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]
东方甄选市值跌破300亿港元 披露与董宇辉“分手”后首份年报