Core Insights - Oriental Selection reported a significant decline in net revenue for the fiscal year 2025, with a 32.7% decrease from 6.5 billion RMB to 4.4 billion RMB, while net profit turned positive at 0.062 billion RMB compared to a loss in the first half of the fiscal year 2025 [2][3] Group 1: Financial Performance - The adjusted net profit, excluding one-time expenses and profits from the sale of a subsidiary, increased by 30% year-on-year to 0.1354 billion RMB [3] - The Gross Merchandise Volume (GMV) dropped by 39.2% from 14.3 billion RMB to 8.7 billion RMB, leading to a reduction in total revenue costs by 38.2% to 3 billion RMB [3] - The gross profit decreased by 17% from 1.7 billion RMB to 1.4 billion RMB, but the gross margin improved from 25.9% to 32% due to healthy development in self-operated products and live e-commerce [3] Group 2: Operational Changes - The company emphasized the importance of self-operated products, which increased from 488 to 732 SKUs, becoming a key growth driver [4] - The administrative expenses for the ongoing business rose by 22.5% to 0.4848 billion RMB, primarily due to the distribution of remaining profits from a subsidiary [3][4] - The company announced a framework agreement with New Oriental to sell its own brand products, with historical transaction amounts increasing from 0.15 billion RMB in fiscal year 2023 to a projected 1 billion RMB in fiscal year 2026 [4]

Core Viewpoint - Oriental Selection's financial performance for the fiscal year 2025 shows a significant decline in total revenue and GMV, but a positive shift in net profit for its continuing operations, indicating a mixed outlook for the company moving forward [1][2]. Financial Performance - For the fiscal year 2025, Oriental Selection's total revenue from continuing operations (self-operated products and live e-commerce) was 4.4 billion yuan, a decrease of 32.7% from 6.5 billion yuan in fiscal year 2024 [1]. - The net profit for continuing operations turned from a loss of 96.5 million yuan in the first half of fiscal year 2025 to a profit of 6.2 million yuan for the entire year [1]. - Excluding the financial impact of the sale of Huixing, the net profit for continuing operations was 135.4 million yuan, an increase of 30% year-on-year [1]. - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [1]. Business Segments - The total GMV for self-operated products and live e-commerce in fiscal year 2025 was 8.7 billion yuan, a significant drop from 14.3 billion yuan in fiscal year 2024 [1]. - The total cost of revenue for continuing operations decreased from 4.8 billion yuan in fiscal year 2024 to 3 billion yuan in fiscal year 2025, a decline of 38.2%, primarily due to the decrease in GMV leading to lower inventory and logistics costs [1]. Product Development and Market Position - The GMV from Douyin still accounted for a large portion of total sales, while the GMV from the Oriental Selection App increased its share from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2]. - The number of paid subscribers for the Oriental Selection App reached 264,300 in fiscal year 2025 [2]. - Self-operated products accounted for approximately 43.8% of total GMV in fiscal year 2025, up from 40% in fiscal year 2024 [2]. - The company has launched a total of 732 self-operated products, an increase from 488 in fiscal year 2024, indicating a focus on expanding its product offerings [2]. Stock Performance and Market Sentiment - Since July, Oriental Selection's stock price has increased by over 200% [2]. - The company faced recent controversies and rumors regarding its CEO, which have led to stock price fluctuations [4].

