每经记者｜李宇彤 每经编辑｜张海妮 备受市场关注的东方甄选（HK01797，股价36.300港元，市值379.85亿港元）在8月22日晚交出了2025财年（2024年6月1日至2025年5月 31日）成绩单。 2025财年，东方甄选持续经营业务（自营产品及直播电商业务）的总营收为44亿元，相较上财年的65亿元减少32.7%。持续经营业务 从2025财年上半年的净亏损9650万元实现扭亏为盈，净溢利为620万元。 视觉中国 在本次财报中，东方甄选与董宇辉的"分手费"在财务层面的影响已经完结。财报显示，若剔除"与辉同行"所产生的一次性开支及溢 利，东方甄选经调整净溢利由1.042亿元同比增加30%至1.354亿元，但记者注意到，该数据相较于2024财年的公司净溢利2.5亿元仍然 下滑了46%。 从东方甄选GMV（商品交易总额）上也能看到董宇辉出走带来的实质影响：东方甄选2025财年的总GMV为87亿元，上个财年则为143 亿元，两相比较缩水39.2%。 舆论旋涡也持续影响着东方甄选，公司股价随之起起落落。阵痛之后，东方甄选能否从其押注的自营产品中找到一条破局之路？ 自营占比升至43.8% 东方甄选在2025财年最 ...

备受市场关注的东方甄选（01797.HK，股价36.300港元，市值379.85亿港元）在8月22日晚交出了一份 2025财年（2024年6月1日至2025年5月31日）综合年度成绩单。 2025财年，东方甄选持续经营业务（自营产品及直播电商业务）的总营收为44亿元，相较上财年的65亿 元减少32.7%。持续经营业务从2025财年上半年的净亏损9650万元实现扭亏为盈，净溢利为620万元。 在本次财报中，东方甄选与董宇辉的"分手费"在财务层面的影响已经"完结"。财报显示，若剔除"与辉 同行"所产生的一次性开支及溢利，东方甄选经调整净溢利由1.042亿元同比增加30%至1.354亿元，但记 者注意到，该数据相较于2024财年的公司净溢利2.5亿元仍然下滑了46%。 从东方甄选GMV（商品交易总额）上也能看到董宇辉出走带来的实质影响：东方甄选2025财年的总 GMV为87亿元，上个财年的GMV则为143亿元。 舆论旋涡也持续影响着东方甄选，公司股价随之起起落落。阵痛之后，东方甄选能否从其押注的自营产 品中找到一条新的生路？ 自营产品占比提升至43.8%，成为东方甄选主要增长动力 东方甄选在2025财年最显著的转型 ...

Core Viewpoint - The article discusses the contrasting reputations of various brands in the sanitary napkin market, highlighting the trust crisis in the industry, particularly focusing on the controversies surrounding Xinba's brand "Mian Mima" and the successful market entries of other brands like Dongfang Zhenxuan and Duowei [2][4][23]. Group 1: Industry Overview - The sanitary napkin market in China is facing a trust crisis, exemplified by Xinba's "Mian Mima" brand being found to contain high levels of carcinogenic substances [3][10]. - The average price of sanitary napkins in 2023 is reported to be 0.9 yuan per piece, with a compound annual growth rate of 4.79% [16]. - The sanitary napkin industry has an average gross margin of 45%, but due to high marketing and channel costs, the net profit margin is only between 7% and 11% [24]. Group 2: Brand Performance - Xinba's "Mian Mima" brand reportedly achieved sales of 3.33 billion yuan over eight years and claims to have one million users [4]. - In contrast, Dongfang Zhenxuan's sanitary napkin launched in June sold 180,000 units within two days, generating an estimated sales revenue of 18 million yuan [7]. - Huang Zitao's Duowei brand sold 1.2 billion pieces within a month, with sales revenue around 80 million yuan [7]. Group 3: Product Quality and Safety - "Mian Mima" sanitary napkins were found to contain sulfur urea, a substance linked to thyroid issues, with one batch showing a sulfur urea content of 16,653.4679 μg/g [10][11]. - Despite the controversy, Xinba claims that their products are compliant with safety standards, presenting a testing report that shows no sulfur urea detected [13][15]. - Industry experts suggest that the presence of sulfur urea may be related to cost-cutting measures, as it is cheaper than other antioxidants [16]. Group 4: Market Dynamics and Strategy - The entry of entrepreneurs like Yu Minhong and Huang Zitao into the sanitary napkin market reflects a shift towards product-oriented strategies, moving away from the low-price competition exemplified by Xinba [9][40]. - Dongfang Zhenxuan emphasizes product quality, conducting extensive testing and optimizing product features to address safety concerns [38]. - Huang Zitao has invested 275 million yuan in acquiring factories and improving production lines, aiming for transparency in the manufacturing process [39].

