8月25日恒生指数上涨1.94%，报收25829.91点，全天南向资金通过港股通渠道合计净卖出13.76亿港 元。 证券时报·数据宝统计，8月25日港股通全天合计成交金额为2024.76亿港元，成交净卖出13.76亿港元。 具体来看，沪市港股通成交金额1230.70亿港元，成交净卖出24.36亿港元；深市港股通成交金额794.06 亿港元，成交净买入10.60亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，中芯国际成交额为70.23亿港元，成交金额居首； 其次是阿里巴巴-W、腾讯控股，成交金额分别为65.76亿港元、41.79亿港元。以净买卖金额统计，腾讯 控股净买入额为3.33亿港元，净买入金额居首，该股收盘股价上涨2.42%。净卖出金额最多的是盈富基 金，净卖出23.52亿港元，收盘股价上涨2.01%。 8月25日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | 港股通(沪) | 702310.19 | -87754. ...

Summary of East Buy (1797.HK) Earnings Review Company Overview - **Company**: East Buy (1797.HK) - **Industry**: E-commerce, specifically focusing on private label and live streaming sales Key Financial Results - **2HFY25 Performance**: - **GMV**: Rmb3.9 billion, down -55% YoY, 15% below expectations - **3P GMV**: Decreased by -63% YoY, 40% below expectations due to high return rates - **1P GMV**: Increased by 5% YoY, in line with expectations - **Revenue**: Rmb2.2 billion, down -46% YoY, in line with expectations - **Adjusted Net Profit**: Rmb198 million, down -34% YoY, but 90% above expectations - **Gross Profit Margin (GPM)**: 5.1% NPM, improved due to lower operating expenses [1][2][17] - **FY25 Full Year Results**: - **GMV**: Rmb8.7 billion, down -39% YoY - **Revenue**: Rmb4.4 billion, down -33% YoY - **Adjusted Net Income**: Rmb173 million, with a 30% increase in net profit from continuing operations to Rmb135 million when excluding one-off impacts [2] Operational Highlights - **Product Range Expansion**: Increased from 488 to 732 SPUs, including nutritional foods, pet foods, and clothing - **East Buy App**: Contributed 16% of GMV and 25% of revenue in FY25, with paid members reaching 264k, a 16% increase from the previous period [3][19] - **Multi-Platform Strategy**: Over 70% of FY25 GMV came from Douyin, with plans to explore offline channels [20] Forecast Adjustments - **FY26-27E GMV Forecasts**: Reduced by 1-3%, but revenue forecasts raised by 0-10% due to higher contributions from 1P private-label products [4] - **Adjusted Net Profit Margin**: Revised up by +0.2pp/+1.0pp for FY26-27E [4] Valuation and Price Target - **Current Price**: HK$31.62 - **Target Price**: HK$9.00, based on a 15x CY26E target P/E - **Valuation Concerns**: Current valuation remains high at 3x P/GMV and 59x P/E for FY26E, compared to peers [16][34] Risks and Investment Thesis - **Risks**: GMV pressure, especially in the 3P live-streaming segment, and elevated valuation relative to growth prospects - **Investment Rating**: Sell due to unclear near-term growth outlook and high valuation [37] Additional Insights - **Private Label Products**: Accounted for 44% of GMV and 80% of revenue in FY25, with strong momentum in nutritious products [19] - **East Buy App Growth**: Expected to contribute 21% of GMV in FY26E, with a target of 560k paid members by 2027E [19][23] - **DAUs and WAUs Stability**: Despite stable user engagement metrics, the app's growth potential remains uncertain [30] This summary encapsulates the key financial metrics, operational highlights, and strategic outlook for East Buy, providing a comprehensive overview for potential investors and stakeholders.

