Investment Rating - The investment rating for the company is "Buy" with a target price of 13 HKD, maintaining the rating as of August 31, 2024 [1]. Core Insights - The company reported FY24 revenue of 7.07 billion, a 57% increase year-on-year, with continuous operating business revenue at 6.53 billion, up 68% [1]. - The net profit attributable to shareholders reached 1.72 billion, a 77% increase, while the net profit from continuous operations was 249 million, down 69% [1]. - The company has successfully expanded its self-operated product line, which now accounts for approximately 40% of total GMV in FY24, up from 30% in FY23 [1]. - The company has launched 488 self-operated SKUs since April 2022, significantly diversifying its product offerings [1]. - A strategic partnership with New Oriental has been established to enhance offline marketing and sales channels, with a focus on leveraging New Oriental's extensive network [3]. Summary by Sections Financial Performance - FY24 revenue was 7.07 billion, a 57% increase year-on-year; continuous operating business revenue was 6.53 billion, up 68% [1]. - Net profit attributable to shareholders was 1.72 billion, a 77% increase; continuous operations net profit was 249 million, down 69% [1]. - Non-GAAP adjusted net profit was 2.18 billion, a 100% increase, with continuous operations net profit at 710 million, down 23% [1]. Product Development - The company has developed and launched 488 self-operated SKUs, expanding its product line significantly [1]. - Self-operated products have become a major growth driver, contributing approximately 40% to total GMV in FY24 [1]. Strategic Initiatives - The company has entered into a framework agreement with New Oriental for promotional services and product sales, with a transaction cap of 100 million RMB for FY25 [3]. - The partnership aims to enhance channel capabilities and create a differentiated competitive advantage [3]. Market Positioning - The company is focused on becoming a leading live shopping platform, emphasizing high-quality self-operated agricultural products and a strong customer experience [1]. - The strategic focus includes comprehensive market research and analysis to define optimal product positioning and target consumer demographics [1].
东方甄选：提升自营品比例，联手新东方试点线下