智通财经APP获悉，根据2026年2月2日披露数据，盈富基金（02800）、中铝国际（02068）、海普瑞 （09989）港股通持股占比增加值最大，分别增加1.72%、1.11%、1.04%；亿华通（02402）、浙江世宝 （01057）、东方甄选（01797）港股通持股占比减少值最大，分别减少-1.36%、-0.90%、-0.80%。 | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 盈富基金(02800) | +1.72% | 2.63% | | 中铝国际(02068) | +1.11% | 18.55% | | 海普瑞(09989) | +1.04% | 45.93% | | 南方恆生科技(03033) | +0.94% | 65.16% | | 中石化油服(01033) | +0.86% | 15.98% | | 长飞光纤光缆(06869) | +0.75% | 57.93% | | 碧桂园(02007) | +0.68% | 17.44% | | 中伟新材(02579) | +0.50% | 17.08% | | 南华期货股份(02691) | +0.4 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential stock price increase of 5% to 15% over the next six months [5]. Core Insights - The company reported a revenue of 2.312 billion yuan for the first half of FY2026, representing a year-on-year growth of 5.7%, and achieved a net profit of 239 million yuan, marking a turnaround from losses [1]. - The growth in Gross Merchandise Volume (GMV) is driven by self-operated products, which accounted for 52.8% of total GMV, up from 43.8% in FY2025. The total GMV for FY2026H1 was 4.1 billion yuan, a decrease of 15% [2]. - The company has expanded its product categories to 801 SKUs, including new categories like seafood and health supplements, enhancing consumer choices and driving sales [2]. - Profitability has significantly improved, with gross margin increasing from 33.6% to 36.4%, attributed to supply chain expansion and category growth. The net profit margin for FY2026H1 was 10.34% [2]. Membership Growth and Brand Recognition - The company has seen a continuous increase in paid membership, reaching 240,000, with its app contributing 18.5% to total GMV. The self-operated GMV through the app remained stable at 28.6% [3]. - The company is expanding its sales channels across multiple platforms, with plans to open its first offline experience store in Beijing in 2026, which is expected to enhance brand influence [3]. Financial Projections - The company forecasts adjusted net profits of 497 million yuan, 540 million yuan, and 590 million yuan for FY2026, FY2027, and FY2028, respectively [3]. - Revenue projections for the upcoming years are as follows: 4.828 billion yuan in FY2026, 5.254 billion yuan in FY2027, and 5.633 billion yuan in FY2028, reflecting growth rates of 9.92%, 8.84%, and 7.21% respectively [4].

Group 1 - The core viewpoint of the article highlights that Oriental Selection (01797.HK) experienced a significant stock price increase, rising over 9% at one point and accumulating nearly a 30% increase post-earnings report [2] - As of the time of reporting, the stock price rose by 5.1%, reaching 28.04 Hong Kong dollars, with a trading volume of 458 million Hong Kong dollars [2]

Core Viewpoint - Oriental Selection (01797) experienced a significant stock price increase, rising over 9% at one point and accumulating nearly a 30% increase post-earnings report [1] Financial Performance - The company reported total revenue of 2.312 billion RMB for the six months ending November 30, 2025, representing a year-on-year increase of 5.7% [1] - The profit attributable to the company's owners was 239 million RMB, marking a turnaround from a loss to profit [1] - Gross profit reached 841.6 million RMB, up 14.5% year-on-year, with the gross margin improving from 33.6% to 36.4% [1] Strategic Initiatives - The company is actively promoting a multi-live room and multi-anchor strategy, continuously developing high-margin self-operated products [1] - It possesses content advantages in the GEO marketing environment, contributing to a strong increase in gross margin for the first half of FY26 [1]

Core Viewpoint - Oriental Selection (01797) experienced a significant stock price increase, rising over 9% at one point and accumulating nearly a 30% increase post-earnings report, reflecting strong market confidence in the company's performance [1] Financial Performance - For the six months ending November 30, 2025, the company reported total revenue of 2.312 billion RMB, representing a year-on-year increase of 5.7% [1] - The profit attributable to the company's owners was 239 million RMB, marking a turnaround from a loss to profitability [1] - Gross profit reached 841.6 million RMB, with a year-on-year growth of 14.5%, outpacing revenue growth [1] - Gross margin improved from 33.6% to 36.4%, indicating enhanced operational efficiency [1] Strategic Initiatives - The company is actively pursuing a multi-live room and multi-anchor strategy, which is expected to drive further growth [1] - Continuous development of high-margin self-operated products is a key focus area for the company [1] - The company possesses a content advantage in the GEO marketing environment, contributing to its strong gross margin performance in the first half of FY26 [1]

