Core Viewpoint - Oriental Selection reported a significant decline in net revenue and profit for the fiscal year 2025, but showed signs of recovery in its core business after adjusting for one-time expenses related to the "With Huixing" sale [1] Group 1: Financial Performance - For the fiscal year 2025, the total net revenue from continuing operations was 4.4 billion yuan, a year-on-year decrease of 32.7% [1] - The net profit from continuing operations was 6.19 million yuan, down 97.5% year-on-year, but showed a recovery from losses in the first half of the fiscal year [1] - Excluding one-time expenses, the net profit from continuing operations was 140 million yuan, representing a year-on-year growth of 30% [1] Group 2: Business Strategy and Growth - The company's self-operated product expansion strategy has taken shape, becoming a core growth engine, with self-operated product GMV reaching approximately 3.81 billion yuan, accounting for 43.8% of total GMV [2] - The self-operated product revenue was about 3.5 billion yuan, making up 80% of total revenue, with a significant increase in the number of self-operated products launched [2] - The gross margin improved from 25.9% in fiscal year 2024 to 32.0% in fiscal year 2025, an increase of 6 percentage points [2] Group 3: APP Development and Membership Growth - The company's self-owned APP channel achieved steady growth, with APP revenue of approximately 1.1 billion yuan, a year-on-year increase of 22%, accounting for 25% of total revenue [3] - The GMV from the APP channel increased from 16.3% in fiscal year 2024 to 28.8% in fiscal year 2025 [3] - The number of paid APP members reached 264,000, a year-on-year growth of 33%, with high user satisfaction at 98.7% [3]

Core Viewpoint - The company is experiencing a significant impact on its financial performance due to the divestiture of its wholly-owned subsidiary "Yuhui Tongxing," leading to a decline in sustainable revenue and profit for FY2025, but showing signs of recovery in the second half of FY2025. Financial Performance - For FY2025, the company achieved sustainable revenue of 4.39 billion yuan, a decrease of 32.7%, primarily due to the divestiture of "Yuhui Tongxing" [1] - Sustainable net profit for FY2025 was 6.19 million yuan, down 97.5%, but if excluding one-time expenses and profits from the sale, the continuing operating net profit was 135 million yuan, an increase of 30.0% [1] - In FY2025H2, sustainable revenue was 2.21 billion yuan, down 46.4%, while sustainable net profit was 103 million yuan, an increase of 16.1% [1] GMV Analysis - The company's GMV for FY2025 was 8.7 billion yuan, a decrease of 39.2%, also affected by the divestiture [1] - Excluding the impact of "Yuhui Tongxing," the GMV for FY2025H1 and H2 was 3.6 billion yuan and 3.9 billion yuan, respectively, indicating a recovery in e-commerce GMV in H2 [1] Product and Channel Performance - In FY2025, self-operated products achieved GMV of 3.81 billion yuan, accounting for 43.8% of total GMV, showing an increase from approximately 40% in FY2024 [2] - The estimated gross margin for self-operated products was around 23%, improving due to reduced promotional efforts [2] - The sales channels for FY2025 showed that Douyin, self-owned APP, and other channels accounted for 15.7%, 70.0%, and 14.3% of GMV, respectively, with the self-owned APP channel increasing by 7.3 percentage points [2] Profitability and Cost Structure - The gross margin for FY2025 was 32.0%, an increase of 6.0 percentage points, driven by reduced promotional intensity [2] - The net profit margin was 0.1%, down 3.7 percentage points, with H1 and H2 net profit margins at -4.4% and 4.7%, respectively, indicating a recovery in profitability in H2 [2] Membership and Strategic Initiatives - The number of paid members increased from 198,600 to 264,300 in FY2025, with expectations for continued growth through enhanced member benefits and new engagement models [3] - The company is leveraging resources from New Oriental Group, such as setting up vending machines in learning centers, to enhance resource synergy [3] Investment Outlook - The net profit forecast for FY2026 has been revised down to 266 million yuan, with new projections for FY2027 and FY2028 at 572 million yuan and 1.05 billion yuan, respectively [3] - The company is transitioning to a product-oriented and membership-based growth model, which is expected to create new growth momentum through the development of popular products [3]