Core Viewpoint - Oriental Selection is struggling to recover from the impact of the departure of its key figure, Dong Yuhui, with significant declines in revenue and profit reported in the latest financial results [2][3]. Financial Performance - For the fiscal year 2025, Oriental Selection reported a 32.7% decrease in total revenue from continuing operations, amounting to 4.392 billion yuan [3][6]. - The net profit for the year was 6.2 million yuan, a staggering decline of 97.5% compared to the previous year [3][6]. - Despite the overall decline, the company managed to turn a loss of 96.5 million yuan in the first half of the fiscal year into a profit, with a net profit of 135.4 million yuan when excluding the financial impact of the sale of "With Hui Together" [3][6]. - The gross profit margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025 [3][6]. Business Challenges - The transition to an "online Sam's Club" model is facing multiple challenges, including supply chain issues, channel dependency, and slowing membership growth [2][3]. - The total GMV from all sales channels decreased from 14.3 billion yuan to 8.7 billion yuan year-on-year, with a significant drop in paid orders from Douyin [3][6]. - The number of paid members increased from 198,600 to 264,300, representing a net increase of only 65,700 members, indicating weak growth in the membership system [6]. User Engagement and Market Position - The follower count for the "With Hui Together" Douyin account has surpassed that of Oriental Selection's main account, indicating a shift in user engagement [4]. - Oriental Selection's main account has struggled to maintain a strong presence in Douyin's monthly sales rankings, with only four entries in the top ten over the past year [4]. - The departure of key hosts has raised concerns about the company's ability to retain core talent, despite previous efforts to reduce reliance on individual hosts [4][5]. Strategic Initiatives - To mitigate reliance on single hosts, the company has initiated a clear transformation strategy to develop an "online version of Sam's Club" [5]. - The company launched its self-operated app in August 2022, promoting self-operated products and introducing a paid membership system [5]. - The GMV from self-operated products reached 3.81 billion yuan in fiscal year 2025, accounting for approximately 43.8% of total GMV, with a notable increase in the number of self-operated products launched [6].

Core Viewpoint - Oriental Selection is facing significant challenges in its business operations following the departure of key figure Dong Yuhui, with a notable decline in revenue and profit margins reported in the latest financial results [1][3]. Financial Performance - For the fiscal year 2025, Oriental Selection reported a total revenue of 4.392 billion yuan, a decrease of 32.7% compared to the previous fiscal year [4]. - The net profit for the same period was 6.2 million yuan, down 97.5% from 250 million yuan in the previous year [4]. - Excluding the financial impact of the separation from "With Hui Together," the net profit was 135.4 million yuan, reflecting a 30% increase year-on-year [4]. Business Challenges - The transition to an "online Sam's Club" model is hindered by supply chain issues, channel dependency, and slowing membership growth [2]. - The gross merchandise volume (GMV) from all sales channels dropped from 14.3 billion yuan to 8.7 billion yuan, with a significant decline in orders from Douyin [4]. User Engagement and Talent Retention - The follower count for the "With Hui Together" Douyin account has surpassed that of Oriental Selection's main account, indicating a shift in user engagement [5]. - The company has experienced turnover among key hosts, raising concerns about retaining core talent [5]. Membership Growth - The number of paid members increased from 198,600 to 264,300, with a net addition of only 65,700 members over the year [7]. - The company plans to enhance its membership system through increased marketing efforts and direct engagement from leadership [7]. Self-Operated Products - The GMV for self-operated products reached 3.81 billion yuan, accounting for approximately 43.8% of total GMV [6]. - The proportion of self-operated products in total GMV increased from 16.3% to 28.8% [6].

Core Viewpoint - Oriental Selection's financial performance for the fiscal year 2025 shows a significant decline in revenue and GMV, indicating challenges following the departure of key personnel and a shift in business strategy towards self-operated products [1][3][10]. Financial Performance - Total revenue from continuing operations for fiscal year 2025 was 4.4 billion yuan, a decrease of 32.7% compared to 6.5 billion yuan in the previous fiscal year [1]. - Adjusted net profit increased by 30% year-on-year to 135.4 million yuan, but this still represents a 46% decline compared to the previous year's net profit of 250 million yuan [3]. - Total GMV for fiscal year 2025 was 8.7 billion yuan, down 39.2% from 14.3 billion yuan in the previous fiscal year [3][7]. Business Strategy - The self-operated product strategy has deepened, with self-operated products accounting for 43.8% of total GMV, becoming the core business engine [4][5]. - The company launched 732 self-operated products, expanding from initial categories to include health and wellness products, pet food, and apparel [5][6]. - The establishment of a cold chain warehouse has improved logistics efficiency, and the integration of AI and big data is enhancing supply chain management [6]. Market Challenges - The overall decline in the live e-commerce market and increased consumer scrutiny on product quality are impacting the company's performance [7]. - The departure of key figure Dong Yuhui has led to a significant drop in GMV and order volume on platforms like Douyin [7][8]. User Engagement and Platform Development - The number of paid subscribers on the Oriental Selection app reached 264,300, with a user satisfaction rate of 98.7% [8]. - The app's contribution to GMV increased from 8.4% to 15.7% year-on-year, indicating a shift towards building a proprietary platform [8]. Leadership and Future Outlook - The company is undergoing a transformation phase, focusing on maintaining GMV while developing its app ecosystem and expanding self-operated product categories [10][12]. - CEO Yu Minhong emphasized the importance of connecting upstream supply chains with downstream consumers to provide quality products [9].

