses for continuing operations increased by 44.2% from RMB 148.5 million in FY2021 to RMB 214.1 million in FY2022, primarily due to changes in strategic focus[45]. Cash Flow and Capital Management - As of May 31, 2022, the company's cash and cash equivalents amounted to RMB 547.4 million, a decrease from RMB 1.626 billion on November 30, 2021[51]. - Net cash used in operating activities for fiscal year 2022 was RMB 918.07 million, slightly higher than RMB 913.68 million in fiscal year 2021[52]. - Cash used in investing activities for fiscal year 2022 was RMB 26.37 million, a significant decrease from cash generated of RMB 659.11 million in fiscal year 2021[52]. - Cash used in financing activities for fiscal year 2022 was RMB 45.4 million, primarily due to lease liability repayments[55]. - Capital expenditures for fiscal year 2022 were RMB 20.33 million, a decrease from RMB 118.13 million in fiscal year 2021[56]. - The company had no bank loans or other borrowings during the reporting period, indicating sufficient cash and capital resources for operations and expansion[60]. Corporate Governance - The board of directors consists of seven members, including two executive directors and three independent non-executive directors[64]. - The company has established a compensation committee to formulate the remuneration policy for directors and senior management[86]. - The company adopted the new corporate governance code effective January 1, 2022, enhancing internal control measures and accountability to shareholders[154]. - The audit committee is composed of three independent non-executive directors, ensuring independence from the external auditor[164]. - The company has implemented a diversity policy to enhance the diversity of the board members[168]. Risk Management - The company faces risks related to compliance with Chinese laws, which could significantly impact its business operations and financial performance[105]. - Regulatory and compliance risks are significant due to strict regulations in the internet and education sectors in China, with ongoing developments in relevant laws creating uncertainty[176]. - The company identified several significant risks in its risk management system for the fiscal year 2022, including market competition and innovation risks in the highly fragmented and rapidly developing online education sector[173]. ESG and Stakeholder Engagement - The board of directors is responsible for the overall ESG strategy, performance, and reporting, ensuring compliance with the Hong Kong Stock Exchange guidelines[194]. - The company is committed to identifying and addressing ESG risks and regularly reviews its ESG objectives[194]. - The company prioritizes energy conservation and emission reduction as part of its environmental commitments[198]. - Regular communication channels are established with stakeholders, including periodic reports and investor meetings to ensure transparency[198]. - The company conducts satisfaction surveys to ensure high-quality products and services for customers[198].

Financial Performance - Total revenue decreased by 15.3% to RMB 573.5 million for the six months ended November 30, 2021, compared to RMB 676.8 million for the same period in 2020[6]. - The company reported a loss before tax of RMB 542.1 million, a reduction of 18.8% from RMB 667.4 million in the previous year[6]. - Adjusted loss for the period was RMB 409.8 million, a decrease of 38.0% from RMB 661.4 million in the previous year[6]. - The company reported a basic and diluted loss per share of RMB 0.54, down from RMB 0.72 in the previous year, reflecting a 25.0% decrease[6]. - The net loss for the period decreased by 19.3% to RMB 544.0 million for the six months ended November 30, 2021, from RMB 674.4 million for the same period in 2020[37]. - For the six months ended November 30, 2021, the company reported a net loss of RMB 543.997 million, an improvement from a net loss of RMB 674.426 million for the same period in 2020, representing a reduction of approximately 19.3%[40]. - Gross profit increased by 13.0% to RMB 173.0 million for the six months ended November 30, 2021, compared to RMB 153.1 million for the same period in 2020, with a gross margin increase from 22.6% to 30.2%[26]. - Total revenue cost decreased by 23.5% to RMB 400.5 million for the six months ended November 30, 2021, from RMB 523.6 million for the same period in 2020[26]. Student Enrollment and Revenue Segments - The number of paid students remained stable at 2.1 million, with K-12 education contributing 1,867 thousand students[8]. - The university education segment's total revenue decreased by 8.5% from RMB 292.4 million for the six months ended November 30, 2020, to RMB 267.6 million for the six months ended November 30, 2021[22]. - The number of paid students in the university education segment decreased from 299,000 to 275,000 during the same period[22]. - K-12 education segment's net revenue decreased by 19.7%, while the number of paid students increased by 1.6%[13]. - K-12 education segment total revenue decreased by 19.7% to RMB 270.5 million for the six months ended November 30, 2021, compared to RMB 336.9 million for the same period in 2020[23]. - The number of paid students in the K-12 education segment increased by 1.6% to 