Core Viewpoint - Dongfang Zhenxuan is accelerating its "de-Donghua" process, showing a significant recovery in its financial performance after the departure of key personnel, with a notable increase in revenue and profit [1][2]. Financial Performance - For the fiscal year 2026, Dongfang Zhenxuan reported total revenue of 2.3 billion yuan, a year-on-year increase of 5.7%, and a 17% increase when excluding revenue from the Huixing Tong live streaming room [1][2]. - The company achieved a net profit of 239 million yuan, compared to a net loss of 96.79 million yuan in the same period of 2024, with gross profit rising by 14.5% to 842 million yuan [1][2]. Cost Management - A significant reduction in non-recurring costs was a key factor in the company's turnaround, with administrative expenses dropping by 78.6% to 83.9 million yuan due to the absence of previous distributions to Huixing Tong [2]. - Salary expenses decreased by 34.9% to 347 million yuan, attributed to workforce optimization, reducing full-time employees from 1,264 to 1,054 [2]. Product Development - Dongfang Zhenxuan has launched 801 self-operated products, a 33% increase from 600 in the previous year, with self-operated products accounting for approximately 52.8% of total GMV [3]. - The company plans to continue expanding its self-operated product line, aiming to exceed 1,000 SKUs and develop individual products with significant sales potential [3]. Challenges and Competition - The company faces challenges in filling the traffic gap and team disruptions caused by the "de-Donghua" process, with notable departures of key personnel [5][6]. - Dongfang Zhenxuan's main account has seen a decline in followers, with competitors like Huixing Tong rapidly gaining traction, surpassing Dongfang Zhenxuan's follower count [6][7]. Strategic Initiatives - The company is diversifying its live streaming strategy by establishing multiple matrix accounts to attract more targeted audiences [6][7]. - Dongfang Zhenxuan is also expanding its offline presence by placing vending machines in educational institutions and planning to open its first offline experience store in Beijing [8].

2025财年前6个月，东方甄选营收增加5.7%至23亿元。若剔除与辉同行直播间产生的总营收金额，东方 甄选营收由截至2024财年前6个月的20亿元增加17.0%。同时，东方甄选由亏转盈，从2024财年前6个月 的净亏损9650万元转为2025年同期的净利润为2.39亿元。 东方甄选在财报中强调，其自营产品营收从2024财年前六个月的17亿元增加18.1%至2025财年前六个月 的20亿元。东方甄选解释，公司持续加强供应链管理体系，扩大产品类别，增加产品供应数量和SPU。 东方甄选自营产品及直播电商业务总GMV为41亿元。截至2025年11月30日，东方甄选已累计推出801款 自营产品，自营产品GMV在报告期内占总GMV约52.8%，有效带动了整体销售与利润的长期增长。 本报（chinatimes.net.cn）记者于玉金 北京报道 通过对品类扩充，东方甄选自营产品GMV有效带动整体销售与利润的长期增长，2025财年前6个月，东 方甄选恢复了总营收与净利润的同比双增长。1月28日，东方甄选（1797.HK）公布了2026财年中期业 绩，2025年6月1日至11月30日，其总营收23亿元，同比增长5.7%，净利润 ...

Core Viewpoint - The report from Shenwan Hongyuan maintains an "overweight" rating for Dongfang Zhenxuan (01797), citing the company's aggressive multi-live room and multi-anchor strategy, continuous development of high-margin self-operated products, and content advantages in the GEO marketing environment, leading to a strong increase in gross margin for 1HFY26 [1] Financial Performance - In 1HFY26 (from June 2025 to November 2025), Dongfang Zhenxuan reported revenue of 2.31 billion yuan, a year-on-year increase of 5.7%; the net profit attributable to shareholders was 239 million yuan, marking a turnaround from loss to profit. Revenue growth was driven by self-operated product sales, while profit improvement was due to enhanced product gross margins [2] Self-Operated Products and Innovation - The company's GMV for 1HFY26 was 4.1 billion yuan, a year-on-year decline of 14.6%. Within this, self-operated products accounted for 2.16 billion yuan, while third-party product GMV was 1.94 billion yuan. Excluding the GMV from the Huixing live room (which was divested in August 2024), GMV from Douyin's live streaming sales turned positive year-on-year by July 2025 and continued to grow until November 2025. The company developed 801 new self-operated products in 1HFY26, a 9.4% increase from 732 at the end of FY25. The gross margin for self-operated products is expected to rise from 21.5% in 1HFY25 to 33.7% in 1HFY26, a year-on-year increase of 12.3 percentage points. The focus of new product development has shifted from quantity to high repurchase rates, which helps increase procurement scale and reduce material or finished product costs, thereby boosting gross margins [3] Multi-Platform Sales Strategy - Dongfang Zhenxuan continues to open new accounts on Douyin and plans to initiate a long-term recruitment plan for new anchors. The company has also established online stores on various platforms including WeChat Mini Programs, WeChat Stores, Tmall, JD, Pinduoduo, and Xiaohongshu. The first offline experience store is set to open in Beijing's Zhongguancun in 2026, marking another step in the company's channel expansion [4] User Base and Paid Conversion - In 1HFY26, Dongfang Zhenxuan's app is expected to have over 300,000 paid fans, an increase from 264,000 at the end of FY25. The company has a substantial follower base of 42.79 million on Douyin (counting only the main account and six matrix accounts), providing a solid foundation for expanding the number of paid users. Future growth in paid users is expected to drive GMV growth [5]

