Group 1 - CICC maintains an "outperform" rating for BeiGene, forecasting $3.9 billion in sales for Zebrutinib in 2025, a 49% year-on-year increase, and $740 million for Tislelizumab, a 19% increase [1] - Multiple significant catalysts are expected in 2026, including U.S. approval for Sotigalimab in R/R MCL, potential accelerated approval for BTK CDAC, and the initiation of Phase III clinical trials for CDK4 [1] Group 2 - CITIC Securities maintains a "buy" rating for Dongfang Zhenxuan, reporting a 5.7% year-on-year revenue increase for FY26H1 and a return to profitability with a net profit of 239 million yuan [2][6] - The self-operated product GMV share increased to 52.8%, with 801 SKUs and the app contributing 18.5% of total GMV [2] Group 3 - CITIC Securities maintains a "buy" rating for Trip.com, reporting a 20.8% year-on-year revenue increase for Q4 2025, slightly exceeding expectations [3] - The international OTA platform saw a 60% increase in bookings for the year, serving 20 million inbound tourists and connecting over 150,000 hotels [3] Group 4 - CITIC Securities maintains a "buy" rating for Samsonite, planning a dual primary listing in the U.S. in the first half of 2026, with IATA predicting a 4.9% increase in global air passenger traffic in 2026 [4] - Current Hong Kong stock valuation is at 11x PE, significantly lower than the comparable U.S. companies at 17x and its historical average of 21x, with the dual listing expected to improve liquidity and catalyze valuation recovery [4] Group 5 - CITIC Securities maintains a "buy" rating for Insilico Medicine, highlighting partnerships with Exelixis and Menarini for high-value pipeline collaborations [5] - The core pipeline ISM001-055 shows excellent clinical potential, with the AI pharmaceutical industry expected to reach critical validation points in 2026 [5] Group 6 - Guosheng Securities maintains a "buy" rating for H&H International Holdings, forecasting strong double-digit growth in market share for ANC in mainland China and robust double-digit growth for BNC infant formula [7] - Interest expense optimization is expected to enhance profits, with BNC share gains and accelerated growth in ANC/PNC expected to resonate positively with performance and valuation [7] Group 7 - Guohai Securities maintains a "buy" rating for Geely Automobile, reporting cumulative sales of 476,000 units from January to February 2026, a 1.0% year-on-year increase [8] - New vehicle launches, including Galaxy M7 and Zeekr 8X, are expected to drive growth, with clear strategies for electrification, intelligence, premiumization, and globalization [8] Group 8 - Industrial Securities maintains a "buy" rating for Jiangnan Buyi, reporting a 7.0% year-on-year revenue increase and a 12.5% increase in net profit for FY26H1 [10] - Online revenue grew by 25.1%, with a 16.3% increase in LESS women's wear, and active membership reached 596,000, with high-value members contributing 60% of offline retail sales [10] Group 9 - Shenwan Hongyuan maintains a "buy" rating for Nine Dragons Paper, reporting a 225.1% increase in net profit for FY26H1 and a net profit of 119 yuan per ton [11] - The company produced 2.3 million tons of wood pulp, a 77% year-on-year increase, benefiting from the release of integrated pulp and paper advantages [11]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 公司名稱: 東方甄選控股有限公司 呈交日期: 2026年3月3日 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： USD 100,000 FF301 第 1 頁 共 10 頁 v 1.2.0 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01797 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00002 USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | ...

