Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company reported a total net revenue of 4.4 billion yuan for the fiscal year 2025, a year-on-year decline of 32.7%, but achieved a net profit of 6.19 million yuan, recovering from losses in the first half of the fiscal year [1]. - The company's self-operated product strategy has matured, becoming a core growth engine, with self-operated product GMV reaching approximately 3.81 billion yuan, accounting for 43.8% of total GMV [2]. - The self-built APP channel has shown steady growth, with APP revenue of about 1.1 billion yuan, representing a year-on-year increase of 22% and accounting for 25% of total revenue [3]. - The company has adjusted its profit forecasts for fiscal years 2026 and 2027, reducing the expected net profit to 270 million yuan and 340 million yuan respectively, while introducing a new forecast for fiscal year 2028 at 400 million yuan [4]. Summary by Sections Financial Performance - For fiscal year 2025, the company reported a total net revenue of 4.4 billion yuan, a decrease of 32.7% year-on-year, while the net profit from continuing operations was 6.19 million yuan, down 97.5% year-on-year [1]. - The self-operated product GMV was approximately 3.81 billion yuan, which is 43.8% of total GMV, and the self-operated product revenue was about 3.5 billion yuan, making up 80% of total revenue [2]. APP Development and Membership Growth - The self-built APP channel achieved revenue of approximately 1.1 billion yuan, a 22% increase year-on-year, and accounted for 25% of total revenue [3]. - The number of paid APP members reached 264,000, reflecting a growth of 33% year-on-year, with a user satisfaction rate of 98.7% [3]. Profit Forecast and Valuation - The company has adjusted its profit forecasts for fiscal years 2026 and 2027, with expected net profits of 270 million yuan and 340 million yuan respectively, and a new forecast for fiscal year 2028 at 400 million yuan [4].

Core Insights - The Hong Kong stock market saw significant net inflows from northbound capital, totaling HKD 165.73 billion on August 26, with the Shanghai-Hong Kong Stock Connect contributing HKD 96.05 billion and the Shenzhen-Hong Kong Stock Connect contributing HKD 69.67 billion [1] Group 1: Stock Performance - The most net bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Alibaba-W (09988) [1][5] - The most net sold stocks were SMIC (00981), Oriental Selection (01797), and Xiaomi Group-W (01810) [1][5] - The Tracker Fund of Hong Kong received a net inflow of HKD 50.04 billion, while SMIC experienced a net outflow of HKD 15.76 billion [2][3] Group 2: Sector Trends - Technology stocks, particularly Alibaba-W, Tencent (00700), and Meituan-W (03690), saw substantial net purchases of HKD 13.45 billion, HKD 6.7 billion, and HKD 4.09 billion respectively [5] - The approval of new regulations for internet platform pricing is expected to lead to more standardized pricing practices among e-commerce platforms, which may help maintain market shares [5] - The biotechnology sector is highlighted by the net purchase of HKD 1.25 billion in Innovent Biologics (01801), following the FDA's approval of a new drug trial [6] Group 3: Company-Specific Developments - Meituan (01357) was included in the MSCI China Index, which is expected to enhance its market visibility and investment appeal [5] - Xiaomi Group-W reported a 40% year-on-year increase in automotive revenue, although its smartphone business faced challenges with declining margins [7] - Oriental Selection's performance was mixed, with a 55% year-on-year drop in GMV, leading to a downgrade in its target price by Goldman Sachs [7]

Core Viewpoint - Oriental Selection's stock fell over 11% with a trading volume exceeding 2.6 billion HKD, reflecting ongoing concerns about its financial performance and market position [2]. Financial Performance - For the fiscal year 2025 (June 2024 - May 2025), Oriental Selection reported a revenue of 4.4 billion HKD, a year-on-year decline of 32.7% [4]. - The net profit from continuing operations was 6.191 million HKD, down 97.5% year-on-year [4]. - Goldman Sachs adjusted its GMV forecast for the fiscal years 2026 to 2027 down by 1% to 3%, while increasing revenue forecasts by up to 10% due to improved contributions from self-operated brand products [2]. Market Position and Trends - The company has experienced a significant drop in its follower count, losing over 1.86 million followers since July 2024 [5]. - The main account of Oriental Selection has only entered the Douyin (TikTok) sales leaderboard top ten four times this year, failing to maintain its previous strong performance [5]. - The decline in viewership and engagement is attributed to the inability to replace the traffic effect brought by top streamers [5].

中国经济网北京8月26日讯 东方甄选（01797.HK）港股今日收报28.08港元，跌幅11.20%。 （责任编辑：魏京婷） ...

| 指数 | 最新 | 涨跌幅 | | --- | --- | --- | | 相生指数 | 25524.92 | -1.18% | | 国企指数 | 9148.66 | -1.07% | | 红筹指数 | 4343.85 | -1.02% | 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯：北京时间8月26日16:00，恒生指数收盘下跌304.99点，跌幅为1.18%，报收25524.92点；国 企指数收盘下跌99.34点，跌幅为1.07%，报收9148.66点；红筹指数收盘下跌44.65点，跌幅为1.02%，报 收4343.85点。南向资金当日净流入165.73亿港元。东方甄选跌超11%，蔚来、君实生物跌超6%，中兴 通讯跌近6%，碧桂园跌超5%；中国黄金国际涨超10%，灵宝黄金涨超9%。 （记者 胡玲） ...

