Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential stock price increase of 5% to 15% over the next six months [5]. Core Insights - The company reported a revenue of 2.312 billion yuan for the first half of FY2026, representing a year-on-year growth of 5.7%, and achieved a net profit of 239 million yuan, marking a turnaround from losses [1]. - The growth in Gross Merchandise Volume (GMV) is driven by self-operated products, which accounted for 52.8% of total GMV, up from 43.8% in FY2025. The total GMV for FY2026H1 was 4.1 billion yuan, a decrease of 15% [2]. - The company has expanded its product categories to 801 SKUs, including new categories like seafood and health supplements, enhancing consumer choices and driving sales [2]. - Profitability has significantly improved, with gross margin increasing from 33.6% to 36.4%, attributed to supply chain expansion and category growth. The net profit margin for FY2026H1 was 10.34% [2]. Membership Growth and Brand Recognition - The company has seen a continuous increase in paid membership, reaching 240,000, with its app contributing 18.5% to total GMV. The self-operated GMV through the app remained stable at 28.6% [3]. - The company is expanding its sales channels across multiple platforms, with plans to open its first offline experience store in Beijing in 2026, which is expected to enhance brand influence [3]. Financial Projections - The company forecasts adjusted net profits of 497 million yuan, 540 million yuan, and 590 million yuan for FY2026, FY2027, and FY2028, respectively [3]. - Revenue projections for the upcoming years are as follows: 4.828 billion yuan in FY2026, 5.254 billion yuan in FY2027, and 5.633 billion yuan in FY2028, reflecting growth rates of 9.92%, 8.84%, and 7.21% respectively [4].
东方甄选（01797）：业绩超预期，自营品增长潜力持续验证