Group 1: Industry Investment Rating - The investment rating for the overseas social services industry is positive, with a focus on the record-high visitor numbers during the Macau Spring Festival [6]. Group 2: Core Insights - The total number of inbound visitors to Macau during the Spring Festival reached 1.554 million, with an average daily visitor count of 173,000, marking a year-on-year increase of 5.5% [6][1]. - Among the inbound visitors, mainland tourists averaged 134,000 per day, reflecting a 7% year-on-year growth, while international visitors averaged nearly 7,900 per day, up by 8% [6][1]. - The hotel occupancy rate during the Spring Festival was 95.6%, with the highest rate of 99.2% recorded on the fourth day of the festival [6][1]. Group 3: Summary by Relevant Sections Overseas Pharmaceuticals - The report highlights significant developments in the pharmaceutical sector, including the announcement of clinical trial results for B7-H3 ADC by Yingensheng and the completion of Phase II trials for UBT251 by Lianbang Pharmaceutical [3][10]. - In 2025, BeiGene reported revenues of $5.343 billion, a 40% increase year-on-year, while adjusted net profits reached $917 million, marking a return to profitability [9][21]. - The report also notes that the average weight loss in the UBT251 trial was as high as 19.7% after 24 weeks, compared to a 2.0% loss in the placebo group [11][10]. Overseas Education - The vocational education sector is experiencing an upswing, with promising enrollment data, particularly for China Oriental Education [5][17]. - The education index saw a decline of 4.9% in the recent week, underperforming the Hang Seng National Enterprises Index by 2.1 percentage points [15]. - The report recommends focusing on China Oriental Education, which is expected to see accelerated enrollment growth due to its strategic adjustments in response to market demands [17][15].

Investment Rating - The report maintains an "Overweight" rating for the overseas consumer services sector, indicating a positive outlook for the industry [1]. Core Insights - The total visitor volume and average daily visitor volume in Macau during the Spring Festival reached historical highs, with total inbound travelers at 1.554 million and an average daily volume of 173,000, reflecting a year-on-year growth of 5.5% [6][1]. - The average hotel occupancy rate during the Spring Festival in Macau was 95.6%, peaking at 99.2% on the fourth day of the festival [6][1]. - In the overseas pharmaceutical sector, companies like BeiGene and Zai Lab are showing significant revenue growth, with BeiGene projected to achieve $5.343 billion in revenue for 2025, a 40% increase year-on-year [9][2]. Summary by Sections Overseas Consumer Services - Macau's Spring Festival saw a record total of 1.554 million inbound travelers, with a daily average of 173,000, marking a 5.5% increase year-on-year [6][1]. - The peak single-day visitor count reached approximately 228,000, the highest since records began [6][1]. - Hotel occupancy rates averaged 95.6%, with the highest rate of 99.2% on the fourth day of the festival [6][1]. Overseas Pharmaceuticals - BeiGene reported a revenue of $5.343 billion for 2025, a 40% increase from the previous year, and an adjusted net profit of $917 million, marking a return to profitability [9][2]. - Zai Lab is expected to achieve $460 million in revenue for 2025, a 15% year-on-year increase, despite a net loss of $176 million [9][2]. - The report highlights the progress of domestic pharmaceutical companies, including the efficacy results of Innovent Biologics' B7-H3 ADC in treating metastatic castration-resistant prostate cancer [10][3]. Education Sector - The report indicates a positive trend in vocational education, with significant enrollment data and a recommendation to focus on China Oriental Education, which is expected to see accelerated growth in spring 2026 [18][5]. - The education index has shown a year-to-date increase of 6.01%, outperforming the Hang Seng Index [16][5]. - The report suggests monitoring companies like New Oriental and TAL Education, which are expected to benefit from improved operational strategies and increased demand for vocational training [18][5].

