Group 1 - The report highlights a sustained strengthening of GMV inflection points, indicating optimism for long-term growth in the education sector, particularly for Oriental Selection [4][5] - The report notes a significant increase in the dividend payout ratio to 60% for Excellence Education Group, which may support revenue growth in the second half of 2025 [10][11] - Shanghai Film's performance is under short-term pressure, but the release of "Wang Wang Mountain Little Monster" is expected to provide performance elasticity [13][15] Group 2 - Huabei Mining's revenue for H1 2025 decreased by 45% year-on-year, but cost control measures are expected to enhance future performance as quality projects are gradually put into production [19][21] - The report indicates that the pet ecosystem construction by Reap Bio is becoming increasingly comprehensive, with a notable increase in revenue and net profit in H1 2025 [24][25] - Silver Wheel's revenue and net profit showed significant growth in Q2 2025, driven by dual engines of "server liquid cooling + robotic joints" [27][29] Group 3 - Shaanxi Coal's production and sales volumes remained stable, with a slight increase in coal production in H1 2025, despite a decrease in revenue [31][33] - China Ruyi's net profit turned from loss to profit in H1 2025, driven by game publishing and content investment [36][37] - Light Media's animation production capacity continues to improve, with IP operations expected to become a new growth point [40][42] Group 4 - Cambrian's revenue for H1 2025 saw an extraordinary increase of 4347.82% year-on-year, with net profit also experiencing substantial growth [46]

Core Insights - The company reported a total revenue of 4.39 billion yuan for FY2025, representing a year-over-year decline of 32.7% [1] - The core business showed steady profit growth in H2 FY2025, with a revenue of 2.2 billion yuan, reflecting a quarter-over-quarter increase of 10% [1] - The gross profit for FY2025 was 1.4 billion yuan, down 17.0% year-over-year, but the gross margin improved significantly from 25.9% in FY2024 to 32.0% in FY2025 [1][2] Revenue and Profitability - The company achieved a GMV of 8.7 billion yuan for FY2025, with H1 and H2 GMV at 3.6 billion yuan and 3.9 billion yuan respectively [1] - The core net profit for FY2025 was 6.191 million yuan, while the adjusted core business net profit was 135 million yuan, marking a year-over-year increase of 30% [2] - Non-IFRS adjusted net profit for FY2025 was 174 million yuan, with significant adjustments for share-based compensation [2] Strategic Developments - The self-operated product strategy has become a key growth driver, contributing 43.8% of total GMV, with related revenue around 3.5 billion yuan [2] - The number of self-operated product SKUs increased from 488 in FY2024 to 732 in FY2025, expanding into various categories beyond fresh food [2] - The company’s own app channel has gained importance, contributing 15.7% of total GMV, with the app's GMV for self-operated products rising from 16.3% in FY2024 to 28.8% in FY2025 [3] Membership and User Engagement - The paid membership base for the company's app grew by 33% year-over-year, reaching 264,000 members by the end of FY2025 [3] - The company is expected to see continued growth in revenue and net profit over the next three years, with projected revenues of 5.1 billion, 6.0 billion, and 6.8 billion yuan for FY2026-2028 [3]

