Core Viewpoint - Oriental Selection (01797) has seen a significant stock price increase of over 6% in the afternoon, with a cumulative rise of nearly 40% following the release of its interim results for the period ending November 25, 2025 [1] Financial Performance - The company reported total revenue of 2.3 billion yuan, representing a year-on-year growth of 5.7% [1] - Profit attributable to owners reached 239 million yuan, marking a turnaround from a loss to profit [1] - Gross profit for the period was 841.6 million yuan, reflecting a year-on-year increase of 14.5% [1] Strategic Initiatives - The company is actively promoting a multi-live room and multi-anchor strategy, which is expected to enhance its operational performance [1] - There is a continuous development of high-margin self-operated products, contributing to improved gross margins [1] - The company possesses content advantages in the GEO marketing environment, which is anticipated to support further growth [1] Analyst Sentiment - Shenwan Hongyuan has a positive outlook on the company, noting that it has overcome operational challenges [1] - Daiwa has upgraded its view on the company post-earnings, highlighting the successful development of its own brand and structural reduction in operating costs [1] - The opening of non-Douyin channels is seen as a significant opportunity for revenue growth, improving the risk-return profile of the stock [1]

Core Insights - The company reported a total revenue of 2.3 billion yuan for the first half of the 2026 fiscal year, representing a year-on-year growth of 5.7%, with an actual growth rate of 17% when excluding the impact of the previous year's revenue [1] - Net profit for the period was 239 million yuan, and gross profit reached 841.6 million yuan, reflecting a year-on-year increase of 14.5% [1] Group 1: Financial Performance - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce business reached 4.1 billion yuan during the reporting period [1] - The Douyin platform contributed the majority of the sales, while the company's own app's GMV share increased to 18.5% [1] - Self-operated products accounted for approximately 52.8% of total GMV, driven by product category expansion and upgrades [1] Group 2: Business Strategy - The company emphasizes a customer-centric development strategy, focusing on product quality and optimizing the shopping experience [1] - The self-operated model avoids intense price competition and commission expenses, leading to improved profitability [2] - The company plans to open its first offline experience store in Beijing and has deployed over 40 vending machines in various regions, with some already achieving profitability [2] Group 3: Quality Control and Improvement Measures - The company maintains high standards for product selection and quality control, implementing a bi-weekly/monthly quality inspection report mechanism [2] - Plans to enhance quality inspection and control for both self-operated and partner brand products are in place [2] - The company aims to collect precise customer feedback through app community surveys and user interviews to drive product optimization [2] Group 4: Future Plans - The company will continue to optimize its warehousing network and improve delivery efficiency and customer experience [3] - Focus will remain on enhancing the product range and membership system through supply chain integration and AI technology [3]

Group 1 - The core viewpoint of the article is that Dongfang Zhenxuan (01797) reported a 5.7% year-on-year increase in total revenue for the first half of the 2026 fiscal year, reaching 2.31 billion RMB, which is slightly below expectations [1] - The adjusted net profit reached 258 million RMB, exceeding expectations by 68% [1] - Due to the strengthened management team and improved operational capabilities, revenue forecasts for fiscal years 2026 and 2027 have been raised by 3.1% and 4.8% to 5.19 billion RMB and 5.9 billion RMB, respectively [1] Group 2 - The adjusted net profit forecasts for fiscal years 2026 and 2027 have been increased by 80.2% and 32.1% to 437 million RMB and 410 million RMB, respectively, based on improved gross margins and operational efficiency [1] - The target price has been raised by 25% to 30 HKD due to more optimistic profit growth expectations [1] - The company maintains an outperform rating in the industry [1]

智通财经APP获悉，中金发布研报称，东方甄选(01797)公布2026财年上半财年业绩，总收入同比增长 5.7%至23.1亿元人民币(下同)，略低于预期。经调整净利润达2.58亿元，胜预期68%。由于管理团队实 力增强及营运能力提升，该行将2026及2027财年营收预测分别上调3.1%及4.8%至51.9亿元及59亿元。基 于毛利率提升与营运效率改善，该行将东方甄选2026及2027财年经调整应占净利润预测分别上调80.2% 及32.1%至4.37亿元及4.1亿元。由于盈利增长预期更为乐观，将目标价上调25%至30港元。维持跑赢行 业评级。 ...

