Core Viewpoint - Company maintains "Buy" rating for Dongfang Zhenxuan (01797) due to its aggressive multi-live room and multi-anchor strategy, continuous development of high-margin self-operated products, and content advantages in the GEO marketing environment, resulting in a strong gross margin increase in 1HFY26 [1] Financial Performance - In 1HFY26, Dongfang Zhenxuan reported revenue of 2.31 billion yuan, a year-on-year increase of 5.7%; net profit attributable to shareholders was 239 million yuan, turning from loss to profit. Revenue growth was driven by self-operated product sales, while profit improvement was due to enhanced product gross margins [1] Self-Operated Product Development - The company's GMV in 1HFY26 was 4.1 billion yuan, a year-on-year decrease of 14.6%. Self-operated products contributed 2.16 billion yuan to GMV, 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 turned positive year-on-year by July 2025 and continued to grow until November 2025. The number of new self-operated products reached 801, 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 [2] 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.com, 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 [3] User Base and Paid Conversion - In 1HFY26, the Dongfang Zhenxuan APP is expected to have over 300,000 paid fans, up from 264,000 at the end of FY25. The company has a substantial fan base of 42.79 million on Douyin (counting only the main account and six matrix accounts), providing a solid foundation for expanding paid user numbers. Future growth in paid users is expected to drive GMV growth [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company achieved a revenue of approximately 2.31 billion RMB in FY26H1, representing a year-over-year increase of 5.7%, with adjusted net profit reaching 258 million RMB, a significant improvement from a loss of 2 million RMB in FY25H1 [1][10]. - The company's self-operated products have shown strong performance, with their contribution to total GMV rising to 52.8% in FY26H1, up from 43.8% in FY25, indicating a successful shift towards brand transformation [2][10]. - The company is expanding its multi-channel strategy, with plans to open its first offline experience store in Beijing, enhancing customer engagement through a combination of shopping, leisure, and social experiences [3][10]. Financial Performance - The adjusted net profit forecasts for FY26-28 have been raised to 514 million, 535 million, and 603 million RMB, reflecting increases of 36%, 37%, and 43% respectively compared to previous estimates [4][10]. - The gross margin improved to 36.4% in FY26H1, driven by the healthy development of self-operated products and optimization of personnel costs [10]. Market Positioning - The company has successfully diversified its product categories from fresh food to high-demand areas such as nutritional supplements, pet food, and apparel, which has effectively boosted the gross margin of self-operated products [2][10]. - The membership base has grown to 240,100 in FY26H1, up from 228,300 in FY25H1, indicating a strong and expanding user engagement [3][10].

花旗发研报称，给予东方甄选目标价33港元，评级"买入"。该行指出，虽然因业务分拆，导致商品交易 总额(GMV)下降14.6%至41亿元人民币，但剔除"与辉同行"影响后，核心收入增长17%至23.1亿元人民 币，受产品组合扩张及App表现强劲所支持。同时，通过严格的营运管控，员工人数削减26%及总薪酬 下降35%，盈利能力进一步巩固。 消息面上，东方甄选日前发布截至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%。 东方甄选(01797)再涨超4%，昨日大涨超14%。截至发稿，涨4.2%，报26.3港元，成交额3.62亿港元。 ...

Core Viewpoint - Oriental Selection (01797) has seen a significant stock price increase, with a rise of over 4% recently, following a previous surge of over 14% [1] Financial Performance - For the six months ending November 30, 2025, Oriental Selection reported total revenue of 2.312 billion RMB, representing a year-on-year increase of 5.7% [1] - The company achieved a profit attributable to owners of 239 million RMB, marking a turnaround from a loss [1] - Gross profit reached 841.6 million RMB, up 14.5% year-on-year, with gross margin improving from 33.6% to 36.4% [1] Market Analysis - Citigroup has set a target price of 33 HKD for Oriental Selection, rating it as "Buy" [1] - Despite a 14.6% decline in Gross Merchandise Volume (GMV) to 4.1 billion RMB due to business restructuring, core revenue grew by 17% to 2.31 billion RMB when excluding the impact of "Hui Tong Xing" [1] - The growth in core revenue is supported by an expanded product mix and strong app performance [1] Operational Efficiency - The company has implemented strict operational controls, resulting in a 26% reduction in employee numbers and a 35% decrease in total compensation, further solidifying profitability [1]

