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东方甄选(1797.HK):GMV拐点持续强化 看好长期增长
Ge Long Hui· 2025-08-28 23:57
Core Insights - The company reported a total revenue of 4.39 billion yuan for FY2025, representing a year-over-year decline of 32.7% [1] - The core business showed steady profit growth in H2 FY2025, with a revenue of 2.2 billion yuan, reflecting a quarter-over-quarter increase of 10% [1] - The gross profit for FY2025 was 1.4 billion yuan, down 17.0% year-over-year, but the gross margin improved significantly from 25.9% in FY2024 to 32.0% in FY2025 [1][2] Revenue and Profitability - The company achieved a GMV of 8.7 billion yuan for FY2025, with H1 and H2 GMV at 3.6 billion yuan and 3.9 billion yuan respectively [1] - The core net profit for FY2025 was 6.191 million yuan, while the adjusted core business net profit was 135 million yuan, marking a year-over-year increase of 30% [2] - Non-IFRS adjusted net profit for FY2025 was 174 million yuan, with significant adjustments for share-based compensation [2] Strategic Developments - The self-operated product strategy has become a key growth driver, contributing 43.8% of total GMV, with related revenue around 3.5 billion yuan [2] - The number of self-operated product SKUs increased from 488 in FY2024 to 732 in FY2025, expanding into various categories beyond fresh food [2] - The company’s own app channel has gained importance, contributing 15.7% of total GMV, with the app's GMV for self-operated products rising from 16.3% in FY2024 to 28.8% in FY2025 [3] Membership and User Engagement - The paid membership base for the company's app grew by 33% year-over-year, reaching 264,000 members by the end of FY2025 [3] - The company is expected to see continued growth in revenue and net profit over the next three years, with projected revenues of 5.1 billion, 6.0 billion, and 6.8 billion yuan for FY2026-2028 [3]
东方甄选(01797):GMV拐点持续强化,看好长期增长
Guohai Securities· 2025-08-28 05:35
2025 年 08 月 28 日 公司研究 评级:买入(维持) 研究所: 证券分析师: 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师: 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn 证券分析师: 王春宸 S0350525080002 wangcc@ghzq.com.cn [Table_Title] GMV 拐点持续强化,看好长期增长 ——东方甄选(1797.HK)FY2025 财报点评 最近一年走势 投资要点: FY2025H2 核心业务利润稳健增长 | 相对恒生指数表现 | | | 2025/08/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 东方甄选 | 48.1% | 112.6% | 129.7% | | 恒生指数 | -0.7% | 7.8% | 41.0% | | 市场数据 | | | 2025/08/27 | | 当前价格(港元) | | | 27.34 | | 周价格区间(港元) 52 | | | 10.12-53.70 | | 总市值(百万港元) | | | ...
董宇辉单飞一年后,东方甄选股价涨超2.4倍!俞敏洪曾称:风物长宜放眼量
Xin Lang Cai Jing· 2025-08-12 13:29
Core Viewpoint - After the departure of key figure Dong Yuhui, Dongfang Zhenxuan's stock price has rebounded significantly, indicating a recovery from previous lows and a shift in business strategy towards self-operated products [2][5]. Group 1: Stock Performance - On August 12, Dongfang Zhenxuan's stock rose by 1.11% to HKD 30.86, with a total market capitalization of HKD 32.3 billion, reflecting a 245% increase from the low of HKD 8.92 at the time of Dong Yuhui's departure [2]. - The stock has also increased over 204% from its year-to-date low of HKD 10.12 [2]. Group 2: Leadership Changes - Dong Yuhui's departure on July 25, 2024, caused a significant impact, with the stock dropping 23.39% in a single day, resulting in a market value loss of over HKD 2.5 billion [3]. - Another prominent host, Duntun, left the company on June 18, 2024, citing contract expiration, although he expressed a desire to continue collaborating with Dongfang Zhenxuan [4]. Group 3: Financial Performance - For the first half of the 2025 fiscal year, Dongfang Zhenxuan reported a net loss of HKD 96.5 million, a stark contrast to a profit of HKD 160 million in the same period the previous year [3]. - Excluding the financial impact of the sale of a subsidiary, the core business achieved a profit of HKD 32.7 million during the reporting period [3]. Group 4: Business Strategy - Dongfang Zhenxuan has shifted its focus towards self-operated products, launching new sanitary products that have seen strong sales, with the first product selling out 180,000 units shortly after launch [5][6]. - The company is adopting a membership model, with 228,300 paid members as of November 2024, indicating potential for growth compared to competitors like Sam's Club, which has 9 million members [6]. Group 5: Market Positioning - The company is positioning itself similarly to high-quality retail brands like Pang Donglai and Sam's Club, focusing on consumer-centric product development and high-quality offerings [6].
东方甄选股价拉涨16.82%,年内涨幅171.5%
Di Yi Cai Jing· 2025-08-05 09:23
Group 1 - The stock price of Dongfang Zhenxuan (01797.HK) surged by 16.82% to 27.5 HKD, with a year-to-date increase of 171.5%, indicating renewed institutional interest following a strategic shift from influencer-driven to product-driven operations [2] - According to Huaxi Securities, Dongfang Zhenxuan's revenue for Q4 FY2025 is estimated to be approximately 150 million USD, reflecting a nearly 30% year-on-year decline, although the rate of decline is narrowing quarter-on-quarter [2] - The company has shown continuous improvement in profitability despite challenges, with a non-GAAP operating profit of approximately 79 million RMB and an operating profit margin of about 7%, up by approximately 3% quarter-on-quarter [2] Group 2 - Dongfang Zhenxuan is increasing its investment in self-operated products, particularly in the domestic shrimp supply chain, with a partnership established with Charoen Pokphand Group's Dongying base [3][5] - The monthly demand for shrimp from Dongfang Zhenxuan is 150 tons, while the current production capacity of the partner is only 50-60 tons, leading to a supply gap that has resulted in nearly 50 days of stockouts [5] - The company has sold over 220,000 units of domestic white shrimp as of the end of July, indicating strong demand in a supply-constrained market [5] Group 3 - Since its rapid rise in June 2022, Dongfang Zhenxuan has undergone a stabilization phase, with analysts noting that while profit margins are under short-term pressure, the company is on a recovery path [6] - The estimated GMV for Dongfang Zhenxuan in FY2025 is around 7.5 billion RMB, with projections for FY2026 GMV to reach 9 billion RMB, highlighting significant growth potential [6] - The company’s paid membership business and self-operated products still have considerable room for growth compared to competitors like Sam's Club [6]