East Buy Holding Limited 東方甄選控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1797） 截至2025年11月30日止六個月的 中期業績公告 東方甄選控股有限公司董事會欣然宣佈於報告期間本集團的未經審核綜合中期 業績。該等中期業績已經審核委員會審閱。 於本公告中：(a)「我們」指本公司及（如文義所指）本集團；及(b)除非另有所 指，否則我們的簡明綜合財務報表以本集團的主要功能貨幣人民幣呈列，且所 呈列數字均為近似值，約整至最接近的整數或小數點後一位（倘合適）。 主要財務摘要 | | 截至2025年 | 截至2024年 | | | --- | --- | --- | --- | | | 11月30日 | 11月30日 | | | | 止六個月 | 止六個月 | 變動 | | | 人民幣千元 | 人民幣千元 | | | | （未經審核） | （未經審核） | | | 總營收 | 2,311,629 | 2,186,636 | 5.7% | | 毛利 | 841,639 | 735,143 | 14.5% | | 除稅前利潤╱（虧損） | 308,526 | (72,481) ...

直播机构将目光转向私域流量。1月27日，北京商报记者从东方甄选获悉，目前东方甄选所有产品经理均投入进社区频道中，频道日活跃用户数已达到数万 人次。既是为快速触达市场需求、降低试错成本，也能强化老客复购和黏性。在粉丝增量乏力的情形下，私域流量是东方甄选无法后退的阵地。 直播机构加码社区，力图实现顾客终身价值最大化，成为行业存量竞争下的必然选择。 共创"押注"爆款 东方甄选将私域流量放在了更重要的位置。据了解，所有产品经理入驻社区后，需每日轮值在线，针对产品功能、品类建议、包装优化等用户反馈在24小时 内进行回应。涉及的产品类目覆盖15个，包括水果、蔬菜、水产、乳品烘焙等。 2022年8月，东方甄选上线的App内已嵌入社区频道，内容涵盖了商品介绍、官方答疑等，部分粉丝也会在社区中分享商品使用体验。从用户画像来看，当 前社区板块的日活跃用户已经达到数万人，多为高忠诚度的老粉丝，35—45岁女性用户更为集中，与平台整体画像重合度较高。 以用户内容为驱动的电商私域流量，能有效反哺直播企业的产品和运营，为新品共创、直播策略调整提供依据，例如美腕与欧诗漫共创珍白因水乳、辛选开 发尖锋食客等自有品牌等。 2025年6月，东方 ...

钛媒体App 1月25日消息，下周市场大事预告： 1.Wind数据显示，下周逆回购到期规模为11810亿元，周一至周五分别到期1583亿、3240亿、3635亿、 2102亿、1250亿；另有2000亿元MLF于周一到期。本周央行已开展11810亿元逆回购操作，净投放2295 亿元，市场关注流动性对冲工具使用情况。 2.周一（26日）：国新办就2025年商务工作及运行情况举行新闻发布会。 3.周二（27日）：将公布中国2025年12月及全年规模以上工业企业利润同比数据。 4.周三（28日）：国新办发布会，介绍2025年国资央企高质量发展情况。 5.周五（30日）：将公布中国香港四季度GDP同比初值等数据。 6.周六（31日）：将公布中国1月官方制造业PMI数据。 7.Wind数据显示，30家公司限售股解禁，总市值逾400亿元（按1月23日收盘价计算）。从解禁市值来 看，1月27日是解禁高峰期。解禁市值居前三位的是：海博思创（231.54亿元）、福斯达（53.67亿 元）、益方生物-U（42.51亿元）。从个股的解禁量看，解禁股数居前三位的是：益方生物-U（1.61亿 股）、福斯达（1.11亿股）、海博思创（0 ...