Core Insights - After the release of its fiscal year 2025 results, the company's stock price dropped significantly, closing down 11% at 28.08 HKD, with a market capitalization falling below 30 billion HKD [1] - The company reported a total revenue of 4.4 billion HKD for its continuing operations, with a net profit of 6.2 million HKD, marking a turnaround from a net loss of 96.5 million HKD in the first half of fiscal year 2025 [1] - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, driven by the healthy development of self-operated products and live e-commerce [1] Financial Performance - The total GMV for self-operated products and live e-commerce in fiscal year 2025 reached 8.7 billion HKD, with self-operated products accounting for approximately 43.8% of total GMV [1] - The company’s net profit for continuing operations, excluding the financial impact of the sale of Huixing, increased by 30% year-on-year to 135.4 million HKD [1] Product Development - The CFO stated that the company has launched a total of 732 self-operated products, expanding its product range beyond fresh food and snacks to include health and nutrition products, pet food, and clothing [2] - Self-operated products have become the main growth driver for the company [2] Market Reactions - Goldman Sachs downgraded the company's GMV forecast for fiscal years 2026 to 2027 by 1% to 3%, while raising revenue forecasts by up to 10% due to the contribution from self-branded products [2] - The target price was adjusted to 9 HKD, but the firm maintained a sell rating due to ongoing weak fundamentals and high valuations [2] Management and Market Sentiment - Prior to the earnings report, rumors about the departure of the former CEO sparked public interest, but the company clarified that he was on leave and had not left [3] - The departure of a key anchor and the ongoing transition period may have affected investor confidence, as trust between the company and investors is still being established [3]

Core Viewpoint - The company expects a significant increase in net loss for the six months ending June 30, 2025, projected to be between 26 million to 31 million Hong Kong dollars, compared to a net loss of 8.59 million Hong Kong dollars for the same period ending June 30, 2024 [1] Financial Performance - The anticipated net loss of 26 million to 31 million Hong Kong dollars represents a substantial increase from the previous year's loss of 8.59 million Hong Kong dollars [1] - The gross profit for the current period is expected to be only 700,000 Hong Kong dollars, a sharp decline from the gross profit of 4.32 million Hong Kong dollars recorded in the same period last year [1]

Group 1 - The National Medical Products Administration (NMPA) has focused on key areas such as medical robots, high-end medical imaging, AI medical devices, and new biological materials to support the innovation of high-end medical devices [1] - In 2023, the NMPA has approved 52 innovative products, bringing the total number of approved innovative products to 367 [1] - The NMPA aims to encourage high-level global medical device products to debut in China, benefiting public health with more high-quality products [1] Group 2 - Neusoft Medical Systems Co., Ltd. has received approval for its innovative X-ray computed tomography (CT) equipment, which includes various components such as a scanning frame and photon counting detector [1] - The new CT product utilizes a photon counting detector, replacing traditional integral detectors, significantly improving imaging methods in clinical applications [1] - Shanghai United Imaging Healthcare Co., Ltd. has also received approval for its photon counting CT, indicating a trend towards advanced imaging technologies in the industry [2]

Summary of Key Points Core Viewpoint - On August 26, the Hang Seng Index fell by 1.18%, with southbound funds recording a total transaction amount of HKD 148.744 billion, resulting in a net inflow of HKD 16.573 billion [1]. Southbound Fund Activity - The total transaction amount for the southbound funds included HKD 82.658 billion in buying and HKD 66.086 billion in selling, leading to a net buying amount of HKD 16.573 billion [1]. - The Hong Kong Stock Connect (Shenzhen) had a cumulative transaction amount of HKD 58.279 billion, with net buying of HKD 6.967 billion, while the Hong Kong Stock Connect (Shanghai) had a cumulative transaction amount of HKD 90.465 billion, with net buying of HKD 9.605 billion [1]. Active Stocks - The most actively traded stock by southbound funds was the Tracker Fund of Hong Kong (盈富基金), with a total transaction amount of HKD 6.644 billion and a net buying amount of HKD 6.546 billion, despite a closing price drop of 1.29% [1][2]. - Other notable stocks included SMIC (中芯国际) with a total transaction amount of HKD 5.812 billion and a net selling amount of HKD 0.983 billion, closing down by 2.77% [1][2]. - Alibaba (阿里巴巴-W) had a total transaction amount of HKD 5.474 billion with a net buying amount of HKD 0.134 billion, closing down by 2.57% [1][2]. Continuous Net Buying - Three stocks experienced continuous net buying for more than three days, with Tencent Holdings (腾讯控股) leading with a net buying amount of HKD 6.883 billion over eight days, followed by Meituan-W (美团-W) with HKD 2.921 billion over four days, and Alibaba-W with HKD 2.318 billion over three days [2].

