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]

Core Viewpoint - Oriental Selection's financial performance for the fiscal year 2025 shows a significant decline in total revenue and GMV, but a positive shift in net profit for its continuing operations, indicating a mixed outlook for the company moving forward [1][2]. Financial Performance - For the fiscal year 2025, Oriental Selection's total revenue from continuing operations (self-operated products and live e-commerce) was 4.4 billion yuan, a decrease of 32.7% from 6.5 billion yuan in fiscal year 2024 [1]. - The net profit for continuing operations turned from a loss of 96.5 million yuan in the first half of fiscal year 2025 to a profit of 6.2 million yuan for the entire year [1]. - Excluding the financial impact of the sale of Huixing, the net profit for continuing operations was 135.4 million yuan, an increase of 30% year-on-year [1]. - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [1]. Business Segments - The total GMV for self-operated products and live e-commerce in fiscal year 2025 was 8.7 billion yuan, a significant drop from 14.3 billion yuan in fiscal year 2024 [1]. - The total cost of revenue for continuing operations decreased from 4.8 billion yuan in fiscal year 2024 to 3 billion yuan in fiscal year 2025, a decline of 38.2%, primarily due to the decrease in GMV leading to lower inventory and logistics costs [1]. Product Development and Market Position - The GMV from Douyin still accounted for a large portion of total sales, while the GMV from the Oriental Selection App increased its share from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2]. - The number of paid subscribers for the Oriental Selection App reached 264,300 in fiscal year 2025 [2]. - Self-operated products accounted for approximately 43.8% of total GMV in fiscal year 2025, up from 40% in fiscal year 2024 [2]. - The company has launched a total of 732 self-operated products, an increase from 488 in fiscal year 2024, indicating a focus on expanding its product offerings [2]. Stock Performance and Market Sentiment - Since July, Oriental Selection's stock price has increased by over 200% [2]. - The company faced recent controversies and rumors regarding its CEO, which have led to stock price fluctuations [4].

Core Insights - Oriental Selection (1797.HK) reported a total revenue of 4.4 billion yuan for the fiscal year 2025, with a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [1] - The gross margin for the continuing operations increased from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, driven by the healthy development of self-operated products and live e-commerce [1] - The company emphasized its commitment to product quality and safety, aiming to become synonymous with quality in the industry [1] Revenue and Profitability - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce business reached 8.7 billion yuan in fiscal year 2025, with self-operated products contributing approximately 43.8% of the total GMV [2][3] - The GMV from Douyin accounted for the majority, while the contribution from the Oriental Selection App increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2] Product Development and Service Enhancement - Oriental Selection launched a total of 732 self-operated products in fiscal year 2025, up from 488 in fiscal year 2024, expanding its product range to include health foods, pet foods, and apparel [3] - The company has implemented a cold chain logistics system to enhance delivery services, which has effectively reduced transportation times [3] App and Membership Growth - The Oriental Selection App achieved a paid membership subscription of 264,300, with user satisfaction reaching a historic high of 98.7% [4] - The app has introduced various member benefits and features, including a community forum and book club, enhancing user interaction and experience [4] Future Outlook - The company plans to maintain high standards in product quality and expand its membership benefits, aiming to increase the active user base and registered members of the Oriental Selection App [6][8] - Oriental Selection is committed to building a comprehensive quality control system covering all stages of the product lifecycle, from raw material selection to sales [8]

Core Viewpoint - Oriental Selection reported a significant decline in revenue and net profit for the fiscal year ending May 31, 2025, primarily due to intensified competition in the live e-commerce sector and strategic business adjustments [1][4]. Financial Performance - Revenue for the fiscal year 2025 was 4.392 billion RMB, a decrease of 32.7% from 6.526 billion RMB in the previous year [1][3]. - Net profit from continuing operations was 6.191 million RMB, down 97.5% from 249.145 million RMB year-on-year [1][3]. - Excluding the impact of the sale of Huixing Technology, net profit from continuing operations was 135.4 million RMB, reflecting a 30% increase year-on-year [4]. Business Segments - Revenue from the app increased from 900 million RMB in fiscal year 2024 to 1.1 billion RMB in fiscal year 2025 [1]. - Total revenue from continuing operations, excluding Huixing Technology, decreased by 30.9% to 4.2 billion RMB [1]. Strategic Adjustments - The company has shifted focus towards self-operated products, investing more resources in product development and supply chain management [4][7]. - The decision to divest from Huixing Technology was made to concentrate resources and strengthen core competencies, as it was seen as a distraction [7]. Operational Metrics - The total GMV for fiscal year 2025 was 8.7 billion RMB, with a significant portion coming from Douyin [7]. - The app's paid membership subscriptions reached 264,300, indicating a growing membership system [7]. Cost and Profitability - Total cost of revenue for continuing operations decreased by 38.2% to 3 billion RMB, primarily due to reduced inventory and logistics costs [8]. - Gross profit fell from 1.7 billion RMB in fiscal year 2024 to 1.4 billion RMB, but gross margin improved from 25.9% to 32.0% [8]. Team and Management - As of May 31, the total number of employees in the self-operated products and live e-commerce teams was 1,401, with 1,070 full-time and 331 part-time staff [8]. - The company denied rumors regarding the departure of former CEO Sun Dongxu, stating he is on leave and continues to work in an advisory capacity [8].

