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].

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]

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]

Group 1 - The core message of the news is the collaboration between Beihai City and Yuhui Tongxing (Beijing) Technology Co., Ltd. to enhance the city's image, promote cultural tourism integration, and support the sales of local specialty products [1][3]. - Beihai officials expressed their hope that Yuhui Tongxing would leverage its strengths in brand building, e-commerce development, and market channel expansion to attract more tourists and promote local products [3]. - Yuhui Tongxing's leader praised Beihai and Weizhou Island as a desirable vacation destination and committed to enhancing local enterprises' digital marketing capabilities [3]. Group 2 - Yuhui Tongxing is a leading live-streaming e-commerce IP, focusing on agricultural specialty products and high-quality goods, with a unique blend of knowledge and sales [6]. - In 2025, Yuhui Tongxing's Douyin account gained 11.23 million followers, achieving a total sales volume exceeding 210 billion yuan, doubling from approximately 100 billion yuan in 2024 [6]. - Despite the sales growth, Yuhui Tongxing faced product controversies, including issues with product quality and safety, which raised concerns among consumers [7][8]. Group 3 - Yuhui Tongxing emphasized its commitment to quality control, investing nearly 1 million yuan monthly in product testing and implementing a three-tier review mechanism [9]. - Industry commentators noted that maintaining trust through improved agricultural product traceability and authenticity will be crucial for Yuhui Tongxing amid rapid GMV growth [10].

Group 1 - The core message of the news is the collaboration between the city of Beihai and Yuhui Tongxing (Beijing) Technology Co., Ltd. to enhance urban promotion, cultural tourism development, and sales of local specialty products [1][3] - Beihai's city leaders emphasized the importance of this partnership in boosting the city's "four strengths"—hard power, soft power, youth power, and innovation power, as outlined in the municipal government's 14th Five-Year Plan [3] - Yuhui Tongxing aims to leverage its expertise in brand building, e-commerce development, and market channel expansion to promote Beihai and attract more tourists while helping local products reach broader markets [3] Group 2 - In early January, the mayor of Changchun also met with Yuhui Tongxing's team, signing a strategic cooperation framework agreement to enhance the city's image and promote local agricultural products [4][6] - The collaboration in Changchun focuses on integrating resources, online promotion, and brand synergy to amplify the city's cultural influence and tourism appeal, particularly highlighting its unique ice and snow resources [6] - Yuhui Tongxing operates a popular live-streaming e-commerce platform on Douyin, focusing on agricultural specialty products and high-quality goods, combining knowledge sharing with sales [7] Group 3 - In January 2024, Yuhui Tongxing's Douyin account gained significant attention, with a reported increase of 11.23 million followers and achieving a gross merchandise volume (GMV) of over 210 billion yuan in 2025, doubling from approximately 100 billion yuan in 2024 [8] - The company faced several product controversies, including issues with milk powder and other products, leading to public scrutiny and commitments to improve quality control measures [8][10] - Yuhui Tongxing has invested heavily in quality control, with monthly testing costs nearing one million yuan and implementing a three-tier inspection system [10]

Core Viewpoint - Oriental Selection has shown significant profit and gross margin growth in its mid-term financial results for the fiscal year 2026, despite facing challenges in e-commerce orders and paid member growth [1][2]. Financial Performance - Total revenue for the mid-term period reached 2.3 billion yuan, marking a year-on-year increase of 5.7%. Revenue from the app grew from 500 million yuan to 600 million yuan [1]. - The company achieved a net profit of 239 million yuan, a substantial improvement from a net loss of 96.5 million yuan in the same period last year. Gross profit increased by 14.5% to 840 million yuan, with the gross margin rising from 33.6% to 36.4% [1][2]. Product Development - Oriental Selection has expanded its self-operated product matrix, launching a total of 801 self-operated products, an increase of 201 compared to the previous year. The product categories now include high-value items such as seafood, personal care, and home cleaning products [2]. - Self-operated products accounted for over 50% of total GMV during the reporting period [2]. Cost Management - The company reduced its workforce by 360 employees, leading to a 34.9% decrease in total salary expenses. Administrative expenses also saw a significant reduction of 78.6%, dropping from 392 million yuan to 83.9 million yuan [2]. Membership and Growth Challenges - The total GMV for the reporting period was 4.1 billion yuan, with a year-on-year growth of 16.4% when excluding revenue from previous collaborations. However, this represents a decline compared to 4.8 billion yuan and 5.7 billion yuan in the same periods of the previous fiscal years [3]. - The number of paid members increased to 240,100, but the growth rate of new paid members has significantly declined [4]. Strategic Initiatives - The company is exploring new channels for member acquisition, particularly through partnerships with New Oriental, which could leverage its existing student base as a potential customer pool [5]. - Oriental Selection plans to open its first offline store in Beijing, aiming to provide a comprehensive shopping experience and meet community consumption needs [4][5]. Market Competition - The company is expanding its presence in the Douyin live-streaming space and plans to hire more hosts to enhance its team. However, it faces stiff competition in the offline retail market, particularly in areas where established players already operate [6].

