上 市 公 司 社会服务 2024 年 08 月 25 日 东方甄选 (01797) ——多直播间战略持续推进，品类扩张促进销售放量 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 10.88 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 46.80/8.92 | | H 股市值（亿港币） | 112.21 | | 流通 H 股（百万股） | 1,031.30 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： -76% -26% 24% HSCEI 东方甄选 资料来源：Bloomberg 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 (8621)23297818× huangzhe@swsresearch.com 中性（维持）投资要点： 东方甄选公布 24 财年业绩，扣除已出售的在线教 ...

Revenue and Profit Growth - Total revenue for the fiscal year 2024 reached RMB 7,072.56 million, a significant increase from RMB 4,509.85 million in fiscal year 2023[2] - The company's adjusted profit for fiscal year 2024 was RMB 2,180.71 million, up from RMB 1,089.33 million in fiscal year 2023[2] - The company's profit before tax for fiscal year 2024 was RMB 2,022.08 million, compared to RMB 1,172.71 million in fiscal year 2023[2] - The company's profit attributable to owners for fiscal year 2024 was RMB 1,719.50 million, up from RMB 971.29 million in fiscal year 2023[2] - Total net revenue increased by 56.8% from RMB 4.5 billion in FY2023 to RMB 7.1 billion in FY2024[7] - Adjusted net profit for continuing and discontinued operations reached RMB 2.2 billion in FY2024, compared to RMB 1.1 billion in FY2023[7] - Total revenue from continuing operations increased by 68.1% from RMB 3.9 billion in FY2023 to RMB 6.5 billion in FY2024, driven by the multi-platform strategy on Douyin, Taobao, and the company's own app, as well as the membership day promotion launched in December 2023[21] - Net profit from continuing and discontinued operations increased from RMB 971.3 million in FY2023 to RMB 1.7 billion in FY2024, while net profit from continuing operations decreased from RMB 799.2 million to RMB 249.1 million[32] - Total net profit for 2024 was RMB 1,719,508 thousand, up from RMB 971,286 thousand in 2023[55] - Profit from discontinued operations surged to RMB 1.470 billion in 2024, compared to RMB 172.087 million in 2023[71] Gross Merchandise Value (GMV) and E-commerce Performance - Gross Merchandise Value (GMV) for fiscal year 2024 was RMB 14.3 billion, up from RMB 10.0 billion in fiscal year 2023[6] - GMV increased by 43% to RMB 14.3 billion in FY2024, with 8.4% of total GMV coming from the company's app[10] - The company's self-operated products accounted for approximately 40% of total GMV in FY2024, up from 30% in FY2023[8] - Net revenue from self-operated products and live-streaming e-commerce increased by 68.1% from RMB 3.9 billion in FY2023 to RMB 6.5 billion in FY2024[7] - The company's self-operated products and live-streaming e-commerce team reached 1,883 employees, with 1,318 full-time and 565 part-time staff as of May 31, 2024[10] - The company plans to add more than 10 vertical accounts on Douyin and gradually launch more live-streaming channels in the coming years[7] Douyin Platform Performance - The number of followers on Douyin increased to 65.0 million in fiscal year 2024, compared to 41.8 million in fiscal year 2023[6] - The number of paid orders on Douyin rose to 181.1 million in fiscal year 2024, up from 136.3 million in fiscal year 2023[6] - The number of paid orders on Douyin increased from 136.3 million in FY2023 to 181.1 million in FY2024[10] Self-Operated Products and Logistics - The company has developed and launched 488 SKUs of self-operated products since April 2022, expanding from 120 SKUs in FY2023[8] - The company's logistics network achieved 99% coverage for常温发货 and 97% coverage for冷链发货 in FY2024[9] - The company's logistics coverage for ambient and cold chain services reached 99% and 97% nationwide, respectively, ensuring timely and safe delivery of products to consumers[18] - The company's self-operated brand potato chips differentiate themselves in the market by emphasizing health benefits, such as being non-fried, trans-fat-free, and packaged in convenient 20g individual servings[14] - The company's meat products are traceable