Economic Indicators - The U.S. durable goods orders for November are expected to show a month-on-month increase of 3%, a significant recovery from the previous decline of -2.2% [3] - China's industrial profits for December are anticipated to decline by 13.1% year-on-year, indicating ongoing pressure on profitability in the industrial sector [3][4] - The U.S. PCE inflation data for December will be released on January 29, providing insights into price pressures in the economy [9] Major Financial Events - The upcoming week is termed "Super Earnings Week," with major tech companies like Microsoft, Meta, Tesla, and Apple set to report earnings, shifting focus from traditional financial metrics to the efficiency of AI capital expenditures [6][10] - The Federal Reserve is expected to maintain interest rates during its meeting on January 30, with Chairman Powell's comments likely to clarify the outlook for future rate cuts [7][10] - The OPEC+ monthly meeting is scheduled for February 1, where oil production policies will be discussed [17] Corporate Earnings - Key tech giants such as Tesla, Microsoft, Meta, and Apple will report earnings, with a focus on AI-related capital expenditures and hardware cycle recovery [10][11] - Storage companies like SanDisk, Western Digital, and Seagate, along with South Korean firms Samsung and SK Hynix, will also report, with market attention on the impact of AI on storage pricing and profitability [10][11] Geopolitical Events - The U.S. Treasury Secretary is expected to announce the new Federal Reserve Chairperson candidate during the week of January 26, which could influence market sentiment [12] - The EU-India summit may announce a historic trade agreement, reflecting the EU's strategic pivot in response to U.S. trade policies [12] - Political tensions and geopolitical risks, including developments in Greenland and the potential for another U.S. government shutdown, are expected to create market uncertainty [12][13] Industry Conferences - The China Academy of Information and Communications Technology will hold a seminar on space computing power on January 26, focusing on the integration of space information and intelligent computing [16] - The European Parliament will host a fusion energy conference on January 27, discussing the EU's fusion strategy [17]

新浪科技讯 1月24日上午消息，在2026崇礼论坛上，新东方创始人俞敏洪表示，"在座搞人工智能的专 家、年轻创业者，如果对农村教育这个相对公益的领域感兴趣，我们的投入不求回报，只希望在低成本 前提下让每个农村孩子都能用上相关服务，有兴趣的朋友可以跟我对接，我愿意一起推进。" 他谈大，"无论是投资还是自建公益资金池都可以，我们可以成立专题探讨人工智能如何帮助农村中小 学，新东方的钱没能力做大模型，一天就会烧完，但在某个垂直领域结合人工智能做对老百姓有用的 事，我们还是能做到的。" 俞敏洪还透露，"除了教育领域在人工智能应用方面，我们还在电商领域探索。东方甄选不纯粹是做电 商，一开始就以产品为核心，未来我们会探索如何通过人工智能在东方甄选的价值链中，帮助一线农民 农户增收、控制产品质量。另外，在文旅方面，如何用人工智能帮助中老年人更幸福地度过余生，也是 我一直在反复思考的问题，不过这些思考目前都还没有结论。" 新浪科技讯 1月24日上午消息，在2026崇礼论坛上，新东方创始人俞敏洪表示，"在座搞人工智能的专 家、年轻创业者，如果对农村教育这个相对公益的领域感兴趣，我们的投入不求回报，只希望在低成本 前提下让每个农 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The report highlights significant developments in the overseas pharmaceutical sector, including the collaboration between Insilico Medicine and Heng Tai Biopharma to develop a novel NLRP3 inhibitor for central nervous system diseases [2][6]. - The report notes that MicroPort Robotics expects a revenue growth of approximately 110%-120% year-on-year for 2025, with an adjusted net loss not exceeding 240 million yuan, representing a reduction of over 50% [5][6]. - GSK has reached a final agreement to acquire RAPT Therapeutics for approximately 2.2 billion USD, focusing on a long-acting monoclonal antibody currently in clinical trials [7][8]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biopharma have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with both companies holding 50% global rights [2][6]. - The Hong Kong Stock Exchange has approved the full circulation of 182,645,856 H shares for Fuhong Hanlin, representing about 33.61% of the company's total issued shares as of January 19 [2][6]. - The new drug application for TLX591-CDx, a radiopharmaceutical for prostate cancer diagnosis, has been accepted by the NMPA [2][6]. 2. Company Updates - MicroPort Robotics has reported over 180 commercial orders and more than 120 installations globally as of January 21 [5][6]. - Legend Biotech, a joint venture of Genscript Biotech, reported a trade sales net of approximately 555 million USD for the quarter ending December 31, 2025 [5][6]. - GSK's acquisition of RAPT Therapeutics includes a payment of 58.00 USD per share, with an expected upfront investment of 1.9 billion USD after cash adjustments [7][8]. 3. Market Performance - The Hang Seng Healthcare Index fell by 4.35%, underperforming the Hang Seng Index by 3.26 percentage points [4]. - The report indicates a strong performance in the overseas education sector, with GMV for Dongfang Zhenxuan reaching approximately 310 million yuan, a 42.8% increase week-on-week [15][16]. 4. Recommendations - The report suggests focusing on innovative drugs and the ongoing clinical progress of key pipelines from companies such as BeiGene, Innovent Biologics, and others [12]. - It also recommends monitoring the performance of educational companies like Dongfang Zhenxuan and China Oriental Education, which are expected to benefit from improved operational strategies and increased enrollment [16].

