Summary of Conference Call for Haoyue Care Industry Overview - The childcare subsidy policy, although limited to 3,600 yuan annually, is expected to positively impact birth rates across the country, particularly in populous provinces like Henan, Jiangsu, Zhejiang, Shanghai, and Guangdong, where there is a higher willingness among migrant populations to have newborns [2][3] - The competition in the baby diaper and sanitary napkin markets is intensifying, with new entrants such as internet celebrities and companies like Three Squirrels and Dongfang Zhenxuan increasing their presence, leading to a general rise in terminal sales expenses [2][5] Company Insights - The company has not observed a significant increase in newborn numbers in 2025, contrasting with the order pressure experienced in early 2024 [3] - The introduction of the new product "Jieting" has seen increased promotion on platforms like Douyin, achieving some sales but with a lower ROI conversion rate compared to the previous year due to heightened market competition [6][8] - The company has leveraged its supply chain advantages to ensure wood pulp supply and reduce costs, enabling the rapid launch of new products by the Sibao team [7] Product Development and Market Strategy - New products are focusing on material and process innovations, with higher gross margins and average prices compared to traditional products, leading to a significant increase in order volumes [4][14] - The company has invested heavily in marketing and promotional activities to attract consumers and institutions for product trials, while also updating and integrating production equipment to enhance efficiency [8][9] - The management structure post-acquisition of "Jieting" remains stable, with the original team continuing to oversee operations, ensuring continuity and stability in business operations [10] Financial Performance and Market Trends - The overseas business is expected to maintain good growth, particularly in markets like Thailand, Japan, India, Singapore, Vietnam, Canada, and the United States, with a notable increase in self-owned brand sales [11][12] - The company is focusing on offline sales, which still dominate despite the rise in online sales, and is implementing new strategies for product promotion in physical stores [15] Management and Operational Enhancements - Post-acquisition, the company has shifted its performance evaluation criteria to emphasize sales and market expansion rather than just net profit, aiming to enhance team motivation and overall performance [16]

Core Viewpoint - Oriental Selection (01797) has seen a significant stock price increase of over 9%, with a cumulative rise of 1.1 times since early July, indicating strong market interest and potential growth opportunities [1] Group 1: Stock Performance - As of the latest update, the stock price of Oriental Selection is reported at 25.74 HKD, with a trading volume of 584 million HKD [1] - The stock has experienced a notable increase of 9.35% recently [1] Group 2: Product Launch and Market Response - Oriental Selection launched its first pure cotton sanitary napkin on June 16, which sold out over 180,000 units within two days [1] - A new series of sanitary napkins was launched on July 19, reflecting the company's commitment to expanding its product offerings [1] Group 3: Membership and Market Penetration - As of November 2024, Oriental Selection has 228,300 paid members, compared to Sam's Club China with 9 million members, indicating significant room for market penetration [1] Group 4: Financial Performance - For FY2025 Q4, Oriental Selection's revenue is projected to be 150 million USD, representing a year-on-year decline of approximately 30%, although the decline rate has narrowed compared to previous quarters [1] - The Non-GAAP operating profit is estimated at approximately 79 million RMB, with an operating profit margin of about 7%, showing improvement from the previous quarter's margin of around 3% [1] - The company is transitioning from a host-driven model to a product-driven approach, which is expected to enhance profitability [1]

每经AI快讯，8月5日，东方甄选(01797.HK)涨超17%，股价重回27港元，七月以来累涨近130%。 （文章来源：每日经济新闻） ...

Group 1 - The stock of Dongfang Zhenxuan (01797) has risen over 9%, with a cumulative increase of 1.1 times since early July [1] - As of the latest update, the stock price is reported at 25.74 HKD, with a trading volume of 584 million HKD [1] - The company launched its first pure cotton sanitary napkin on June 16, which sold out 180,000 units within two days, and a new series was launched on July 19 [1] Group 2 - Zheshang Securities notes that after two years of challenges, the company's operations are stabilizing, and its self-operated products align with new consumer trends, indicating potential for expansion [1] - As of November 2024, Dongfang Zhenxuan has 228,300 paid members, compared to Sam's Club China with 9 million members, suggesting significant penetration potential [1] Group 3 - New Oriental's FY2025 Q4 earnings report indicates revenue of 150 million USD, a year-on-year decline of approximately 30%, but the decline rate has narrowed quarter-on-quarter [1] - The Non-GAAP operating profit is approximately 79 million RMB, with an operating profit margin of about 7%, showing improvement from the previous quarter's 3% [1] - The company is transitioning from a host-driven model to a product-driven model, which is expected to enhance profitability [1]

格隆汇8月4日丨东方甄选(01797.HK)公布，董事会会议将于2025年8月22日举行，藉以（其中包括）审 议及批准公司及其附属公司截至2025年5月31日止财政年度的全年业绩及其刊发，以及考虑宣派及派发 末期股息（如有）。 ...

