东方甄选(01797)发布截至2025年11月30日止6个月业绩，该集团期内取得总营收23.12亿元人民币，同比 增加5.7%;公司拥有人应占溢利2.39亿元，同比扭亏为盈;每股基本盈利0.23元。 ...

智通财经APP讯，东方甄选(01797)发布截至2025年11月30日止6个月业绩，该集团期内取得总营收23.12 亿元人民币，同比增加5.7%;公司拥有人应占溢利2.39亿元，同比扭亏为盈;每股基本盈利0.23元。 ...

Core Insights - The company reported a 5.7% increase in net revenue, rising from RMB 2.2 billion for the six months ending November 30, 2024, to RMB 2.3 billion for the same period in 2025. Excluding revenue from the collaboration with Huizhong, total revenue increased by 17.0% from RMB 2.0 billion to RMB 2.3 billion [1] - The company transitioned from a net loss of RMB 96.5 million for the six months ending November 30, 2024, to a net profit of RMB 239.0 million for the same period in 2025, establishing a solid foundation for long-term sustainable development [1] - The company demonstrated strong operational resilience in the face of unexpected challenges, achieving significant recovery with both revenue and net profit showing year-on-year growth [1] Product Development and Supply Chain - The company made significant progress in product development and supply chain optimization, expanding its product categories from fresh food and snacks to a more diversified range, launching a total of 801 self-operated SPUs by November 30, 2025, up from 600 SPUs a year earlier [2] - New product categories include seafood, nutritional supplements, kitchen condiments, dairy products, personal care items, and home cleaning products, effectively meeting consumer demands for health and convenience, thereby driving overall sales and profit growth [2] - The company's GMV for the six months ending November 30, 2025, reached RMB 4.1 billion, representing a 16.4% increase from RMB 3.6 billion in the previous fiscal year, with a significant portion of GMV coming from Douyin [2] Future Direction - The company aims to continue its commitment to becoming a live shopping platform that selects quality products for customers, focusing on self-operated agricultural products, and providing a pleasant cultural experience [3] - The company is dedicated to promoting public welfare and creating value for society as part of its mission [3]

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2025年11月30日止六個月的 中期業績公告 東方甄選控股有限公司董事會欣然宣佈於報告期間本集團的未經審核綜合中期 業績。該等中期業績已經審核委員會審閱。 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，否則我們的簡明綜合財務報表以本集團的主要功能貨幣人民幣呈列，且所 呈列數字均為近似值，約整至最接近的整數或小數點後一位（倘合適）。 主要財務摘要 | | 截至2025年 | 截至2024年 | | | --- | --- | --- | --- | | | 11月30日 | 11月30日 | | | | 止六個月 | 止六個月 | 變動 | | | 人民幣千元 | 人民幣千元 | | | | （未經審核） | （未經審核） | | | 總營收 | 2,311,629 | 2,186,636 | 5.7% | | 毛利 | 841,639 | 735,143 | 14.5% | | 除稅前利潤╱（虧損） | 308,526 | (72,481) ...

Core Viewpoint - The company is shifting its focus towards private traffic to enhance customer loyalty and maximize customer lifetime value in a competitive live-streaming e-commerce environment [1][10][13] Group 1: Community Engagement - All product managers at the company are now engaged in the community channel, which has reached daily active users in the tens of thousands, aiming to quickly respond to market demands and enhance customer retention [1][2] - The community channel allows for real-time feedback on product features and suggestions, covering 15 product categories including fruits, vegetables, and dairy [2][8] - User-generated content (UGC) in the community helps in product correction, reducing trial and error costs, and increasing the success rate of new products [9][10] Group 2: User Demographics and Loyalty - The community channel primarily attracts loyal users, particularly women aged 35-45, aligning closely with the platform's overall user profile [2][10] - Despite a slowdown in fan growth on Douyin, the company has seen a slight increase in paid membership, with 19.86 million and 26.43 million members in fiscal years 2024 and 2025 respectively [11][12] - The community serves as a buffer for user relationships, enhancing emotional connections and trust, which can lead to increased willingness to pay [11][12] Group 3: Market Adaptation and Product Development - The company is actively adapting to market feedback through its community channel, which aids in the development of new products, with a minimum development time of 2-3 months [8][12] - In fiscal year 2025, the company increased its self-operated product SKUs by nearly 50% to 732, with self-operated products accounting for 43.8% of GMV [12] - The introduction of high-margin products like prickly pear juice and probiotics is aimed at optimizing revenue structure [12] Group 4: Strategic Shift in Operations - The transition to private traffic represents a strategic shift from rapid expansion to meticulous cultivation of customer assets, emphasizing the importance of long-term brand building [13] - The company is also exploring new customer segments through initiatives like gift orders on WeChat, which saw a 1622% increase [12] - The focus on private traffic is seen as essential for maximizing customer lifetime value in a competitive landscape [13]