Core Viewpoint - New Oriental Online has been recognized as a "Platinum Partner" in the IELTS training sector by the British Council for 2025, and has also received the "2025 Outstanding Online Star" award, reflecting its strong performance and the trust of students and parents [1][5]. Group 1: Awards and Recognition - New Oriental Online has been awarded the "Platinum Partner" title in the IELTS training sector by the British Council [3][5]. - The "Outstanding Online Star" award is given to institutions that provide high-quality online education experiences through advanced technology, quality courses, and personalized services [5]. Group 2: Partnership and Collaboration - New Oriental Online maintains a close partnership with the British Council, participating in various industry events and engaging in discussions about industry trends [5][6]. - The company’s teachers participate in official IELTS teacher training provided by the British Council, ensuring they are well-informed about the requirements for candidates [5][6]. Group 3: Course Offerings - New Oriental Online offers a diverse range of IELTS products tailored to students' needs, including live classes, VIP small classes, and one-on-one customized courses [5][6]. - The company incorporates technology into learning, such as the "Intimate Learning System" and AI speaking practice, to enhance the educational experience [5]. Group 4: Teacher Training and Quality - New Oriental Online adheres to strict assessment standards for teacher training, focusing on teaching ability, classroom management, and service awareness [6]. - The company boasts several teachers with IELTS scores of 8 and above, providing professional guidance for exam preparation [6]. Group 5: Future Plans - New Oriental Online aims to deepen its collaboration with the British Council to continuously improve teaching quality and provide authoritative IELTS preparation solutions for Chinese candidates [6].

Financial Performance - Total revenue for the six months ended November 30, 2025, was RMB 2,311,629,000, representing a 5.7% increase from RMB 2,186,636,000 in the same period of 2024[7]. - Gross profit increased by 14.5% to RMB 841,639,000 compared to RMB 735,143,000 in the previous year[7]. - Profit before tax improved significantly to RMB 308,526,000 from a loss of RMB 72,481,000, marking a 525.7% increase[7]. - Net profit for the period was RMB 239,041,000, a turnaround from a loss of RMB 96,503,000, reflecting a 347.7% increase[7]. - The adjusted net profit under non-IFRS measures was RMB 257,645,000, compared to a loss of RMB 1,609,000, indicating a 16,112.7% increase[7]. - For the six months ending November 30, 2025, total net revenue increased by 5.7% to RMB 2.3 billion from RMB 2.2 billion for the same period in 2024[14]. - The company achieved a net profit of RMB 239 million for the six months ending November 30, 2025, compared to a net loss of RMB 96.5 million for the same period in 2024, establishing a solid foundation for long-term sustainable development[14]. - Total revenue increased by 5.7% from RMB 2.2 billion for the six months ended November 30, 2024, to RMB 2.3 billion for the six months ending November 30, 2025[33]. - Revenue from the application increased from approximately RMB 500 million to approximately RMB 600 million during the same period[33]. - Gross profit rose by 14.5% from RMB 735.1 million to RMB 841.6 million, with gross margin improving from 33.6% to 36.4%[34]. - Net profit for the six months ended November 30, 2025, was RMB 239.0 million, compared to a net loss of RMB 96.5 million for the same period in 2024[41]. - Adjusted EBITDA for the six months ended November 30, 2025, was RMB 315.2 million, compared to a loss of RMB 68.2 million for the same period in 2024[46]. Operational Metrics - The company's GMV for the six months ended November 30, 2025, was RMB 4.1 billion, down from RMB 4.8 billion in the same period of 2024[12]. - The number of paid orders on Douyin decreased to 42.1 million from 50.1 million year-on-year[12]. - The number of paid subscribers on the East Buy app increased to 240,100 from 228,300 in the previous year[12]. - The product range has expanded to 801 self-operated product SKUs as of November 30, 2025, up from 600 SKUs as of November 30, 2024, including new categories such as seafood, health supplements, and personal care products[15]. - The company’s self-operated products accounted for approximately 52.8% of total GMV for the six months ending November 30, 2025[17]. - Total GMV for the six months ending November 30, 2025, was RMB 4.1 billion, representing a 16.4% increase from RMB 3.6 billion in the same period of the previous