消息面上，东方甄选近日发布截至2025年11月30日止6个月业绩，该集团期内取得总营收23.12亿元人民 币，同比增加5.7%；公司拥有人应占溢利2.39亿元，同比扭亏为盈。同期毛利达8.416亿元，同比增长 14.5%，超过了营收增速，毛利率从33.6%提升至36.4%。申万宏源认为，由于公司积极推进多直播间多 主播战略，持续开发高毛利自营产品，并且具备在GEO营销环境中内容优势，1HFY26毛利率提升强 劲。 智通财经APP获悉，东方甄选(01797)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。 ...

Core Viewpoint - Oriental Selection reported a total revenue of 2.312 billion yuan for the first half of the 2026 fiscal year, marking a year-on-year growth of 5.7%, and a 17% increase when excluding certain pre-split revenues [1][2] Financial Performance - The company achieved a net profit of 239 million yuan, compared to a net loss of 96.79 million yuan in the same period last year [1] - Gross profit reached 841.6 million yuan, reflecting a 14.5% year-on-year increase [1] E-commerce and Sales Channels - The total GMV (Gross Merchandise Volume) for self-operated and live e-commerce business was 4.1 billion yuan, down from 4.8 billion yuan year-on-year [2] - Douyin remains the primary sales channel, contributing the majority of GMV, while the Oriental Selection App accounted for 18.5% of GMV [2] - The number of paid orders on Douyin decreased to approximately 42.1 million, down from 50.1 million in the previous year [2] Product Strategy - As of November 30, 2025, Oriental Selection launched 801 self-operated products, up from 600 a year earlier, with self-operated products accounting for about 52.8% of total GMV [3] - The product range has diversified beyond fresh food and snacks to include a wider variety of categories [3] Offline Expansion - The company is actively pursuing offline growth, with plans to open its first offline experience store in Beijing's Zhongguancun, covering an area of 439 square meters [5] - Oriental Selection has deployed over 40 vending machines in various locations, some of which are already profitable [5] - The offline strategy aims to enhance consumer trust through interactive experiences and product traceability [5] Challenges and Competition - The company faces challenges in offline retail, including site selection, inventory management, and service operations, which require significant expertise [6] - Competition from established players like Sam's Club and Hema poses a threat to the success of its offline strategy [6] Leadership and Organizational Changes - The appointment of Sun Jin as the new CEO is seen as a strategic move to enhance operational efficiency [7] - The company plans to adjust its organizational structure to improve operational efficiency under Sun's leadership [7]

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company has experienced a turnaround in operations, with significant growth in product and channel expansion since the appointment of the new CEO in December 2025 [1][3] - For FY2026H1, the company reported revenue of 2.3 billion yuan, a year-on-year increase of 5.7%, and a 17% increase when adjusted for previous consolidation effects [1][18] - The gross merchandise volume (GMV) for FY2026H1 reached 4.1 billion yuan, with a 16.4% year-on-year increase after adjusting for previous consolidation effects [1][18] - The company's self-operated products generated a GMV of 2.16 billion yuan, reflecting a 22% year-on-year growth and accounting for 52.8% of total sales, marking it as the core growth driver [1][18] Summary by Sections FY2026H1 Financial Report: Self-Operation as Core Driver, Significant Improvement in Profitability - The gross margin for FY2026H1 was 36.4%, an increase of 2.8 percentage points, primarily due to high-margin self-operated products [2][18] - The non-GAAP net profit for FY2026H1 reached 260 million yuan, with a profit margin of 6.3% compared to 0.0% and 4.5% in FY2025H1 and H2 respectively, indicating continued improvement in profitability [2][18] High-Frequency Updates: Momentum Upward, Frequent Self-Operated Bestsellers - The company has over 800 self-operated products and plans to exceed 1,000 SKUs, entering a rapid iteration testing phase [4][19] - The company has successfully developed popular products such as probiotics and soft candies, with recent launches like dried apples and five-red powder also performing well [4][20] Accelerating Multi-Channel Strategy Implementation, Supporting Brand Momentum - The company is transitioning from a reliance on live-streaming sales to a focus on high-quality products, with significant sales through Douyin and its app [5][19] - The app sales GMV for FY2026H1 reached 760 million yuan, a year-on-year increase of 16% [5][19] New Development Phase Gradually Realized, Growth Accelerated in January 2026 - Estimated GMV for January 2026 exceeded 1 billion yuan, with a year-on-year growth rate exceeding 30%, driven by the launch of multiple new product lines and matrix accounts [6][19] Profit Forecast and Valuation - The company is expected to accelerate self-operated product and channel expansion, with adjusted net profit forecasts for FY2026-2028 at 556 million, 669 million, and 800 million yuan respectively, corresponding to PE ratios of 45x, 38x, and 31x [7][19]