1.9 million for the six months ended November 30, 2021, from 1.8 million for the same period in 2020[23]. - The total revenue for the preschool education segment decreased by 62.2% to RMB 1.7 million for the six months ended November 30, 2021, from RMB 4.4 million for the same period in 2020[24]. - Total revenue from institutional clients decreased by 21.6% to RMB 33.7 million for the six months ended November 30, 2021, compared to RMB 43.0 million for the same period in 2020[25]. Strategic Adjustments and Focus Areas - The company is shifting its focus towards innovative, quality-based online education products and services in response to regulatory changes in the education sector[11]. - The company has terminated its K-9 business line as part of its strategic adjustments[8]. - The company is investing in new learning products and services, as well as integrating online and offline sales channels in the higher education segment[11]. - The company aims to improve rural education through partnerships, such as the collaboration with Tianjin University for teaching support initiatives[11]. - The company plans to expand its product offerings for adult student training and introduce new courses targeting students preparing for postgraduate entrance exams[18]. - The company is actively exploring new market opportunities, including live commerce for agricultural products and the development of innovative educational hardware[16]. - The company aims to strengthen collaborations with higher education institutions and actively explore vocational education development[18]. - The company has stopped investing in certain preschool education programs in compliance with new regulations[14]. Cost Management and Operational Efficiency - Total administrative expenses increased by 77.3% to RMB 227.1 million for the six months ended November 30, 2021, from RMB 128.1 million for the same period in 2020[34]. - Sales and marketing expenses decreased to RMB 340.8 million from RMB 515.3 million, a reduction of about 34%[79]. - Research and development expenses were RMB 156.8 million, down from RMB 234.1 million, representing a decrease of approximately 33%[79]. - The total salary expenses, including share-based payment expenses, for the six months ended November 30, 2021, were RMB 732.5 million, a decrease of 25% compared to the previous year[196]. - The company’s financial report indicates a strategic focus on cost management and operational efficiency amid regulatory changes in the education sector[150]. Cash Position and Financial Health - As of November 30, 2021, the company's cash and cash equivalents amounted to RMB 626.6 million, down from RMB 1.5 billion as of May 31, 2021, and RMB 1.9 billion as of November 30, 2020[42]. - Capital expenditures for the six months ended November 30, 2021, were RMB 18.742 million, significantly lower than RMB 59.714 million for the same period in 2020, reflecting a decrease of approximately 68.7%[43]. - The company had no bank loans or other borrowings during the reporting period, indicating a strong cash position to support operations and expansion[47]. - As of November 30, 2021, the company had no off-balance sheet transactions or significant contingent liabilities[44][48]. Employee and Corporate Governance - The company employed 1,224 full-time employees and 679 part-time employees as of November 30, 2021, a significant reduction from 7,588 full-time and 5,756 part-time employees in the previous year[45]. - The company is committed to maintaining strict corporate governance and has adhered to the applicable code provisions of the Corporate Governance Code during the reporting period[64]. - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended November 30, 2021[67]. - The company has established a Nomination Committee and a Remuneration Committee in addition to the Audit Committee[68].

Financial Performance - Total revenue for the fiscal year 2021 was RMB 1,418,655,000, representing a 31.3% increase from RMB 1,080,587,000 in fiscal year 2020[7]. - The net loss for the fiscal year 2021 was RMB (1,658,392,000), which is a 118.7% increase compared to RMB (758,239,000) in fiscal year 2020[7]. - Adjusted net loss for the fiscal year 2021, calculated under non-IFRS measures, was RMB (1,322,557,000), up 101.0% from RMB (658,022,000) in fiscal year 2020[9]. - Basic and diluted loss per share for fiscal year 2021 was RMB (1.72), compared to RMB (0.79) in fiscal year 2020, reflecting a 117.7% increase[7]. - The company reported a gross profit of RMB 412,208,000 for fiscal year 2021, down from RMB 493,086,000 in fiscal year 2020[9]. - Total revenue increased by 31.3% from RMB 1,080.6 million in FY2020 to RMB 1,418.7 million in FY2021[22]. - K-12 education segment revenue surged by 166.7% from RMB 295.1 million in FY2020 to RMB 787.2 million in FY2021, with paid student numbers rising from 1.856 million to 3.315 million[23]. - University education segment revenue decreased by 14.5% from RMB 641.7 million in FY2020 to RMB 548.8 million in FY2021, with paid student numbers dropping from 942,000 to 573,000[22]. - Gross profit decreased by 16.4% from RMB 493.1 million in FY2020 to RMB 412.2 million in FY2021, with gross margin declining from 45.6% to 29.1%[26]. - Total cost of revenue increased by 