Core Viewpoint - Oriental Selection reported a total revenue of 2.312 billion yuan for the first half of the 2026 fiscal year, marking a year-on-year growth of 5.7%, and a 17% increase when excluding certain pre-split revenues [1][2] Financial Performance - The company achieved a net profit of 239 million yuan, compared to a net loss of 96.79 million yuan in the same period last year [1] - Gross profit reached 841.6 million yuan, reflecting a 14.5% year-on-year increase [1] E-commerce and Sales Channels - The total GMV (Gross Merchandise Volume) for self-operated and live e-commerce business was 4.1 billion yuan, down from 4.8 billion yuan year-on-year [2] - Douyin remains the primary sales channel, contributing the majority of GMV, while the Oriental Selection App accounted for 18.5% of GMV [2] - The number of paid orders on Douyin decreased to approximately 42.1 million, down from 50.1 million in the previous year [2] Product Strategy - As of November 30, 2025, Oriental Selection launched 801 self-operated products, up from 600 a year earlier, with self-operated products accounting for about 52.8% of total GMV [3] - The product range has diversified beyond fresh food and snacks to include a wider variety of categories [3] Offline Expansion - The company is actively pursuing offline growth, with plans to open its first offline experience store in Beijing's Zhongguancun, covering an area of 439 square meters [5] - Oriental Selection has deployed over 40 vending machines in various locations, some of which are already profitable [5] - The offline strategy aims to enhance consumer trust through interactive experiences and product traceability [5] Challenges and Competition - The company faces challenges in offline retail, including site selection, inventory management, and service operations, which require significant expertise [6] - Competition from established players like Sam's Club and Hema poses a threat to the success of its offline strategy [6] Leadership and Organizational Changes - The appointment of Sun Jin as the new CEO is seen as a strategic move to enhance operational efficiency [7] - The company plans to adjust its organizational structure to improve operational efficiency under Sun's leadership [7]

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company has experienced a turnaround in operations, with significant growth in product and channel expansion since the appointment of the new CEO in December 2025 [1][3] - For FY2026H1, the company reported revenue of 2.3 billion yuan, a year-on-year increase of 5.7%, and a 17% increase when adjusted for previous consolidation effects [1][18] - The gross merchandise volume (GMV) for FY2026H1 reached 4.1 billion yuan, with a 16.4% year-on-year increase after adjusting for previous consolidation effects [1][18] - The company's self-operated products generated a GMV of 2.16 billion yuan, reflecting a 22% year-on-year growth and accounting for 52.8% of total sales, marking it as the core growth driver [1][18] Summary by Sections FY2026H1 Financial Report: Self-Operation as Core Driver, Significant Improvement in Profitability - The gross margin for FY2026H1 was 36.4%, an increase of 2.8 percentage points, primarily due to high-margin self-operated products [2][18] - The non-GAAP net profit for FY2026H1 reached 260 million yuan, with a profit margin of 6.3% compared to 0.0% and 4.5% in FY2025H1 and H2 respectively, indicating continued improvement in profitability [2][18] High-Frequency Updates: Momentum Upward, Frequent Self-Operated Bestsellers - The company has over 800 self-operated products and plans to exceed 1,000 SKUs, entering a rapid iteration testing phase [4][19] - The company has successfully developed popular products such as probiotics and soft candies, with recent launches like dried apples and five-red powder also performing well [4][20] Accelerating Multi-Channel Strategy Implementation, Supporting Brand Momentum - The company is transitioning from a reliance on live-streaming sales to a focus on high-quality products, with significant sales through Douyin and its app [5][19] - The app sales GMV for FY2026H1 reached 760 million yuan, a year-on-year increase of 16% [5][19] New Development Phase Gradually Realized, Growth Accelerated in January 2026 - Estimated GMV for January 2026 exceeded 1 billion yuan, with a year-on-year growth rate exceeding 30%, driven by the launch of multiple new product lines and matrix accounts [6][19] Profit Forecast and Valuation - The company is expected to accelerate self-operated product and channel expansion, with adjusted net profit forecasts for FY2026-2028 at 556 million, 669 million, and 800 million yuan respectively, corresponding to PE ratios of 45x, 38x, and 31x [7][19]

