Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company experienced a revenue decline of 9.3% year-on-year in FY2025H1, with total revenue of 2.19 billion yuan. The live e-commerce GMV was 4.8 billion yuan, down 15.8% year-on-year. The self-operated product sales showed more resilience compared to other segments [1] - The paid membership system has been improved, with the number of paid subscribers on the app reaching 228,300, up from 123,800 in the same period last year. The app's GMV accounted for 13.6% of total sales, showing a significant increase from 8.4% in FY2024 [2] - The company's adjusted profit for FY2025H1 was 30 million yuan, with a non-GAAP adjusted profit of 130 million yuan, resulting in a GMV profit margin of 3.5%, slightly improved from 3.2% in FY2024H2 [3] - The company is actively exploring new channels such as WeChat stores, which have shown a significant increase in daily sales orders, indicating a positive trend in sales growth [3] Financial Summary - For FY2025, the company is projected to have a net profit of 36 million yuan, with adjusted net profits of 330 million yuan, leading to a PE ratio of 413.70x. By FY2027, the net profit is expected to reach 524 million yuan, with a PE ratio of 28.56x [4][11]
东方甄选FY2025H1点评报告：业务调整蓄力，关注新渠道发展