fiscal year[22]. - The app's self-operated products accounted for 28.6% of total self-operated product GMV in the first half of the 2026 fiscal year, reflecting improvements in supply chain management[21]. Customer Engagement and Satisfaction - Customer satisfaction reached 97.83%, with the customer service team serving 4.5 million users and implementing 202 experience enhancement initiatives[19]. - The company launched a membership system in October 2023, offering exclusive services and discounts on various products[11]. Strategic Initiatives - The company plans to establish same-day delivery capabilities in the top ten cities by order volume and has initiated pilot projects for instant retail fulfillment in Beijing, Shanghai, and Guangzhou[18]. - The company has deployed over 40 vending machines in various regions, achieving profitability in some cities, with plans for further expansion[20]. - A user research mechanism will be established to collect data on changing user demands through community surveys, questionnaires, and big data analysis[25]. - The company plans to enhance operational efficiency using AI technologies, including personalized product recommendations and AI-driven customer service systems[26]. - The company aims to integrate product and cultural content, following a user research → small batch testing → full promotion logic for new product development[28]. - A long-term recruitment plan will be initiated to attract skilled live stream hosts and professionals, focusing on product knowledge, content creation, and live streaming techniques[29]. - The company has helped local specialty agricultural products increase sales through a "live streaming + traceability + brand empowerment" model, enhancing social responsibility[30]. - The company is committed to sustainable development by promoting health knowledge and optimizing packaging to reduce carbon footprints in logistics[30]. - The company will implement a bi-weekly/monthly quality inspection report mechanism to monitor product quality and supplier assessments[24]. - The company is focusing on high-risk product categories, launching "seven zero-additive" sanitary products that meet national standards[30]. - The company aims to strengthen its brand positioning around "health, high quality, and high cost-performance" to match product quality with consumer purchasing power[24]. Financial Position and Cash Flow - As of November 30, 2025, the company's cash and cash equivalents amounted to RMB 1.2 billion, down from RMB 2.5 billion on May 31, 2025, and RMB 1.7 billion on November 30, 2024[47]. - The company's total monetary funds, including cash, cash equivalents, and financial assets at fair value, totaled RMB 5.5 billion as of November 30, 2025[47]. - The company's debt-to-asset ratio was 15.5% as of November 30, 2025, compared to 17.4% on November 30, 2024, and 16.0% on May 31, 2025[48]. - Capital expenditures for the six months ended November 30, 2025, were RMB 0.5 million, significantly lower than RMB 23.4 million for the same period in 2024[49]. - Total employee compensation expenses for the six months ended November 30, 2025, were RMB 346.8 million, a decrease of 34.9% compared to RMB 532.8 million for the same period in 2024[54]. - The company had no off-balance-sheet transactions as of November 30, 2025[50]. - There were no significant investments or capital asset plans anticipated as of November 30, 2025[51]. - The company did not engage in any major acquisitions or disposals of subsidiaries or associates as of November 30, 2025[52]. - As of November 30, 2025, the company had no significant contingent liabilities[58]. - The company had no bank loans or other borrowings during the reporting period, indicating sufficient cash and capital resources for operations and expansion[56]. - The company reported a net cash generated from operating activities for the six months ended November 30, 2025, was RMB 278,558 thousand, compared to a net cash used of RMB 170,068 thousand in the same period of 2024[105]. - The company’s financing activities generated a net cash inflow of RMB 18,872 thousand for the six months ended November 30, 2025, compared to a net cash outflow of RMB 35,459 thousand in the same period of 2024[105]. Shareholder Information - As of November 30, 2025, the total number of issued shares is 1,053,803,538[1]. - The company has granted 6,000,000 stock options to Mr. Yu under the 2019 plan, which may be exercised[2]. - The 2023 plan allows for the issuance of up to 101,351,871 shares, representing 10% of the issued shares as of the plan's adoption date[3]. - The company has issued 10,000 new shares under the 2023 plan during the