Group 1 - Oriental Selection (01797.HK) experienced a significant stock price increase, rising over 15% at one point and approximately 12% at the time of reporting, with a cumulative increase of nearly 30% over the past two days [1] - The WeChat team announced on December 18 that the WeChat Store has officially launched a "Gift Giving" feature in a gray testing phase, which will support this feature for most products except for jewelry, education training categories, and items priced over 10,000 yuan [1][2] Group 2 - CITIC Securities highlighted that WeChat, being one of the most popular social applications in China, is introducing the "Gift Giving" feature as a new business model, which is expected to create vast opportunities for optional and emotional consumption [3] - Given WeChat's current market position, the spread of the "Gift Giving" feature is anticipated to exceed expectations, with the thematic interest likely to carry over into the new year [3] - Investment directions suggested by CITIC Securities include focusing on five key areas: retail merchants for certainty, and e-commerce service providers, brands, and advertising agency operators for flexibility [3]

Key Points **Industry/Company Involved**: * **Company**: Dongguan Media Internet (Dongguan) * **Industry**: Internet Retail, Live Streaming E-commerce **Core Views and Arguments**: 1. **Company Transformation and Strategy**: Dongguan is focusing on transforming into a product selection and technology company with a focus on live streaming e-commerce. They aim to become a product provider with a core of self-selected products and provide a pleasant cultural and spiritual experience to users. [2] 2. **Target Audience**: Dongguan's target audience is mainly white-collar workers in first and second-tier cities and middle-class families with children. Their needs are clear and they are willing to pay for quality products. [3] 3. **Customer Base Expansion**: Dongguan's customer base is expanding through various channels, including live streaming platforms, e-commerce platforms, and offline channels. They have also established a membership system to enhance customer loyalty. [5] 4. **Self-owned Products**: Dongguan is actively developing its self-owned product line, with over 500 SKUs currently available. They focus on high-quality, healthy, and cost-effective products. [10] 5. **Strategic Partnerships**: Dongguan is also exploring partnerships with third-party brands to offer a wider range of products to customers. [16] 6. **Innovation and Efficiency**: Dongguan emphasizes innovation and efficiency in its operations, aiming to provide continuous value to customers. [30] **Other Important Points**: 1. **Management Team**: The management team, led by Yu Tao, has a long-term vision for the company's development. They are confident in the company's future prospects and are committed to driving growth through various strategies. [3] 2. **Live Streaming**: Live streaming is a key channel for Dongguan's business. They are continuously improving their live streaming content and exploring new ways to engage with customers. [20] 3. **E-commerce Platforms**: Dongguan has established stores on various e-commerce platforms, including Taobao, JD.com, and Tmall. [5] 4. **Offline Channels**: Dongguan is exploring offline channels, such as automatic vending machines and pop-up stores, to expand its reach and brand visibility. [6] 5. **APP Development**: Dongguan is developing its own APP to provide a dedicated platform for its loyal customers. [8] 6. **Member Engagement**: Dongguan organizes member events and activities to enhance customer loyalty and engagement. [9] 7. **Challenges and Opportunities**: Dongguan acknowledges the challenges and opportunities in the market and is committed to adapting and evolving to meet changing consumer needs. [10]

每经编辑 张锦河 据界面新闻，11月24日下午，时隔近一年未开播的孙东旭（东方小孙）现身东方甄选直播间。直播中， 孙东旭和主播天权再次搭档，在仓库边给消费者打包发货，边介绍相关商品。 截至11月24日18点40分，东方甄选直播间点赞数达到2325.3万，观看人数达4万，在抖音带货总榜排名 第二，第三名为与辉同行。 东方甄选：这次，他真的回来了 11月24日，东方甄选官方账号也发微博称："回来了！回来了！这次，他真的回来了！""历尽千帆，归 来仍是少年，你好，小孙同学。好久不见，甚是想念。" 孙东旭曾因"小作文事件"被免职 据了解，东方小孙自2023年12月15日从东方甄选直播间下播后，已有近一年未开播。 2023年12月，因"小作文事件"，东方小孙陷入舆论漩涡。 2023年12月14日晚，东方甄选CEO孙东旭发布道歉视频，对自己近日在直播中神态"咄咄逼人"以及把手 机放在桌上的动作、提到董宇辉的薪酬等行为向网友道歉，自称是"不职业"的表现。 2023年12月16日，东方甄选在其官方抖音号发布通知称，经东方甄选董事会决定，董事长俞敏洪兼任东 方甄选CEO职务，免去：孙东旭的东方甄选执行董事、CEO职务，即日生效 ...