Group 1 - The upcoming week will see a total reverse repurchase maturity scale of 11,810 billion yuan, with specific maturities on each day from Monday to Friday [1] - On January 26, a press conference will be held by the State Council Information Office regarding the 2025 business work and operational situation [2] - On January 27, China will release the year-on-year profit data for large-scale industrial enterprises for December 2025 [3] Group 2 - A press conference on January 28 will introduce the high-quality development of state-owned enterprises [4] - On January 30, preliminary GDP data for Hong Kong for the fourth quarter will be published [5] - On January 31, the official manufacturing PMI data for January will be released, with December's PMI recorded at 50.1%, an increase of 0.9 percentage points from the previous month [6] Group 3 - A total of 30 companies will have their restricted shares unlocked next week, with a total market value exceeding 40 billion yuan, with January 27 being the peak unlocking date [6] - The companies with the highest unlocking market values include Haibo Shichuang (23.154 billion yuan), Fostar (5.367 billion yuan), and Yifang Biotechnology-U (4.251 billion yuan) [6] - Three new stocks will be issued next week, including Beixin Life on January 26 and Linping Development and Electronic Science and Technology Blue Sky on January 30 [6] Group 4 - The upcoming week will feature a "super earnings week" for U.S. stocks, with major tech companies like Microsoft, Meta, Tesla, Apple, and others reporting earnings [8] - The Federal Reserve is expected to announce its interest rate decision on January 30, with a low likelihood of rate cuts in the first quarter [8] - The U.S. government faces a risk of shutdown by January 31, with a 75% probability of closure due to recent political tensions [9]

Economic Indicators - The U.S. durable goods orders for November are expected to show a month-on-month increase of 3%, a significant recovery from the previous decline of -2.2% [3] - China's industrial profits for December are anticipated to decline by 13.1% year-on-year, indicating ongoing pressure on profitability in the industrial sector [3][4] - The U.S. PCE inflation data for December will be released on January 29, providing insights into price pressures in the economy [9] Major Financial Events - The upcoming week is termed "Super Earnings Week," with major tech companies like Microsoft, Meta, Tesla, and Apple set to report earnings, shifting focus from traditional financial metrics to the efficiency of AI capital expenditures [6][10] - The Federal Reserve is expected to maintain interest rates during its meeting on January 30, with Chairman Powell's comments likely to clarify the outlook for future rate cuts [7][10] - The OPEC+ monthly meeting is scheduled for February 1, where oil production policies will be discussed [17] Corporate Earnings - Key tech giants such as Tesla, Microsoft, Meta, and Apple will report earnings, with a focus on AI-related capital expenditures and hardware cycle recovery [10][11] - Storage companies like SanDisk, Western Digital, and Seagate, along with South Korean firms Samsung and SK Hynix, will also report, with market attention on the impact of AI on storage pricing and profitability [10][11] Geopolitical Events - The U.S. Treasury Secretary is expected to announce the new Federal Reserve Chairperson candidate during the week of January 26, which could influence market sentiment [12] - The EU-India summit may announce a historic trade agreement, reflecting the EU's strategic pivot in response to U.S. trade policies [12] - Political tensions and geopolitical risks, including developments in Greenland and the potential for another U.S. government shutdown, are expected to create market uncertainty [12][13] Industry Conferences - The China Academy of Information and Communications Technology will hold a seminar on space computing power on January 26, focusing on the integration of space information and intelligent computing [16] - The European Parliament will host a fusion energy conference on January 27, discussing the EU's fusion strategy [17]

