Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's FY2025H1 revenue reached 2.187 billion, a year-over-year decrease of 9.3%, with a net loss attributable to shareholders of 968 million [8] - The company is focusing on a multi-channel strategy, with expectations for incremental contributions from WeChat stores [8] - The company has successfully launched competitive self-operated product lines, contributing to stable growth [8] - Adjusted net profit forecasts for FY2025-2026 have been revised down to 225 million and 502 million respectively, with a new FY2027 forecast of 695 million [8] Financial Performance Summary - Total revenue (in million) for FY2023A, FY2024A, FY2025E, FY2026E, and FY2027E is projected at 4,511, 6,528, 4,483, 4,998, and 5,448 respectively, with year-over-year growth rates of 651.26%, 44.69%, -31.33%, 11.50%, and 9.00% [1] - Net profit attributable to shareholders (in million) for the same periods is expected to be 971.29, 249.14, 35.56, 397.32, and 589.91, with year-over-year changes of 1,468.32%, -74.35%, -85.73%, 1,017.49%, and 48.47% [1] - The company's gross margin for FY25H1 improved by 0.7 percentage points to 33.6% [8] - The company’s self-operated products accounted for approximately 37% of total GMV in FY25H1 [8] Market Data - The closing price is 15.54 HKD, with a market capitalization of approximately 16,095.81 million HKD [5] - The price-to-earnings ratio (P/E) for FY2025E is projected at 415.72 [1]
东方甄选：FY2025H1业绩点评：运营逐渐企稳，建议关注微信渠道增量贡献