25 August 2025 | 10:55PM HKT East Buy (1797.HK) Sell Earnings Review: 2HFY25 GMV miss, EPS beat on OPEX control; Divergent performance between 1P and 3P; Sell on rich valuation 1797.HK 12m Price Target: HK$9.00 Price: HK$31.62 Downside: 71.5% East Buy delivered mixed 2HFY25 results. GMV dropped -55% yoy to Rmb3.9bn (-15% below GSe), primarily dragged by below-expected 3P GMV (-63% yoy, 40% below GSe) likely due to higher-than-expected return rate, despite 5% higher 1P GMV vs. GSe. By platform, GMV on East B ...