Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company achieved a revenue of approximately 2.31 billion RMB in FY26H1, representing a year-over-year increase of 5.7%, with adjusted net profit reaching 258 million RMB, a significant improvement from a loss of 2 million RMB in FY25H1 [1][10]. - The company's self-operated products have shown strong performance, with their contribution to total GMV rising to 52.8% in FY26H1, up from 43.8% in FY25, indicating a successful shift towards brand transformation [2][10]. - The company is expanding its multi-channel strategy, with plans to open its first offline experience store in Beijing, enhancing customer engagement through a combination of shopping, leisure, and social experiences [3][10]. Financial Performance - The adjusted net profit forecasts for FY26-28 have been raised to 514 million, 535 million, and 603 million RMB, reflecting increases of 36%, 37%, and 43% respectively compared to previous estimates [4][10]. - The gross margin improved to 36.4% in FY26H1, driven by the healthy development of self-operated products and optimization of personnel costs [10]. Market Positioning - The company has successfully diversified its product categories from fresh food to high-demand areas such as nutritional supplements, pet food, and apparel, which has effectively boosted the gross margin of self-operated products [2][10]. - The membership base has grown to 240,100 in FY26H1, up from 228,300 in FY25H1, indicating a strong and expanding user engagement [3][10].
东方甄选（01797）：品牌化转型潜力可期