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 ...

8月25日恒生指数上涨1.94%，报收25829.91点，全天南向资金通过港股通渠道合计净卖出13.76亿港 元。 证券时报·数据宝统计，8月25日港股通全天合计成交金额为2024.76亿港元，成交净卖出13.76亿港元。 具体来看，沪市港股通成交金额1230.70亿港元，成交净卖出24.36亿港元；深市港股通成交金额794.06 亿港元，成交净买入10.60亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，中芯国际成交额为70.23亿港元，成交金额居首； 其次是阿里巴巴-W、腾讯控股，成交金额分别为65.76亿港元、41.79亿港元。以净买卖金额统计，腾讯 控股净买入额为3.33亿港元，净买入金额居首，该股收盘股价上涨2.42%。净卖出金额最多的是盈富基 金，净卖出23.52亿港元，收盘股价上涨2.01%。 8月25日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | 港股通(沪) | 702310.19 | -87754. ...

Summary of East Buy (1797.HK) Earnings Review Company Overview - **Company**: East Buy (1797.HK) - **Industry**: E-commerce, specifically focusing on private label and live streaming sales Key Financial Results - **2HFY25 Performance**: - **GMV**: Rmb3.9 billion, down -55% YoY, 15% below expectations - **3P GMV**: Decreased by -63% YoY, 40% below expectations due to high return rates - **1P GMV**: Increased by 5% YoY, in line with expectations - **Revenue**: Rmb2.2 billion, down -46% YoY, in line with expectations - **Adjusted Net Profit**: Rmb198 million, down -34% YoY, but 90% above expectations - **Gross Profit Margin (GPM)**: 5.1% NPM, improved due to lower operating expenses [1][2][17] - **FY25 Full Year Results**: - **GMV**: Rmb8.7 billion, down -39% YoY - **Revenue**: Rmb4.4 billion, down -33% YoY - **Adjusted Net Income**: Rmb173 million, with a 30% increase in net profit from continuing operations to Rmb135 million when excluding one-off impacts [2] Operational Highlights - **Product Range Expansion**: Increased from 488 to 732 SPUs, including nutritional foods, pet foods, and clothing - **East Buy App**: Contributed 16% of GMV and 25% of revenue in FY25, with paid members reaching 264k, a 16% increase from the previous period [3][19] - **Multi-Platform Strategy**: Over 70% of FY25 GMV came from Douyin, with plans to explore offline channels [20] Forecast Adjustments - **FY26-27E GMV Forecasts**: Reduced by 1-3%, but revenue forecasts raised by 0-10% due to higher contributions from 1P private-label products [4] - **Adjusted Net Profit Margin**: Revised up by +0.2pp/+1.0pp for FY26-27E [4] Valuation and Price Target - **Current Price**: HK$31.62 - **Target Price**: HK$9.00, based on a 15x CY26E target P/E - **Valuation Concerns**: Current valuation remains high at 3x P/GMV and 59x P/E for FY26E, compared to peers [16][34] Risks and Investment Thesis - **Risks**: GMV pressure, especially in the 3P live-streaming segment, and elevated valuation relative to growth prospects - **Investment Rating**: Sell due to unclear near-term growth outlook and high valuation [37] Additional Insights - **Private Label Products**: Accounted for 44% of GMV and 80% of revenue in FY25, with strong momentum in nutritious products [19] - **East Buy App Growth**: Expected to contribute 21% of GMV in FY26E, with a target of 560k paid members by 2027E [19][23] - **DAUs and WAUs Stability**: Despite stable user engagement metrics, the app's growth potential remains uncertain [30] This summary encapsulates the key financial metrics, operational highlights, and strategic outlook for East Buy, providing a comprehensive overview for potential investors and stakeholders.

Core Viewpoint - Oriental Selection is struggling to recover from the impact of the departure of its key figure, Dong Yuhui, with significant declines in revenue and profit reported in the latest financial results [2][3]. Financial Performance - For the fiscal year 2025, Oriental Selection reported a 32.7% decrease in total revenue from continuing operations, amounting to 4.392 billion yuan [3][6]. - The net profit for the year was 6.2 million yuan, a staggering decline of 97.5% compared to the previous year [3][6]. - Despite the overall decline, the company managed to turn a loss of 96.5 million yuan in the first half of the fiscal year into a profit, with a net profit of 135.4 million yuan when excluding the financial impact of the sale of "With Hui Together" [3][6]. - The gross profit margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025 [3][6]. Business Challenges - The transition to an "online Sam's Club" model is facing multiple challenges, including supply chain issues, channel dependency, and slowing membership growth [2][3]. - The total GMV from all sales channels decreased from 14.3 billion yuan to 8.7 billion yuan year-on-year, with a significant drop in paid orders from Douyin [3][6]. - The number of paid members increased from 198,600 to 264,300, representing a net increase of only 65,700 members, indicating weak growth in the membership system [6]. User Engagement and Market Position - The follower count for the "With Hui Together" Douyin account has surpassed that of Oriental Selection's main account, indicating a shift in user engagement [4]. - Oriental Selection's main account has struggled to maintain a strong presence in Douyin's monthly sales rankings, with only four entries in the top ten over the past year [4]. - The departure of key hosts has raised concerns about the company's ability to retain core talent, despite previous efforts to reduce reliance on individual hosts [4][5]. Strategic Initiatives - To mitigate reliance on single hosts, the company has initiated a clear transformation strategy to develop an "online version of Sam's Club" [5]. - The company launched its self-operated app in August 2022, promoting self-operated products and introducing a paid membership system [5]. - The GMV from self-operated products reached 3.81 billion yuan in fiscal year 2025, accounting for approximately 43.8% of total GMV, with a notable increase in the number of self-operated products launched [6].