责任编辑：杨红卜 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月26日，港股收盘，恒生指数跌1.18%，恒生科技指数跌0.74%。东方甄选跌超11%，蔚来、君实生物 跌超6%，中兴通讯跌近6%，碧桂园跌超5%；中国黄金国际涨超10%，灵宝黄金涨超9%。 ...

Core Viewpoint - Oriental Selection (1797.HK) experienced a significant intraday drop of nearly 11%, trading at 28.2 HKD, with a transaction volume exceeding 22 billion HKD [1] Financial Performance - For the fiscal year 2025 (June 2024 - May 2025), the net revenue from the continuing operations (self-operated products and live e-commerce) decreased by 32.7% year-on-year from 6.5 billion to 4.4 billion HKD [1] - The net profit from continuing operations was 6.191 million HKD, a substantial decline of 97.5% compared to 249 million HKD in the same period last year [1] Market Analysis - Goldman Sachs reported that Oriental Selection's performance for the second half of the fiscal year ending in May showed mixed results, with the gross merchandise volume (GMV) dropping by 55% year-on-year to 3.9 billion HKD, which was 15% lower than the bank's expectations [1]

Group 1 - The core viewpoint of the article highlights the significant decline in Oriental Selection's stock price and its financial performance, indicating ongoing challenges for the company [1][3][10] - Goldman Sachs has downgraded Oriental Selection's GMV forecast for the fiscal years 2026 to 2027 by 1% to 3%, while raising revenue forecasts by up to 10% due to increased contributions from self-operated brand products [3] - The adjusted net profit margin predictions for the fiscal years 2026 to 2027 have been increased by 0.2% and 1%, with a target price set at 9 HKD, although the firm maintains a sell rating due to persistent weak fundamentals and high valuations [3] Group 2 - Oriental Selection reported a 32.7% year-on-year decline in revenue for the fiscal year 2025, amounting to 4.4 billion CNY, and a staggering 97.5% drop in net profit, totaling 6.19 million CNY [10] - The company has lost over 1.86 million followers since July 2024, indicating a significant drop in audience engagement and market presence [11] - The impact of top streamers on traffic generation is difficult to replace in the short term, as Oriental Selection's main account has only made the Douyin sales leaderboard top ten four times this year, a stark contrast to its previous strong performance [11]

Group 1 - The core viewpoint of the article highlights a significant decline in the financial performance of Dongfang Zhenxuan (1797.HK), with a nearly 11% drop in stock price and a trading volume exceeding 22 billion HKD [1][3]. - For the fiscal year 2025 (June 2024 - May 2025), the net revenue from ongoing operations (self-operated products and live e-commerce) decreased by 32.7% year-on-year from 6.5 billion to 4.4 billion CNY, while the net profit plummeted by 97.5% from 249 million to 6.19 million CNY [3]. - Goldman Sachs reported that Dongfang Zhenxuan's performance for the second half of the fiscal year ending in May showed mixed results, with the gross merchandise volume (GMV) declining by 55% year-on-year to 3.9 billion CNY, which was 15% lower than their expectations [3].

Group 1 - Goldman Sachs maintains a sell rating on Dongfang Zhenxuan (01797.HK) and raises the target price to HKD 9, while adjusting the GMV forecast down by 1% to 3% for FY2026-2027 due to weak fundamentals and high valuation [1] - CITIC Securities maintains an outperform rating on Pop Mart (09992.HK) and raises the target price to HKD 368, expecting strong global demand with sales growth of 14%, 12%, and 12% for 2025-2027 [1] - CMB International maintains a buy rating on Kuaishou-W (01024.HK) and raises the target price to HKD 90, citing optimism about its multi-scenario e-commerce strategy and AI commercialization [1] Group 2 - Huazhang Securities maintains a buy rating on Xiaomi Group-W (01810.HK), forecasting revenue growth of RMB 478.1 billion, 618.2 billion, and 732 billion for 2025-2027, with adjusted net profit of RMB 41.1 billion, 59.3 billion, and 72.4 billion [2] - Morgan Stanley maintains an overweight rating on NIO-SW (09866.HK) with a target price of HKD 50.7, noting strong ES8 orders and expected monthly sales of 40,000 to 50,000 vehicles starting in October [3] - CICC maintains an outperform rating on Bruker (00325.HK) with a target price of HKD 135, reporting a 27.9% revenue growth to HKD 1.34 billion for the first half of 2025 [4] Group 3 - Haitong International maintains an outperform rating on Genscript Biotech (01548.HK) with a target price of HKD 24.62, reporting an 81.9% revenue growth to USD 519 million for the first half of 2025 [5] - Cathay Pacific maintains a buy rating on Sunny Optical Technology (02382.HK) with a target price of HKD 108.05, noting a 15% net profit beat and an 18.2% revenue growth in automotive electronics [6] - Cathay Pacific maintains an overweight rating on Baidu Group-SW (09888.HK) with a target price of HKD 104, reporting a 34% increase in non-advertising revenue driven by AI cloud services [8]