东方甄选(01797.HK)：业绩超预期 自营品增长潜力持续验证

Core Viewpoint - Dongfang Zhenxuan reported a significant improvement in financial performance for the first half of FY2026, with a revenue of 2.312 billion yuan and a net profit of 239 million yuan, marking a return to profitability [1][2]. Financial Performance - The company achieved a revenue of 2.312 billion yuan for the period from June 2025 to November 2025, representing a year-on-year growth of 5.7% [1]. - The net profit reached 239 million yuan, with an adjusted net profit of 258 million yuan, both indicating a turnaround from previous losses [1]. - Gross merchandise volume (GMV) for FY2026H1 was 4.1 billion yuan, a decrease of 15%, with self-operated products contributing 2.16 billion yuan, accounting for 52.8% of total GMV, up from 43.8% in FY2025 [1]. Profitability Enhancement - The gross margin improved from 33.6% to 36.4%, driven by the expansion of self-operated product supply chains and an increase in product categories and scale [2]. - The overall expense ratio saw a significant decline, with the sales expense ratio at 19.0%, down by 2 percentage points, and the management expense ratio at 3.6%, showing a substantial year-on-year decrease [2]. - The net profit margin for FY2026H1 was 10.34%, indicating a return to profitability, with an adjusted net profit margin of 11.15% [2]. Membership and Brand Development - The number of paid members for the Dongfang Zhenxuan APP reached 240,000, with the APP's GMV accounting for 18.5% of total GMV [3]. - The self-operated GMV through the APP remained stable at 28.6%, indicating a growing trend in paid membership and self-operated product contributions [3]. - The company is expanding its sales channels through platforms like WeChat, Tmall, JD, Pinduoduo, and Xiaohongshu, with plans to open its first offline experience store in Beijing in 2026 to enhance brand influence and channel layout [3]. Investment Outlook - Dongfang Zhenxuan is deepening its focus from channels to product offerings, exploring a differentiated transformation path in live e-commerce [3]. - The continuous upgrade of the membership system and the ongoing improvement of SKU and supply chain capabilities are expected to support sustained growth in self-operated product reputation [3]. - Projected adjusted net profits for FY2026 to FY2028 are estimated at 497 million yuan, 540 million yuan, and 590 million yuan, respectively, with an initial coverage rating of "Accumulate" [3].