Financial Performance - Total revenue for the fiscal year 2025 was RMB 4,392,071, a decrease of 37.5% compared to RMB 7,072,564 in fiscal year 2024[7]. - The company reported a net profit of RMB 6,191 for fiscal year 2025, down from RMB 1,719,508 in fiscal year 2024, representing a decline of 99.64%[8]. - Adjusted net profit for fiscal year 2025 was RMB 173,546, a significant decrease from RMB 2,180,710 in fiscal year 2024[8]. - The company’s operating loss for fiscal year 2025 was RMB (109,884), compared to an operating profit of RMB 419,948 in fiscal year 2024[8]. - The company’s basic earnings per share for fiscal year 2025 was RMB 0.01, down from RMB 0.24 in fiscal year 2024[7]. - The net revenue from continuing operations decreased by 32.7% from RMB 6.5 billion in FY2024 to RMB 4.4 billion in FY2025, but net profit turned positive at RMB 6.2 million compared to a loss in the first half of FY2025[16]. - Total revenue from continuing operations decreased by 32.7% from RMB 6.5 billion in FY2024 to RMB 4.4 billion in FY2025, with app revenue increasing from RMB 900 million to RMB 1.1 billion[33]. - Revenue from self-operated products and live e-commerce decreased by 32.7% from RMB 6.5 billion in FY2024 to RMB 4.4 billion in FY2025, with self-operated product revenue reaching approximately RMB 3.5 billion[34]. - Gross profit for continuing operations decreased by 17.0% from RMB 1.7 billion in FY2024 to RMB 1.4 billion in FY2025, while gross margin increased from 25.9% to 32.0%[35]. - Other income, gains, and losses increased by 28.1% from RMB 138.1 million in FY2024 to RMB 176.9 million in FY2025, mainly due to fair value changes of financial assets[36]. Assets and Liabilities - The company’s total assets decreased to RMB 6,092,513 in fiscal year 2025 from RMB 6,541,519 in fiscal year 2024, reflecting a decline of 6.85%[10]. - The equity attributable to the owners of the company increased to RMB 5,117,097 in fiscal year 2025 from RMB 4,969,216 in fiscal year 2024, an increase of 2.98%[10]. - The company’s total liabilities to total assets ratio improved to 16.0% in FY2025 from 24.0% in FY2024[48]. - Cash and cash equivalents as of May 31, 2025, totaled RMB 2.5 billion, an increase from RMB 2.26 billion as of May 31, 2024[47]. - The company incurred a net cash outflow of RMB 53.12 million from financing activities in FY2025, primarily due to share repurchases of RMB 110.4 million[53]. Operational Highlights - The company aims to focus on providing high-quality products and services through its self-operated product and live e-commerce platform[12]. - The company is committed to promoting traditional Chinese culture and positive values through its offerings[12]. - The company's self-operated products and live e-commerce business have expanded significantly, with the "Dongfang Zhenxuan" platform becoming a well-known online platform for high-quality agricultural products, contributing to rural revitalization[13]. - The company launched 732 self-operated product SKUs by May 31, 2025, up from 488 in FY2024, focusing on daily consumer goods and home products[17]. - The self-operated products accounted for approximately 43.8% of total GMV in FY2025, indicating a shift towards stable demand products[17]. - The company has successfully introduced competitive self-operated product lines, including health foods and pet products, with strong growth in categories like gummies and probiotics[18]. - The company has established a presence in 28 provincial-level regions, directly connecting high-quality fruit production areas with consumer markets, leading to the popularity of products like citrus and apples[18]. - The company has adopted a multi-platform strategy, expanding its reach through various sales channels, including Douyin, Taobao, and its own app, enhancing brand visibility[19]. - The average contribution per user is steadily increasing, reflecting high user loyalty and engagement, supported by marketing activities and the introduction of a "Friend Card" to enhance user experience[19]. - User satisfaction for the application reached a new high of 98.7% in FY2025, up from 97.3% in FY2024[20]. Cost and Expenses - Total cost of revenue for continuing operations decreased by 38.2% from RMB 4.8 billion in FY2024 to RMB 3.0 billion in FY2025, primarily due to reduced inventory and logistics costs[35]. - Selling and marketing expenses increased by 4.2% from RMB 866.1 million in FY2024 to RMB 902.1 million in FY2025, primarily due to increased advertising expenses[37]. - Research and development expenses decreased by 3.5% from RMB 131.6 million in FY2024 to RMB 127.0 million in FY2025, mainly due to reduced stock option expenses[38]. - Administrative expenses increased by 22.5% from RMB 395.6 million in FY2024 to RMB 484.8 million in FY2025, primarily due to undistributed profits related to a specific announcement[41]. - Total employee compensation expenses, including share-based payments, decreased by 17.6% to RMB 1.2 billion in FY2025 from RMB 1.4 billion in FY2024[61]. Shareholder and Governance - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[74]. - The company maintains the public float percentage required by listing rules as of the last practicable date[72]. - The company has established a remuneration committee to formulate the remuneration policy for directors and senior management[105]. - The independent external auditor confirmed that there were no undisclosed significant contracts with the controlling shareholder during the fiscal year 2025[147]. - The company has complied with all applicable regulations regarding related party transactions as per Listing Rule Chapter 14A[146]. Future Strategies - The company plans to optimize the application and membership system to increase monthly active users (MAU) and registered members[27]. - The company will continue to innovate in live streaming content and formats, hosting outdoor live events to promote local products and culture[29]. - New features will be introduced in the application to enhance user engagement and interaction during live streaming sessions[30]. - The company plans to continue investing in core technology innovations to enhance platform stability and scalability, aiming for seamless user experiences and future expansion[31]. Social Responsibility - The company made charitable donations of approximately RMB 2 million for the fiscal year ending May 31, 2025[154]. - The company is committed to social responsibility, employee welfare, environmental protection, and community contributions[152].