Group 1 - The core viewpoint of the article highlights that Dongfang Zhenxuan achieved a revenue of 2.31 billion yuan in 1HFY26, representing a year-on-year increase of 5.7%, and a net profit of 239 million yuan, marking a turnaround from loss to profit due to improved product gross margins [1] - The company's revenue growth is driven by self-operated product sales, while the gross merchandise volume (GMV) decreased by 14.6% year-on-year to 4.1 billion yuan, with self-operated products contributing 2.16 billion yuan and third-party products 1.94 billion yuan [1] - The company has developed 801 new self-operated products, a 9.4% increase from the end of FY25, and expects the gross margin of self-operated products to rise from 21.5% in 1HFY25 to 33.7% in 1HFY26, an increase of 12.3 percentage points year-on-year [1] Group 2 - Dongfang Zhenxuan is implementing a multi-platform sales strategy by opening new accounts on Douyin and planning a long-term recruitment initiative for new hosts, while also establishing online stores on various platforms including WeChat, Tmall, JD, Pinduoduo, and Xiaohongshu [2] - The company anticipates having over 300,000 paid fans on its app in 1HFY26, up from 264,000 at the end of FY25, supported by a large follower base of 42.79 million on Douyin, which lays a solid foundation for expanding paid user numbers [3] - The company maintains a buy rating due to its proactive multi-live room and multi-host strategy, continuous development of high-margin self-operated products, and content advantages in the GEO marketing environment, with adjusted net profit forecasts for FY26 to FY28 raised to 500 million, 590 million, and 720 million yuan respectively [3]

Core Viewpoint - Oriental Selection reported a significant revenue growth in FY26H1, achieving total revenue of 2.312 billion yuan, a year-on-year increase of 5.72%, and a 17% increase when excluding revenue from the Huizhong live streaming room [1] Financial Performance - Total revenue for FY26H1 reached 2.312 billion yuan, with a year-on-year growth of 5.72% [1] - Gross margin increased by 2.8 percentage points to 36.4% [1] - Net profit and adjusted net profit turned positive, reaching 239 million yuan and 258 million yuan respectively [1] Operational Metrics - Gross Merchandise Volume (GMV) for FY26H1 was 4.1 billion yuan, with a 16.4% year-on-year growth when excluding Huizhong [1] - Self-operated product revenue grew by 18.1% to 2 billion yuan, accounting for 52.8% of the company's GMV [1] - Douyin contributed significantly to the overall GMV, while revenue from the company's own app increased from 500 million yuan in FY25H1 to 600 million yuan, representing 18.5% of GMV [1] Future Outlook - The company has over 800 SKUs as of FY26H1, with expectations to exceed 1,000 SKUs in 2026 [1] - New Douyin accounts have been launched to enhance product exposure and support self-operated and external product promotions [1] - The number of paid members is rapidly increasing, with efforts to improve renewal rates through user research and outreach [1] - The company is also initiating offline store layouts [1] Profit Forecast and Investment Recommendation - The company is projected to achieve a revenue of 4.978 billion yuan and an adjusted net profit of 492 million yuan in the 2026 fiscal year [1] - Based on comparable companies, a PE ratio of 52X is assigned for the 2026 fiscal year, leading to a target price of 27.14 HKD per share, maintaining a "Buy" rating [1]

Group 1 - The core viewpoint of the article highlights that Dongfang Zhenxuan achieved a revenue of approximately 2.31 billion yuan in FY26H1, representing a year-on-year increase of 5.7%, with an adjusted net profit of 258 million yuan, a significant improvement from a loss of 2 million yuan in FY25H1 [1][2] - The company's self-operated products have shown strong performance, driving the brand transformation, with self-operated products accounting for 52.8% of total GMV in FY26H1, up from 43.8% in FY25 [1] - The company has expanded its product categories from fresh food to high-demand areas such as health supplements, pet food, and clothing, effectively enhancing the gross margin of self-operated products [1] Group 2 - Dongfang Zhenxuan has accelerated its multi-channel layout, having opened online stores on various platforms including WeChat Mini Programs, Tmall, JD, Pinduoduo, and Xiaohongshu, with its own app achieving a membership of 240,100 in FY26H1 [2] - The proportion of GMV from the company's own app increased from 15.7% in FY25 to 18.5% in FY26H1, with self-operated products accounting for 28.6% of total self-operated product GMV on the app [2] - The company plans to open its first offline experience store in Beijing's Zhongguancun, which will include both self-operated and third-party brand products, providing a one-stop shopping, leisure, and social experience [2] Group 3 - Due to the strong sales of self-operated products and the accelerated expansion of offline channels, the adjusted net profit forecasts for FY26-28 have been raised to 514 million, 535 million, and 603 million yuan, reflecting increases of 36%, 37%, and 43% respectively compared to previous forecasts [2]