from upstream farms and slaughterhouses, with all relevant data and documents (e.g., livestock epidemic prevention permits, animal quarantine certificates, factory inspection reports, feed/vaccine/medication records) compliant with regulations[15] - The company's vegetable products undergo batch-by-batch pesticide residue testing to ensure food safety for consumers[15] Financial Metrics and Performance - The company's adjusted EBITDA for fiscal year 2024 was RMB 904.59 million, compared to RMB 1,207.45 million in fiscal year 2023[2] - The company's basic earnings per share for fiscal year 2024 were RMB 1.68, compared to RMB 0.97 in fiscal year 2023[2] - The company's diluted earnings per share for fiscal year 2024 were RMB 1.61, up from RMB 0.91 in fiscal year 2023[2] - The gross profit margin for continuing operations decreased from 38.2% in FY2023 to 25.9% in FY2024, primarily due to the promotion of membership day activities and changes in the product mix, with more sales of lower-margin agricultural products[23] - The company's basic earnings per share from continuing operations were RMB 0.24 in 2024, down from RMB 0.79 in 2023[69] - The company's basic earnings per share from discontinued operations were RMB 1.44 in 2024, up from RMB 0.17 in 2023[71] Education Segment Performance - The company's university education segment revenue decreased from RMB 590.8 million in FY2023 to RMB 523.8 million in FY2024, with paid student enrollments dropping from 581,000 to 334,000[22] - The company's institutional client revenue decreased from RMB 38.2 million in FY2023 to RMB 23.2 million in FY2024[22] - University education division's total revenue cost decreased by 21.5% from RMB 149.9 million in FY2023 to RMB 117.6 million from June 1, 2023, to February 29, 2024, primarily due to reduced employee costs[25] - University education division's gross profit decreased by 7.9% from RMB 440.9 million in FY2023 to RMB 406.2 million from June 1, 2023, to February 29, 2024, with gross margin increasing from 74.6% to 77.5%[25] - Total revenue cost for services provided to institutional clients decreased by 68.9% from RMB 7.7 million in FY2023 to RMB 2.4 million from June 1, 2023, to February 29, 2024, with gross margin increasing from 79.9% to 89.7%[26] Expenses and Costs - Sales and marketing expenses increased by 174.5% from RMB 315.5 million in FY2023 to RMB 866.1 million in FY2024, primarily due to increased employee costs for self-operated products and live streaming business[28] - R&D expenses increased by 101.6% from RMB 65.3 million in FY2023 to RMB 131.6 million in FY2024, mainly due to increased employee costs[28] - Administrative expenses increased by 173.7% from RMB 144.5 million in FY2023 to RMB 395.6 million in FY2024, primarily due to increased employee costs and share-based compensation expenses[29] - Total employee compensation expenses, including share-based compensation, increased by 94.1% year-over-year to RMB 1.4 billion in the fiscal year 2024[42] - Total employee costs rose to RMB 1.221 billion in 2024, compared to RMB 478.104 million in 2023, driven by increases in salaries, benefits, and equity-settled share-based payments[68] Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 2.3 billion as of May 31, 2024, compared to RMB 1.2 billion as of May 31, 2023, with total monetary funds reaching RMB 4.6 billion[36] - Net cash generated from operating activities for the fiscal year 2024 was RMB 856.1 million, with a pre-tax profit of RMB 2 billion adjusted for non-cash items, non-operating items, and working capital changes[38] - Net cash generated from investing activities for the fiscal year 2024 was RMB 202.8 million, primarily due to the sale of financial assets at fair value through profit or loss (RMB 3 billion), withdrawal of fixed deposits (RMB 1.8 billion), and net cash inflow from the sale of the education business (RMB 849.5 million)[39] - Net cash used in financing activities for the fiscal year 2024 was RMB 