近日，东方甄选发布了2026财年中期（2025年6月1日—11月30日）业绩。从成绩单来看，得益于自营产品结构和人员调整，东方甄 选的利润和毛利均实现了大幅增长。截至当日收盘，东方甄选股价报25.24港元/股，上涨14.21%，总市值约266亿港元。 然而，在电商订单和付费会员增长上，东方甄选面临不小压力。线下门店、自动售货机以及百万学员的家长们，会是东方甄选重振 旗鼓的新赛场吗？ 利润扭亏为盈 东方甄选2026财年中期财报显示，公司总营收为23亿元，同比增长5.7%。其中，来自App的营收从上年同期的5亿元增长至6亿元。 若剔除2025财年上半年分拆前与辉同行直播间产生的部分收入，东方甄选总营收同比增加17%。 销开支、研发开支等方面的员工成本减少，薪酬开支总额同比减少34.9%。 | | 截至2025年 | 截至2024年 | | | --- | --- | --- | --- | | | 11月30日 | 11月30日 | | | | 止六個月 | 止六個月 | 織動 | | | 人民幣千元 | 人民幣千元 | | | | (未經審核) | (未經審核) | | | 總 營收 | 2,311,629 | ...

截至港股收盘，东方甄选股价涨14.21%至25.24港元，总市值266亿港元。 俞敏洪表示："2026财年上半年，东方甄选在复杂多变的环境下展现出强劲的经营韧性，恢复了总营收 与净溢利的同比双增长，为公司长期可持续发展奠定了坚实基础。" 其中，东方甄选自营产品的总商品交易额（GMV）占比达到约52.8%，首次超过一半。 记者｜董静怡 编辑｜张伟贤 一份盈利的财报，对经历了高管风波、主播更迭与商业模式内外拷问的东方甄选而言，其意义或许超越 了财务数字本身。 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，公司总营收23 亿元，同比增长5.7%。若剔除2025财年上半年分拆前产生的部分收入，东方甄选报告期内的总营收同 比增加17%。 报告期内，东方甄选净溢利达2.39亿元，同比增长347.7%。相比去年同期的净亏损9650万元，扭亏为 盈。 当互联网红利消退，内容直播的边际效益递减时，商业的本质最终会回归到产品。东方甄选的这份中期 成绩单，验证了产品策略的阶段性可行。 | | 截至2025年 | 截至2024年 | | | --- | --- | --- | - ...

Core Viewpoint - The financial report of Dongfang Zhenxuan signifies more than just financial numbers, reflecting the company's resilience and strategic shift towards self-operated products amidst challenges [1]. Financial Performance - For the six months ending November 30, 2025, Dongfang Zhenxuan reported total revenue of 2.311629 billion RMB, a year-on-year increase of 5.7%. Excluding revenue from the previously spun-off business, the actual growth rate was 17% [2][4]. - The net profit reached 239.041 million RMB, a significant turnaround from a net loss of 96.503 million RMB in the same period last year, marking a 347.7% increase [2][5]. - Gross profit was 841.639 million RMB, up 14.5% year-on-year, with the gross margin improving from 33.6% to 36.4% [5]. Strategic Shift - The company has shifted its focus to self-operated products, which now account for approximately 52.8% of total GMV, marking a significant milestone [3][5]. - This strategic pivot was accelerated by the departure of a key influencer and the subsequent need to reduce reliance on single IP models, as stated by the company's leadership [4][5]. Cost Management - Operating costs have decreased, with a 26% reduction in employee numbers and a 35% drop in total compensation. Administrative expenses fell by 78.6% due to reduced profit distributions from the previous fiscal year [5]. Channel Diversification - Despite the success in self-operated products, a significant portion of GMV still comes from Douyin, indicating a continued reliance on external platforms for customer acquisition [7]. - The company is exploring multiple channels, including the reactivation of WeChat video accounts and the establishment of new accounts on Douyin to capture diverse user interests [7][8]. Offline Expansion - Dongfang Zhenxuan has initiated offline strategies, including the deployment of over 40 vending machines and plans to open its first offline experience store in Beijing by March-April [8]. - Collaborations with New Oriental Group are being deepened to leverage B2B sales opportunities and enhance brand exposure [8]. Long-term Investment - The ongoing investments in various channels, including vertical accounts, self-operated apps, and offline stores, are seen as necessary for long-term growth, although they are still in early stages and require time and resources to yield results [9].