Investment Rating - The report gives a "Buy" rating for the companies mentioned, particularly focusing on the healthcare sector and the community kitchen brand, Guoquan [18][22]. Core Insights - The report highlights the strong performance of domestic pharmaceutical companies in the first half of 2025, with notable revenue and profit growth across several key players [2][11]. - The report emphasizes the potential for investment in innovative drugs and the ongoing commercialization efforts within the pharmaceutical sector [16]. - Guoquan is recognized for its rapid expansion and effective business model in the community kitchen market, with a significant number of stores and a focus on cost-effective products [18][22]. Summary by Sections Domestic Pharmaceutical Companies Performance - Heng Rui Medicine reported revenue of 15.761 billion yuan, a year-on-year increase of 15.9%, and a net profit of 4.455 billion yuan, up 29.9% [2][11]. - Han Sen Pharmaceutical achieved revenue of 7.434 billion yuan, growing 14.3%, with a net profit of 3.135 billion yuan, up 15.0% [2][11]. - China Biopharmaceuticals recorded revenue of 17.57 billion yuan, a 10.7% increase, and a net profit of 3.39 billion yuan, up 12.3% [2][11]. - WuXi Biologics reported revenue of 9.953 billion yuan, a 16.1% increase, and a net profit of 2.339 billion yuan, up 56.0% [2][11]. Updates on Domestic Pharmaceutical Companies - Han Sen Pharmaceutical announced a placement of 108 million new shares at HKD 36.30 per share, raising approximately HKD 39.20 billion [3][12]. - Rongchang Biopharmaceutical's PD-1/VEGF dual antibody was included in the BTD by CDE for treating specific lung cancer cases [3][12]. - WuXi Biologics raised its 2025 revenue growth guidance from 12%-15% to 14%-16% [2][11]. Overseas Pharmaceutical Companies Updates - AstraZeneca's drug for systemic lupus erythematosus (SLE) has been submitted for approval in China [4][15]. - Novartis received approval for a drug targeting IgA nephropathy, marking a significant milestone in treatment options [4][15]. - Madrigal Pharmaceuticals' MASH therapy received conditional marketing authorization in the EU, becoming the first approved treatment for this condition [4][15]. Guoquan's Business Model and Market Position - Guoquan has rapidly expanded to over 10,000 stores within six years, focusing on community kitchen services [18][22]. - The company operates primarily in lower-tier cities, with 72% of its stores located in these areas, utilizing a low-cost franchise model [20][21]. - Guoquan's product offerings, particularly in hot pot and barbecue, contribute nearly 90% of its revenue, with a strong emphasis on brand identity and marketing [20][21]. Financial Projections for Guoquan - Guoquan is expected to add 1,000 new stores in 2025, reaching a total of 11,150 stores, with further acceleration in subsequent years [22]. - The company anticipates same-store sales growth in the mid-single digits for 2025, driven by expanded consumer scenarios and new product launches [22]. - Projected net profits for 2025, 2026, and 2027 are 420 million, 490 million, and 580 million yuan, respectively, with corresponding PE ratios of 22x, 18x, and 16x [22].

Core Insights - Oriental Selection (1797.HK) reported a total revenue of 4.4 billion yuan for the fiscal year 2025, with a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [1] - The gross margin for the continuing operations increased from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, driven by the healthy development of self-operated products and live e-commerce [1] - The company emphasized its commitment to product quality and safety, aiming to become synonymous with quality in the industry [1] Revenue and Profitability - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce business reached 8.7 billion yuan in fiscal year 2025, with self-operated products contributing approximately 43.8% of the total GMV [2][3] - The GMV from Douyin accounted for the majority, while the contribution from the Oriental Selection App increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2] Product Development and Service Enhancement - Oriental Selection launched a total of 732 self-operated products in fiscal year 2025, up from 488 in fiscal year 2024, expanding its product range to include health foods, pet foods, and apparel [3] - The company has implemented a cold chain logistics system to enhance delivery services, which has effectively reduced transportation times [3] App and Membership Growth - The Oriental Selection App achieved a paid membership subscription of 264,300, with user satisfaction reaching a historic high of 98.7% [4] - The app has introduced various member benefits and features, including a community forum and book club, enhancing user interaction and experience [4] Future Outlook - The company plans to maintain high standards in product quality and expand its membership benefits, aiming to increase the active user base and registered members of the Oriental Selection App [6][8] - Oriental Selection is committed to building a comprehensive quality control system covering all stages of the product lifecycle, from raw material selection to sales [8]