若剔除出售与辉同行的财务影响，持续经营业务净溢利由2024财年的人民币1.04亿元增加30%至2025财年的人民币1.35亿元。 值得注意的是，东方甄选在财报中表示，自营产品已成为主要增长动力，占总GMV约43.8%，截至2025年5月31日已累计推出732款SPU自营产品。 其中，来自抖音的GMV占东方甄选GMV的大部分，来自应用程序的GMV占东方甄选总GMV的15.7%。2025财年，抖音上第三方产品及自营产品的已付订 单总数已达到约9160万单。 | | 东方甄选[01797] 2025-08-22 16:00 | | | | 5PMA = | 10PMA = 20PMA = 30PMA = | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 58.343 | | | | | | | | | | 51.870 | | | | | | | | | | 45.396 | | | | | | | | | | 38.923 | | | | | | | | | | 32.450 | | | | | | | | | | 25.977 | | ...

Core Viewpoint - Oriental Selection reported a significant decline in total revenue for the fiscal year 2025, with a total revenue of 4.4 billion yuan, down 32.7% from 6.5 billion yuan in fiscal year 2024, but managed to achieve a net profit of 6.2 million yuan after a loss in the first half of the year [1] Group 1: Financial Performance - The net profit for the fiscal year 2025 was 6.2 million yuan, a recovery from a net loss of 96.5 million yuan in the first half of the year [1] - Excluding the financial impact from the sale of Huixing, the net profit for the continuing operations was 135.4 million yuan, an increase of 30% year-on-year [1] - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [1] Group 2: Business Segments - The total GMV for self-operated products and live e-commerce in fiscal year 2025 was 8.7 billion yuan, a significant decrease from 14.3 billion yuan in fiscal year 2024 [1] - The total cost of revenue for continuing operations decreased from 4.8 billion yuan in fiscal year 2024 to 3 billion yuan in fiscal year 2025, a decline of 38.2%, mainly due to the decrease in GMV leading to lower inventory and logistics costs [1] Group 3: Market Position and Strategy - GMV from the Douyin platform still accounted for a large portion, while GMV from the Oriental Selection App increased its share from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2] - The number of paid subscribers for the Oriental Selection App reached 264,300 in fiscal year 2025 [2] - Self-operated products accounted for approximately 43.8% of total GMV in fiscal year 2025, up from 40% in fiscal year 2024, with a total of 732 self-operated products launched [2] Group 4: Corporate Governance and Market Sentiment - The stock price of Oriental Selection has increased by over 200% since July [2] - There were rumors regarding the CEO of New Oriental Group being investigated for alleged misconduct, which Oriental Selection denied as baseless [2] - The company clarified that its average commission rate is below 20%, contrary to claims of exceeding 30% [2]

北京商报讯（记者 吴其芸）8月22日，东方甄选发布截至2025年5月31日止年度业绩公告，报告期内， 东方甄选实现总营收44亿元，同比减少32.7%，其中，来自应用程序的总营收由2024财年的9亿元提升 至2025财年的11亿元。2025财年，东方甄选的持续经营业务净溢利从2025财年上半年的亏损转正，实现 净溢利620万元。 财报显示，截至2025年5月31日，东方甄选自营产品及直播电商团队总人数达到1401人，其中全职1070 人，兼职331人。供应链及产品团队达到643人，其中全职496人，兼职147人。 ...

Core Viewpoint - Oriental Selection (01797.HK) reported a turnaround in its financial performance for the fiscal year 2025, with a total revenue of 4.4 billion yuan and a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [1] Financial Performance - For the fiscal year 2025, the total revenue from the continuing operations (self-operated products and live e-commerce business) reached 4.4 billion yuan [1] - The net profit for the continuing operations improved significantly, moving from a net loss of 96.5 million yuan in the first half of the fiscal year to a net profit of 6.2 million yuan [1] GMV and Growth Drivers - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce business in fiscal year 2025 was 8.7 billion yuan [1] - Self-operated products accounted for approximately 43.8% of the total GMV in fiscal year 2025, indicating their significant contribution to the company's growth [1] - The Chief Financial Officer, Yin Qiang, stated that self-operated products have become the main growth driver for Oriental Selection [1]

Group 1 - The core viewpoint of the article is that Dongfang Zhenxuan has reported a positive financial performance for the fiscal year 2025, with a total revenue of 4.4 billion yuan from its continuing operations [1] - The net profit from continuing operations turned positive, reaching 6.2 million yuan for the fiscal year 2025, compared to a loss in the first half of the fiscal year [1] - Excluding the financial impact from the sale of Huizhong, the net profit from continuing operations for fiscal year 2025 was 135.4 million yuan, representing a year-on-year increase of 30% [1] Group 2 - The comprehensive gross profit margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce business [1]

Core Insights - Dongfang Zhenxuan (1797.HK) reported a total revenue of 4.4 billion yuan for the fiscal year 2025, with a net profit of 6.2 million yuan. Excluding the financial impact from the sale of Huizhong, the net profit for continuing operations increased by 30% year-on-year to 135.4 million yuan [1][1][1] - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025 [1][1][1] Revenue and Profitability - The total GMV for self-operated products and live e-commerce business reached 8.7 billion yuan in fiscal year 2025, with a significant portion coming from Douyin [1][1][1] - The contribution of GMV from the Dongfang Zhenxuan App increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [1][1][1] User Engagement and Satisfaction - The total number of paid subscribers for the Dongfang Zhenxuan App reached 264,300 in fiscal year 2025 [1][1][1] - User satisfaction for the Dongfang Zhenxuan App hit a record high of 98.7% [1][1][1]