IT之家 12 月 8 日消息，《微软模拟飞行 2024》游戏现已登陆索尼 PS5、PS5 Pro 游戏机，目前已上架各区 PSN 商店，其中港服售价 498 港元（IT之家注： 现汇率约合 452.7 元人民币）起，日服售价 9700 日元（现汇率约合 442.1 元人民币）起。 玩法方面，这款游戏主打超真实体验，拥有全球各地数以万计的机场、直升机停机坪、城市景观、各种地 形，玩家不仅可以驾驶客机，还可以体验农业喷洒、空中救护、森林消防、货运运输、VIP 包机、极地运输 等职业。 作为参考，《微软模拟飞行 2024》最初发售于 2024 年 11 月 19 日，首发登陆 PC、Xbox Series X | S 平台，Steam 国区目前售价 348 元起，是一款由 Asobo Studio 开发，Xbox Game Studios 发行的飞行模拟游戏。 微软近年来推行多平台策略，《微软模拟飞行 2024》将成为继《盗贼之海》《禁闭求生》和《极限竞速：地平线 5》之后，又一款登陆索尼本世代主机的前 Xbox 独占作品。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown a significant recovery in its core business profitability in FY2025H2, with a total revenue of 4.39 billion yuan, a year-over-year decrease of 32.7% [7][11] - The self-operated product strategy has proven effective, contributing 43.8% of total GMV, with total revenue from self-operated products reaching approximately 3.5 billion yuan [9][14] - The company is expanding its product matrix, increasing the number of SPUs from 488 in FY2024 to 732 in FY2025, diversifying into various categories [9][14] Financial Performance - The company achieved a GMV of 8.7 billion yuan in FY2025, with a second-half revenue of 2.2 billion yuan, reflecting a 10% quarter-over-quarter increase [11][14] - Gross profit for FY2025 was 1.4 billion yuan, with a gross margin improvement from 25.9% in FY2024 to 32.0% in FY2025 due to normalized discount levels [11][14] - The core net profit for FY2025 was 6.191 million yuan, with a year-over-year increase of 30% when excluding one-time expenses related to the divestiture of a subsidiary [11][14] Growth Projections - The company is expected to achieve revenues of 5.148 billion yuan, 5.965 billion yuan, and 6.773 billion yuan for FY2026, FY2027, and FY2028 respectively, with corresponding net profits of 244 million yuan, 294 million yuan, and 355 million yuan [13][14] - The projected P/E ratios for FY2026, FY2027, and FY2028 are 106.85, 88.87, and 73.65 respectively, indicating a favorable valuation trend [13][14] Strategic Developments - The company is enhancing its supply chain capabilities and has seen a significant increase in paid membership, with a 33% year-over-year growth to 264,000 members by the end of FY2025 [14] - The self-owned app channel has become increasingly important, contributing 15.7% of total GMV, with its share of self-operated product GMV rising from 16.3% in FY2024 to 28.8% in FY2025 [14]

Summary of Dongfang Zhenxuan Conference Call Company Overview - **Company**: Dongfang Zhenxuan - **Industry**: E-commerce and Live Shopping Key Points and Arguments - **Multi-Platform Strategy**: Dongfang Zhenxuan employs a multi-platform strategy, with Douyin contributing approximately 80% of GMV, forming the company's core base. The company is also expanding into other e-commerce platforms like Taobao, JD.com, Xiaohongshu, and Pinduoduo without paid promotions [2][5] - **Brand Exposure Initiatives**: The company plans to utilize vending machines at New Oriental education institutions for brand exposure and will host family public welfare lectures to share product development concepts and brand stories, aiming to reach a broader potential user base [2][6] - **APP Development**: The Dongfang Zhenxuan APP focuses on self-operated products, achieving a 30-day repurchase rate of 50%. The company aims to increase app downloads and paid memberships through marketing activities, potentially including online concerts to attract users [2][7] - **Product Range and Quality Assurance**: The company offers 600 SKUs of self-operated products, with 300 available year-round. It employs big data to understand consumer needs and iterates on products while enhancing product quality through multi-layered quality control measures [2][10][9] - **Cost Reduction and Efficiency Improvement**: The company is implementing cost reduction and efficiency improvement plans, optimizing internal structures, and reducing full-time staff to enhance profitability [4][13][16] - **Self-Operated Product Performance**: Self-operated products account for about 50% of total sales, with plans to strengthen partnerships for broader distribution. The company focuses on health-related products and basic necessities for 2025 [11][12][17] Additional Important Content - **GMV Distribution**: The self-operated APP contributes approximately 15%-20% of total GMV, while Douyin and shelf e-commerce account for over 80% [4][18] - **Live Streaming Operations**: Dongfang Zhenxuan operates nearly ten accounts on Douyin, with the fresh produce account performing particularly well, achieving daily GMV exceeding 2 million RMB [4][21] - **Membership Growth Strategy**: The company is focusing on expanding paid membership through initiatives like the "亲友卡" (Friend and Family Card) to enhance user interaction and increase membership numbers [29][28] - **Future Plans for Product Development**: The company plans to introduce new health-related products and optimize existing offerings based on market data and user feedback [11][9] - **Stock Buyback and Incentive Plans**: The company initiated a 500 million RMB stock buyback plan last year, with 100 million RMB utilized so far. Future stock buybacks may occur based on management directives [30][31] - **Technological and Supply Chain Enhancements**: The company is focusing on optimizing its supply chain and technology systems to support growth and is considering selling self-operated products on other platforms to expand market share [32]