Core Viewpoint - The company reported a slight revenue miss but a significant net profit beat for 1HFY26, driven by improved operational efficiency [1] Group 1: Financial Performance - Total revenue for 1HFY26 reached 2.31 billion, a year-on-year increase of 5.7%, slightly below expectations; adjusted net profit was 258 million, exceeding expectations by 68% [1] - Excluding revenue from the Huixing live broadcast room, year-on-year growth was 17.0% [1] - Gross margin for 1HFY26 was 36.4%, an increase of 2.8 percentage points year-on-year; adjusted net profit margin was 11.1%, up 11.2 percentage points year-on-year [2] Group 2: Growth and Development Trends - The company achieved resilient growth with a total revenue of 2.31 billion for 1HFY26, reflecting a 5.7% year-on-year increase [1] - The proportion of self-operated product GMV in total GMV increased to 52.8%, up 15.8 percentage points year-on-year; SKU count rose from 600 in 1HFY25 to 801 [1] - The management team has been strengthened, with Sun Jin appointed as Executive President in December 2025 to oversee daily management and strategic implementation [1] Group 3: Strategic Initiatives - The company is enhancing its online presence by solidifying its position on Douyin and accelerating the development of its own app, which contributed 18.5% to GMV, up 4.9 percentage points year-on-year; as of November 30, 2025, app membership reached 240,000 [2] - Offline, the company has deployed over 40 vending machines leveraging the New Oriental learning center network, achieving profitability in some cities [2] - The management plans to strengthen collaboration with New Oriental Group to facilitate member conversion [2] Group 4: Earnings Forecast and Valuation - Revenue forecasts for FY26 and FY27 have been raised by 3.1% and 4.8% to 5.19 billion and 5.90 billion, respectively; adjusted net profit estimates have been increased by 80.2% and 32.1% to 437 million and 410 million [2] - The target price has been raised by 25% to 30 HKD, based on a more optimistic profit release expectation; the FY26 P/GMV multiple has been adjusted from 2.5x to 2.9x, corresponding to a 5.5x FY26 price-to-sales ratio [2]

Core Viewpoint - Dongfang Zhenxuan reported a significant improvement in financial performance for the first half of FY2026, with a revenue of 2.312 billion yuan and a net profit of 239 million yuan, marking a return to profitability [1][2]. Financial Performance - The company achieved a revenue of 2.312 billion yuan for the period from June 2025 to November 2025, representing a year-on-year growth of 5.7% [1]. - The net profit reached 239 million yuan, with an adjusted net profit of 258 million yuan, both indicating a turnaround from previous losses [1]. - Gross merchandise volume (GMV) for FY2026H1 was 4.1 billion yuan, a decrease of 15%, with self-operated products contributing 2.16 billion yuan, accounting for 52.8% of total GMV, up from 43.8% in FY2025 [1]. Profitability Enhancement - The gross margin improved from 33.6% to 36.4%, driven by the expansion of self-operated product supply chains and an increase in product categories and scale [2]. - The overall expense ratio saw a significant decline, with the sales expense ratio at 19.0%, down by 2 percentage points, and the management expense ratio at 3.6%, showing a substantial year-on-year decrease [2]. - The net profit margin for FY2026H1 was 10.34%, indicating a return to profitability, with an adjusted net profit margin of 11.15% [2]. Membership and Brand Development - The number of paid members for the Dongfang Zhenxuan APP reached 240,000, with the APP's GMV accounting for 18.5% of total GMV [3]. - The self-operated GMV through the APP remained stable at 28.6%, indicating a growing trend in paid membership and self-operated product contributions [3]. - The company is expanding its sales channels through platforms like WeChat, Tmall, JD, Pinduoduo, and Xiaohongshu, with plans to open its first offline experience store in Beijing in 2026 to enhance brand influence and channel layout [3]. Investment Outlook - Dongfang Zhenxuan is deepening its focus from channels to product offerings, exploring a differentiated transformation path in live e-commerce [3]. - The continuous upgrade of the membership system and the ongoing improvement of SKU and supply chain capabilities are expected to support sustained growth in self-operated product reputation [3]. - Projected adjusted net profits for FY2026 to FY2028 are estimated at 497 million yuan, 540 million yuan, and 590 million yuan, respectively, with an initial coverage rating of "Accumulate" [3].

