中信建投此前指出，公司24年7月出售与辉同行，与辉同行剥离后双方粉丝已停止内耗，各自平台取得更好发展，后续公司聚焦东方甄选品牌建设，其中8月GMV出现环比回暖。展望后续，公司对于自营品促销力度有所收窄，预估FY25自营品毛利率有望逐步回升；公司有望依托新东方集团线下800多个教学点，合作销售自营品、增加产品曝光；中长期看，围绕流量和产品双引擎发力，APP会员制有望深化自营品战略。At the close, East Buy (01797) rose nearly 4%, as of the time of publication, rose 3.34%, at HKD 14.84, with a turnover of 0.149 billion Hong Kong dollars.
According to the Wisdom Financial APP, East Buy (01797) rose nearly 4% at the close, with a 3.34% increase as of the time of publication, trading at HKD 14.84, with a turnover of 0.149 billion Hong Kong dollars.
Goldman Sachs stated that based on the performance of New Oriental, it can be inferred that East Buy had a quarterly revenue of 0.157 billion RMB as of the end of August, implying a non-GAAP operating loss of 10.5 million RMB, which is equivalent to a negative 7% non-GAAP operating profit. It is noteworthy that the above financial report is the first quarterly report released by New Oriental after Dong Yuhui left, and Dong Yuhui left East Buy on July 25 this year, coinciding with the first quarter of the New Oriental 2025 fiscal year.
China Securities Co., Ltd. previously pointed out that in July 24 of year 24, the company sold its stake in Hui Tongxing, and after the divestment from Hui Tongxing, both sides' fans have stopped consuming internally, achieving better development on their respective platforms. The company will focus on building the East Buy brand, with a return to growth in GMV in August. Looking ahead, the company is narrowing down the promotion efforts of self-operated products, estimating a gradual recovery in the self-operated product gross margin for FY25; the company is expected to leverage New Oriental Group's offline teaching points of over 800, collaborating to sell self-operated products and increase product exposure; in the medium to long term, with a focus on flow and product as dual engines, the APP membership system is expected to deepen the self-operated product global strategy.