孙东旭又回来了。 2024年11月24日下午，时隔近一年未开播的孙东旭（东方小孙）现身东方甄选直播间。直播中，孙东旭 和天权再次搭档，在仓库边边给消费者打包发货，边介绍相关商品。 去年东方甄选"小作文"事件持续发酵。2023年12月16日上午，东方甄选发布人事任免通知，经东方甄选 董事会决定，董事长俞敏洪兼任东方甄选CEO职务，免去孙东旭执行董事、CEO职务，即日生效。 当日晚，俞敏洪和董宇辉合体现身俞敏洪抖音直播间，对近期东方甄选"小作文"事件进行回应。 对于为什么要免去孙东旭CEO职位，俞敏洪回应称，拿下孙东旭主要是因为管理不善。他指出，主要有 三方面原因：1."小编"越过管理层在东方甄选官方账号上的发言；2.孙东旭在直播时不恰当的表达，包 括提及董宇辉薪酬等侵犯个人隐私的行为；3.天权直播时的失态，对公司的状态产生了较大的影响。俞 敏洪强调，这是重大的管理失误，需要管理者承担相应的责任。 2023年12月17日晚间，东方甄选在港交所公告称，董事会已于12月16日议决解除孙东旭的行政总裁一 职，并罢免其公司执行董事职务，即时生效。鉴于最近的舆论风波，孙东旭职务变动反映了其近期对公 司品牌及声誉管理不善；董 ...

每经记者 杨昕怡 每经编辑 张海妮 "史上最长的双11"收官后，抖音电商放榜。 11月14日，抖音电商发布的2024"抖音商城双11好物节"数据报告显示，10月8日至11月11日，超3.3万个 品牌成交额同比翻倍，近1.7万个品牌成交额增速超500%，超2000个单品成交额破千万元。 值得注意的是，其中由货架场带动的成交额继续提升，占据大盘的42%，"超值购"成交额同比增长 170%。自2023年起，货架电商逐渐成为直播电商平台想攻下的突破口。2023年5月，抖音电商总裁魏雯 雯曾公开表示，过去一年，抖音电商的货架场景GMV（商品交易总额）占比达30%。 在直播场景中，抖音电商披露，今年"双11"大促期间，累计有275个品牌通过直播带货实现成交额过亿 元。 其中，新锐服饰品牌SIINSIIN在抖音的"双11"成绩为3.34亿元，同比增长47%，其联合创始人林雅琳在 接受《每日经济新闻》记者采访时表示，生意增长在团队预期范围内，"今年更多的惊喜来自于我们有 节奏的品牌整合营销动作，通过to B、 to C的组合营销方式，让品牌真正意义上出圈了"。 抖音电商发布的数据显示，今年"双11"期间，111个电商作者直播 ...

【东方甄选：从未发送过自动扣费短信通知】东方甄选官方微博发布声明称，近日有网友反馈有人冒充 东方甄选发送自动扣费的短信通知。 东方甄选从未发送以上通知，请广大网友提高警惕，不要拨打电话或点击链接，避免上当受骗。 （中新经纬APP） ...

★宏观动态★欧盟反补贴关税阴云下，中德汽车产业共同呼吁合作而非对抗据中国汽车工业协会公众号 消息，10月22日，第26届德国在华汽车供应商总裁/CEO圆桌会议暨中德汽车产业协同发展论坛在上海 召开。 来自中德的政企代表以及行业领导和专家们热情参会，并表达了同样的呼声：无论是站在中德双方各自 的利益角度，还是考虑到全球汽车产业转型升级以及气候问题的解决迫在眉睫，中德以及中欧都应当积 极加强沟通对话，进一步深化汽车产业的投资贸易合作，特别是在新能源和智能网联汽车领域，共同构 建起开放合作、公平公正的贸易环境才是实现双赢的唯一选择。 中国驻伊朗大使馆：提醒在伊朗中国公民注意安全据中国驻伊朗大使馆官方微信26日消息，近日，伊朗 与以色列冲突升级，伊朗安全形势复杂。 中国驻伊朗使馆提醒在伊中国公民和机构密切关注当地安全形势发展，提高警惕，注意安全，减少不必 要外出，切实加强安全风险防范和应急准备，远离人员密集和敏感地区。 如遇紧急情况，请及时报警并与中国驻伊朗使领馆联系寻求协助。 墨西哥波波卡特佩特火山活动加剧，当地机场暂停运营据央视新闻报道，当地时间10月25日，墨西哥全 国防灾中心发布报告称，记录到该国波波卡特佩特 ...