Investment Rating - The report maintains a "Positive" outlook on the overseas pharmaceutical sector, highlighting significant developments and collaborations in the industry [1]. Core Insights - The collaboration between Insilico Medicine and Heng Tai Biologics to develop an innovative brain-penetrating NLRP3 inhibitor is a key highlight, with potential applications in treating central nervous system diseases [2][7]. - The approval of full circulation for Fuhong Hanlin's H shares is noted, which involves a significant number of shares and stakeholders [2][7]. - The report emphasizes the strong revenue growth projections for companies like MicroPort Robotics and King’s Ray Biotech, with expected revenue increases of approximately 110%-120% year-on-year for 2025 [6][10]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biologics have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with a 50% global rights share and potential milestone payments exceeding HKD 500 million [2][7]. - Fuhong Hanlin's H shares have received approval for full circulation, involving 182,645,856 shares, which represents about 33.61% of the company's total issued shares [2][7]. 2. Company Performance Updates - MicroPort Robotics anticipates a revenue increase of 110%-120% for 2025, with adjusted net losses expected to narrow by over 50% [6][10]. - King’s Ray Biotech's joint venture, Legend Biotech, is projected to generate approximately USD 555 million in trade sales for the quarter ending December 31, 2025 [6][10]. 3. Recent Developments in Overseas Pharmaceutical Companies - GSK has reached an agreement to acquire RAPT Therapeutics for approximately USD 2.2 billion, focusing on a long-acting IgE monoclonal antibody currently in clinical trials [3][8]. - Corvus has reported positive results from a Phase I trial of its ITK inhibitor for moderate to severe atopic dermatitis, showing good safety and efficacy [3][9]. - Eli Lilly's FRα ADC has received breakthrough therapy designation from the FDA for treating platinum-resistant ovarian cancer [3][9]. 4. Recommendations - The report suggests monitoring innovative drug companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and Fuhong Hanlin [13]. - It also highlights the importance of ongoing clinical progress in innovative pipelines for pharmaceutical companies transitioning towards innovation [13].

双向共创 自营产品，成为东方甄选的核心增长动力。 2025财年（2024年6月—2025年5月），自营产品贡献甄选总GMV约44%。期内，东方甄选累计732款 SPU的自营产品，相较上个财年的488款，大幅增加。 东方甄选团队发现，一款苹果干卖爆了。 1月初，这款新品上线当天，准备的2.5万袋现货，全部售罄；预售订单，一下堆到1月底。 东方甄选产品经理杨宇告诉《21CBR》记者，这款产品的诞生原点，在App社区。 有用户很早就在社区提议，"想要一款无添加的苹果干"，产品经理跟进调研后发现，需求集中，且复购 潜力高。 团队花了半年时间，完成原料筛选等环节，正式上线后，热度远超预期。 "把东方甄选做成中国最好的农产品和生活用品公司。"1个多月前，俞敏洪指明目标。 这背后，担当"产品共创中枢"的电商社区，成为关键引擎。 结合用户反馈，甄选团队将其调整成复合果汁气泡水风味，原本作为季节性饮品，计划2026年春季上 架，因社区呼声较高，下架数月后，提前召回。 杨宇表示，从社区用户的一个想法，转化为产品上线，最快两、三个月落地。 如何强化自营产品的竞争力，甄选团队打磨一项关键武器，社区。 该板块在甄选App上线之初即内嵌 ...