Core Viewpoint - Company maintains "Buy" rating for Dongfang Zhenxuan (01797) due to its aggressive multi-live room and multi-anchor strategy, continuous development of high-margin self-operated products, and content advantages in the GEO marketing environment, resulting in a strong gross margin increase in 1HFY26 [1] Financial Performance - In 1HFY26, Dongfang Zhenxuan reported revenue of 2.31 billion yuan, a year-on-year increase of 5.7%; net profit attributable to shareholders was 239 million yuan, turning from loss to profit. Revenue growth was driven by self-operated product sales, while profit improvement was due to enhanced product gross margins [1] Self-Operated Product Development - The company's GMV in 1HFY26 was 4.1 billion yuan, a year-on-year decrease of 14.6%. Self-operated products contributed 2.16 billion yuan to GMV, while third-party product GMV was 1.94 billion yuan. Excluding the GMV from the Huixing live room (which was divested in August 2024), GMV from Douyin's live streaming turned positive year-on-year by July 2025 and continued to grow until November 2025. The number of new self-operated products reached 801, a 9.4% increase from 732 at the end of FY25. The gross margin for self-operated products is expected to rise from 21.5% in 1HFY25 to 33.7% in 1HFY26, a year-on-year increase of 12.3 percentage points [2] Multi-Platform Sales Strategy - Dongfang Zhenxuan continues to open new accounts on Douyin and plans to initiate a long-term recruitment plan for new anchors. The company has also established online stores on various platforms including WeChat Mini Programs, WeChat Stores, Tmall, JD.com, Pinduoduo, and Xiaohongshu. The first offline experience store is set to open in Beijing's Zhongguancun in 2026, marking another step in the company's channel expansion [3] User Base and Paid Conversion - In 1HFY26, the Dongfang Zhenxuan APP is expected to have over 300,000 paid fans, up from 264,000 at the end of FY25. The company has a substantial fan base of 42.79 million on Douyin (counting only the main account and six matrix accounts), providing a solid foundation for expanding paid user numbers. Future growth in paid users is expected to drive GMV growth [4]

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].

机构：光大证券 研究员：陈彦彤/汪航宇/聂博雅 事件：FY26Q2 新东方实现净营收11.91 亿美元，同比+14.7%；实现归母净利润4545万美元，同比 +42.3%；实现Non–GAAP 归母净利润7290 万美元，同比+68.6%。 FY26Q2 核心业务多点开花，全年收入指引上调。 FY26Q2 经营利润大幅提升，经营效率优化成果显著。 FY26Q2 公司Non-GAAP 经营利润为8913 万美元，同比+206.9%。Non-GAAP 经营利润率为7.5%，同比 +4.7pcts，盈利能力大幅改善。利润率的提升主要得益于： 一是聚焦核心经营，未盲目扩张教学点，重点强化教学质量管控、优化市场费用投放；二是降本增效工 作稳步推进。公司降本增效分两阶段推进，第一阶段聚焦精简冗余成本，通过削减非必要市场开支、压 降房租、人员末位淘汰等举措实现；第二阶段主要通过组织架构调整实现规模效应，并依托AI 技术推 进人机替代，进一步降本提效。展望未来，随着后续收入持续增长，以及公司持续推进降本增效措施、 优化成本结构，预计经营利润将继续保持良好改善态势。 盈利预测、估值与评级：考虑到公司各业务发展势头向好，降本增效 ...

Group 1 - The core viewpoint of the article highlights that Dongfang Zhenxuan (01797) experienced a significant stock price increase, with a rise of over 4% and a previous day increase of over 14% [1] - The company reported total revenue of 2.312 billion RMB for the six months ending November 30, 2025, representing a year-on-year increase of 5.7% [1] - The profit attributable to the company's owners was 239 million RMB, marking a turnaround from a loss to profit [1] Group 2 - Gross profit for the same period reached 841.6 million RMB, reflecting a year-on-year growth of 14.5%, with the gross margin improving from 33.6% to 36.4% [1] - Citigroup issued a research report giving Dongfang Zhenxuan a target price of 33 HKD and a "Buy" rating, noting that despite a 14.6% decline in Gross Merchandise Volume (GMV) to 4.1 billion RMB due to business restructuring, core revenue grew by 17% to 2.31 billion RMB when excluding the impact of "Hui Tong Xing" [1] - The company's profitability was further strengthened through strict operational controls, including a 26% reduction in employee numbers and a 35% decrease in total compensation [1]