Core Viewpoint - The sanitary napkin industry is facing a trust crisis, highlighted by the controversy surrounding Xinba's brand "Mian Mima," which has been found to contain high levels of carcinogenic substances, while other brands like those promoted by Yu Minhong and Huang Zitao are gaining popularity for their quality and marketing strategies [1][2][4]. Group 1: Industry Overview - The sanitary napkin market in China is significant, impacting the health of approximately 700 million women, and there is a strong demand for reform and quality assurance in the industry [25]. - The average gross margin in the sanitary napkin industry is reported to be around 45%, but due to high marketing and channel costs, the net profit margin is only between 7% and 11% [27]. - Recent sales data indicates that new entrants like Dongfang Zhenxuan and Huang Zitao's brands have achieved impressive sales figures, with Dongfang Zhenxuan's sanitary napkin sales reaching approximately 18 million units in just two days [5][26]. Group 2: Company-Specific Insights - Xinba's "Mian Mima" brand has generated sales of 3.33 billion yuan over eight years and claims to have 10 million users, but it is now under scrutiny due to health concerns [3][9]. - In contrast, Dongfang Zhenxuan has successfully leveraged its existing customer base and marketing strategies to enhance brand trust and sales, with a reported stock price increase of 53% since July [31]. - Huang Zitao has invested 275 million yuan into acquiring factories and innovating production lines for his brand, emphasizing transparency and quality in response to market demands [42]. Group 3: Product Quality and Safety Concerns - Reports indicate that multiple batches of "Mian Mima" sanitary napkins have been found to contain excessive levels of thiourea, a substance classified as a potential carcinogen [10][11]. - Despite the controversy, Xinba's representatives claim that their products are compliant with safety standards, presenting testing reports that show no thiourea presence in recent samples [13][14]. - Industry experts suggest that the presence of thiourea may be linked to cost-cutting measures, as it is cheaper than other antioxidants [19]. Group 4: Marketing and Consumer Trust - The recent sanitary napkin crisis reflects a broader consumer demand for product quality over low pricing, as seen in the contrasting strategies of Xinba and other emerging brands [4][44]. - Influencers like Yu Minhong and Huang Zitao are capitalizing on their reputations to build trust and drive sales, focusing on product quality rather than solely on price [7][43]. - The success of these brands in the sanitary napkin market illustrates a shift towards a product-centric approach, which is essential for long-term sustainability in the industry [51].

Investment Rating - The report maintains an optimistic outlook on the Hong Kong stock market, particularly regarding new IPOs and sectors such as stablecoins, new consumption, and innovative pharmaceuticals [3][10]. Core Insights - The report highlights new investment paths following the implementation of stablecoin legislation, emphasizing the positive sentiment towards Hong Kong and U.S. Chinese stocks, with a notable shift towards new concepts and small-cap stocks [3][10]. - There is a sustained bullish view on virtual assets, including stablecoins, with recommendations for traditional virtual asset companies and infrastructure assets related to blockchain technology [3][10]. - The report identifies potential risks associated with overseas Chinese assets, particularly concerning U.S.-China tariff issues, and suggests monitoring the progress of global tariff negotiations [3][10]. Industry Situation Tracking Education - The Chinese education index increased by 2.10% from July 14 to July 18, outperforming the CSI 300 and SSE 50 indices, while underperforming the Hang Seng Tech Index [11]. - Notable stock performances include a 25.09% increase for Fenbi and a 14.37% increase for Dongfang Zhenxuan, while New Oriental saw a decline of 3.39% [11][19]. Luxury Goods - The luxury goods sector faced slight pressure, with a 6% year-on-year decline in Burberry's sales revenue for Q1 of FY2026, although the decline was less severe than previous periods [25]. - The report notes that the jewelry segment remains a growth driver, with Richemont's jewelry sales increasing by 11% year-on-year [31]. Coffee and Tea Beverages - The coffee sector maintains high growth, while the tea beverage sector shows signs of recovery, benefiting from summer demand and delivery subsidies [5][28]. E-commerce - The e-commerce sector is experiencing slight pressure, with a slowdown in overall growth and intensified competition among platforms [5][34]. - The report highlights a 742.95 billion yuan online retail sales figure for the first half of 2025, reflecting an 8.5% year-on-year growth [37]. Streaming Platforms - The streaming media index rose by 7.8%, outperforming both the Hang Seng Index and the Hang Seng Tech Index [38]. - Notable stock performances include a 12.08% increase for NetEase Cloud Music and an 11.37% increase for Tencent Music [38]. Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization reached $392.19 billion, with Bitcoin and Ethereum prices increasing by 0.4% and 19.9%, respectively [40][43]. - The report emphasizes the positive trend in virtual assets following the passage of the GENIUS Act in the U.S., which establishes a regulatory framework for stablecoins [49].

Group 1 - Dongfang Zhenxuan announced the launch of its first self-operated sanitary napkin, which will be available for sale on June 16, featuring a "pure cotton surface" aimed at safety and skin-friendliness [2][3] - The sanitary napkin's pH value is weakly acidic, and it has passed key tests such as skin sensitivity patch tests and formaldehyde-free tests, adhering to the GB 43631-2023 safety standards for infant products [3] - The first batch of sanitary napkins will include two specifications: 240mm and 290mm, with sales starting on the Dongfang Zhenxuan App and expanding to all official sales channels by June 18 [3] Group 2 - Many leading MCNs have entered the sanitary napkin market, with Huang Zitao's brand Duowei launching in May, claiming to have acquired a factory for transparent production rather than using a third-party manufacturer [4] - Duowei's sales performance has been strong, achieving over 40 million yuan in GMV during a live broadcast, with more than 5.4 million yuan in sales on the Douyin platform shortly after launch, surpassing established brands [4] - Other influencers, such as Xin Youzhi, have also established sanitary napkin brands, with significant sales figures reported, indicating a growing trend in the market [5]