谨防受骗！ 10月26日早间，东方甄选官方发布声明称，近日有网友反馈有人冒充东方甄选发送自动扣费的短信通 知。 东方甄选表示，公司从未发送以上通知，请广大网友提高警惕，不要拨打电话或点击链接，避免上当受 骗。 业绩方面，东方甄选此前公布的2024财年业绩报告显示，2024财年，东方甄选总GMV为143亿元，同比 增长43%。 营业总收入71亿元，较2023财年的45亿元增长56.8%。 其中，自营产品及直播电商分部的净营收从2023财年的39亿元增加68.1%至65亿元。 公司持续经营业务及已终止经营业务的调整后净利润为22亿元（其中包含出售教育业务的税后处置收益 13亿元），去年同期为11亿元。 报告期间，东方甄选抖音已付订单总数达1.811亿单，同比2023财年的1.363亿单显著增长。 公司持续经营业务的毛利率，由2023财年的38.2%减少至2024财年的25.9%，主要由于东方甄选举办会 员日活动推广，以及持续销售更多利润率较低的农产品所致。 自营产品及直播电商业务在2024财年实现强劲增长，成为东方甄选增长的核心。 该业务的总营收达65亿元，同比2023财年的39亿元增长68.1%。 责编：万健祎 ...

证券时报网讯，恒生科技指数跌逾2%，截至发稿，东方甄选以8.61%的跌幅领跌。 金蝶国际下跌6.18%，哔哩哔哩-W下跌3.99%，阿里健康下跌4.23%，快手-W下跌3.72%，阿里巴巴-W 下跌3.70%，蔚来-SW下跌3.64%，美团-W下跌3.28%，商汤-W下跌3.01%。 校对：杨立林 ...

