Group 1 - The core point of the article highlights that Dongfang Zhenxuan (1797.HK) experienced a significant drop in stock price, falling nearly 11% to 28.2 HKD, with trading volume exceeding 2.2 billion HKD [1] - For the fiscal year 2025 (June 2024 - May 2025), the company's net revenue from continuing operations (self-operated products and live e-commerce) decreased by 32.7% year-on-year from 6.5 billion to 4.4 billion CNY, and net profit dropped by 97.5% from 249 million to 6.191 million CNY [1] - Goldman Sachs reported that Dongfang Zhenxuan's performance for the second half of the fiscal year ending in May showed mixed results, with gross merchandise volume (GMV) declining by 55% year-on-year to 3.9 billion CNY, which was 15% lower than the bank's expectations [1]

Core Viewpoint - Goldman Sachs has downgraded the GMV forecast for Dongfang Zhenxuan (01797) for the fiscal years 2026 to 2027 by 1% to 3%, while increasing revenue forecasts by up to 10% due to the rising contribution of self-operated brand products [1] Group 1 - The adjusted net profit margin forecast for fiscal years 2026 to 2027 has been raised by 0.2 and 1 percentage points [1] - The target price for Dongfang Zhenxuan has been increased from 8 HKD to 9 HKD [1] - Despite the adjustments, Goldman Sachs maintains a "Sell" rating on Dongfang Zhenxuan due to weak fundamentals and high valuations [1] Group 2 - For the half-year ending May this year, Dongfang Zhenxuan reported mixed performance, with GMV declining by 55% year-on-year to 3.9 billion RMB, which is 15% lower than Goldman Sachs' expectations [1] - The company managed to exceed earnings expectations by controlling operating expenses, resulting in a net profit growth of 30% to 135 million RMB for the fiscal year 2025, excluding the one-time impact from the sale of "Yuhui Tong" [1]

Group 1 - The core point of the article highlights the significant drop in the stock price of Dongfang Zhenxuan, which fell by 10.06% to 28.44 yuan per share, with a trading volume of 2.012 billion yuan [1] - Dongfang Zhenxuan Holdings Limited is a leading player in the online extracurricular education service sector in China, known for providing high-quality online courses and exam preparation services [1] - The company expanded its business in 2021 to include live commerce, educational smart hardware products, STEAM education, and vocational education, and has been the largest online education brand in China's university exam preparation market since 2017 [1] Group 2 - As of the 2024 annual report, Dongfang Zhenxuan reported total operating revenue of 4.392 billion yuan and a net profit of 5.735 million yuan [1]

每经AI快讯，8月26日，港股东方甄选午后再度跌超10%。 ...

Group 1: Market Overview - The Hang Seng Index fell by 0.22%, down 56 points, closing at 25,773 points, while the Hang Seng Tech Index rose by 0.27% [1] - The early trading volume in the Hong Kong stock market reached 133.9 billion HKD [1] Group 2: Company Performances - Pop Mart (09992) surged by 2.88%, with new products selling out instantly and continued high growth in H1 performance [1] - China Duty Free Group (01880) soared over 5% following the opening of its first city duty-free store in Guangzhou, with multiple city stores entering the cultivation phase [1] - Genscript Biotech (01672) increased by 4.7%, as the company raised funds to enhance its weight loss drug development, with Citigroup suggesting attention on the upcoming ASC30 Phase II data [1] - China Gold International (02099) rose by 6.8%, reaching a new high, with core product output exceeding half of the annual guidance and significant expansion potential at the Jiamar mine [1] - Meitu (01357) saw an early gain of over 7%, officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - Innovent Biologics (02696) increased by 5.68% post-earnings, with ongoing internationalization strategy and overseas product profits more than doubling in H1 [1] - Angelalign Technology (06699) rose over 7%, with H1 net profit increasing by over 360%, and declared a special interim dividend of 0.46 HKD [1] - Oriental Selection (01797) fell over 7%, with annual net profit declining by 99.67%, while Goldman Sachs maintained a "sell" rating [1][2] Group 3: Financial Results - Kintor Pharmaceutical (01951) dropped by 5.97% post-earnings, reporting a loss of 1.04 billion CNY in H1, compared to a profit in the same period last year [2]

Core Insights - Goldman Sachs reported that Dongfang Zhenxuan's performance for the second half of the fiscal year ending May 2023 was mixed, with Gross Merchandise Volume (GMV) declining by 55% year-on-year to 3.9 billion, which was 15% lower than the bank's expectations [1] - Despite the decline in GMV, the company managed to control operating expenses, resulting in earnings per share exceeding expectations during the period [1] - Excluding a one-time impact from the sale to Huizhong, the net profit from continuing operations for fiscal year 2025 is projected to grow by 30% to 135 million [1] Financial Projections - Goldman Sachs has lowered its GMV forecast for Dongfang Zhenxuan for fiscal years 2026 to 2027 by 1% to 3%, while increasing revenue forecasts by up to 10% due to the improved contribution from self-operated brand products [1] - Adjusted net profit margin forecasts for fiscal years 2026 to 2027 have been raised by 0.2 and 1 percentage points, respectively [1] Rating and Target Price - Despite the adjustments, Goldman Sachs maintains a "Sell" rating on Dongfang Zhenxuan due to ongoing weak fundamentals and high valuations [1] - The target price has been raised from 8 HKD to 9 HKD [1]

