海外消费周报：东方甄选——直播间剥离带来阵痛，业务调整初现效果

Investment Rating - The report maintains a neutral rating for the company, indicating a cautious outlook on its performance moving forward [6][19]. Core Insights - The company is expected to generate approximately 2.4 billion yuan in revenue for the first half of FY25, reflecting a year-on-year decline of 14.1%. The adjusted net profit is projected to be 64 million yuan, down 87.3% year-on-year, primarily due to the impact of the separation from the "Yuhui Tongxing" livestream [4][15]. - Following the divestiture of the "Yuhui Tongxing" livestream, which accounted for 54% of the company's total GMV at 4.38 billion yuan, the company is shifting its strategy towards a multi-livestream and multi-host model, which includes new categories such as apparel and fresh produce [5][16]. - The company has seen a gradual recovery in GMV, with figures from Douyin showing monthly GMV increasing from 4.59 million yuan in August to 7.2 million yuan in November [5][16]. Summary by Sections Company Update - The divestiture of the "Yuhui Tongxing" livestream has led to a significant drop in sales revenue and a one-time expense related to performance bonuses for key personnel, impacting profit margins [6][15]. - The company is expected to recover its profit margin to 6.7% in the first half of FY25, excluding one-time impacts, which is an increase of 1.3 percentage points from the previous half [6][17]. Financial Projections - Revenue forecasts for FY25 to FY27 have been revised upwards to 4.72 billion, 5.04 billion, and 5.45 billion yuan respectively, while the adjusted net profit for FY25 has been lowered to 245 million yuan due to one-time expenses [6][19]. - The target price for the company's stock has been increased to 13.9 HKD from a previous estimate of 11.9 HKD [6][19]. Market Performance - The education index has decreased by 2.6% in the past week, underperforming the Hang Seng Index by 4.3 percentage points, with a year-to-date decline of 5.51% [14].