東方甄選控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董事 會會議將於2025年8月22日（星期五）舉行，藉以（其中包括）審議及批准本公司及 其附屬公司截至2025年5月31日止財政年度的全年業績及其刊發，以及考慮宣派 及派發末期股息（如有）。 承董事會命 東方甄選控股有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 East Buy Holding Limited 東方甄選控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1797） 董事會會議通知 俞敏洪 香港，2025年8月4日 於本公告日期，董事會包括執行董事俞敏洪先生及尹強先生；非執行董事孫暢女 士；以及獨立非執行董事林哲莹先生、閻焱先生及鄺偉信先生。 主席 ...

Core Insights - The rise of live-streaming e-commerce is seen as a strategic infrastructure connecting Chinese supply chains with global consumer markets, especially as domestic market growth slows down [2][17] - Leading influencers and MCN organizations are shifting their focus to overseas markets to seek new growth opportunities amid increasing competition and regulatory changes in the domestic market [2][17] Group 1: Market Trends - Influencers like "Red Light Green Light Huang" have successfully transitioned to TikTok, gaining 280,000 followers in 20 days and achieving over $100,000 in live-streaming tips, indicating a strong demand for live-streaming content in Southeast Asia [4][3] - The strategy of "entertainment live-streaming + content licensing" is being employed by companies like San Zhi Yang to penetrate overseas markets, adapting successful domestic models for local audiences [9][10] Group 2: Challenges and Strategies - Companies face significant challenges in cultural adaptation and compliance with local regulations, which can lead to operational difficulties if not properly managed [15][16] - The logistics and supply chain issues, such as high shipping costs and long delivery times, are critical factors affecting the success of overseas operations [16][15] Group 3: Competitive Landscape - Various leading live-streaming organizations, including Xin Xuan and Li Jiaqi's team, are actively pursuing international expansion, with some achieving notable sales milestones in different countries [14][12] - The overall landscape of live-streaming e-commerce is still in the exploratory phase, with varying degrees of success and challenges faced by different players [12][17]

Group 1 - The core viewpoint of the article highlights the performance and market position of Dongfang Zhenxuan, which saw a stock price increase of 4.25% to 23.82 CNY per share, with a trading volume of 300 million CNY [1] - Dongfang Zhenxuan is a leading player in the online extracurricular education sector in China, known for its high-quality online courses and exam preparation services [1] - The company expanded its business in 2021 to include live commerce, educational hardware products, STEAM education, and vocational education, becoming the largest online education brand in the Chinese university exam preparation market by 2017 [1] Group 2 - As of the mid-2024 financial report, Dongfang Zhenxuan reported total revenue of 2.187 billion CNY and a net loss of 96.799 million CNY [2]

Investment Rating - Industry rating: Recommended [4] Core Insights - The introduction of the national childcare subsidy policy is expected to benefit the maternal and infant industry chain, with a subsidy of 3,600 yuan per child per year for families with children under three years old, potentially impacting over 20 million families annually [1][2] - New Oriental's FY2025Q4 performance shows a revenue of 150 million USD, a year-on-year decline of approximately 30%, but with a sequential improvement in operating profit margin from 3% in FY25Q3 to 7% in FY25Q4 [3] - The company is transitioning from a host-driven model to a product-driven model, with significant sales in sanitary products and self-branded items [3] Summary by Sections 1. Industry Overview - The report highlights the positive impact of the national childcare subsidy on birth rates, particularly in lower-tier markets, citing examples from cities like Panzhihua and Tianmen where similar policies led to increased birth rates [2] 2. Company Performance - New Oriental's recent performance indicates a recovery in profit margins despite a decline in revenue, with key products like sanitary napkins and self-branded food items performing well in sales [3] 3. Investment Recommendations - The report suggests five investment themes, including the continuous upgrade of AI technology, the emotional value consumers place on purchases, the recovery of cyclical sectors, the potential of domestic brands going global, and the revival of traditional retail formats [6]

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Viewpoints - The market has experienced a pullback, with the Hang Seng Index down by 3.5% and the Hang Seng Technology Index down by 4.9%. However, the innovative pharmaceutical sector continues to rise, gaining 2.6% [1] - Overall, there has been a significant outflow of funds from the market, with an average daily fund intensity of -9.9 million HKD, compared to +12.6 million HKD the previous week [2] - Earnings per share (EPS) expectations for the Hong Kong stock market have been slightly revised down by 0.1%, indicating a clear divergence among industries, with 11 industries seeing upward revisions and 18 experiencing downward adjustments [3] Summary by Sections Market Performance - The Hang Seng Index closed at 24,508, reflecting a 3.5% decline this week, while the Hang Seng Technology Index decreased by 4.9% [12] - The innovative pharmaceutical sector has shown resilience, with a 2.6% increase, contrasting with significant declines in other sectors such as automotive (-7.9%) and financials (-3.6%) [1][16] Fund Flow - There was a notable outflow of funds across the market, with 26 industries experiencing outflows, particularly in automotive (-2.3 million HKD/day) and non-bank financials (-2.0 million HKD/day) [2] - Only four industries saw inflows, with pharmaceuticals leading at +1.4 million HKD/day [2] Earnings Forecast - The overall EPS forecast for the Hong Kong stock market has been adjusted down by 0.1%, with significant upward revisions in the steel industry (+235.8%) and pharmaceuticals (+1.4%) [3] - Conversely, industries such as basic chemicals (-3.2%) and telecommunications (-0.9%) faced downward revisions [3]