自营产品持续发力，产品创新兼顾经营效益改善。公司1HFY26 GMV41 亿元，同比下降14.6%。 GMV 构成中来自自营产品为 21.6 亿元，代销第三方产品GMV19.4 亿元。扣除1HFY25 与辉同行直播间 的GMV（该直播间在2024 年8 月剥离）作可比基数，来自抖音平台的直播带货GMV于2025 年7 月同比 转正，并持续增长至2025 年11 月。1HFY26 公司持续开发新的自营产品，数量达到801 个，相比FY25 年底732 款增长约9.4%。随着供应链的深度拓展，以及自营产品品类的拓宽，公司自营产品的毛利率预 计从1HFY25 的21.5%提升至1H26 的33.7%，同比提升12.3 个百分点。同时公司新自营产品的开发也从 追求数量向着追求高复购率转变，从而推动单个产品更大的采购规模，降低原材料或成品采购单价，带 动毛利率提升。 多平台销售策略。东方甄选在抖音上持续开设新账号，并计划启动长期招聘计划招揽新主播。同时公司 也于微信小程序、微信小店、天猫、京东、拼多多及小红书等不同平台开设网店。26 年公司首家线下 体验店即将在北京中关村开幕，成为公司深化渠道布局的又一举措。 用户基数 ...

Core Viewpoint - Oriental Selection reported a significant revenue growth in FY26H1, achieving total revenue of 2.312 billion yuan, a year-on-year increase of 5.72%, and a 17% increase when excluding revenue from the Huizhong live streaming room [1] Financial Performance - Total revenue for FY26H1 reached 2.312 billion yuan, with a year-on-year growth of 5.72% [1] - Gross margin increased by 2.8 percentage points to 36.4% [1] - Net profit and adjusted net profit turned positive, reaching 239 million yuan and 258 million yuan respectively [1] Operational Metrics - Gross Merchandise Volume (GMV) for FY26H1 was 4.1 billion yuan, with a 16.4% year-on-year growth when excluding Huizhong [1] - Self-operated product revenue grew by 18.1% to 2 billion yuan, accounting for 52.8% of the company's GMV [1] - Douyin contributed significantly to the overall GMV, while revenue from the company's own app increased from 500 million yuan in FY25H1 to 600 million yuan, representing 18.5% of GMV [1] Future Outlook - The company has over 800 SKUs as of FY26H1, with expectations to exceed 1,000 SKUs in 2026 [1] - New Douyin accounts have been launched to enhance product exposure and support self-operated and external product promotions [1] - The number of paid members is rapidly increasing, with efforts to improve renewal rates through user research and outreach [1] - The company is also initiating offline store layouts [1] Profit Forecast and Investment Recommendation - The company is projected to achieve a revenue of 4.978 billion yuan and an adjusted net profit of 492 million yuan in the 2026 fiscal year [1] - Based on comparable companies, a PE ratio of 52X is assigned for the 2026 fiscal year, leading to a target price of 27.14 HKD per share, maintaining a "Buy" rating [1]

