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)。 ...

Core Viewpoint - Daiwa has raised its profit forecast for Dongfang Zhenxuan (01797) by 42% to 97% for the next two years, based on better-than-expected gross merchandise volume and gross margin performance [1] Group 1: Financial Performance - Dongfang Zhenxuan reported an adjusted net profit of 257 million RMB for the first half of the 2026 fiscal year, reversing last year's loss [1] - The company achieved a strong gross margin of 36%, with its own brand gross margin expanding from 24% to 29%, driven by economies of scale and contributions from high-margin health, nutrition, and daily consumer products [1] Group 2: Market Outlook - Daiwa has reiterated a "outperform" rating for the stock, raising the 12-month target price from 13.5 HKD to 29 HKD, applying a 32 times price-to-earnings ratio for the average earnings per share over the next two years (previously 23 times) [1] - The firm has turned more positive on the company's outlook, believing it has overcome operational challenges, with significant growth potential from its own brand development, structural reduction in operating costs, and the opening of non-Douyin channels [1]

智通财经APP获悉，根据2026年2月2日披露数据，盈富基金（02800）、中铝国际（02068）、海普瑞 （09989）港股通持股占比增加值最大，分别增加1.72%、1.11%、1.04%；亿华通（02402）、浙江世宝 （01057）、东方甄选（01797）港股通持股占比减少值最大，分别减少-1.36%、-0.90%、-0.80%。 | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 盈富基金(02800) | +1.72% | 2.63% | | 中铝国际(02068) | +1.11% | 18.55% | | 海普瑞(09989) | +1.04% | 45.93% | | 南方恆生科技(03033) | +0.94% | 65.16% | | 中石化油服(01033) | +0.86% | 15.98% | | 长飞光纤光缆(06869) | +0.75% | 57.93% | | 碧桂园(02007) | +0.68% | 17.44% | | 中伟新材(02579) | +0.50% | 17.08% | | 南华期货股份(02691) | +0.4 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential stock price increase of 5% to 15% over the next six months [5]. Core Insights - The company reported a revenue of 2.312 billion yuan for the first half of FY2026, representing a year-on-year growth of 5.7%, and achieved a net profit of 239 million yuan, marking a turnaround from losses [1]. - The growth in Gross Merchandise Volume (GMV) is driven by self-operated products, which accounted for 52.8% of total GMV, up from 43.8% in FY2025. The total GMV for FY2026H1 was 4.1 billion yuan, a decrease of 15% [2]. - The company has expanded its product categories to 801 SKUs, including new categories like seafood and health supplements, enhancing consumer choices and driving sales [2]. - Profitability has significantly improved, with gross margin increasing from 33.6% to 36.4%, attributed to supply chain expansion and category growth. The net profit margin for FY2026H1 was 10.34% [2]. Membership Growth and Brand Recognition - The company has seen a continuous increase in paid membership, reaching 240,000, with its app contributing 18.5% to total GMV. The self-operated GMV through the app remained stable at 28.6% [3]. - The company is expanding its sales channels across multiple platforms, with plans to open its first offline experience store in Beijing in 2026, which is expected to enhance brand influence [3]. Financial Projections - The company forecasts adjusted net profits of 497 million yuan, 540 million yuan, and 590 million yuan for FY2026, FY2027, and FY2028, respectively [3]. - Revenue projections for the upcoming years are as follows: 4.828 billion yuan in FY2026, 5.254 billion yuan in FY2027, and 5.633 billion yuan in FY2028, reflecting growth rates of 9.92%, 8.84%, and 7.21% respectively [4].

每经AI快讯，东方甄选(01797.HK)一度涨超9%，绩后股价累涨近三成。截至发稿，涨5.1%，报28.04港 元，成交额4.58亿港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - Oriental Selection (01797) experienced a significant stock price increase, rising over 9% at one point and accumulating nearly a 30% increase post-earnings report [1] Financial Performance - The company reported total revenue of 2.312 billion RMB for the six months ending November 30, 2025, representing a year-on-year increase of 5.7% [1] - The profit attributable to the company's owners was 239 million RMB, marking a turnaround from a loss to profit [1] - Gross profit reached 841.6 million RMB, up 14.5% year-on-year, with the gross margin improving from 33.6% to 36.4% [1] Strategic Initiatives - The company is actively promoting a multi-live room and multi-anchor strategy, continuously developing high-margin self-operated products [1] - It possesses content advantages in the GEO marketing environment, contributing to a strong increase in gross margin for the first half of FY26 [1]