格隆汇9月18日｜此前持续回调的东方甄选(1797.HK)今日盘中不断拉升，大涨超16%报27港元，为连续 第二日反弹，截至目前成交额放大至超20亿港元。 ...

Group 1 - The stock of Dongfang Zhenxuan in Hong Kong saw a significant increase, rising over 14% in the afternoon session on September 18 [1] - The previous trading day recorded a rise of 9.56% for the same stock [1]

Group 1 - The stock of Dongfang Zhenxuan surged by 16% in a single day [1] - The trading volume reached nearly 2 billion Hong Kong dollars [1]

Group 1 - The stock price of Dongfang Zhenxuan has risen for two consecutive days, increasing by over 10% [2] - The trading volume exceeded 1.1 billion Hong Kong dollars [2]

東方甄選控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1797） 謹訂於2025年11月3日（星期一）上午十時正舉行之 股東週年大會適用之代表委任表格 （附註1） | （附註1） 本人╱吾等 | （姓名） | | --- | --- | | 地址為 | （地址） | | 為東方甄選控股有限公司（「本公司」）股本中 | （附註2） 股 每股面值0.00002美元 | | （附註3） 之普通股之登記持有人，茲委任大會主席 或 | （姓名） | | 地址為 | （地址） | 為本人╱吾等之代表，代表本人╱吾等就如下所示決議案出席本公司謹訂於2025年11月3日（星期 一）上午十時正假座本公司於北京的總部中國北京市海淀區海淀東三街2號南樓18層舉行之股東週年 大會（「股東週年大會」）（及其任何續會）。 | | 普通決議案* | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | | 1. | 省覽及考慮截至2025年5月31日止財政年度本公司之經審核綜 | | | | | 合財務報表及本公司董事（「董事」）會報告與本公司核數師報 | | | | | 告。 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 EAST BUY HOLDING LIMITED 東方甄選控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1797） 股東週年大會通告 茲通告東方甄選控股有限公司（「本公司」）謹訂於2025年11月3日（星期一）上午 十時正假座本公司於北京的總部中國北京市海淀區海淀東三街2號南樓18層舉行股東週 年大會（「股東週年大會」），以討論下列事項： 普通決議案 「動議： (a) 在下文(c)段之規限下，一般及無條件批准董事（可由任何一名執行董 事代其行使）於有關期間（定義見下文(d)項）行使本公司一切權力， 以配發、發行及處置本公司法定及未發行股份（包括從庫存中出售或 轉讓持作庫存股份的任何股份，具有香港聯合交易所有限公司證券上 市規則賦予該詞的涵義）（「股份」）或本公司股本中可轉換為股份之證 券，及作出或授予可能須行使該等權力之建議、協議及購股權； – 1 – 1. 省覽截至2025年5月31日止 ...

此乃要件 請即處理 閣下對本通函任何方面或將採取之行動如有任何疑問，應諮詢 閣下之股票經紀或其他註冊證券交 易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有東方甄選控股有限公司的股份，應立即將本通函連同隨附代表委任表 格送交買方或承讓人，或經手買賣之銀行、股票經紀或其他代理商，以便轉交買方或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 EAST BUY HOLDING LIMITED 東方甄選控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1797） (1) 重選董事； (2) 續聘本公司外部核數師； (3) 建議發行股份及購回股份的一般授權；及 (4) 股東週年大會通告 東方甄選控股有限公司（「本公司」）謹訂於2025年11月3日（星期一）上午十時正假座本公司於北京的 總部中國北京市海淀區海淀東三街2號南樓18層舉行股東週年大會（「股東週年大會」）。大會通告載 於本通函第17至21頁。本通函亦隨附 ...

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].