14.8 million, mainly due to the repayment of lease liabilities (RMB 43.1 million)[40] - Capital expenditures for property and equipment in the fiscal year 2024 were RMB 35.9 million, compared to RMB 12.8 million in the fiscal year 2023[41] - The company had no bank loans or other borrowings during the reporting period and considers its cash and capital resources sufficient for operations and expansion[44] - The company had no significant contingent liabilities as of May 31, 2024[45] - The company did not recommend a final dividend for the fiscal year 2024[49] - Total assets increased to RMB 6,163,887 thousand in 2024 from RMB 3,436,916 thousand in 2023, representing a growth of approximately 79.4%[57] - Cash and cash equivalents surged to RMB 2,262,464 thousand in 2024, up from RMB 1,165,137 thousand in 2023, marking a significant increase of 94.2%[57] - Inventory levels rose sharply to RMB 422,341 thousand in 2024 compared to RMB 140,952 thousand in 2023, indicating a 199.6% increase[57] - Trade and other receivables grew to RMB 893,582 thousand in 2024 from RMB 218,972 thousand in 2023, reflecting a 308.1% increase[57] - The company's equity attributable to owners increased to RMB 4,969,216 thousand in 2024 from RMB 2,803,808 thousand in 2023, showing a 77.2% growth[58] - Non-current liabilities decreased to RMB 58,999 thousand in 2024 from RMB 20,301 thousand in 2023, a reduction of 190.6%[58] Strategic Initiatives and Future Plans - The company plans to expand its offline presence by promoting self-operated products in New Oriental offline outlets, starting with a pilot in Beijing in the second half of 2024 and gradually expanding nationwide[16] - The company will evaluate underperforming self-operated products with low gross margins and make adjustments to optimize performance, potentially discontinuing unprofitable product lines and introducing new products[19] - The company sold its education business on March 1, 2024, as part of a strategic restructuring to focus on its core e-commerce operations[59] - The company operates primarily through contractual arrangements with Beijing Xuncheng and Kuxue Huisi due to foreign ownership restrictions in China's telecommunications sector[60] - The company applied revised International Financial Reporting Standards (IFRS) for the first time in the current year, with no significant impact on financial statements[61] - The company does not expect the application of new and revised IFRS standards to have a material impact on its financial statements in the foreseeable future[62] Other Financial and Operational Highlights - Share of profits from associates turned from a loss of RMB 12.8 million in FY2023 to a profit of RMB 3.8 million in FY2024, mainly due to the turnaround of Beijing Times Cloud Map Books Co., Ltd. and the deconsolidation of Beijing Yuke Future Intelligent Technology Co., Ltd.[30] - Other income, gains, and losses from continuing operations increased by 21.7% from RMB 113.4 million in FY2023 to RMB 138.1 million in FY2024, mainly due to increased bank deposit interest income[27] - The company's government subsidies increased significantly to RMB 53.991 million in 2024, up from RMB 26.388 million in 2023[66] - Interest income from fixed deposits increased to RMB 41.277 million in 2024, up from RMB 20.119 million in 2023[65] - The company's income tax expense for continuing operations decreased to RMB 184.580 million in 2024, down from RMB 257.270 million in 2023[67] - The company's total other income, gains, and losses amounted to RMB 138.077 million in 2024, up from RMB 113.417 million in 2023[65] - The company's total revenue from continuing operations is entirely derived from external customers in China, with no single customer contributing more than 10% of total revenue[64] - Non-current assets: Fair value through profit or loss financial assets - unlisted equity investments decreased to RMB 94,889 thousand in 2024 from RMB 102,576 thousand in 2023[72] - Current