8月22日，东方甄选发布声明称，孙东旭老师在休假中，并没有离职。自从23年12月份之后，孙东旭老师一直以东方甄选和俞敏洪老师顾问的方式工作。俞 敏洪老师与孙东旭老师一直保持着良好的沟通。 据封面新闻，孙东旭2007年本科毕业后加入新东方集团。先后担任天津新东方学校国外考试部教师、合肥新东方学校助理校长、西安新东方学校校长。2019 年，年仅34岁的孙东旭担任新东方在线CEO。2023年3月，新东方在线更名为东方甄选。 2023年底孙东旭因"小作文风波"引发关注，当时他因处理董宇辉关于文案创作归属争议的方式不当，被免去东方甄选执行董事和CEO职务。此后孙东旭并未 离开新东方体系，2024年11月24日，他再次现身东方甄选直播间。 图片来源：东方甄选直播间 8月21日，俞敏洪在东方甄选APP测试直播时，有网友提及东方小孙，俞敏洪也回应弹幕，小孙在休假。 图片来源：东方甄选APP测试直播 近日，一则关于"东方甄选前CEO孙东旭或将离职"的消息在网络引发舆论关注，相关话题登上热搜。 据南方日报，8月22日，知情人士透露，"孙东旭目前在休假，这是其个人常规的年度夏季休假安排，休假结束后将正常返岗。"该知情人士表示，"孙 ...

转自：北京日报客户端 8月22日晚，@东方甄选 发布声明：孙东旭在休假中，并没有离职。自从23年12月份之后，孙东旭一直 以东方甄选和俞敏洪顾问的方式工作。俞敏洪与孙东旭一直保持着良好的沟通。 方甄选微博 来源：东 ...

Core Viewpoint - Oriental Selection reported a significant decline in revenue and net profit for the fiscal year ending May 31, 2025, primarily due to intensified competition in the live e-commerce sector and strategic business adjustments [1][4]. Financial Performance - Revenue for the fiscal year 2025 was 4.392 billion RMB, a decrease of 32.7% from 6.526 billion RMB in the previous year [1][3]. - Net profit from continuing operations was 6.191 million RMB, down 97.5% from 249.145 million RMB year-on-year [1][3]. - Excluding the impact of the sale of Huixing Technology, net profit from continuing operations was 135.4 million RMB, reflecting a 30% increase year-on-year [4]. Business Segments - Revenue from the app increased from 900 million RMB in fiscal year 2024 to 1.1 billion RMB in fiscal year 2025 [1]. - Total revenue from continuing operations, excluding Huixing Technology, decreased by 30.9% to 4.2 billion RMB [1]. Strategic Adjustments - The company has shifted focus towards self-operated products, investing more resources in product development and supply chain management [4][7]. - The decision to divest from Huixing Technology was made to concentrate resources and strengthen core competencies, as it was seen as a distraction [7]. Operational Metrics - The total GMV for fiscal year 2025 was 8.7 billion RMB, with a significant portion coming from Douyin [7]. - The app's paid membership subscriptions reached 264,300, indicating a growing membership system [7]. Cost and Profitability - Total cost of revenue for continuing operations decreased by 38.2% to 3 billion RMB, primarily due to reduced inventory and logistics costs [8]. - Gross profit fell from 1.7 billion RMB in fiscal year 2024 to 1.4 billion RMB, but gross margin improved from 25.9% to 32.0% [8]. Team and Management - As of May 31, the total number of employees in the self-operated products and live e-commerce teams was 1,401, with 1,070 full-time and 331 part-time staff [8]. - The company denied rumors regarding the departure of former CEO Sun Dongxu, stating he is on leave and continues to work in an advisory capacity [8].