Group 1 - The core viewpoint is that various institutions maintain "buy" ratings for different companies, highlighting their growth potential and strategic partnerships [1][2][3][4][5][6][7][8][9][10] Group 2 - China-based pharmaceutical company, Stone Pharmaceutical Group, has entered a significant $18.5 billion strategic collaboration with AstraZeneca, focusing on long-acting GLP-1/GIPR dual-target peptides and multiple obesity/diabetes pipelines, enhancing its AI-driven drug discovery capabilities [1][2] - Baidu Group's cloud business has shown a 10% year-on-year growth in Q4, driven by intelligent cloud infrastructure, with AI-native marketing services now covering 70% of search result pages [3] - Sunny Optical Technology is projected to see a 70-75% increase in net profit by 2025, benefiting from improved ASP and gross margin in mobile lenses and modules [4] - InSilico Medicine has secured over HKD 930 million in cardiovascular metabolic collaborations, continuing its partnerships with major pharmaceutical companies, and has produced 27 preclinical candidate molecules through its Pharma.AI platform [5][6] - Kuaishou Technology is enhancing its platform with advanced AI models, which are expected to improve user engagement and profitability [6] - Decon Agriculture is expected to achieve a target price of HKD 87, with a stable cost structure and leading efficiency in pig farming [7] - Dongfang Zhenxuan has exceeded profit expectations by 68% in the first half of FY26, with self-operated product GMV rising to 52.8% [8] - Hang Lung Properties is experiencing a recovery in retail sales, with Q3/Q4 growth rates of 10% and 18%, respectively, and an improved tenant mix [10]

Core Viewpoint - Dongfang Zhenxuan reported a 5.7% year-on-year increase in total revenue for the first half of the 2026 fiscal year, reaching 2.31 billion yuan, slightly below expectations [1] - Adjusted net profit reached 258 million yuan, exceeding expectations by 68% [1] Revenue Forecast Adjustments - The investment bank raised revenue forecasts for fiscal years 2026 and 2027 by 3.1% and 4.8%, respectively, to 5.19 billion yuan and 5.9 billion yuan [1] Profit Forecast Adjustments - Adjusted net profit forecasts for fiscal years 2026 and 2027 were increased by 80.2% and 32.1%, respectively, to 437 million yuan and 410 million yuan [1] Target Price Adjustment - The target price for Dongfang Zhenxuan was raised by 25% to 30 HKD, maintaining an "outperform" rating [1]

Core Viewpoint - The report from Daiwa indicates that Dongfang Zhenxuan has turned around its financial performance in the first half of fiscal year 2026, achieving an adjusted net profit of 257 million yuan, compared to a loss in the previous year [1] Group 1: Financial Performance - The company reported a strong gross margin of 36%, which is a key positive indicator [1] - The gross margin for its proprietary brands increased from 24% to 29%, primarily due to economies of scale and contributions from high-margin products in health, nutrition, and daily consumer goods [1] Group 2: Operational Outlook - Daiwa has shifted its outlook to a more positive stance, believing the company has overcome operational challenges [1] - The development of proprietary brands, structural reduction in operating costs, and the opening of non-Douyin channels provide significant options for revenue growth [1] Group 3: Earnings Forecast - Based on better-than-expected gross merchandise volume and gross margin performance, Daiwa has raised the company's earnings forecast for the next two years by 42% to 970 million yuan [1] - Considering the recovery in gross merchandise volume, Daiwa reaffirms its "outperform" rating and raises the 12-month target price from 13.5 HKD to 29 HKD [1]

东方甄选公布2026财年上半年业绩，其中经调整净利润为2.57亿元人民币，扭转去年亏损局面;而强劲 的36%毛利率表现成为关键喜讯，自有品牌毛利率从24%扩张至29%，主要得益于规模效应及健康、营 养和日用消费品等高利润产品的贡献。 大和表示，集团公布业绩后，对其看法转向更为积极，认为在营运上已度过难关，随着其自有品牌发展 良好、营运成本结构性降低，及非抖音渠道的开通，为业绩增长提供了重要选择，相信该股票的风险回 报状况已得到改善。 大和发布研报称，基于东方甄选(01797)胜预期的商品交易总额及毛利率表现，将集团今明两年盈利预 测上调42%至97%。考虑到商品交易总额的复苏，重申"跑赢大市"评级，并将新的12个月目标价从13.5 港元升为29港元，基于对今明两年平均每股盈利应用32倍市盈率(原为23倍)。 ...