assets: Fair value through profit or loss financial assets - wealth management products increased to RMB 1,250,338 thousand in 2024 from RMB 1,037,402 thousand in 2023[72] - The company invested RMB 17,527,000 in Dongfang Zhenxuan (Henan) Food Technology Co., Ltd., acquiring 30% of preferred ordinary shares[72] - Wealth management products purchased from multiple banks have an expected annual return rate ranging from 2.70% to 3.99% in 2024, compared to 2.17% to 3.00% in 2023[73] - The company made purchases from Dongfang Zhenxuan (Henan) amounting to RMB 180,354,000 in 2024, compared to none in 2023[73] - Trade receivables (net of credit loss provisions) decreased to RMB 31,693 thousand in 2024 from RMB 37,927 thousand in 2023[75] - Other receivables increased significantly to RMB 861,889 thousand in 2024 from RMB 181,045 thousand in 2023, primarily due to an increase in receivables from related parties[75] - Contract liabilities related to membership fees and live e-commerce services were RMB 19,513 thousand and RMB 8,391 thousand respectively in 2024, compared to none in 2023[77] - Trade payables increased to RMB 611,886 thousand in 2024 from RMB 335,263 thousand in 2023, with a significant portion aged between 1 to 90 days[78] - The company's trade payables include RMB 19,672,000 in payables to related parties in 2024, compared to RMB 9,140,000 in 2023[78] - The company's board of directors includes executive directors Yu Minhong and Yin Qiang, non-executive director Sun Chang, and independent non-executive directors Lin Zheying, Dong Ruibao, and Kuang Weixin[82]

港股公司报告 | 公司点评 再起航 东方甄选拟以 0.77 亿出售与辉同行至董宇辉 7 月 25 日，公司宣布旗下著名主播、与辉同行董事兼总经理董宇辉离职， 其不再担任东方甄选雇员。同时公司拟将与辉同行（北京）科技有限公司 出售至董宇辉，交易价格为 7659 万元，相当于与辉同行截至 2024 年 6 月 30 日的资产净值，公司预计将不会产生收益或亏损。此外，本次董宇辉所 需股权购买款，由符合上市公司规则和公司章程规定的方式予以安排支 付。 与辉同行此前为东方甄选 100%控股子公司，公司认为其品牌与董宇辉及其 个人知识产权密不可分，董宇辉离职后无法持续经营，且相关知识产权将 不会为公司带来经济利益，因此出售符合集团及股东最佳利益。出售事项 将于出售协议日期起 6 个月内完成，此后与辉同行将不再并表；信息系统 无偿交付与辉同行使用。 同时公司拟将与辉同行在成立期间（2023/12/22-2024/6/30）所有余下未分 配净利奖励董宇辉，期间与辉同行净利 1.4 亿人民币。 此外，公司公告拟在一年内回购不超过 5 亿人民币的公司股份。 FY25 以来与辉同行约占公司抖音渠道 GMV65% 据灰豚数据，我们估 ...

Investment Rating - The report maintains a neutral rating for the company, Oriental Selection (1797 HK), with a target price of 13.40, indicating a potential upside of 41.1% from the current price of 9.50 [5]. Core Insights - The company is focusing on a dual-driven strategy of traffic and products, with plans to enhance brand building and strengthen cooperation with Douyin [2][3]. - The company will diversify its product lines by developing both self-operated products and external products, aiming to expand its self-operated product system and build its own app platform [2]. - The company plans to establish offline service/experience stores based on its 800+ offline teaching points to attract foot traffic and increase brand exposure [3]. - The sale of Huixing will negatively impact the company's short-term GMV and profits, but it is expected that operations will stabilize once public sentiment improves [3]. Summary by Sections Company Strategy - The company will reallocate resources to strengthen brand building and continue to output quality content in cooperation with Douyin [2]. - Future strategic planning includes expanding self-operated and external product lines, promoting high-quality products in various provinces, and developing unique local products [2]. Marketing and Promotion - The company will engage in diverse activities that combine content and cultural products to enhance consumer interest, including collaborations with international development agencies and live interviews with authors [3]. - A matrix of accounts targeting niche audiences will be established to further enhance brand influence and traffic acquisition [3]. Financial Outlook - The report notes that the company's stock price dropped by 23% on July 26, and after excluding the profit contribution from Huixing, the corresponding P/E ratio for FY2025 is projected at 18 times [3].