reporting period[4]. - Mr. Yu holds a beneficial interest in 99% of Beijing Century Friendly Education Investment Co., Ltd., which is a subsidiary of New Oriental[5]. - New Oriental holds 589,585,500 shares, representing approximately 55.95% of the company's equity[6]. - The 2023 plan includes a service provider sub-limit of 2,027,037 shares, which is 2% of the plan authorization[7]. - The company has not granted any new shares under the previous plans during the reporting period, which accounted for 0.00% of the weighted average issued share capital[8]. - The 2019 plan was terminated on March 9, 2023, and no further stock options will be granted under this plan[9]. - The company has a total of 30,813,536 stock options granted under the 2019 plan, with 7,631,000 options exercised during the reporting period[10]. - A total of 101,351,871 shares are available for grant under the 2023 plan, with 75,491,221 shares available as of June 1, 2025[75]. - During the reporting period, no shares were granted under the 2023 plan, and 49,980 shares lapsed[75]. - As of November 30, 2025, there are 75,541,201 shares available for grant under the 2023 plan[75]. - The total number of reward shares granted during the reporting period was 5,563,120, with 10,000 shares vesting[77]. Corporate Governance and Compliance - The company did not recommend the distribution of an interim dividend for the reporting period, which ended on November 30, 2024[91]. - There were no significant lawsuits or arbitration involving the company during the reporting period[90]. - The company has complied with all applicable corporate governance codes during the reporting period, except for the separation of the roles of Chairman and CEO[84]. - The audit committee has reviewed the unaudited consolidated financial statements for the six months ending November 30, 2025[87]. - No shares of the company's listed securities were purchased, sold, or redeemed during the reporting period[89]. - The board of directors approved the financial statements for publication on January 28, 2026[100]. Market and Economic Conditions - Long-term revenue growth rate is projected at 2.0%, based on management's experience and understanding of specific industry conditions[155]. - The discount rate for non-marketable securities is 24%, referencing valuations of comparable listed entities[155]. Miscellaneous - The company was established on February 7, 2018, under the laws of the Cayman Islands[171]. - The fiscal year 2025 ends on May 31, 2025, and the fiscal year 2026 ends on May 31, 2026[172]. - The company is listed on the Hong Kong Stock Exchange since March 28, 2019[172]. - The report period covers six months ending November 30, 2025[172]. - The company operates under the International Financial Reporting Standards[171]. - The company’s shares have a par value of $0.00002 each[172]. - The controlling shareholder is New Oriental Education Technology Group Inc., listed on both NYSE and HKEX[172]. - The company has a defined term for "GMV" as Gross Merchandise Volume[171]. - The company has a defined term for "SPU" as Standard Product Unit[174]. - The company is subject to the Securities and Futures Ordinance of Hong Kong[172].

Core Insights - The article highlights the vibrant atmosphere of the upcoming Chinese New Year, emphasizing the efforts of retail companies to enhance consumer experience through innovative services and products [1] Group 1: Online Retail Strategies - Online platforms like Dongfang Zhenxuan are actively engaging with consumers to tailor their offerings for the New Year, utilizing live streaming to showcase popular products and meet specific consumer demands [2] - To ensure timely delivery of goods, Dongfang Zhenxuan has established long-term partnerships with core production areas and factories, implementing order agriculture to secure supply capacity and create emergency stock for essential goods [3] Group 2: Offline Retail Experience - In physical stores like Yonghui Supermarket, the festive atmosphere is created through decorations and product offerings, enhancing the shopping experience as a family-oriented emotional ritual [4] - Yonghui has developed a comprehensive supply strategy, planning three months in advance and selecting 30 core products based on historical data, while also adding around 120 additional items to meet diverse consumer needs [4] - The supermarket's operational efficiency is boosted by technology, with smart systems optimizing order picking and staffing adjustments to handle increased online orders during peak times [5] Group 3: Evolving Consumer Trends - The year-end market reflects changing consumer preferences, with companies like Hema Fresh introducing convenient meal options that blend traditional flavors with modern convenience, catering to the evolving demands for health and ease [6] - The article underscores the resilience of the retail market and the potential for domestic consumption, as both online and offline retailers collaborate to create a rich and engaging shopping experience for the New Year [6]