Core Viewpoint - Oriental Selection (01797) has seen a significant stock price increase, with a rise of over 4% recently, following a previous surge of over 14% [1] Financial Performance - For the six months ending November 30, 2025, Oriental Selection reported total revenue of 2.312 billion RMB, representing a year-on-year increase of 5.7% [1] - The company achieved a profit attributable to owners of 239 million RMB, marking a turnaround from a loss [1] - Gross profit reached 841.6 million RMB, up 14.5% year-on-year, with gross margin improving from 33.6% to 36.4% [1] Market Analysis - Citigroup has set a target price of 33 HKD for Oriental Selection, rating it as "Buy" [1] - Despite a 14.6% decline in Gross Merchandise Volume (GMV) to 4.1 billion RMB due to business restructuring, core revenue grew by 17% to 2.31 billion RMB when excluding the impact of "Hui Tong Xing" [1] - The growth in core revenue is supported by an expanded product mix and strong app performance [1] Operational Efficiency - The company has implemented strict operational controls, resulting in a 26% reduction in employee numbers and a 35% decrease in total compensation, further solidifying profitability [1]

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 25.24 and a fair value of HKD 27.14 [8]. Core Insights - The company has shown significant internal growth, particularly in its self-operated products, which are expected to continue expanding [2]. - The company reported a total revenue of RMB 2.312 billion for FY26H1, representing a year-on-year growth of 5.72%, and a notable 17% growth when excluding revenue from a specific live-streaming partnership [13]. - The gross profit margin increased by 2.8 percentage points to 36.4%, driven by a rise in self-operated product revenue, which grew by 18.1% to RMB 2 billion, accounting for 52.8% of the total GMV [14]. Summary by Sections 1. FY26H1 Performance - The company achieved a total revenue of RMB 2.312 billion, with a year-on-year increase of 5.72%. Excluding the impact of a specific partnership, the revenue growth was 17% [13]. - The net profit reached RMB 239 million, marking a return to profitability [13]. 2. Main Business Tracking - Self-operated products have expanded significantly, with SKU numbers exceeding 800, becoming a major component of GMV [21]. - The self-operated app's revenue increased from RMB 500 million in FY25H1 to RMB 600 million in FY26H1, indicating a growing preference for self-operated products among paid members [31]. - The company is actively expanding its presence on Douyin (TikTok) with multiple specialized accounts to cover various consumer needs [37]. 3. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of RMB 4.978 billion and adjusted net profits of RMB 492 million for the fiscal year 2026 [43]. - The report suggests a PE valuation of 52X for the company, leading to a fair market value of RMB 255.81 billion, or HKD 27.14 per share, maintaining the "Buy" rating [43].

Core Viewpoint - Oriental Selection reported a revenue of 2.312 billion yuan for the first half of the 2026 fiscal year, marking a 5.7% year-on-year increase, and achieved profitability with a net profit of 239 million yuan, compared to a net loss of 97 million yuan in the previous year [2][3][6] Financial Performance - Total revenue for the period from June 1, 2025, to November 30, 2025, was 2.312 billion yuan, up from 2.187 billion yuan in the same period last year, reflecting a growth of 5.7% [5] - Gross profit reached 841.6 million yuan, a 14.5% increase from 735.1 million yuan year-on-year [5] - The company reported a pre-tax profit of 308.5 million yuan, a significant turnaround from a loss of 72.5 million yuan in the previous year, representing a 525.7% improvement [5] Business Operations - The total GMV (Gross Merchandise Volume) for self-operated and live e-commerce was 4.1 billion yuan, down from 4.8 billion yuan in the previous year [6] - The majority of GMV still comes from Douyin, although the number of paid orders for both third-party and self-operated products on the platform has declined [6][7] - Oriental Selection has launched 801 self-operated products, which account for approximately 52.8% of total GMV, expanding its product range beyond fresh food and snacks [7] Strategic Initiatives - The company is actively pursuing offline expansion, having installed over 40 vending machines in various regions, some of which are already profitable, and plans to open its first offline experience store in Beijing's Zhongguancun [2][9] - The offline store will feature a 439 square meter space designed for a one-stop shopping, leisure, and social experience, showcasing a wide range of self-operated products [9][10] - The company is leveraging AI technology to enhance operational efficiency, including personalized product recommendations and improved quality control [8][9] Leadership and Future Outlook - The new CEO, Sun Jin, has been recognized for his problem-solving skills and is expected to drive operational efficiency within the company [12] - The company plans to adjust its organizational structure to improve operational efficiency, with a focus on enhancing the effectiveness of its offline retail strategy [12]