Group 1 - The core viewpoint of the news is that the Hong Kong stock market, particularly the technology sector, is experiencing a strong upward trend due to improved liquidity and expectations of interest rate cuts by the Federal Reserve [1] - The CSI Hong Kong Stock Connect Technology Index (931573) has risen by 2.83%, with notable increases in individual stocks such as SenseTime-W (00020) up 15.79% and Kingsoft Cloud (03896) up 11.71% [1] - Southbound capital has significantly increased its investment in Hong Kong stocks, with a net buying amount reaching 1.09 trillion HKD as of September 15, surpassing the total net buying for the entire year of 2024 [1] Group 2 - The CSI Hong Kong Stock Connect Technology Index selects 50 large-cap technology companies with high R&D investment and revenue growth, reflecting the overall performance of technology leaders in the Hong Kong Stock Connect [2] - As of August 29, 2025, the top ten weighted stocks in the index include Tencent Holdings (00700), Alibaba-W (09988), and Xiaomi Group-W (01810), accounting for a total of 64.91% of the index [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [4][27]. Core Views - The pre-prepared food national standard draft has passed review, marking a significant regulatory shift in the industry, which is expected to enhance competitive advantages for companies with robust supply chains and quality management systems [3][17]. - The consumer services sector outperformed the market during the reporting period, with a 0.69% increase, surpassing the Shanghai and Shenzhen 300 Index's 0.56% rise by 0.13 percentage points [2][13]. Summary by Sections Market Performance - The consumer services sector saw notable stock performances, with top gainers including Yuhua Education (up 43.14%), New Higher Education Group (up 23.85%), and Zhongjiao Holdings (up 22.81%) [2][15][16]. - Conversely, stocks like Dongfang Zhenxuan and Naixue's Tea experienced significant declines, with losses of -16.65% and -16.33% respectively [2][15][16]. Industry and Company Dynamics - The introduction of the pre-prepared food safety national standard is expected to standardize the industry and increase entry barriers, benefiting compliant companies [3][17]. - High-frequency updates from Gaode Map's "Street Ranking" feature indicate a strong consumer engagement, with over 40 million users on the first day [3][18]. - Haier's launch of its Robotaxi strategy and the HR1 model aims for large-scale autonomous driving operations within two years, indicating a shift towards advanced mobility solutions [3][19]. - The rapid expansion of Lucky Coffee, surpassing 8,000 stores, reflects strong market penetration and sales performance, with average monthly sales per store reaching 500,000 CNY [3][22]. Investment Recommendations - The report suggests focusing on companies such as Atour, Ctrip Group-S, Xiaocaiyuan, BOSS Zhipin, and others, indicating a favorable outlook for these stocks in the current economic environment [4][27]. - Mid-term recommendations include China Duty Free, Meituan-W, and others, highlighting a diverse range of investment opportunities within the sector [4][27]. Stock Ownership Changes - Notable changes in stock ownership during the reporting period include an increase in holdings for key companies like Haidilao (up 1.49% to 24.48%) and Mijia Group (up 2.53% to 14.36%) [3][26].