Core Insights - The company reported FY25 revenue of 4.39 billion yuan, a year-on-year decline of 32.7%, and an adjusted net profit of 174 million yuan, down 75.5% year-on-year, primarily due to the separation from the "Yuhui Tongxing" livestream and increased marketing expenses [1][2] Group 1: Financial Performance - The company's FY25 GMV was 8.7 billion yuan, a year-on-year decrease of 15.8%, with an estimated contribution of approximately 1.2 billion yuan from the "Yuhui Tongxing" livestream [1] - After excluding the "Yuhui Tongxing" livestream, self-operated product GMV reached 3.8 billion yuan, surpassing the 3.7 billion yuan from third-party products [1] - The decline in GMV has narrowed from -25% in June 2024 to -8% in May 2025, after excluding the "Yuhui Tongxing" livestream data [1] Group 2: Product Development and User Engagement - The company developed 732 self-operated products in FY25, an increase of 244 products or 50% compared to FY24, with gross margin improving from 21.5% in the first half to 24.4% in the second half of FY25 [2] - As of the end of FY25, the company had 264,000 paid fans on its app, a year-on-year increase of 33.1%, with an estimated annual consumption of 7,200 yuan per paid fan [2] - The company has a substantial follower base of 42.22 million on Douyin across various accounts, providing a solid foundation for expanding its paid user base [2] Group 3: Marketing and Competition - The company's marketing expenses for FY25 totaled 900.2 million yuan, with a marketing expense ratio of 20.5%, an increase of 7.3 percentage points from FY24 [2] - In the second half of FY25, marketing expenses were 443 million yuan, a slight decrease of 3.6% from the first half [2] - The competitive landscape in livestream e-commerce remains intense, necessitating significant marketing investments to drive sales [2]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [6] Core Insights - The report indicates that the company has successfully navigated a challenging adjustment period in FY25, with core ongoing business showing healthy growth despite a significant drop in overall revenue and profit due to the divestment of the "Yuhui Tongxing" business [3][4] - The total GMV for FY25 is reported at 8.7 billion, a year-over-year decrease of 39.2%, with self-operated products accounting for 43.8% of this total [4] - The company has strengthened its self-operated product development, launching 732 SPUs by May 2025, up from 488 SPUs in FY24, with a diverse range of products including health foods and pet supplies [4] Summary by Sections Financial Performance - For FY25, the company reported revenue of 4.4 billion, with a net profit from ongoing operations of 620 million, and an adjusted net profit of 1.74 billion. Excluding "Yuhui Tongxing," revenue was 4.2 billion, a year-over-year decrease of 31%, while ongoing net profit was 1.35 billion, a year-over-year increase of 30% [1][2] Sales and Marketing Expenses - Sales and marketing expenses for ongoing operations were 902 million, a year-over-year increase of 4.2%, primarily due to increased advertising spending [2] Self-operated Products and Channels - The self-operated product revenue reached 3.5 billion, with a GMV of 3.8 billion, representing 43.8% of total GMV. The self-operated products on the company's app accounted for 28.8% of all self-operated product GMV [1][4] - The company's app channel has seen rapid growth, with GMV from the app increasing to 15.7%, generating revenue of 1.1 billion, up from 900 million in FY24 [5] User Engagement and Satisfaction - The number of paid app subscribers reached 264,000, a year-over-year increase of 33.1%, with user satisfaction rising to 98.7% [5]

Core Insights - The live e-commerce industry is experiencing a critical turning point after years of rapid expansion, with several companies reporting disappointing financial results for the first half of the year [1][2]. Company Performance - Jiao Ge Peng You Holdings reported a revenue of approximately RMB 620 million for the first half of 2025, a year-on-year increase of about 9.8%, but net profit decreased by approximately 37.4% to RMB 55.4 million due to rising platform traffic acquisition costs and increased operational expenses related to the "Peng You Yun" intelligent system [2]. - Dongfang Zhenxuan's total revenue for the fiscal year ending May 31, 2025, was RMB 4.392 billion, a decline of 32.7%, primarily due to reduced sales in self-operated products and live e-commerce business. The net profit was RMB 6.19 million, significantly down from RMB 249 million in the previous fiscal year [2]. - Yaowang Technology reported a revenue of RMB 1.896 billion for the first half of the year, a decrease of 36.32%, attributed to competition from market rivals and the closure of unprofitable IPs and offline stores. The net profit was a loss of RMB 253 million [2][3]. Industry Trends - The live e-commerce sector is transitioning from "wild growth" to "refined cultivation," with content and ecosystem becoming key competitive factors as the industry matures under technological and regulatory influences [4]. - Companies are focusing on innovative business development to drive growth, with Jiao Ge Peng You Holdings enhancing content competitiveness and optimizing operational efficiency through automation and data algorithms [4]. - Dongfang Zhenxuan aims to strengthen its brand as a quality product provider and cultural dissemination company, investing in core technological innovations to improve platform stability and scalability [5].

Core Viewpoint - The live e-commerce industry is experiencing a critical turning point after years of rapid expansion, with several companies reporting poor performance in their recent financial results [1][2]. Financial Performance - Yaowang Technology (002291) reported a loss in the first half of the year, with revenue of 1.896 billion RMB, a decrease of 36.32% year-on-year, and a net profit of -253 million RMB [3][4]. - Jiao Ge Peng You Holdings (01450.HK) achieved a revenue of approximately 620 million RMB, a year-on-year increase of 9.8%, but its net profit fell by 37.4% to about 55.4 million RMB due to rising costs and increased investments in the "Pengyou Cloud" intelligent system [3]. - Dongfang Zhenxuan (01797.HK) reported total revenue of 4.392 billion RMB, a decline of 32.7%, with a net profit of 6.19 million RMB, significantly down from 249 million RMB in the previous fiscal year [3]. Industry Dynamics - The live e-commerce sector is transitioning from "wild growth" to "refined cultivation," with content and ecosystem becoming key competitive factors [6]. - Companies are focusing on innovation and operational efficiency to drive growth amidst increasing competition and regulatory pressures [7]. Strategic Initiatives - Jiao Ge Peng You Holdings is enhancing its content competitiveness and optimizing operational efficiency through automation and resource integration, while focusing on technology-driven strategies [7]. - Dongfang Zhenxuan aims to strengthen its brand and product offerings, investing in core technology innovations to improve platform stability and scalability [8].