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from Northbound funds, totaling 1.376 billion HKD on August 25, with notable movements in various stocks [1]. Northbound Fund Activity - Northbound funds had a net selling of 2.436 billion HKD through the Shanghai Stock Connect and a net buying of 1.06 billion HKD through the Shenzhen Stock Connect [1]. - The stocks with the highest net buying included Alibaba-W (09988), Kuaishou-W (01024), and ZTE Corporation (00763) [1]. - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Xiaomi Group-W (01810), and Semiconductor Manufacturing International Corporation (00981) [1]. Stock-Specific Transactions - Semiconductor Manufacturing International Corporation (00981) had a total transaction of 7.023 billion HKD, with a net outflow of 878 million HKD [2]. - Alibaba-W (09988) recorded a total transaction of 6.576 billion HKD, with a net outflow of 36.31 million HKD [2]. - Xiaomi Group-W (01810) had a total transaction of 4.025 billion HKD, with a net outflow of 887 million HKD [2]. Market Trends and Insights - Kuaishou-W (01024) received a net inflow of 471 million HKD, supported by the launch of its AI model and significant revenue growth [5]. - ZTE Corporation (00763) saw a net inflow of 407 million HKD, while Semiconductor Manufacturing International Corporation (00981) and Hua Hong Semiconductor (01347) faced net outflows of 811 million HKD and 129 million HKD, respectively [6]. - Xiaomi Group-W (01810) faced a net outflow of 15.24 billion HKD, with concerns over its smartphone business margins due to rising storage costs [7]. Additional Notable Transactions - Dongfeng Motor Group (00489) received a net inflow of 149 million HKD, with ongoing discussions about privatization and other strategic transactions [6]. - Tencent Holdings (00700) and Oriental Selection (01797) had net inflows of 180 million HKD and 202 million HKD, respectively [8].

Group 1 - Southbound funds recorded a net sell of HKD 1.376 billion in Hong Kong stocks today [1] - Notable net purchases included Alibaba-W (HKD 586 million), Kuaishou-W (HKD 471 million), and ZTE Corporation (HKD 407 million) [1] - Significant net sales were observed in the Tracker Fund of Hong Kong (HKD 2.352 billion) and Xiaomi Group-W (HKD 1.525 billion) [1] Group 2 - Southbound funds have continuously net bought Tencent for 7 days, totaling HKD 6.21391 billion [1] - Meituan has seen net purchases for 4 consecutive days, amounting to HKD 2.64745 billion [1] - Kuaishou has experienced net buying for 2 days, totaling HKD 1.64451 billion [1] Group 3 - Semiconductor company SMIC saw a net sell of HKD 878 million with a trading volume of HKD 7.023 billion [3] - Alibaba-W experienced a slight net sell of HKD 36 million with a trading volume of HKD 6.576 billion [3] - Tencent Holdings had a net buy of HKD 333 million with a trading volume of HKD 4.179 billion [3]

Core Viewpoint - The article discusses the recent turmoil surrounding Dong Yuhui's departure from Dongfang Zhenxuan and its impact on the company's stock price and financial performance, highlighting the challenges and strategic shifts the company faces in the live e-commerce industry [2][4][6]. Financial Performance - Dongfang Zhenxuan's revenue for the fiscal year 2025 was 4.4 billion RMB, down 32.7% from 6.5 billion RMB in the previous year [5][8]. - The company's total GMV decreased from 143 billion RMB to 87 billion RMB, with paid orders on Douyin dropping from 1.81 billion to 916 million [9][8]. - Despite a net profit of only 6.2 million RMB, the company showed signs of recovery by turning a profit in the second half of the year after a loss of 96.5 million RMB in the first half [8][10]. Strategic Shifts - The company is increasing its focus on self-operated products, with self-operated GMV accounting for 43.8% of total sales, up 3.8 percentage points from the previous year [9][10]. - Dongfang Zhenxuan launched 732 self-operated products, a nearly 50% increase from 488 the previous year, expanding its product categories [9][10]. - The company aims to reduce its reliance on Douyin, with 60-70% of sales currently dependent on the platform, and is investing in its own app to enhance membership and customer engagement [28][29]. Market Reactions and Challenges - The stock price of Dongfang Zhenxuan experienced significant volatility, with fluctuations exceeding 40% in a short period due to market rumors and uncertainties surrounding management changes [4][13]. - The departure of key figures like Dong Yuhui has raised questions about the company's ability to maintain its competitive edge in a market heavily reliant on individual influencers [21][36]. - The administrative expenses increased by 22.5% to 484.8 million RMB, partly due to profit distribution related to Dong Yuhui's exit [12][13]. Industry Context - The article positions Dongfang Zhenxuan's struggles as reflective of broader challenges in the live e-commerce sector, where the relationship between influencers and companies is increasingly complex [25][36]. - The company is attempting to transition from a reliance on live streaming to a more sustainable business model focused on product quality and supply chain management [26][28]. - The success of competing platforms like "Yuhui's Journey" demonstrates the potential for personal brands to thrive independently, posing a challenge for Dongfang Zhenxuan to redefine its strategy [30][34].