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 25.24 and a fair value of HKD 27.14 [8]. Core Insights - The company has shown significant internal growth, particularly in its self-operated products, which are expected to continue expanding [2]. - The company reported a total revenue of RMB 2.312 billion for FY26H1, representing a year-on-year growth of 5.72%, and a notable 17% growth when excluding revenue from a specific live-streaming partnership [13]. - The gross profit margin increased by 2.8 percentage points to 36.4%, driven by a rise in self-operated product revenue, which grew by 18.1% to RMB 2 billion, accounting for 52.8% of the total GMV [14]. Summary by Sections 1. FY26H1 Performance - The company achieved a total revenue of RMB 2.312 billion, with a year-on-year increase of 5.72%. Excluding the impact of a specific partnership, the revenue growth was 17% [13]. - The net profit reached RMB 239 million, marking a return to profitability [13]. 2. Main Business Tracking - Self-operated products have expanded significantly, with SKU numbers exceeding 800, becoming a major component of GMV [21]. - The self-operated app's revenue increased from RMB 500 million in FY25H1 to RMB 600 million in FY26H1, indicating a growing preference for self-operated products among paid members [31]. - The company is actively expanding its presence on Douyin (TikTok) with multiple specialized accounts to cover various consumer needs [37]. 3. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of RMB 4.978 billion and adjusted net profits of RMB 492 million for the fiscal year 2026 [43]. - The report suggests a PE valuation of 52X for the company, leading to a fair market value of RMB 255.81 billion, or HKD 27.14 per share, maintaining the "Buy" rating [43].

Core Viewpoint - Oriental Selection reported a revenue of 2.312 billion yuan for the first half of the 2026 fiscal year, marking a 5.7% year-on-year increase, and achieved profitability with a net profit of 239 million yuan, compared to a net loss of 97 million yuan in the previous year [2][3][6] Financial Performance - Total revenue for the period from June 1, 2025, to November 30, 2025, was 2.312 billion yuan, up from 2.187 billion yuan in the same period last year, reflecting a growth of 5.7% [5] - Gross profit reached 841.6 million yuan, a 14.5% increase from 735.1 million yuan year-on-year [5] - The company reported a pre-tax profit of 308.5 million yuan, a significant turnaround from a loss of 72.5 million yuan in the previous year, representing a 525.7% improvement [5] Business Operations - The total GMV (Gross Merchandise Volume) for self-operated and live e-commerce was 4.1 billion yuan, down from 4.8 billion yuan in the previous year [6] - The majority of GMV still comes from Douyin, although the number of paid orders for both third-party and self-operated products on the platform has declined [6][7] - Oriental Selection has launched 801 self-operated products, which account for approximately 52.8% of total GMV, expanding its product range beyond fresh food and snacks [7] Strategic Initiatives - The company is actively pursuing offline expansion, having installed over 40 vending machines in various regions, some of which are already profitable, and plans to open its first offline experience store in Beijing's Zhongguancun [2][9] - The offline store will feature a 439 square meter space designed for a one-stop shopping, leisure, and social experience, showcasing a wide range of self-operated products [9][10] - The company is leveraging AI technology to enhance operational efficiency, including personalized product recommendations and improved quality control [8][9] Leadership and Future Outlook - The new CEO, Sun Jin, has been recognized for his problem-solving skills and is expected to drive operational efficiency within the company [12] - The company plans to adjust its organizational structure to improve operational efficiency, with a focus on enhancing the effectiveness of its offline retail strategy [12]

Group 1: Key Insights from the Reports - The report on the banking industry indicates that 2026 is expected to be a year where the fundamentals of banks improve, with revenue pressure less than in 2025 and a stronger elasticity of revenue improvement compared to profit [13] - The banking sector is anticipated to experience a shift from a focus on liquidity to a focus on fundamentals, with expectations of economic recovery and a more favorable environment for growth premiums [13] - The report highlights that credit demand is expected to remain stable, but the structure of demand needs optimization, with state-owned banks and quality regional city commercial banks likely to perform better [13] Group 2: Industry Performance and Trends - The metal and new materials industry report notes a significant increase in metal prices due to geopolitical tensions, with precious metals rising by 18.46% and aluminum by 4.16% in the recent week [5][16] - The report emphasizes that the copper market is expected to remain strong due to increased investment in power grids and AI data centers, with a projected price increase [15] - The report on Anta Sports highlights the acquisition of a 29% stake in PUMA, which is seen as a strategic move to enhance its global multi-brand strategy, with the transaction valued at approximately 15 billion euros [19] Group 3: Company-Specific Developments - China Shipbuilding's earnings forecast for 2025 indicates a significant increase in net profit, expected to be between 7 billion to 8.4 billion yuan, driven by rising demand in the shipbuilding sector [21] - New Oriental's revenue for the second quarter of FY26 reached 1.191 billion USD, reflecting a year-on-year growth of 14.7%, with a notable improvement in operating profit margins [22] - Dongfang Zhenxuan reported a revenue increase of 5.7% in the first half of FY26, driven by self-operated product sales and improved profit margins [24]