Group 1 - The core viewpoint of the article highlights that Dongfang Zhenxuan achieved a revenue of approximately 2.31 billion yuan in FY26H1, representing a year-on-year increase of 5.7%, with an adjusted net profit of 258 million yuan, a significant improvement from a loss of 2 million yuan in FY25H1 [1][2] - The company's self-operated products have shown strong performance, driving the brand transformation, with self-operated products accounting for 52.8% of total GMV in FY26H1, up from 43.8% in FY25 [1] - The company has expanded its product categories from fresh food to high-demand areas such as health supplements, pet food, and clothing, effectively enhancing the gross margin of self-operated products [1] Group 2 - Dongfang Zhenxuan has accelerated its multi-channel layout, having opened online stores on various platforms including WeChat Mini Programs, Tmall, JD, Pinduoduo, and Xiaohongshu, with its own app achieving a membership of 240,100 in FY26H1 [2] - The proportion of GMV from the company's own app increased from 15.7% in FY25 to 18.5% in FY26H1, with self-operated products accounting for 28.6% of total self-operated product GMV on the app [2] - The company plans to open its first offline experience store in Beijing's Zhongguancun, which will include both self-operated and third-party brand products, providing a one-stop shopping, leisure, and social experience [2] Group 3 - Due to the strong sales of self-operated products and the accelerated expansion of offline channels, the adjusted net profit forecasts for FY26-28 have been raised to 514 million, 535 million, and 603 million yuan, reflecting increases of 36%, 37%, and 43% respectively compared to previous forecasts [2]

Investment Rating - The report maintains a positive outlook on the overseas education sector, particularly highlighting key companies in the education and training industry [1]. Core Insights - The overseas education sector has shown significant improvement in operational efficiency, with a focus on key companies in the education and training industry [1]. - New Oriental (09901.HK) reported a revenue of $1.191 billion for Q2 FY26, a year-on-year increase of 14.7%, with a Non-GAAP net profit of $73 million, reflecting a 68.6% increase [6]. - Oriental Selection (01797.HK) achieved a revenue of 2.31 billion yuan in 1H FY26, up 5.7% year-on-year, and turned a profit with a net profit of 239 million yuan [9]. Summary by Sections 1. Overseas Education - The education index surged by 7.2% in the week of January 23-29, outperforming the Hang Seng Index by 2.2 percentage points [5]. - New Oriental's education business (including cultural tourism) generated $974 million, a 13% increase year-on-year, while other businesses (mainly Oriental Selection) saw a 22.9% revenue growth [6]. - The study abroad business's revenue growth has stabilized, with a 1% increase year-on-year, although it has slowed compared to previous periods [6]. 2. Oriental Selection - The company reported a revenue of 2.31 billion yuan in 1H FY26, marking a 5.7% increase year-on-year, and achieved profitability with a net profit of 239 million yuan [9]. - The gross merchandise volume (GMV) from self-operated products reached 2.16 billion yuan, with a significant improvement in gross margin from 21.5% to 33.7% year-on-year [10]. - The company is expanding its product offerings and enhancing operational efficiency, with a focus on increasing the utilization rate of existing teaching sites [7]. 3. Overseas Pharmaceuticals - The report highlights a strategic R&D collaboration between CSPC Pharmaceutical Group and AstraZeneca, valued at $18.5 billion, focusing on innovative long-acting peptide drugs [3][19]. - The agreement includes a $1.2 billion upfront payment and potential milestone payments totaling up to $13.8 billion, along with sales royalties based on net sales [19]. 4. Overseas Social Services - Macau's gaming revenue maintained double-digit growth, with December's gross gaming revenue reaching 20.9 billion MOP, a 14.8% year-on-year increase [23]. - The total visitor count for Macau in 2025 reached 40.06 million, a 14.7% increase year-on-year, marking a historical high [23].

Core Viewpoint - Dongfang Zhenxuan is accelerating its "de-Donghua" process, showing a significant recovery in its financial performance after the departure of key personnel, with a notable increase in revenue and profit [1][2]. Financial Performance - For the fiscal year 2026, Dongfang Zhenxuan reported total revenue of 2.3 billion yuan, a year-on-year increase of 5.7%, and a 17% increase when excluding revenue from the Huixing Tong live streaming room [1][2]. - The company achieved a net profit of 239 million yuan, compared to a net loss of 96.79 million yuan in the same period of 2024, with gross profit rising by 14.5% to 842 million yuan [1][2]. Cost Management - A significant reduction in non-recurring costs was a key factor in the company's turnaround, with administrative expenses dropping by 78.6% to 83.9 million yuan due to the absence of previous distributions to Huixing Tong [2]. - Salary expenses decreased by 34.9% to 347 million yuan, attributed to workforce optimization, reducing full-time employees from 1,264 to 1,054 [2]. Product Development - Dongfang Zhenxuan has launched 801 self-operated products, a 33% increase from 600 in the previous year, with self-operated products accounting for approximately 52.8% of total GMV [3]. - The company plans to continue expanding its self-operated product line, aiming to exceed 1,000 SKUs and develop individual products with significant sales potential [3]. Challenges and Competition - The company faces challenges in filling the traffic gap and team disruptions caused by the "de-Donghua" process, with notable departures of key personnel [5][6]. - Dongfang Zhenxuan's main account has seen a decline in followers, with competitors like Huixing Tong rapidly gaining traction, surpassing Dongfang Zhenxuan's follower count [6][7]. Strategic Initiatives - The company is diversifying its live streaming strategy by establishing multiple matrix accounts to attract more targeted audiences [6][7]. - Dongfang Zhenxuan is also expanding its offline presence by placing vending machines in educational institutions and planning to open its first offline experience store in Beijing [8].

