东方甄选净利跌超九成 一年掉粉超1 8 6万 记者丨刘雪莹 编辑丨陈思颖 8月26日午后，港股东方甄选跌近11%，成交额超20亿元。 | < ロ | 东方甄选(1797) | | | | --- | --- | --- | --- | | | 08-26 15:18:44 通 | | | | 28.160 额23.12亿 股本10.46亿 市盈4708.7 | | | 万得 | | -3.460 -10.94% | 换 7.57% 市值295亿 市净 5.28 | | 营口 | | 分时 | 五日 日K 周K 月K 更多 | | | | 营加 | 盘口 | | 成交 | | 35.100 | 11.01％ 卖10 28.360 | | 2000(1) | | | 559 28.340 | | 3500(2) | | | 卖8 28.320 | | 4000(3) | | | 卖7 28.300 | | 13.6万(7) | | | 更6 28.280 | | 3.8万(4) | | | 325 28.260 | | 2.2万(5) | | 31.620 | 0.00% 卖4 28.240 | | 1000(1 ...

Group 1 - Goldman Sachs maintains a sell rating on Dongfang Zhenxuan (01797.HK) and raises the target price to HKD 9, while adjusting the GMV forecast down by 1% to 3% for FY2026-2027 due to weak fundamentals and high valuation [1] - CITIC Securities maintains an outperform rating on Pop Mart (09992.HK) and raises the target price to HKD 368, expecting strong global demand with sales growth of 14%, 12%, and 12% for 2025-2027 [1] - CMB International maintains a buy rating on Kuaishou-W (01024.HK) and raises the target price to HKD 90, citing optimism about its multi-scenario e-commerce strategy and AI commercialization [1] Group 2 - Huazhang Securities maintains a buy rating on Xiaomi Group-W (01810.HK), forecasting revenue growth of RMB 478.1 billion, 618.2 billion, and 732 billion for 2025-2027, with adjusted net profit of RMB 41.1 billion, 59.3 billion, and 72.4 billion [2] - Morgan Stanley maintains an overweight rating on NIO-SW (09866.HK) with a target price of HKD 50.7, noting strong ES8 orders and expected monthly sales of 40,000 to 50,000 vehicles starting in October [3] - CICC maintains an outperform rating on Bruker (00325.HK) with a target price of HKD 135, reporting a 27.9% revenue growth to HKD 1.34 billion for the first half of 2025 [4] Group 3 - Haitong International maintains an outperform rating on Genscript Biotech (01548.HK) with a target price of HKD 24.62, reporting an 81.9% revenue growth to USD 519 million for the first half of 2025 [5] - Cathay Pacific maintains a buy rating on Sunny Optical Technology (02382.HK) with a target price of HKD 108.05, noting a 15% net profit beat and an 18.2% revenue growth in automotive electronics [6] - Cathay Pacific maintains an overweight rating on Baidu Group-SW (09888.HK) with a target price of HKD 104, reporting a 34% increase in non-advertising revenue driven by AI cloud services [8]

Group 1 - The core point of the article highlights that Dongfang Zhenxuan (1797.HK) experienced a significant drop in stock price, falling nearly 11% to 28.2 HKD, with trading volume exceeding 2.2 billion HKD [1] - For the fiscal year 2025 (June 2024 - May 2025), the company's net revenue from continuing operations (self-operated products and live e-commerce) decreased by 32.7% year-on-year from 6.5 billion to 4.4 billion CNY, and net profit dropped by 97.5% from 249 million to 6.191 million CNY [1] - Goldman Sachs reported that Dongfang Zhenxuan's performance for the second half of the fiscal year ending in May showed mixed results, with gross merchandise volume (GMV) declining by 55% year-on-year to 3.9 billion CNY, which was 15% lower than the bank's expectations [1]