71.3% from RMB 587.5 million in FY2020 to RMB 1 billion in FY2021, primarily due to increased teaching staff and course research personnel costs[26]. Student Enrollment and Segments - Total paid student numbers increased to 3.89 million, a year-on-year growth of 36.5%[16]. - K-12 education segment saw a net total revenue increase of 166.7% and paid student numbers increased by 78.6%[16]. - Average spending per paid student in university education increased from RMB 1,222 in FY2020 to RMB 1,303 in the reporting period[17]. - Paid student numbers in the university segment decreased to 573,000 from 942,000 in the previous fiscal year[17]. - K-12 course paid student numbers increased by 66.8% for New Oriental Online and 102.0% for DFUB courses[18]. - The preschool education segment experienced a decrease in student enrollment due to adjustments in the product line[19]. Strategic Initiatives and Future Plans - The company aims to enhance its core competitiveness in online extracurricular education services and expand its offerings across various educational segments[12]. - Future strategy includes expanding product offerings and enhancing online and offline integrated teaching (OMO) models[20]. - The company aims to provide a "one-stop" service for overseas exam preparation, enhancing collaboration with international exam providers[21]. - Continued investment in advanced educational technology to improve user experience and course engagement[21]. Financial Position and Cash Flow - Total assets as of fiscal year 2021 were RMB 3,285,318,000, an increase from RMB 3,049,244,000 in fiscal year 2020[11]. - The total equity attributable to the owners of the company was RMB 2,008,872,000 in fiscal year 2021, compared to RMB 1,863,700,000 in fiscal year 2020[11]. - Cash and cash equivalents as of May 31, 2021, were RMB 1.5 billion, down from RMB 1.9 billion on November 30, 2020, and RMB 480.3 million on May 31, 2020[44]. - The net cash used in operating activities for fiscal year 2021 was RMB (913.7) million, compared to RMB (521.4) million in fiscal year 2020, indicating increased cash outflow[45]. - The net cash generated from investing activities was RMB 659.1 million in fiscal year 2021, primarily due to the withdrawal of RMB 1.7 billion from time deposits[47]. - The cash flow from financing activities for fiscal year 2021 was RMB 1.4 billion, a significant increase compared to RMB (135.5) million in fiscal year 2020[45]. - The company’s net cash and cash equivalents increased by RMB 1.16 billion during fiscal year 2021, compared to a decrease of RMB 2.09 billion in fiscal year 2020[45]. Governance and Compliance - The board of directors consists of nine members, including two executive directors and three independent non-executive directors, ensuring a diverse governance structure[55]. - The company has received annual independence confirmations from its independent non-executive directors, ensuring compliance with listing rules[65]. - The company has established a dedicated task force to monitor and analyze the legal and regulatory developments in China's online education sector, hiring external compliance consultants to oversee daily operations compliance[170]. - The company has implemented strict internal control measures to enhance transparency and accountability to shareholders[148]. - The audit committee, composed of three non-executive directors, has reviewed the group's financial reporting procedures and internal control systems during the fiscal year 2021[157]. Risks and Challenges - The company is facing significant adverse impacts on its K-12 business due to the new regulations requiring tutoring institutions in China's compulsory education system to register as non-profit organizations[118]. - Foreign investment in subject-based training institutions is prohibited, which may necessitate restructuring existing contractual arrangements and ownership structures, potentially harming overall business operations and financial performance[119]. - The "double reduction" policy may impose strict requirements on licensing and approval for subject-based training institutions, adversely affecting the types and numbers of students served[119]. - The company has identified several significant risks in fiscal year 2021, including market competition and innovation risks, necessitating continuous improvement of online course products and services to maintain competitive advantage[167]. Environmental, Social, and Governance (ESG) - The company has committed to fulfilling social responsibilities and promoting sustainable development, as detailed in its environmental, social, and governance report[120]. - The ESG report indicates that the company has established an ESG management system to assess risks and opportunities related to ESG[190]. - The company focuses on online education and adheres to environmental laws, resulting in no significant violations related to environmental and ecological issues during the reporting period[198]. - The company promotes energy conservation and emission reduction as part of its commitment to green sustainable development[198]. - The company has identified 21 key ESG issues based on stakeholder importance and business relevance, forming a substantial issues matrix for ESG disclosure[194].