Core Viewpoint - The founder of New Oriental, Yu Minhong, emphasizes the importance of leveraging artificial intelligence (AI) to improve rural education and is open to collaboration with young entrepreneurs and experts in the field [1][1]. Group 1: Rural Education - Yu Minhong expresses a desire to invest in rural education without seeking returns, aiming to provide services to every rural child at a low cost [1][1]. - He suggests the establishment of a dedicated discussion on how AI can assist rural primary and secondary education [1][1]. - New Oriental lacks the capacity to develop large AI models but can focus on specific verticals that benefit the public [1][1]. Group 2: E-commerce Exploration - In addition to education, New Oriental is exploring applications of AI in the e-commerce sector through its brand, Dongfang Zhenxuan [1][1]. - The company aims to enhance the value chain of Dongfang Zhenxuan by helping frontline farmers increase their income and control product quality using AI [1][1]. Group 3: AI in Elderly Care - Yu Minhong is also contemplating how AI can improve the quality of life for the elderly, although he has not reached any conclusions on this matter yet [1][1]. - He invites young individuals interested in rural education, AI for agriculture, and AI for elderly care to collaborate with him, highlighting the potential for resource sharing and mutual development [1][1].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The report highlights significant developments in the overseas pharmaceutical sector, including the collaboration between Insilico Medicine and Heng Tai Biopharma to develop a novel NLRP3 inhibitor for central nervous system diseases [2][6]. - The report notes that MicroPort Robotics expects a revenue growth of approximately 110%-120% year-on-year for 2025, with an adjusted net loss not exceeding 240 million yuan, representing a reduction of over 50% [5][6]. - GSK has reached a final agreement to acquire RAPT Therapeutics for approximately 2.2 billion USD, focusing on a long-acting monoclonal antibody currently in clinical trials [7][8]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biopharma have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with both companies holding 50% global rights [2][6]. - The Hong Kong Stock Exchange has approved the full circulation of 182,645,856 H shares for Fuhong Hanlin, representing about 33.61% of the company's total issued shares as of January 19 [2][6]. - The new drug application for TLX591-CDx, a radiopharmaceutical for prostate cancer diagnosis, has been accepted by the NMPA [2][6]. 2. Company Updates - MicroPort Robotics has reported over 180 commercial orders and more than 120 installations globally as of January 21 [5][6]. - Legend Biotech, a joint venture of Genscript Biotech, reported a trade sales net of approximately 555 million USD for the quarter ending December 31, 2025 [5][6]. - GSK's acquisition of RAPT Therapeutics includes a payment of 58.00 USD per share, with an expected upfront investment of 1.9 billion USD after cash adjustments [7][8]. 3. Market Performance - The Hang Seng Healthcare Index fell by 4.35%, underperforming the Hang Seng Index by 3.26 percentage points [4]. - The report indicates a strong performance in the overseas education sector, with GMV for Dongfang Zhenxuan reaching approximately 310 million yuan, a 42.8% increase week-on-week [15][16]. 4. Recommendations - The report suggests focusing on innovative drugs and the ongoing clinical progress of key pipelines from companies such as BeiGene, Innovent Biologics, and others [12]. - It also recommends monitoring the performance of educational companies like Dongfang Zhenxuan and China Oriental Education, which are expected to benefit from improved operational strategies and increased enrollment [16].

Investment Rating - The report maintains a "Positive" outlook on the overseas pharmaceutical sector, highlighting significant developments and collaborations in the industry [1]. Core Insights - The collaboration between Insilico Medicine and Heng Tai Biologics to develop an innovative brain-penetrating NLRP3 inhibitor is a key highlight, with potential applications in treating central nervous system diseases [2][7]. - The approval of full circulation for Fuhong Hanlin's H shares is noted, which involves a significant number of shares and stakeholders [2][7]. - The report emphasizes the strong revenue growth projections for companies like MicroPort Robotics and King’s Ray Biotech, with expected revenue increases of approximately 110%-120% year-on-year for 2025 [6][10]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biologics have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with a 50% global rights share and potential milestone payments exceeding HKD 500 million [2][7]. - Fuhong Hanlin's H shares have received approval for full circulation, involving 182,645,856 shares, which represents about 33.61% of the company's total issued shares [2][7]. 2. Company Performance Updates - MicroPort Robotics anticipates a revenue increase of 110%-120% for 2025, with adjusted net losses expected to narrow by over 50% [6][10]. - King’s Ray Biotech's joint venture, Legend Biotech, is projected to generate approximately USD 555 million in trade sales for the quarter ending December 31, 2025 [6][10]. 3. Recent Developments in Overseas Pharmaceutical Companies - GSK has reached an agreement to acquire RAPT Therapeutics for approximately USD 2.2 billion, focusing on a long-acting IgE monoclonal antibody currently in clinical trials [3][8]. - Corvus has reported positive results from a Phase I trial of its ITK inhibitor for moderate to severe atopic dermatitis, showing good safety and efficacy [3][9]. - Eli Lilly's FRα ADC has received breakthrough therapy designation from the FDA for treating platinum-resistant ovarian cancer [3][9]. 4. Recommendations - The report suggests monitoring innovative drug companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and Fuhong Hanlin [13]. - It also highlights the importance of ongoing clinical progress in innovative pipelines for pharmaceutical companies transitioning towards innovation [13].