Core Insights - Oriental Selection participated in the 14th China Intellectual Property Annual Conference, highlighting its efforts in promoting and selling geographical indication products to support rural revitalization and agricultural modernization [1][3] Group 1: Product Offerings - Oriental Selection has launched over 800 self-operated products, with more than half being agricultural products, including several geographical indication products such as Guizhou prickly pear, Luochuan apple, and Lipu taro [3] - The self-operated prickly pear juice has become a hot-selling product, achieving significant sales growth with over 19.3 million bottles sold to date, driven by the rising health consumption trend and product reputation [3] Group 2: E-commerce Strategy - The company leverages e-commerce platforms to overcome regional limitations, enhance brand recognition, and address the challenge of selling products nationwide [3] - Through a strict quality control system, traceability, and immersive e-commerce experiences, Oriental Selection ensures product quality and allows consumers to appreciate the uniqueness of geographical indication products [3] Group 3: Future Plans - Oriental Selection aims to strengthen collaboration with local governments and industry associations to explore new pathways for e-commerce to support the development of geographical indication products, ultimately increasing farmers' income and providing consumers with more quality products [3]

Core Insights - Dongfang Zhenxuan participated in the 14th China Intellectual Property Annual Conference, highlighting its efforts in promoting and selling geographical indication products to support rural revitalization and agricultural modernization [1][4] Group 1: Product Offerings - Dongfang Zhenxuan has launched nearly 800 self-operated products, with over half being agricultural products, including several geographical indication products such as Guizhou prickly pear, Luochuan apple, and Lipu taro [3] - The self-operated prickly pear juice has become a hot-selling product, with cumulative sales exceeding 19.3 million bottles, driven by the growing health consumption trend and positive product reputation [3] Group 2: E-commerce Strategy - The company emphasizes that e-commerce platforms effectively help geographical indication products overcome regional limitations, enhance brand recognition, and address the challenge of selling nationwide [3] - Dongfang Zhenxuan ensures product quality through a strict quality control system, traceability system, and immersive content e-commerce model, providing consumers with a unique shopping experience [3] Group 3: Future Plans - The company plans to strengthen cooperation with local governments and industry associations to explore new pathways for e-commerce to support the development of geographical indication products, aiming to increase farmers' income and provide consumers with more quality products [4]

Core Insights - The article highlights the net inflow and outflow of capital in the Hong Kong stock market, with specific focus on the top companies experiencing significant changes in capital flow [1][2]. Group 1: Net Inflow - Alibaba-W (09988) leads with a net inflow of 5.14 billion, representing a 25.60% increase in capital [2]. - Horizon Robotics-W (09660) follows with a net inflow of 1.375 billion, showing a 24.13% increase [2]. - Tencent Holdings (00700) has a net inflow of 1.076 billion, with an 8.04% increase [2]. - Other notable companies with significant inflows include BYD Company (01211) with 1.031 billion and WuXi Biologics (02269) with 542 million [2]. Group 2: Net Outflow - Pop Mart (09992) experiences the highest net outflow at -649 million, reflecting a -6.94% decrease [2]. - Kuaishou-W (01024) has a net outflow of -581 million, with a -13.67% decrease [2]. - Meitu Inc. (01357) sees a net outflow of -472 million, indicating a -24.59% decrease [2]. - Other companies with significant outflows include Xiaomi Group-W (01810) at -368 million and China Merchants Bank (03968) at -227 million [2]. Group 3: Net Inflow Ratio - The top net inflow ratio is held by Wisdom Hong Kong 100 (02825) at 100.00%, with a total inflow of 5.924 billion [3]. - Sinopec Kantons Holdings (00934) follows with a net inflow ratio of 72.10%, totaling 6.5044 million [3]. - Kunlun Energy (00135) has a net inflow ratio of 63.22%, with an inflow of 5.6388 million [3]. Group 4: Net Outflow Ratio - iFlytek Medical Technology (02506) leads in net outflow ratio at -48.28%, with an outflow of -13.4085 million [3]. - VTECH Holdings (00303) has a net outflow ratio of -45.83%, totaling -15.8089 million [3]. - NetDragon (00777) follows with a net outflow ratio of -45.72%, with an outflow of -41.1797 million [3].

