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].

东方甄选相关负责人表示，电商平台能够有效帮助地理标志产品打破地域限制、提升品牌认知、解决"卖全国"的难题。通 过严格的品控体系、质量追溯系统及内容电商模式，东方甄选保障了产品质量，也为消费者创造沉浸式的购物体验，让消 费者沉浸式感受地理标志产品的独特之处。 未来，东方甄选表示，将继续与各地政府、行业协会等加强合作，探索电商助力地理标志产品发展的新路径，让农民增收 致富，让消费者享受到更多优质产品。 编辑：孙冰 近日，东方甄选受邀参加第十四届中国知识产权年会，并在会议现场发表演讲，介绍其在推广和销售地理标志产品方面的 实践与成果。东方甄选相关负责人在发言中表示，将继续大力推广和销售地理标志产品，助力乡村振兴与农业现代化。 据介绍，东方甄选目前已有800款以上的自营产品上市，农产品的数量占一半以上，其中包括多款地理标志产品，比如贵州 刺梨、洛川苹果、荔浦芋头等。多款产品已成为热销爆品，例如自营刺梨汁，随着健康消费观念的普及和产品口碑积累， 该产品实现销量大幅增长，目前累计售出已超1930万瓶。 ...

会议现场东方甄选公布，已有近800款的自营产品上市， 农产品的数量占一半以上，其中包括多款地理标志产 品，比如贵州刺梨、洛川苹果、荔浦芋头等。多款产品 已成为热销爆品，例如自营刺梨汁，随着健康消费观念 的普及和产品口碑积累，该产品实现销量大幅增长，目 前累计售出已超1930万瓶。 东方甄选相关负责人在演讲中介绍，电商平台能够有效 帮助地理标志产品打破地域限制、提升品牌认知、解 决"卖全国"的难题。通过严格的品控体系、质量追溯系 统及内容电商模式，东方甄选保障了产品质量，也为消 费者创造沉浸式的购物体验，让消费者沉浸式感受地理 标志产品的独特之处。 近日，东方甄选受邀参加第十四届中国知识产权年会，并在会议现场发表演讲，介绍其在推广和销售地 理标志产品方面的实践与成果。东方甄选相关负责人在发言中表示，将继续大力推广和销售地理标志产 品，助力乡村振兴与农业现代化。 未来，东方甄选表示将继续与各地政府、行业协会等加强合作，探索电商助力地理标志产品发展的新路 径，让农民增收致富，让消费者享受到更多优质产品。 免责声明：此文内容为本网站刊发或转载企业宣传资讯，仅代表作者个人观点，与本网无关。仅供读者 参考，并请自行核实相 ...

Core Insights - The article highlights the net inflow and outflow of capital in the Hong Kong stock market, with specific focus on the top companies experiencing significant changes in capital flow [1][2]. Group 1: Net Inflow - Alibaba-W (09988) leads with a net inflow of 5.14 billion, representing a 25.60% increase in capital [2]. - Horizon Robotics-W (09660) follows with a net inflow of 1.375 billion, showing a 24.13% increase [2]. - Tencent Holdings (00700) has a net inflow of 1.076 billion, with an 8.04% increase [2]. - Other notable companies with significant inflows include BYD Company (01211) with 1.031 billion and WuXi Biologics (02269) with 542 million [2]. Group 2: Net Outflow - Pop Mart (09992) experiences the highest net outflow at -649 million, reflecting a -6.94% decrease [2]. - Kuaishou-W (01024) has a net outflow of -581 million, with a -13.67% decrease [2]. - Meitu Inc. (01357) sees a net outflow of -472 million, indicating a -24.59% decrease [2]. - Other companies with significant outflows include Xiaomi Group-W (01810) at -368 million and China Merchants Bank (03968) at -227 million [2]. Group 3: Net Inflow Ratio - The top net inflow ratio is held by Wisdom Hong Kong 100 (02825) at 100.00%, with a total inflow of 5.924 billion [3]. - Sinopec Kantons Holdings (00934) follows with a net inflow ratio of 72.10%, totaling 6.5044 million [3]. - Kunlun Energy (00135) has a net inflow ratio of 63.22%, with an inflow of 5.6388 million [3]. Group 4: Net Outflow Ratio - iFlytek Medical Technology (02506) leads in net outflow ratio at -48.28%, with an outflow of -13.4085 million [3]. - VTECH Holdings (00303) has a net outflow ratio of -45.83%, totaling -15.8089 million [3]. - NetDragon (00777) follows with a net outflow ratio of -45.72%, with an outflow of -41.1797 million [3].

高盛此前指出，东方甄选截至今年5月底止下半财年业绩好坏参半，商品交易总额(GMV)同比跌55%至 39亿元人民币，较该行预期低15%，但透过控制营运开支，期内每股盈利胜预期。撇除出售"与辉同 行"的一次性影响，2025财年持续经营业务净利润增长30%至1.35亿元人民币。此外，因基本面仍然疲 软，加上估值较昂贵，高盛仍维持东方甄选的"沽售"评级。 东方甄选(01797)跌近6%，当前股价较8月高点已回撤逾四成。截至发稿，跌5.74%，报23.66港元，成交 额5.8亿港元。 消息面上，花旗近期研报指，因应东方甄选的商业模式从"依赖龙头主播"转向"规模化会员平台"，将 2025至27财年收入预测分别下调36%、31%及30%，盈利预测分别下调69%、30%及26%，并将目标价由 18.5港元升至33港元。该行预期会员平台将有26.4万付费会员，月回购率达40%；自有品牌毛利率由 10%低位恢复至24%；预计2028年经调整净利率达7%至8%，而现时为4%；维持"买入"评级，但认为转 型成效仍然需要经多个季度的表现来验证。 ...