Investment Rating - The investment rating for the company is maintained at Neutral [2][7]. Core Insights - The company reported FY25 revenue of 4.39 billion RMB, a year-on-year decline of 32.7%, and an adjusted net profit of 174 million RMB, down 75.5% year-on-year. The performance aligns with expectations, primarily due to the separation from the "Yuhui Tongxing" livestream [5][6]. - The company's GMV (Gross Merchandise Value) for FY25 was 8.7 billion RMB, a decrease of 15.8% year-on-year, with the "Yuhui Tongxing" livestream contributing approximately 1.2 billion RMB. The self-operated product GMV reached 3.8 billion RMB, surpassing third-party product sales of 3.7 billion RMB [6]. - The company developed 732 self-operated products in FY25, a 50% increase from the previous year, leading to improved gross margins from 21.5% in the first half to 24.4% in the second half of FY25 [6]. - The user base is substantial, with 264,000 paid fans on the company's app, a 33.1% increase year-on-year, and an average annual spending of 7,200 RMB per paid fan. The company also has 42.22 million followers on Douyin [7]. - Marketing expenses for FY25 were 902 million RMB, with a marketing expense ratio of 20.5%, reflecting a 7.3 percentage point increase from FY24. The company anticipates maintaining high marketing expenses due to intense competition in the livestream e-commerce sector [7]. Financial Data and Forecast - The company forecasts adjusted net profits of 382 million RMB for FY26, 440 million RMB for FY27, and 538 million RMB for FY28, with revenue projections of 4.66 billion RMB, 5.32 billion RMB, and 5.97 billion RMB respectively [8][10].

2025 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn 证券分析师： 王春宸 S0350525080002 wangcc@ghzq.com.cn [Table_Title] GMV 拐点持续强化，看好长期增长 ——东方甄选（1797.HK）FY2025 财报点评 最近一年走势 投资要点: FY2025H2 核心业务利润稳健增长 | 相对恒生指数表现 | | | 2025/08/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 东方甄选 | 48.1% | 112.6% | 129.7% | | 恒生指数 | -0.7% | 7.8% | 41.0% | | 市场数据 | | | 2025/08/27 | | 当前价格（港元） | | | 27.34 | | 周价格区间（港元） 52 | | | 10.12-53.70 | | 总市值（百万港元） | | | ...

Core Insights - Oriental Selection has successfully entered the sanitary napkin market, achieving impressive sales figures and addressing consumer safety concerns [2][4][10] - The company emphasizes a new safety standard that surpasses industry norms, focusing on transparency and traceability in its production process [5][8][10] Group 1: Market Entry and Sales Performance - Oriental Selection launched its self-operated sanitary napkin products on June 16, 2025, selling 300,000 packages within 14 hours and selling out in two days [2][9] - By August 19, the company had sold approximately 370 million packages over 33 days, averaging over 10,000 orders per day [2][9] Group 2: Consumer Trust and Market Dynamics - The sanitary napkin industry has faced a trust crisis due to issues with raw materials and quality control, leading to a significant drop in consumer confidence [3][4] - There is a stark contrast between traditional brands, which struggle with innovation and transparency, and e-commerce white-label products, which often compromise on quality [3][4] Group 3: Safety Standards and Production Practices - Oriental Selection has established a new safety standard consisting of 28 checkpoints, including stricter limits on harmful substances compared to national standards [5][6] - The company uses 100% pure cotton sourced from Xinjiang for its sanitary napkins and has implemented extensive monitoring in its production facilities [6][8] Group 4: Future Plans and Industry Impact - Following its initial success, Oriental Selection plans to expand its product line into the broader health consumption sector, including products like sleep pants [10] - The company's entry is expected to elevate safety benchmarks and transparency in the sanitary napkin industry, prompting traditional brands to reassess their quality control systems [10]

Core Insights - Yu Minhong shared his reflections on his journey and achievements in comparison to other prominent entrepreneurs like Jack Ma and Pony Ma, emphasizing his humble beginnings and the perception of being an "invisible" presence during his academic years [1][3]. Group 1: Personal Background and Achievements - Yu Minhong described his academic performance from elementary to high school as average, continuing this sentiment during his time at Peking University, where he felt unnoticed [3]. - Despite the significant market capitalization of New Oriental and Dongfang Zhenxuan, which together amount to approximately 100 billion RMB, Yu Minhong noted that this is still minor compared to the trillion-dollar valuations of companies like Tencent and Alibaba [3]. Group 2: Comparison with Other Entrepreneurs - Yu Minhong and Jack Ma both faced challenges in their educational journeys, with both taking the college entrance examination multiple times, but their subsequent paths diverged significantly [5]. - While Jack Ma achieved remarkable success with Alibaba through resilience and innovation, Yu Minhong acknowledged a notable gap in their business accomplishments, reflecting on the different trajectories of entrepreneurs in the rapidly evolving tech and business landscape [5].