【导读】东方甄选连续两日暴跌，股价较上周高点接近"腰斩" 虽然公开辟谣，但近期东方甄选股价仍在持续走低。截至8月26日收盘，东方甄选股价为28.08港元/股，与上周高点相比，接近腰斩。 东方甄选，仍在"跌跌不休"。 8月26日，港股东方甄选开盘走低，临近尾盘跌幅扩大。截至当日收盘，东方甄选股价报28.08港元/股，跌幅为11.2%。 昨日，东方甄选以31.62港元/股收盘，跌幅为12.89%。东方甄选最近两日跌幅近23%，与8月19日高点的53.7港元/股相比，接近腰斩。 东方甄选股价连续大跌 高盛下调GMV预测 此前，东方甄选股价于8月19日创下近期新高，一度涨至53.7港元/股，随后高位跳水，当日收于34.32港元/股，振幅超45%。彼时有"小作文"称，新东方集 团CEO周成刚因关联交易被调查。盘后东方甄选迅速辟谣，并称"已启动报警和司法流程"。 对于近期东方甄选的股价大跌，不少股民表示"有点受伤" 在上周遭遇"绞杀"后，东方甄选近期股价仍未修复。 股价"跌跌不休"之际，东方甄选近期消息不断。 对于此前"小作文"中所言"东方甄选佣金率长期超30%"，东方甄选辟谣称，该说法严重失实，东方甄选实际平均佣金率不 ...

Market Overview - On August 26, the Hang Seng Index fell by 1.18%, with southbound trading totaling HKD 148.744 billion, comprising HKD 82.658 billion in buying and HKD 66.086 billion in selling, resulting in a net buying amount of HKD 16.573 billion [2][3]. Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total transaction amount of HKD 58.279 billion, with buying at HKD 32.623 billion and selling at HKD 25.656 billion, leading to a net buying of HKD 6.967 billion [2]. - Southbound trading through the Stock Connect (Shanghai) had a total transaction amount of HKD 90.465 billion, with buying at HKD 50.035 billion and selling at HKD 40.430 billion, resulting in a net buying of HKD 9.605 billion [2]. Active Stocks - The most actively traded stock by southbound funds was the Tracker Fund of Hong Kong (盈富基金), with a total transaction amount of HKD 66.44 billion and a net buying of HKD 65.46 billion, despite a closing price drop of 1.29% [2][3]. - Other notable stocks included SMIC (中芯国际) with a total transaction amount of HKD 58.12 billion and a net selling of HKD 9.83 billion, closing down by 2.77% [2][3]. - Alibaba (阿里巴巴-W) had a total transaction amount of HKD 54.74 billion with a net buying of HKD 13.46 billion, closing down by 2.57% [2][3]. Continuous Net Buying - Three stocks experienced continuous net buying for more than three days, with Tencent Holdings (腾讯控股) leading at 8 days of net buying, followed by Meituan (美团-W) at 4 days, and Alibaba (阿里巴巴-W) at 3 days [3]. - The total net buying amounts during this period were HKD 68.83 billion for Tencent, HKD 29.21 billion for Meituan, and HKD 23.18 billion for Alibaba [3].

Core Viewpoint - After the release of its fiscal year 2025 results, Dongfang Zhenxuan's stock price has dropped significantly, reflecting investor concerns about the company's performance and leadership changes [1][3]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, with a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [1]. - Excluding the financial impact of the sale of Huixing, the net profit for the continuing operations increased by 30% year-on-year to 135.4 million yuan [1]. - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, driven by the healthy development of self-operated products and live e-commerce [1]. Business Development - Dongfang Zhenxuan has launched a total of 732 self-operated products, up from 488 in the previous fiscal year, expanding its product range beyond fresh food and snacks to include health and nutrition products, pet food, and clothing [2]. - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce in fiscal year 2025 reached 8.7 billion yuan, with self-operated products accounting for approximately 43.8% of the total GMV [1]. Market Reaction - Following the earnings report, Dongfang Zhenxuan's stock price fell by 11% to 28.08 HKD, with a market capitalization dropping below 30 billion HKD [1]. - Goldman Sachs downgraded the company's GMV forecast for fiscal years 2026 to 2027 by 1% to 3%, while raising revenue forecasts by up to 10% due to the increased contribution from self-branded products [2]. Leadership and Public Perception - There was speculation regarding the departure of former CEO Sun Dongxu, which was clarified by the company as he is currently on leave and has not left the organization [3]. - The relationship between Dongfang Zhenxuan and its investors is fragile, especially after the departure of key figures like popular host Dong Yuhui, which has affected market confidence [3].

Group 1 - The Hang Seng Index closed down 1.18% on August 26 [1] - The Hang Seng Tech Index decreased by 0.74% [1] - Oriental Selection fell over 11%, while NIO and Junshi Biosciences dropped over 6% [1] - ZTE Corporation declined nearly 6%, and Country Garden fell over 5% [1] Group 2 - China Gold International rose over 10%, and Lingbao Gold increased by over 9% [1]