消息面上，花旗近期研报指，因应东方甄选的商业模式从"依赖龙头主播"转向"规模化会员平台"，将 2025至27财年收入预测分别下调36%、31%及30%，盈利预测分别下调69%、30%及26%，并将目标价由 18.5港元升至33港元。该行预期会员平台将有26.4万付费会员，月回购率达40%；自有品牌毛利率由 10%低位恢复至24%；预计2028年经调整净利率达7%至8%，而现时为4%；维持"买入"评级，但认为转 型成效仍然需要经多个季度的表现来验证。 智通财经APP获悉，东方甄选(01797)跌近6%，当前股价较8月高点已回撤逾四成。截至发稿，跌 5.74%，报23.66港元，成交额5.8亿港元。 高盛此前指出，东方甄选截至今年5月底止下半财年业绩好坏参半，商品交易总额(GMV)同比跌55%至 39亿元人民币，较该行预期低15%，但透过控制营运开支，期内每股盈利胜预期。撇除出售"与辉同 行"的一次性影响，2025财年持续经营业务净利润增长30%至1.35亿元人民币。此外，因基本面仍然疲 软，加上估值较昂贵，高盛仍维持东方甄选的"沽售"评级。 ...

Group 1 - The live e-commerce industry is facing significant challenges, including increased competition and rising costs, leading to a transformation in the dynamics of top influencers [1][5] - Oriental Selection experienced a decline in both revenue and net profit in its first fiscal year after the departure of key influencer Dong Yuhui, with total revenue down 32.7% and net profit down 97.5% to only 6.2 million yuan [3] - The company "Yao Wang" reported a 36.32% decrease in revenue and a net loss of 253 million yuan, attributed to various factors including amortization costs and reduced government subsidies [3] Group 2 - "Jiao Ge Peng You" reported a 9.8% increase in revenue from its new media services, but net profit fell by 37.4% to 55.4 million yuan due to rising traffic acquisition costs and increased operational expenses [3][5] - The overall industry is experiencing a dual challenge of expanding scale and intensifying competition, with rising traffic costs and slowing user growth impacting profitability [5] - The departure of key influencers, such as Dong Yuhui and others from Oriental Selection, has further strained the competitive landscape, with significant talent loss affecting brand performance [6][7]

Core Viewpoint - The live-streaming event for the Baiqiao sea bass by Dongfang Zhenxuan achieved impressive sales, generating approximately 6.5 million yuan in a single day, indicating strong market demand and effective marketing strategies [6][8][33]. Group 1: Sales Performance - On September 4, the live-streaming event recorded 65,000 orders, with total sales reaching about 6.5 million yuan [7][33]. - Sales exceeded 2 million yuan within just two hours of the broadcast [24]. Group 2: Industry Background - Baiqiao sea bass is recognized as a national geographical indication product, with the region being a major production area, accounting for over 60% of the national output [30][42]. - The Baiqiao sea bass farming industry covers more than 39,000 acres in the Doumen district, making it the largest sea bass production area in the country [42]. Group 3: Industry Development - The industry has been evolving through a "leading enterprise + base + fishermen" model, which has significantly increased local farmers' incomes [45]. - The local government allocates 4 million yuan annually to support the development of the sea bass industry, enhancing its growth potential [47]. Group 4: Technological Advancements - The introduction of an intelligent automated production line, developed by Gree specifically for the aquaculture industry, has been implemented to improve efficiency [54][56]. - The production line automates processes such as scaling, gutting, and sorting, contributing to a more streamlined operation [58][60]. Group 5: Future Prospects - The establishment of the "Zhuhai Baiqiao Sea Bass Industry Demonstration Park" marks a significant step towards national-level support for the industry [49]. - A new agricultural logistics trading center project, with an investment exceeding 2.6 billion yuan, is set to enhance the region's agricultural product distribution capabilities [63][64].

Core Viewpoint - The "Chen Xiaoge" brand of pigeon products successfully launched on the Oriental Selection live streaming platform, achieving significant sales and market recognition within a short time frame [10][26][28]. Group 1: Sales Performance - The live stream for "Chen Xiaoge" sold out within two hours, with the first 20 minutes seeing it reach the top of the Douyin fresh food rankings [7][10][26]. - The event showcased the strong market appeal of "Xingning Pigeon," indicating a robust consumer interest in the product [8][25]. Group 2: Brand Development - "Xingning Pigeon" has been focusing on brand enhancement, standardization, and the development of a comprehensive industry chain that includes breeding, processing, technology, and marketing [11][12][13]. - The operational entity behind "Chen Xiaoge," Meizhou Jinlv Modern Agricultural Development Co., has evolved into a leading enterprise capable of processing 15 million pigeons annually, contributing to the growth of the Xingning pigeon industry cluster [14][15]. Group 3: Media Influence - The "Media+" initiative is playing a crucial role in the high-quality development of the Guangdong livestock industry, integrating media power into various aspects of industry growth [19][21]. - The use of e-commerce live streaming and short videos allows consumers to gain direct insights into the breeding and processing of pigeons, enhancing trust in product quality [23][24]. Group 4: Market Expansion - The successful launch of "Chen Xiaoge" on a major live streaming platform not only boosts sales but also enhances brand influence, facilitating the expansion of "Xingning Pigeon" into broader markets [28][29].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方甄選控股有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01797 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00002 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00002 | USD | | 100,000 | 本月底法定/ ...