Core Viewpoint - Oriental Selection (01797) has seen a significant decline in stock price, dropping nearly 6% and over 40% from its August peak, indicating market concerns about its business model transition and financial performance [1] Group 1: Financial Performance - Citigroup has revised its revenue forecasts for Oriental Selection for the fiscal years 2025 to 2027 down by 36%, 31%, and 30% respectively, and profit forecasts down by 69%, 30%, and 26% respectively [1] - Goldman Sachs reported that the total gross merchandise volume (GMV) for the second half of the fiscal year ending May fell by 55% year-on-year to 3.9 billion RMB, which was 15% lower than their expectations [1] - Despite the decline in GMV, Oriental Selection managed to control operating expenses, resulting in earnings per share exceeding expectations [1] Group 2: Business Model Transition - Oriental Selection is shifting its business model from relying on leading influencers to a scaled membership platform, with expectations of reaching 264,000 paid members and a monthly repurchase rate of 40% [1] - The gross margin for its proprietary brand is expected to recover from a low of 10% to 24% [1] - The adjusted net profit margin is projected to reach 7% to 8% by 2028, up from the current 4% [1] Group 3: Analyst Ratings - Citigroup maintains a "Buy" rating for Oriental Selection, although it emphasizes that the effectiveness of the transformation needs to be validated over several quarters [1] - Goldman Sachs, citing ongoing weak fundamentals and high valuations, continues to hold a "Sell" rating on the stock [1]

Core Viewpoint - Oriental Selection (01797) has seen a significant decline in stock price, dropping over 40% from its August peak, with a current price of 23.66 HKD and a trading volume of 580 million HKD [1] Group 1: Financial Performance and Forecasts - Citigroup has revised its revenue forecasts for Oriental Selection for the fiscal years 2025 to 2027, lowering them by 36%, 31%, and 30% respectively, and profit forecasts by 69%, 30%, and 26% [1] - The target price for Oriental Selection has been raised from 18.5 HKD to 33 HKD, with expectations of 264,000 paid members and a monthly repurchase rate of 40% [1] - The gross margin for proprietary brands is expected to recover from a low of 10% to 24%, with adjusted net profit margins projected to reach 7% to 8% by 2028, up from the current 4% [1] Group 2: Market Reactions and Analyst Ratings - Goldman Sachs noted mixed performance for Oriental Selection's second half of the fiscal year ending May, with a 55% year-on-year decline in gross merchandise volume (GMV) to 3.9 billion RMB, which was 15% lower than their expectations [1] - Despite controlling operating expenses leading to better-than-expected earnings per share, Goldman Sachs maintains a "sell" rating due to ongoing weak fundamentals and high valuations [1]

Group 1 - The live e-commerce industry is facing significant challenges, including increased competition and rising costs, leading to a transformation in the dynamics of top influencers [1][5] - Oriental Selection experienced a decline in both revenue and net profit in its first fiscal year after the departure of key influencer Dong Yuhui, with total revenue down 32.7% and net profit down 97.5% to only 6.2 million yuan [3] - The company "Yao Wang" reported a 36.32% decrease in revenue and a net loss of 253 million yuan, attributed to various factors including amortization costs and reduced government subsidies [3] Group 2 - "Jiao Ge Peng You" reported a 9.8% increase in revenue from its new media services, but net profit fell by 37.4% to 55.4 million yuan due to rising traffic acquisition costs and increased operational expenses [3][5] - The overall industry is experiencing a dual challenge of expanding scale and intensifying competition, with rising traffic costs and slowing user growth impacting profitability [5] - The departure of key influencers, such as Dong Yuhui and others from Oriental Selection, has further strained the competitive landscape, with significant talent loss affecting brand performance [6][7]

Core Viewpoint - The live-streaming event for the Baiqiao sea bass by Dongfang Zhenxuan achieved impressive sales, generating approximately 6.5 million yuan in a single day, indicating strong market demand and effective marketing strategies [6][8][33]. Group 1: Sales Performance - On September 4, the live-streaming event recorded 65,000 orders, with total sales reaching about 6.5 million yuan [7][33]. - Sales exceeded 2 million yuan within just two hours of the broadcast [24]. Group 2: Industry Background - Baiqiao sea bass is recognized as a national geographical indication product, with the region being a major production area, accounting for over 60% of the national output [30][42]. - The Baiqiao sea bass farming industry covers more than 39,000 acres in the Doumen district, making it the largest sea bass production area in the country [42]. Group 3: Industry Development - The industry has been evolving through a "leading enterprise + base + fishermen" model, which has significantly increased local farmers' incomes [45]. - The local government allocates 4 million yuan annually to support the development of the sea bass industry, enhancing its growth potential [47]. Group 4: Technological Advancements - The introduction of an intelligent automated production line, developed by Gree specifically for the aquaculture industry, has been implemented to improve efficiency [54][56]. - The production line automates processes such as scaling, gutting, and sorting, contributing to a more streamlined operation [58][60]. Group 5: Future Prospects - The establishment of the "Zhuhai Baiqiao Sea Bass Industry Demonstration Park" marks a significant step towards national-level support for the industry [49]. - A new agricultural logistics trading center project, with an investment exceeding 2.6 billion yuan, is set to enhance the region's agricultural product distribution capabilities [63][64].