Core Viewpoint - Oriental Selection has shown significant profit and gross margin growth in its mid-term financial results for the fiscal year 2026, despite facing challenges in e-commerce orders and paid member growth [1][2]. Financial Performance - Total revenue for the mid-term period reached 2.3 billion yuan, marking a year-on-year increase of 5.7%. Revenue from the app grew from 500 million yuan to 600 million yuan [1]. - The company achieved a net profit of 239 million yuan, a substantial improvement from a net loss of 96.5 million yuan in the same period last year. Gross profit increased by 14.5% to 840 million yuan, with the gross margin rising from 33.6% to 36.4% [1][2]. Product Development - Oriental Selection has expanded its self-operated product matrix, launching a total of 801 self-operated products, an increase of 201 compared to the previous year. The product categories now include high-value items such as seafood, personal care, and home cleaning products [2]. - Self-operated products accounted for over 50% of total GMV during the reporting period [2]. Cost Management - The company reduced its workforce by 360 employees, leading to a 34.9% decrease in total salary expenses. Administrative expenses also saw a significant reduction of 78.6%, dropping from 392 million yuan to 83.9 million yuan [2]. Membership and Growth Challenges - The total GMV for the reporting period was 4.1 billion yuan, with a year-on-year growth of 16.4% when excluding revenue from previous collaborations. However, this represents a decline compared to 4.8 billion yuan and 5.7 billion yuan in the same periods of the previous fiscal years [3]. - The number of paid members increased to 240,100, but the growth rate of new paid members has significantly declined [4]. Strategic Initiatives - The company is exploring new channels for member acquisition, particularly through partnerships with New Oriental, which could leverage its existing student base as a potential customer pool [5]. - Oriental Selection plans to open its first offline store in Beijing, aiming to provide a comprehensive shopping experience and meet community consumption needs [4][5]. Market Competition - The company is expanding its presence in the Douyin live-streaming space and plans to hire more hosts to enhance its team. However, it faces stiff competition in the offline retail market, particularly in areas where established players already operate [6].

近日，东方甄选发布了2026财年中期（2025年6月1日—11月30日）业绩。从成绩单来看，得益于自营产品结构和人员调整，东方甄 选的利润和毛利均实现了大幅增长。截至当日收盘，东方甄选股价报25.24港元/股，上涨14.21%，总市值约266亿港元。 然而，在电商订单和付费会员增长上，东方甄选面临不小压力。线下门店、自动售货机以及百万学员的家长们，会是东方甄选重振 旗鼓的新赛场吗？ 利润扭亏为盈 东方甄选2026财年中期财报显示，公司总营收为23亿元，同比增长5.7%。其中，来自App的营收从上年同期的5亿元增长至6亿元。 若剔除2025财年上半年分拆前与辉同行直播间产生的部分收入，东方甄选总营收同比增加17%。 销开支、研发开支等方面的员工成本减少，薪酬开支总额同比减少34.9%。 | | 截至2025年 | 截至2024年 | | | --- | --- | --- | --- | | | 11月30日 | 11月30日 | | | | 止六個月 | 止六個月 | 織動 | | | 人民幣千元 | 人民幣千元 | | | | (未經審核) | (未經審核) | | | 總 營收 | 2,311,629 | ...

截至港股收盘，东方甄选股价涨14.21%至25.24港元，总市值266亿港元。 俞敏洪表示："2026财年上半年，东方甄选在复杂多变的环境下展现出强劲的经营韧性，恢复了总营收 与净溢利的同比双增长，为公司长期可持续发展奠定了坚实基础。" 其中，东方甄选自营产品的总商品交易额（GMV）占比达到约52.8%，首次超过一半。 记者｜董静怡 编辑｜张伟贤 一份盈利的财报，对经历了高管风波、主播更迭与商业模式内外拷问的东方甄选而言，其意义或许超越 了财务数字本身。 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，公司总营收23 亿元，同比增长5.7%。若剔除2025财年上半年分拆前产生的部分收入，东方甄选报告期内的总营收同 比增加17%。 报告期内，东方甄选净溢利达2.39亿元，同比增长347.7%。相比去年同期的净亏损9650万元，扭亏为 盈。 当互联网红利消退，内容直播的边际效益递减时，商业的本质最终会回归到产品。东方甄选的这份中期 成绩单，验证了产品策略的阶段性可行。 | | 截至2025年 | 截至2024年 | | | --- | --- | --- | - ...