Core Viewpoint - Oriental Selection (01797.HK) has seen a significant stock price increase, closing at HKD 27.5, up 16.82%, with a year-to-date increase of 171.5%, indicating a shift in focus from a主播-driven model to a product-driven strategy [5][6]. Financial Performance - For the fourth quarter of fiscal year 2025, revenue is estimated at approximately USD 1.5 billion, reflecting a nearly 30% year-on-year decline, but the decline is narrowing compared to the previous quarter [5]. - The non-GAAP operating profit is projected to be around RMB 0.79 billion, with an operating profit margin of approximately 7%, showing a quarter-on-quarter improvement of about 3% [5]. Business Strategy and Product Development - The company is increasing its investment in self-operated products, particularly in the domestic shrimp supply chain, with a partnership established with Charoen Pokphand Group [6][7]. - The monthly demand for shrimp from Oriental Selection is 150 tons, while the initial production capacity of the partner was only 50-60 tons, leading to a supply gap that required an investment of RMB 4 million to upgrade production capabilities [7]. Market Expansion and Sales Performance - As of July 2025, Oriental Selection has sold over 220,000 units of domestic white shrimp, indicating a supply-demand imbalance [8]. - Other self-operated products have also seen significant sales, with over 260 million units of grilled sausages and eggs sold, and sales of sanitary napkins exceeding RMB 15 million [8]. Future Outlook - The company is expected to recover its profit margins, with a normal profit margin estimated at around 5%, and projected GMV for fiscal year 2026 could reach RMB 9 billion [8]. - There remains substantial growth potential in the paid membership business and self-operated products, comparable to Sam's Club's 9 million member data [8].