Core Viewpoint - Goldman Sachs has downgraded the GMV forecast for Dongfang Zhenxuan (01797) for the fiscal years 2026 to 2027 by 1% to 3%, while increasing revenue forecasts by up to 10% due to the rising contribution of self-operated brand products [1] Group 1 - The adjusted net profit margin forecast for fiscal years 2026 to 2027 has been raised by 0.2 and 1 percentage points [1] - The target price for Dongfang Zhenxuan has been increased from 8 HKD to 9 HKD [1] - Despite the adjustments, Goldman Sachs maintains a "Sell" rating on Dongfang Zhenxuan due to weak fundamentals and high valuations [1] Group 2 - For the half-year ending May this year, Dongfang Zhenxuan reported mixed performance, with GMV declining by 55% year-on-year to 3.9 billion RMB, which is 15% lower than Goldman Sachs' expectations [1] - The company managed to exceed earnings expectations by controlling operating expenses, resulting in a net profit growth of 30% to 135 million RMB for the fiscal year 2025, excluding the one-time impact from the sale of "Yuhui Tong" [1]

Group 1 - The core point of the article highlights the significant drop in the stock price of Dongfang Zhenxuan, which fell by 10.06% to 28.44 yuan per share, with a trading volume of 2.012 billion yuan [1] - Dongfang Zhenxuan Holdings Limited is a leading player in the online extracurricular education service sector in China, known for providing high-quality online courses and exam preparation services [1] - The company expanded its business in 2021 to include live commerce, educational smart hardware products, STEAM education, and vocational education, and has been the largest online education brand in China's university exam preparation market since 2017 [1] Group 2 - As of the 2024 annual report, Dongfang Zhenxuan reported total operating revenue of 4.392 billion yuan and a net profit of 5.735 million yuan [1]

每经AI快讯，8月26日，港股东方甄选午后再度跌超10%。 ...

Group 1: Market Overview - The Hang Seng Index fell by 0.22%, down 56 points, closing at 25,773 points, while the Hang Seng Tech Index rose by 0.27% [1] - The early trading volume in the Hong Kong stock market reached 133.9 billion HKD [1] Group 2: Company Performances - Pop Mart (09992) surged by 2.88%, with new products selling out instantly and continued high growth in H1 performance [1] - China Duty Free Group (01880) soared over 5% following the opening of its first city duty-free store in Guangzhou, with multiple city stores entering the cultivation phase [1] - Genscript Biotech (01672) increased by 4.7%, as the company raised funds to enhance its weight loss drug development, with Citigroup suggesting attention on the upcoming ASC30 Phase II data [1] - China Gold International (02099) rose by 6.8%, reaching a new high, with core product output exceeding half of the annual guidance and significant expansion potential at the Jiamar mine [1] - Meitu (01357) saw an early gain of over 7%, officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - Innovent Biologics (02696) increased by 5.68% post-earnings, with ongoing internationalization strategy and overseas product profits more than doubling in H1 [1] - Angelalign Technology (06699) rose over 7%, with H1 net profit increasing by over 360%, and declared a special interim dividend of 0.46 HKD [1] - Oriental Selection (01797) fell over 7%, with annual net profit declining by 99.67%, while Goldman Sachs maintained a "sell" rating [1][2] Group 3: Financial Results - Kintor Pharmaceutical (01951) dropped by 5.97% post-earnings, reporting a loss of 1.04 billion CNY in H1, compared to a profit in the same period last year [2]

Core Insights - Goldman Sachs reported that Dongfang Zhenxuan's performance for the second half of the fiscal year ending May 2023 was mixed, with Gross Merchandise Volume (GMV) declining by 55% year-on-year to 3.9 billion, which was 15% lower than the bank's expectations [1] - Despite the decline in GMV, the company managed to control operating expenses, resulting in earnings per share exceeding expectations during the period [1] - Excluding a one-time impact from the sale to Huizhong, the net profit from continuing operations for fiscal year 2025 is projected to grow by 30% to 135 million [1] Financial Projections - Goldman Sachs has lowered its GMV forecast for Dongfang Zhenxuan for fiscal years 2026 to 2027 by 1% to 3%, while increasing revenue forecasts by up to 10% due to the improved contribution from self-operated brand products [1] - Adjusted net profit margin forecasts for fiscal years 2026 to 2027 have been raised by 0.2 and 1 percentage points, respectively [1] Rating and Target Price - Despite the adjustments, Goldman Sachs maintains a "Sell" rating on Dongfang Zhenxuan due to ongoing weak fundamentals and high valuations [1] - The target price has been raised from 8 HKD to 9 HKD [1]