Core Insights - The article discusses how leading brands are transforming user engagement from passive feedback to active co-creation, exemplified by Dongfang Zhenxuan's "Product Co-Creation Community" in its independent app [1][2][3] Group 1: User-Centric Transformation - The shift from traditional customer service feedback to deeper user involvement in product development is highlighted as a key challenge for brands [1][2] - Dongfang Zhenxuan's community aims to integrate users into the product lifecycle, allowing them to become active contributors rather than passive consumers [2][3] - This model signifies a transformation from merely collecting user demands to co-creating them, enhancing brand loyalty and trust [2][3] Group 2: Quality Control and Demand Radar - The community serves as a real-time quality control network, enabling users to act as "grassroots quality inspectors" [3][4] - Feedback from users can lead to immediate adjustments in product quality, preventing larger issues from arising [3][4] - The case of the "刺梨复合果汁气泡水" (Sour Pear Sparkling Juice) illustrates how user demand can directly influence product availability and decisions [4][5] Group 3: Organizational Culture and Role Redefinition - Dongfang Zhenxuan's approach requires a cultural shift within the organization, where product managers become active listeners and communicators with users [6][7] - The emphasis is on genuine interaction rather than mechanical responses, fostering a culture of trust and transparency [7][8] - This transformation leads to a more agile and open organizational structure, enhancing responsiveness to user feedback [6][7] Group 4: Building Emotional Connections - The community initiative transcends mere transactional relationships, fostering deeper emotional connections between users and the brand [8][9] - As users feel heard and respected, their relationship with the brand evolves from simple transactions to partnerships in co-creation [8][9] - Dongfang Zhenxuan envisions a trust-based community where both the brand and users collaboratively maintain product quality and brand reputation [8][9]

Core Insights - The essence of product success lies in understanding user needs through genuine dialogue rather than closed-door analysis [1] - The community is viewed as a bridge between the brand and users, facilitating product iteration based on user feedback [2][4] Group 1: Community Engagement - The core of a quality community is not merely UGC content but establishing a "no-distance communication channel" between the brand and users [2] - Community operations significantly enhance user loyalty and extend user lifetime value, addressing user retention challenges [2] - Users can find practical information and connect with like-minded individuals through discussions and experience sharing, fostering a strong sense of belonging [2][13] Group 2: Genuine Communication - Genuine communication requires abandoning formalities, focusing on specific and sincere responses to user feedback [3] - The community's approach encourages users to share their true thoughts, reducing their wariness towards the brand [3] Group 3: User Participation in Product Design - The community has established a complete mechanism for user participation in product design, turning feedback into visible product changes [4] - The success of products like "Dongfang Zhenxuan Spring Jian Papaya" demonstrates the effectiveness of user involvement in product development [4][9] Group 4: Building Trust - Trust is built through visible improvements rather than just maintaining a "zero negative feedback" approach [15] - The community's core value lies in sincerity and actionable feedback mechanisms, allowing users to participate in product design [16] - The brand's commitment to genuine communication fosters a unique ecosystem where users actively share experiences and assist new users [15][16] Group 5: Industry Implications - The practice of user co-creation highlights the importance of genuine engagement and respect for user input in product development [16] - The community serves as a space for mutual growth rather than just a traffic entry point, emphasizing the need for brands to listen to users [16]