Core Viewpoint - Dongfang Zhenxuan reported its latest performance following the departure of Dong Yuhui, revealing significant revenue decline and changes in operational dynamics [3][4]. Financial Performance - For the fiscal year ending May 31, 2025, Dongfang Zhenxuan achieved total revenue of 4.392 billion yuan, a year-on-year decrease of 32.7% [3]. - The net profit from continuing operations turned positive at 6.2 million yuan, compared to a loss in the first half of the previous fiscal year, while the net profit for the fiscal year 2024 was 249 million yuan [3]. - Adjusted net profit, excluding one-time expenses related to Dong Yuhui, increased by 30% year-on-year to 135.4 million yuan [3][4]. Business Dynamics - The Gross Merchandise Volume (GMV) for the fiscal year dropped by 39.2% to 8.7 billion yuan from 14.3 billion yuan in the previous fiscal year [4]. - The total cost of revenue decreased by 38.2% to 3 billion yuan, while gross profit fell by 17% to 1.4 billion yuan [4]. - The gross margin improved from 25.9% to 32% due to healthy development in self-operated products and live e-commerce [4]. Strategic Developments - Self-operated products have become a key growth driver, with the number of self-operated products increasing from 488 to 732 [5]. - The company has launched its first self-operated cold chain warehouse, enhancing its distribution service system [5]. - Self-operated products accounted for approximately 43.8% of total GMV for the fiscal year [7]. Personnel and Management - CEO Yu Minhong addressed rumors regarding staff departures, clarifying that Sun Dongxu is on an approved long vacation and not leaving the company [4][6]. - The total number of employees in the self-operated products and live e-commerce team reached 1,401, with 1,070 full-time and 331 part-time staff [7]. Partnership and Agreements - Dongfang Zhenxuan renewed its transaction framework agreement with New Oriental, continuing to sell its own brand products [8]. - The receivables from transactions with New Oriental are projected to increase from 15.05 million yuan in fiscal year 2023 to 61.73 million yuan in fiscal year 2025, with a cap of approximately 100 million yuan for fiscal year 2026 [9]. Market Performance - Despite recent stock price fluctuations, Dongfang Zhenxuan's stock has seen significant growth, rising from around 11 HKD per share in early July to a peak of 53.7 HKD, with a current price of 36.3 HKD, reflecting a cumulative increase of over 200% [12].

Core Insights - Oriental Selection (1797.HK) reported a significant decline in net revenue and gross merchandise volume (GMV) for the fiscal year 2025, reflecting challenges faced during its business transformation [1][2] Financial Performance - The net revenue from continuing operations decreased by 32.7% year-on-year to 4.4 billion RMB, down from 6.5 billion RMB [1] - The net profit turned positive at 0.062 billion RMB, compared to a loss in the first half of the fiscal year, but down from 2.491 billion RMB in the previous fiscal year [1] - Adjusted net profit, excluding one-time expenses and profits from the sale of a subsidiary, increased by 30% year-on-year to 1.354 billion RMB [1] - GMV fell by 39.2% year-on-year to 8.7 billion RMB, down from 14.3 billion RMB [1] - Total revenue cost decreased by 38.2% year-on-year to 3 billion RMB, while gross profit decreased by 17% to 1.4 billion RMB [1] - Gross margin improved from 25.9% to 32% due to healthy development in self-operated products and live e-commerce [1] Administrative Expenses - Administrative expenses for continuing operations increased by 22.5% year-on-year to 484.8 million RMB, primarily due to the distribution of remaining profits from a subsidiary [2] - The payment of 140 million RMB to former CEO Dong Yuhui was included in the administrative expenses for the fiscal year [2] Business Strategy and Developments - The company emphasized the importance of self-operated products as a long-term strategy, with the number of self-operated products increasing from 488 to 732 [2] - A new cold chain warehouse, "Oriental Selection Central China No. 1 Warehouse," has been put into operation to enhance the delivery service system [2] - The company announced a framework agreement with New Oriental to sell its own brand products, with historical transaction amounts set for the fiscal years 2023 to 2025 [3] - The maximum transaction amount for the fiscal year 2026 is set at 100 million RMB, with internal controls established to ensure compliance [3]

2025.08.22 由于报告期间内出售与辉同行，若剔除与辉同行所产生的一次性开支及溢利，经调整净溢利由1.042亿 元同比增加30%至1.354亿元。 董宇辉的出走在业务层面也产生了影响。财报显示，该财年，东方甄选GMV由上个财年的143亿元同比 降低39.2%至87亿元。GMV降低带动自营产品存货成本与物流成本降低，使该财年总营收成本同比减少 38.2%至30亿元，同时毛利也从17亿元同比减少17%至14亿元。得益于自营产品与直播电商业务健康开 展，毛利率由25.9%提升至32%。 值得注意的是，此前支付给董宇辉的1.4亿元体现在本财年财报行政开支部分。财报显示，东方甄选 2025财年持续经营业务的行政开支由2024财年的3.956亿元增加22.5%至4.848亿元，主要由于公司在 2024年7月25日分派与辉同行所有剩余未分派溢利所致。 此前在东方甄选股东沟通会上，东方甄选行政总裁俞敏洪表示，董宇辉离职可以得到与辉同行净利润的 50%。分配后，与辉同行账面仍剩1.41亿元。彼时俞敏洪表示，剩下的1.41亿元也将分配给董宇辉，并 将在财年报告中体现出来。 本文字数：1303，阅读时长大约2分钟 作者 |第 ...

Core Viewpoint - The article discusses the financial performance of Dongfang Zhenxuan (1797.HK) for the fiscal year 2025, highlighting significant declines in revenue and GMV, alongside a shift towards self-operated products as a growth strategy [3][4]. Financial Performance Summary - For the fiscal year 2025, Dongfang Zhenxuan reported a net revenue of 4.4 billion RMB, a decrease of 32.7% compared to 6.5 billion RMB in the previous fiscal year [3]. - The company's GMV fell by 39.2% from 14.3 billion RMB in fiscal year 2024 to 8.7 billion RMB in fiscal year 2025 [4]. - The net profit turned positive at 0.062 billion RMB, recovering from a loss in the first half of the fiscal year, but down from a net profit of 2.491 billion RMB in fiscal year 2024 [3][4]. Cost and Margin Analysis - Total revenue costs decreased by 38.2% to 3 billion RMB, driven by lower inventory and logistics costs due to reduced GMV [4]. - Gross profit declined from 1.7 billion RMB to 1.4 billion RMB, with the gross margin improving from 25.9% to 32% due to healthy operations in self-operated products and live e-commerce [4][5]. Strategic Developments - The company emphasized the importance of self-operated products, increasing the number from 488 in fiscal year 2024 to 732 in fiscal year 2025, which is seen as a key growth driver [5]. - A new cold chain warehouse, "Dongfang Zhenxuan Central China No. 1 Warehouse," has been launched to enhance the delivery service system [5]. - Dongfang Zhenxuan has entered into a framework agreement with New Oriental, its controlling shareholder, to sell self-branded products, with historical transaction amounts increasing from 0.15 billion RMB to a projected 1 billion RMB by fiscal year 2026 [5].

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]