Core Viewpoint - Oriental Selection (1797.HK) reported a significant turnaround in its financial performance for the fiscal year 2025, achieving a net profit of 6.2 million yuan after a loss in the previous half-year, driven by the growth of its self-operated products and live e-commerce business [1][2]. Financial Performance - Total revenue from continuing operations for fiscal year 2025 reached 4.4 billion yuan, with a net profit of 6.2 million yuan, compared to a net loss of 96.5 million yuan in the first half of 2025 [1]. - The net profit from continuing operations, excluding the financial impact of the sale of a subsidiary, was 135.4 million yuan, representing a year-on-year increase of 30% [1]. - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [1]. Business Growth Drivers - Self-operated products became a major growth driver, contributing approximately 43.8% to the total GMV (Gross Merchandise Volume) of 8.7 billion yuan for fiscal year 2025 [2][3]. - The GMV from Douyin accounted for a significant portion, while the contribution from the Oriental Selection App increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2]. - A total of 91.6 million paid orders were recorded for self-operated and third-party products on Douyin in fiscal year 2025 [2]. Product Development and Service Enhancement - The company launched 732 self-operated products in fiscal year 2025, up from 488 in the previous year, expanding its product categories to include health foods, pet products, and apparel [3]. - To enhance service experience, the first cold chain warehouse, "Oriental Selection Central China No. 1 Warehouse," was put into operation, effectively reducing logistics time [3]. - The integration of AI models and big data platforms has been emphasized for improving data management and resource allocation, supporting future development and innovation [3]. Membership and User Engagement - The number of paid subscribers for the Oriental Selection App reached 264,300, with user satisfaction hitting a record high of 98.7% [4]. - The company has improved its membership system by offering renewal benefits, introducing "friend cards," and providing exclusive promotions for members [4]. - The app has also established community forums and book clubs to enhance user interaction and engagement [4]. Future Outlook - The company aims to continue expanding its user base for the Oriental Selection App and increase monthly active users (MAU) and registered members [4][5]. - Plans to optimize the membership system and expand product offerings by introducing more quality domestic and international brands are in place [5]. - The commitment to providing high-quality products and services remains a core focus for the company's future growth [5].

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [4][32]. Core Insights - The social services sector experienced a 5.18% increase during the reporting period from August 11 to August 24, 2025, which underperformed the broader market by 1.47 percentage points [13][15]. - Key stocks that performed well include Kede Education (39.74%), Dongfang Zhenxuan (22.88%), and Huazhu Group-S (12.91%), while stocks like Keri International (-7.52%) and New Macau International Development (-5.84%) saw declines [15][16]. - The report highlights the ongoing development of AI education products by companies such as Dou Shen Education, Fenbi, and NetEase Youdao, which aim to enhance learning experiences through innovative technology [2][17][18][19]. Summary by Sections Market Performance - The consumer services sector's performance was ranked 13th among 30 industry indices, with a 5.18% increase compared to a 6.65% rise in the CSI 300 index during the same period [13][15]. Industry and Company Dynamics - Dou Shen Education updated its AI training series, enhancing interactive learning experiences [17]. - Fenbi launched an AI exam preparation class and a smart speaker, creating a comprehensive learning solution [18]. - NetEase Youdao introduced several AI education products, including an upgraded answering pen and a comprehensive listening device [19]. - The Supreme Court's new regulation on social security payments will take effect on September 1, 2025, impacting labor relations [20]. Stock Holdings - Notable changes in stock holdings during the reporting period include an increase in Haidilao's holding ratio by 0.84 percentage points to 21.54% and a significant increase in Tianli International Holdings by 3.43 percentage points to 56.95% [3][29]. Investment Recommendations - The report suggests focusing on companies like Atour, Ctrip Group-S, Xiaocaiyuan, and BOSS Zhipin for investment, with a mid-term preference for China Duty Free, Meituan-W, and others [4][32].