Investment Rating - The investment rating for the company has been downgraded to Neutral [5] Core Views - The departure of key hosts is expected to lead to a significant decline in GMV, with a projected drop of 54.6% year-on-year to 6.94 billion RMB for the fiscal year 2025 [4] - Despite the decline in GMV, the revenue drop is expected to be controlled due to the increasing proportion of self-operated product sales, with a forecasted revenue of 5.56 billion RMB, a decrease of 19.2% year-on-year [4] - The adjustment in product mix is anticipated to compress gross margins, leading to a projected net profit of 129 million RMB, down 62.9% year-on-year [4][5] Financial Data and Profit Forecast - For FY2025, the company is expected to generate revenue of 5.56 billion RMB, down from the previous estimate of 7.38 billion RMB, reflecting a decrease of 24.6% [8] - The gross profit is projected to be 1.48 billion RMB, a decline of 40% year-on-year, with a gross margin of 26.6%, down 9.4 percentage points [4][8] - The net profit forecast for FY2025 is 129 million RMB, a significant drop from the previous estimate of 487 million RMB, indicating a decrease of 73.5% [8] Key Performance Indicators - The company’s revenue for FY2024 is projected at 6.88 billion RMB, with a year-on-year growth rate of 52.5% [6] - The adjusted net profit for FY2025 is expected to be 282 million RMB, reflecting a decrease of 71.9% compared to previous estimates [8] - The net profit margin is projected to decline to 5.1% for FY2025, down from 12.4% [8][13]

Summary of Conference Call Transcript Company/Industry Involved - The discussion pertains to the overall market conditions and trends observed from mid-2022 to the end of 2023, indicating a focus on the broader economic environment rather than a specific company or industry. Core Points and Arguments - The period from mid-2022 to the end of 2023 has been characterized as an upward trend despite various challenges encountered along the way, suggesting resilience in the market conditions [1]. - The statement implies that the market was in a relatively good state during this timeframe, indicating potential opportunities for investment [1]. - It is noted that certain events occurred during this period that contributed to developments by the end of 2023, hinting at underlying factors that may have influenced market dynamics [1]. Other Important but Possibly Overlooked Content - The mention of "磕磕绊绊的事情" (challenges) suggests that while the overall trend was positive, there were significant hurdles that could have impacted investor sentiment and market performance [1]. - The reference to events leading to the end of 2023 indicates that there may be critical insights or lessons learned that could inform future investment strategies [1].

Investment Rating - The report assigns a "Neutral" rating to the company, Dongfang Zhenxuan (1797 HK), with a target price of 13.40 HKD, reflecting an 8.1% upside from the closing price of 12.40 HKD [3]. Core Insights - Dongfang Zhenxuan announced the sale of its subsidiary, Yuhui Tongxing, to its former employee, Dong Yuhui, which is expected to impact the company's profits by over 20% for the fiscal year 2025. The sale price was 76.59 million RMB, equal to the net asset value of Yuhui Tongxing, resulting in no gain or loss from the transaction [1]. - The financial performance of Yuhui Tongxing for the first half of 2024 showed a Gross Merchandise Value (GMV) of approximately 3.5 billion RMB, contributing around 410 million RMB in revenue and 140 million RMB in profit, with a profit margin of 33% [1]. - Following the sale, the company plans to reallocate resources to strengthen its own brand and expand its self-operated products and live-streaming e-commerce business, aiming to better meet consumer demands [1]. Summary by Sections Company Overview - Dongfang Zhenxuan is transitioning its business strategy by divesting from Yuhui Tongxing, which was previously wholly owned and contributed significantly to its revenue [1]. Financial Impact - The divestment is projected to lead to a reduction in GMV, revenue, and profit forecasts for fiscal year 2025 by 34%, 9%, and over 20% respectively, while also potentially reducing public relations risks [1]. Strategic Direction - The company intends to focus on its self-operated strategies and multi-platform development post-divestment, which may lead to more stable operations in the long term [1].