Core Viewpoint - Oriental Selection (01797) has experienced a significant decline in stock price, dropping over 9% and currently trading at 29 HKD, with a transaction volume of 1.555 billion HKD [1] Financial Performance - For the fiscal year ending May 31, 2025, Oriental Selection reported total revenue of approximately 4.392 billion RMB, a year-on-year decrease of 37.9% [1] - The profit attributable to the company's owners was 5.735 million RMB, reflecting a dramatic year-on-year decline of 99.67%, with earnings per share at 0.01 RMB [1] - Excluding the financial impact from the sale of "Yuhui Tongxing," the net profit from continuing operations is projected to increase by 30% from 104 million RMB in fiscal year 2024 to 135.4 million RMB in fiscal year 2025 [1] Market Analysis - Goldman Sachs reported mixed results for Oriental Selection's performance for the second half of the fiscal year ending May, with the gross merchandise volume (GMV) declining by 55% to 3.9 billion RMB, which is 15% lower than their expectations [1] - Despite the weak fundamentals and high valuation, Goldman Sachs maintains a "Sell" rating on Oriental Selection, noting that the company managed to exceed earnings per share expectations through operational cost control [1]

Core Viewpoint - Dongfang Zhenxuan (01797) has experienced a significant decline in stock price, dropping over 9% and currently trading at 29 HKD, with a transaction volume of 1.555 billion HKD [1] Financial Performance - For the fiscal year ending May 31, 2025, Dongfang Zhenxuan reported total revenue of approximately 4.392 billion RMB, a year-on-year decrease of 37.9% [1] - The profit attributable to the company's owners was 5.735 million RMB, reflecting a substantial year-on-year decline of 99.67% [1] - Earnings per share stood at 0.01 RMB [1] Operational Insights - Excluding the financial impact from the sale of Yuhui Tongxing, the net profit from continuing operations is projected to increase by 30% from 10.4 million RMB in fiscal year 2024 to 13.54 million RMB in fiscal year 2025 [1] - Goldman Sachs reported mixed results for Dongfang Zhenxuan's performance for the second half of the fiscal year ending May, with the Gross Merchandise Volume (GMV) declining by 55% to 3.9 billion RMB, which is 15% lower than the bank's expectations [1] - Despite the decline in GMV, the company managed to exceed earnings per share expectations through operational cost control [1] Analyst Rating - Goldman Sachs maintains a "Sell" rating on Dongfang Zhenxuan due to ongoing weak fundamentals and high valuation concerns [1]

Core Viewpoint - After the departure of key anchor Dong Yuhui, Dongfang Zhenxuan (01797.HK) reported a decline in both revenue and net profit, indicating challenges in replacing the traffic effect brought by top anchors [1][2]. Financial Performance - For the fiscal year 2025 (June 2024 - May 2025), the revenue from continuing operations (self-operated products and live e-commerce) was 4.4 billion RMB, a year-on-year decrease of 32.7% [2]. - The net profit from continuing operations was 6.19 million RMB, down 97.5% year-on-year [2]. - Total GMV for the company was 8.7 billion RMB, a decline of 39% compared to 14.3 billion RMB in the previous fiscal year [3]. - The number of paid orders on Douyin fell to 91.6 million, a decrease of 49% from 181.1 million [3]. Business Strategy and Challenges - The company is attempting to shift its strategy from a traffic-driven model to a family needs-oriented approach, aiming to create an online supermarket similar to Sam's Club [6]. - Despite increasing investment in its own app, the growth in GMV from the app only rose from 8.4% to 15.7% of total GMV, indicating limited impact on overall performance [2][3]. - The company has faced challenges with its self-operated products, including issues related to counterfeit products, which have affected brand credibility [6]. Organizational Changes - Following Dong Yuhui's departure, the company has initiated layoffs, reducing the total number of employees in its self-operated products and live e-commerce team by 25.6% [5]. - Administrative expenses for the fiscal year 2025 increased by 22.5% to 485 million RMB, primarily due to the distribution of remaining profits from a subsidiary [4]. Market Sentiment and Stock Performance - Recent rumors regarding executive departures and alleged misconduct have led to significant stock price volatility, with a drop of over 20% following the spread of these rumors [7]. - Despite clarifications from the company regarding executive statuses, market sentiment remains low, with a further decline of over 12% in stock price after the earnings report [7].

8月25日恒生指数上涨1.94%，南向资金全天合计成交金额为2024.76亿港元，其中，买入成交1005.50亿 港元，卖出成交1019.26亿港元，合计净卖出金额13.76亿港元。具体来看，港股通（深）累计成交金额 794.06亿港元，买入成交402.33亿港元，卖出成交391.73亿港元，合计净买入金额10.60亿港元；港股通 （沪）累计成交金额1230.70亿港元，买入成交603.17亿港元，卖出成交627.53亿港元，合计净卖出金额 24.36亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是中芯国际，合计成交额116.29亿港元， 阿里巴巴-W、腾讯控股成交额紧随其后，分别成交111.44亿港元、74.45亿港元。以净买卖金额统计， 净买入的个股共有7只，阿里巴巴-W净买入额为5.87亿港元，净买入金额居首，该股收盘股价上涨 5.51%，快手-W净买入额为4.72亿港元，中兴通讯净买入额为4.08亿港元。净卖出金额最多的是盈富基 金，净卖出23.52亿港元，该股收盘股价上涨2.01%，小米集团-W、中芯国际遭净卖出15.25亿港元、 8.11亿港元。 今日上榜个股中，阿里巴巴-W、中 ...