Group 1: Market Overview - The Hong Kong stock market experienced significant gains on Monday, with the Hang Seng Index rising by 1.94%, the Hang Seng China Enterprises Index increasing by 1.85%, and the Hang Seng Tech Index climbing by 3.14% [2] - The total market turnover reached HKD 369.698 billion, with the short-selling amount on the main board rising to HKD 54.919 billion, accounting for 16.152% of the total turnover of short-sellable stocks [2] Group 2: Capital Flow - Southbound capital flow showed a net outflow of HKD 1.376 billion, with Alibaba (9988.HK), ZTE Corporation (763.HK), and Dongfang Zhenxuan (1797.HK) being the most bought stocks, while the most sold stocks included Tracker Fund of Hong Kong (2800.HK), Xiaomi Group (1810.HK), and SMIC (981.HK) [3] - On August 25, northbound capital transactions totaled HKD 404.544 billion, accounting for 12.88% of the total market turnover [3] Group 3: Sector Performance - The internet sector showed strong performance, influenced by new regulations aimed at curbing vicious price competition among internet platforms, leading to gains in short video, cloud computing, and gaming stocks [4] - Gold and non-ferrous metal sectors also saw significant increases, driven by rising expectations of a Federal Reserve interest rate cut, with several gold-related stocks experiencing notable gains [5] Group 4: Real Estate Policy Changes - The Shanghai government announced the easing of home purchase restrictions for local residents and single adults, aiming to stimulate the real estate market amid declining sales and investment [6] - The national real estate market has shown signs of weakness, with new home prices dropping by 0.31% across 70 cities, marking the largest decline in nearly ten months [6] Group 5: Company Analysis - Laopu Gold (6181.HK) - Laopu Gold reported explosive growth in performance, with a significant increase in store openings and revenue, achieving a total revenue of HKD 107.3 billion in the first half of 2025, a 243% year-on-year increase [10][11] - The company has expanded its presence in 16 cities with 41 stores, including its first overseas store in Singapore, marking a key step in its internationalization strategy [10][11] - The average revenue per store reached approximately HKD 4.59 billion, maintaining the highest average revenue and sales efficiency among all jewelry brands in mainland China [11] Group 6: Financial Performance - Laopu Gold's net profit for the first half of 2025 was HKD 22.7 billion, representing a 286% year-on-year increase, with a net profit margin of 18.3% [12] - The company faced a decline in gross margin to 38.1% due to rising gold prices, but it plans to adjust prices to mitigate this impact [12] - The company has increased its bank borrowings to support rapid business growth, with total borrowings reaching HKD 31.8 billion by the end of June 2025 [12] Group 7: Future Outlook - Laopu Gold is expected to continue its rapid growth trajectory, with revised profit forecasts for 2025, 2026, and 2027 set at HKD 49.0 billion, HKD 66.8 billion, and HKD 85.1 billion respectively, leading to an upward adjustment of the target price from HKD 235 to HKD 970 [13]

Core Viewpoint - Oriental Selection (01797) has experienced a significant decline in stock price, dropping over 9% and currently trading at 29 HKD, with a transaction volume of 1.555 billion HKD [1] Financial Performance - For the fiscal year ending May 31, 2025, Oriental Selection reported total revenue of approximately 4.392 billion RMB, a year-on-year decrease of 37.9% [1] - The profit attributable to the company's owners was 5.735 million RMB, reflecting a dramatic year-on-year decline of 99.67%, with earnings per share at 0.01 RMB [1] - Excluding the financial impact from the sale of "Yuhui Tongxing," the net profit from continuing operations is projected to increase by 30% from 104 million RMB in fiscal year 2024 to 135.4 million RMB in fiscal year 2025 [1] Market Analysis - Goldman Sachs reported mixed results for Oriental Selection's performance for the second half of the fiscal year ending May, with the gross merchandise volume (GMV) declining by 55% to 3.9 billion RMB, which is 15% lower than their expectations [1] - Despite the weak fundamentals and high valuation, Goldman Sachs maintains a "Sell" rating on Oriental Selection, noting that the company managed to exceed earnings per share expectations through operational cost control [1]