Company Rating - The report assigns a **Neutral** rating to **Oriental Selection (1797 HK)** [3] Core Viewpoints - Oriental Selection sold its subsidiary **Yu Hui Tong Xing** to Dong Yuhui, which is expected to impact the company's 2025 fiscal year profit by **20%+** [1] - The sale of Yu Hui Tong Xing is expected to reduce Oriental Selection's 2025 fiscal year GMV, revenue, and profit by **34%**, **9%**, and **20%+** respectively [1] - The sale is expected to have a short-term financial impact but may reduce public opinion risks, allowing management to focus on self-operated strategies and multi-platform development for long-term stability [1] Financial Impact of Yu Hui Tong Xing Sale - Yu Hui Tong Xing generated a net profit of **140 million RMB** in the first half of 2024 (from December 22, 2023, to June 30, 2024) [1] - The GMV of Yu Hui Tong Xing from January to June 2024 was approximately **3.5 billion RMB**, with a commission rate of **13%**, contributing **410 million RMB** in revenue and a profit margin of **33%** [1] - The sale price of Yu Hui Tong Xing was **76.59 million RMB**, equal to its net asset value, resulting in no gain or loss for Oriental Selection [1] Strategic Adjustments - Oriental Selection plans to reallocate resources to strengthen its own brand, expand self-operated products, and develop its live e-commerce business [1] - The company announced a share buyback plan of up to **500 million RMB** within the next year [1] Industry Coverage - The report covers multiple companies in the internet and education sectors, including **Baidu (BIDU US)**, **iQiyi (IQ US)**, **Kuaishou (1024 HK)**, **Bilibili (BILI US)**, **NetEase Cloud Music (9899 HK)**, **Tencent Music (TME US)**, **Pinduoduo (PDD US)**, **JD.com (JD US)**, **Alibaba (BABA US)**, **New Oriental Education (9901 HK)**, **Tencent (700 HK)**, and **Meituan (3690 HK)** [3] - Most companies in the internet and education sectors are rated as **Buy**, with potential upside ranging from **15.5%** to **88.0%** [3]

今天a股成交5900亿，成交量继续萎缩，但是市场中位数还好，上涨了0.49%，北上的外资净流出66亿，洋韭菜日常跑路。 国家队上午潜水，下午的时候有出来护盘指数etf，你们看这分时走势，买一下涨一波，买单一停就阴跌，咱也不知道咋形容这局面，真就是人人都想割 肉给国家呗。 除了沪深300外，我看了一下其它指数，上证50和中证500疑似也在买入，只是买量很少，远不及沪深300这么明显。自从2015年那次救市搞的鸡飞狗跳， 一大批人锒铛入狱后，这一次的救市在操作上可以想见的会很敏感，各方人员为了保护自己大概都是在授权范围内交易，自由度不会高的。 目前这种买法很难把大盘拉起来，但会有效的降低市场波动的烈度，也许这就是国家队交易的目的，用时间换空间，慢慢消化这波熊市的极端情绪，避免 大盘被砸到2500，而是阻滞在2700-2900一带筑底。 至于反攻的信号，可能是在等美元降息，也可能是人民币自己就先进一步降息，正好这两件事在今天都有一些进展。 美国公布了6月份的一系列数据，基本都在市场预期内，这让利率期货继续定价美联储9月份开始降息的押注，并且今年不止一次降息。 也就是在今天，央行开展2000亿元一年期MLF操作，中标 ...

社会服务 2024 年 07 月 05 日 东方甄选 (01797) ——自营产品销售稳步推进,经营指标回归常态 公 司 研 究 / 公 司 点 评 报告原因:调整投资评级 证 券 研 究 报 告 | 市场数据: | 2024 年 07 月 04 日 | |--------------------------|---------------------------------| | 收盘价(港币) | 13.08 | | 恒生中国企业指数 | 6470.86 | | 52 周最高 / 最低(港币) | 46.80/11.80 | | H 股市值(亿港币) | 134.89 | | 流通 H 股(百万股) | 1031.3 | | 汇率(人民币/港币) | 1.0954 | 一年内股价与基准指数对比走势: -54% -4% 46% 96% 07/0308/0309/0310/0311/0312/0301/0302/0303/0304/0305/0306/03 HSCEI 东方甄选 资料来源:Bloomberg 增持(下调)投资要点: ⚫ 我们预计东方甄选24财年下半年(2023.12-2024.5)将实现收入4 ...