Core Viewpoint - The founder of New Oriental, Yu Minhong, announced the establishment of an e-commerce training school under Dongfang Zhenxuan, aiming to enhance the skills of e-commerce operators and hosts in response to increasing governmental emphasis on e-commerce training [1][3]. Group 1: E-commerce Training Initiative - Dongfang Zhenxuan plans to set up an e-commerce school in Beijing to train e-commerce talents and hosts from various regions, leveraging the city's talent pool for high-quality instruction [3]. - The initiative is driven by the belief that improving the overall quality of Chinese hosts is essential, with Yu Minhong expressing his commitment to personally teach and involve renowned hosts in the training [3]. Group 2: Business Performance - For the fiscal year 2026, Dongfang Zhenxuan reported a total revenue of 2.312 billion yuan, marking a year-on-year increase of 5.7%, with a real growth rate of 17% after excluding previous revenue impacts [4]. - The company achieved a net profit of 239 million yuan, a significant turnaround from a net loss of 96.79 million yuan in the same period last year, representing a growth of 347.7% [4]. - The total GMV for self-operated products and live e-commerce business reached 4.1 billion yuan, reflecting a 16.4% increase compared to 3.6 billion yuan in the first half of the fiscal year 2025 [4]. Group 3: Market Dynamics - The Douyin platform remains the core source of traffic for Dongfang Zhenxuan, while the contribution of the Dongfang Zhenxuan app to GMV has increased to 18.5%, showing significant growth compared to the previous year [4]. - Despite a 9.49% drop in stock price to 29.2 HKD, the company's stock has seen an overall increase of approximately 30% since the earnings announcement [4].

Core Viewpoint - The founder of New Oriental and CEO of Dongfang Zhenxuan, Yu Minhong, announced plans to establish an e-commerce training school in Beijing, driven by the increasing emphasis on e-commerce by various local authorities [1]. Group 1: Company Initiatives - Dongfang Zhenxuan plans to officially launch an e-commerce training school this year [1]. - The training school aims to attract e-commerce operational talents and hosts from various regions for training in Beijing [1]. Group 2: Background Information - In June 2022, Yu Minhong indicated that New Oriental might open an e-commerce academy in the future [2].

Group 1 - The core idea of the news is that Oriental Selection plans to establish an e-commerce training school in Beijing to enhance the skills of e-commerce operators and live streamers, as announced by its founder, Yu Minhong [1][3]. - The initiative is driven by the increasing emphasis from local authorities on e-commerce training, with Yu Minhong expressing the belief that collaborative exploration is more effective than solitary efforts [1][3]. - Yu Minhong previously mentioned the need for cultural training for e-commerce live streamers to elevate the overall quality of Chinese hosts, indicating his personal involvement in the training process [3]. Group 2 - For the fiscal year 2026, Oriental Selection reported a total revenue of 2.312 billion yuan, a year-on-year increase of 5.7%, with an actual growth rate of 17% when excluding the impact of the previous year's revenue [3]. - The company achieved a net profit of 239 million yuan, marking a significant turnaround from a net loss of 96.79 million yuan in the same period last year, representing a growth of 347.7% [3]. - The total GMV for self-operated products and live e-commerce business reached 4.1 billion yuan, reflecting a 16.4% increase compared to the 3.6 billion yuan in the first half of the fiscal year 2025 [3]. Group 3 - The channel structure continues to optimize, with Douyin remaining the core source of traffic, while the contribution of GMV from the Oriental Selection app increased to 18.5%, a significant rise from the previous year [3]. - The total number of paid orders for third-party and self-operated products on Douyin reached approximately 42.1 million, indicating sustained high consumer engagement [3]. - Despite a 9.49% drop in stock price to 29.2 HKD, the market capitalization stands at 30.775 billion HKD, with a notable 30% increase in stock price following the earnings announcement [4].