若剔除出售与辉同行的财务影响，持续经营业务净溢利由2024财年的人民币1.04亿元增加30%至2025财年的人民币1.35亿元。 值得注意的是，东方甄选在财报中表示，自营产品已成为主要增长动力，占总GMV约43.8%，截至2025年5月31日已累计推出732款SPU自营产品。 其中，来自抖音的GMV占东方甄选GMV的大部分，来自应用程序的GMV占东方甄选总GMV的15.7%。2025财年，抖音上第三方产品及自营产品的已付订 单总数已达到约9160万单。 | | 东方甄选[01797] 2025-08-22 16:00 | | | | 5PMA = | 10PMA = 20PMA = 30PMA = | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 58.343 | | | | | | | | | | 51.870 | | | | | | | | | | 45.396 | | | | | | | | | | 38.923 | | | | | | | | | | 32.450 | | | | | | | | | | 25.977 | | ...

Group 1: New Stock Offerings - Huaxin Jingke is set to launch an IPO with a subscription code of 732370, an issue price of 18.60 yuan per share, and a subscription limit of 13,500 shares [2] Group 2: Regulatory Updates - The China Securities Regulatory Commission (CSRC) released the revised "Securities Company Classification Evaluation Regulations," emphasizing high-quality development and enhanced protection for small investors [3] - The Ministry of Industry and Information Technology, along with other departments, issued interim measures for the management of rare earth mining and separation, requiring companies to maintain product flow records [3] - The China Photovoltaic Industry Association called for enhanced industry self-discipline to maintain fair competition and compliance with various laws [3] Group 3: Economic Indicators - From January to July 2025, 36,133 new foreign-invested enterprises were established in China, marking a 14.1% year-on-year increase, while actual foreign investment decreased by 13.4% to 467.34 billion yuan [4] - In July 2025, China's retail sales of consumer goods reached 3.88 trillion yuan, a 3.7% year-on-year increase, with a total of 28.42 trillion yuan for the first seven months, reflecting a 4.8% growth [4] Group 4: Stock Market Developments - The Hang Seng Index Company announced an increase in the number of constituent stocks from 85 to 88, with new additions including China Telecom, JD Logistics, and Pop Mart International Group, effective September 8, 2025 [4] - The Shenzhen Stock Exchange took self-regulatory measures against 147 instances of abnormal trading behavior, including price manipulation and false declarations [5] - The Shanghai Stock Exchange issued warnings and suspended trading for 253 instances of abnormal trading behavior, focusing on stocks with significant price fluctuations [5] Group 5: Company News - Changjiang Electric Power's controlling shareholder plans to increase its stake by 4 to 8 billion yuan [7] - Tailing Micro plans to acquire all or part of the equity of Pankai Micro, with trading suspended from August 25 [7] - Various companies, including Kexing Pharmaceutical and Zhongjian Technology, are planning to issue H-shares and list on the Hong Kong Stock Exchange [8] - Several companies reported significant profit increases, such as Hekang New Energy with a net profit of 71.18 million yuan, up 732.83% year-on-year, and Zhenai Meijia with a 484.48% increase [8]

Financial Performance - In the fiscal year 2025, the company reported a revenue of 4.392 billion yuan, down 32.7% from 6.5 billion yuan in the same period last year [1] - The net profit for the fiscal year was 6.2 million yuan, while the net profit from continuing operations, excluding the impact of asset sales, was 135.4 million yuan, an increase of 30% year-on-year [1] - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025 [1] Sales Channels - The total paid GMV from all sales channels, including Douyin, Taobao, and the company's own app, decreased from 14.3 billion yuan to 8.7 billion yuan [1] - The proportion of GMV from the company's app increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [1] - The number of paid members grew to 264,300, up from 198,600 in the same period last year [1] Product Performance - Self-operated products accounted for approximately 43.8% of total GMV in fiscal year 2025 [2] - The company has launched a total of 732 self-operated products, up from 488 in fiscal year 2024, expanding its product range beyond fresh food and snacks to include health supplements, pet food, and clothing [2] - Self-operated products have become the main growth driver for the company [2]