2025财年前6个月，东方甄选营收增加5.7%至23亿元。若剔除与辉同行直播间产生的总营收金额，东方 甄选营收由截至2024财年前6个月的20亿元增加17.0%。同时，东方甄选由亏转盈，从2024财年前6个月 的净亏损9650万元转为2025年同期的净利润为2.39亿元。 东方甄选在财报中强调，其自营产品营收从2024财年前六个月的17亿元增加18.1%至2025财年前六个月 的20亿元。东方甄选解释，公司持续加强供应链管理体系，扩大产品类别，增加产品供应数量和SPU。 东方甄选自营产品及直播电商业务总GMV为41亿元。截至2025年11月30日，东方甄选已累计推出801款 自营产品，自营产品GMV在报告期内占总GMV约52.8%，有效带动了整体销售与利润的长期增长。 本报（chinatimes.net.cn）记者于玉金 北京报道 通过对品类扩充，东方甄选自营产品GMV有效带动整体销售与利润的长期增长，2025财年前6个月，东 方甄选恢复了总营收与净利润的同比双增长。1月28日，东方甄选（1797.HK）公布了2026财年中期业 绩，2025年6月1日至11月30日，其总营收23亿元，同比增长5.7%，净利润 ...

Core Viewpoint - The report from Shenwan Hongyuan maintains an "overweight" rating for Dongfang Zhenxuan (01797), citing the company's aggressive multi-live room and multi-anchor strategy, continuous development of high-margin self-operated products, and content advantages in the GEO marketing environment, leading to a strong increase in gross margin for 1HFY26 [1] Financial Performance - In 1HFY26 (from June 2025 to November 2025), Dongfang Zhenxuan reported revenue of 2.31 billion yuan, a year-on-year increase of 5.7%; the net profit attributable to shareholders was 239 million yuan, marking a turnaround from loss to profit. Revenue growth was driven by self-operated product sales, while profit improvement was due to enhanced product gross margins [2] Self-Operated Products and Innovation - The company's GMV for 1HFY26 was 4.1 billion yuan, a year-on-year decline of 14.6%. Within this, self-operated products accounted for 2.16 billion yuan, while third-party product GMV was 1.94 billion yuan. Excluding the GMV from the Huixing live room (which was divested in August 2024), GMV from Douyin's live streaming sales turned positive year-on-year by July 2025 and continued to grow until November 2025. The company developed 801 new self-operated products in 1HFY26, a 9.4% increase from 732 at the end of FY25. The gross margin for self-operated products is expected to rise from 21.5% in 1HFY25 to 33.7% in 1HFY26, a year-on-year increase of 12.3 percentage points. The focus of new product development has shifted from quantity to high repurchase rates, which helps increase procurement scale and reduce material or finished product costs, thereby boosting gross margins [3] Multi-Platform Sales Strategy - Dongfang Zhenxuan continues to open new accounts on Douyin and plans to initiate a long-term recruitment plan for new anchors. The company has also established online stores on various platforms including WeChat Mini Programs, WeChat Stores, Tmall, JD, Pinduoduo, and Xiaohongshu. The first offline experience store is set to open in Beijing's Zhongguancun in 2026, marking another step in the company's channel expansion [4] User Base and Paid Conversion - In 1HFY26, Dongfang Zhenxuan's app is expected to have over 300,000 paid fans, an increase from 264,000 at the end of FY25. The company has a substantial follower base of 42.79 million on Douyin (counting only the main account and six matrix accounts), providing a solid foundation for expanding the number of paid users. Future growth in paid users is expected to drive GMV growth [5]