Financial Performance - Total revenue for 2024 fiscal year reached RMB 7,072.56 million, a significant increase from RMB 4,509.85 million in 2023[3] - Net profit attributable to the company's owners for 2024 fiscal year was RMB 1,719.50 million, compared to RMB 971.29 million in 2023[3] - Adjusted EBITDA for 2024 fiscal year was RMB 904.59 million, down from RMB 1,207.45 million in 2023[3] - Gross profit for 2024 fiscal year was RMB 2,119.01 million, up from RMB 1,954.77 million in 2023[4] - Adjusted net profit for 2024 fiscal year was RMB 2,180.71 million, up from RMB 1,089.33 million in 2023[4] - Basic earnings per share for 2024 fiscal year was RMB 1.68, compared to RMB 0.97 in 2023[3] - The company recorded a post-tax gain of RMB 1.3 billion from the sale of its education business in 2024[7] - Total net revenue increased by 56.8% from RMB 4.5 billion in FY2023 to RMB 7.1 billion in FY2024[13] - Net revenue from self-operated products and live-streaming e-commerce grew by 68.1% from RMB 3.9 billion in FY2023 to RMB 6.5 billion in FY2024[13] - Adjusted net profit for continuing operations was RMB 709.4 million in FY2024, compared to RMB 916.1 million in FY2023[13] - Adjusted profit for the year was RMB 709.4 million, compared to RMB 916.1 million in the previous year[46] - Adjusted EBITDA for the year was RMB 773.8 million, compared to RMB 1,080.8 million in the previous year[47] - Net profit from continuing operations decreased from RMB 799.2 million in FY2023 to RMB 249.1 million in FY2024[44] - The self-operated products and live e-commerce segment's gross margin decreased from 38.2% in FY2023 to 25.9% in FY2024 due to promotional activities and a shift towards lower-margin agricultural products[33][34] - Gross profit for the self-operated products and live e-commerce segment increased by 14.1% from RMB 1.5 billion in FY2023 to RMB 1.7 billion in FY2024[33][34] - University education segment gross margin improved from 74.6% in FY2023 to 77.5%, driven by strong market demand and reduced low-price entry-level courses[35] - Institutional clients gross margin increased from 79.9% in FY2023 to 89.7%[36] - The company's total revenue for the fiscal year 2024 was RMB 7,072,564 thousand, accounting for 100% of the group's total revenue, compared to RMB 4,509,849 thousand in fiscal year 2023[102] Assets and Liabilities - Total assets increased to RMB 6,541.52 million in 2024 from RMB 3,852.94 million in 2023[6] - The company's equity attributable to owners increased to RMB 4,969.22 million in 2024 from RMB 2,803.81 million in 2023[6] - Current assets increased significantly to RMB 6,163.89 million in 2024 from RMB 3,436.92 million in 2023[6] - Cash and cash equivalents increased to RMB 2.26 billion at the end of the fiscal year, up from RMB 1.17 billion in the previous year[50] - Total monetary funds, including cash, cash equivalents, and financial assets at fair value, amounted to RMB 4.6 billion at the end of the fiscal year[49] - The company's asset-liability ratio decreased to 24.0% from 27.2% in the previous year[49] - The company has no bank loans or other borrowings and maintains sufficient cash and capital resources to fund operations and expansion, with no plans for borrowing in the next 12 months[61] - As of May 31, 2024, the company has no significant contingent liabilities[63] - The company has no mortgaged assets as of May 31, 2024[62] - No major litigation or arbitration cases were reported during the period, and the company is not aware of any pending or threatened significant legal claims as of May 31, 2024[65] - The company has no distributable reserves as of the end of FY2024[66] Operational Highlights - GMV increased from RMB 10.0 billion in FY2023 to RMB 14.3 billion in FY2024, representing a 43% growth[11] - The number of followers on Douyin grew from 41.8 million in FY2023 to 65.0 million in FY2024, a 55.5% increase[11] - Paid orders on Douyin rose from 136.3 million in FY2023 to 181.1 million in FY2024, a 32.9% growth[11] - The company developed and launched 488 SKUs of self-operated products in two years, expanding from 120 SKUs in FY2023[16] - Self-operated products accounted for approximately 40% of total GMV in FY2024, up from 30% in FY2023[16] - The company's app became a core channel for self-operated products, with some products generating over 40% of their total GMV on the app[15] - The company implemented a multi-platform strategy, with the "Dongfang Zhenxuan Self-operated Products" Douyin account consistently achieving monthly GMV exceeding RMB 100 million[14] - The company's GMV increased by 43% to RMB 14.3 billion in the 2024 fiscal year, with 8.4% of GMV coming from the app[19] - The company has achieved 99% coverage for domestic ambient delivery and 97% coverage for cold chain delivery[18] - The company has established 27 front-end delivery warehouses in Beijing, covering 92% of the area within the Fifth Ring Road, with a member coverage rate of 73.5% and an average delivery time of 44 minutes[18] - The company's self-operated products and live e-commerce team reached 1,883 people, including 1,318 full-time and 565 part-time employees[18] - The company's supply chain and product team reached 830 people, including 565 full-time and 265 part-time employees[18] - The company plans to expand offline self-operated product promotion in the 2025 fiscal year, starting with a pilot in Beijing in the second half of 2024[24] - The company has invested in a sausage factory and strengthened upstream supply chain management to optimize raw material costs[17] - The company has partnered with logistics companies such as SF Express and JD Logistics, achieving a user satisfaction rate of 96.3% for instant orders in Beijing[18] - The company has sold its education business to focus on self-operated and live e-commerce operations, which have become the main revenue source[20] - The company emphasizes product quality control, including traceability of meat products and pesticide residue testing for vegetable products[23] Expenses and Investments - Sales and marketing expenses surged by 174.5% from RMB 315.5 million in FY2023 to RMB 866.1 million in FY2024, primarily due to increased employee costs in the self-operated products and live e-commerce business[38] - R&D expenses doubled, increasing by 101.6% from RMB 65.3 million in FY2023 to RMB 131.6 million in FY2024[39] - Capital expenditures for property and equipment were RMB 35.9 million, up from RMB 12.8 million in the previous year[54] - The company raised approximately HKD 1.783 billion in net proceeds from the 2020 subscription, with HKD 149.9 million utilized in FY2024[87] - The remaining balance of the 2020 subscription proceeds as of FY2024 is HKD 527.9 million, with HKD 250.4 million allocated for sales and marketing, HKD 3.9 million for technical infrastructure, HKD 105.6 million for teachers and other business-related personnel, and HKD 168.0 million for working capital[87] Shareholder and Equity Information - The company did not repurchase any shares on the Hong Kong Stock Exchange during fiscal year 2024, despite having authorization to repurchase up to 10% of its issued shares[90] - No final dividend was recommended for fiscal year 2024, consistent with the previous fiscal year[94] - The company did not issue any debentures during fiscal year 2024[92] - No stock-linked agreements were entered into or existed during fiscal year 2024, except as disclosed in the annual report[93] - The company did not hold any treasury shares at the end of fiscal year 2024[91] - The company's integrated affiliated entities generated total revenue of RMB 7,072,564 thousand, representing 100% of the group's total revenue for the reporting period[102] - The company's contract arrangements with Beijing Xuncheng and its subsidiaries remained unchanged during fiscal year 2024, with no significant changes or terminations[103] - The company's directors and senior management did not receive any discretionary bonuses during fiscal year 2024[95] - The company's contract arrangements with Beijing Xuncheng and its subsidiaries provided the company with control over the economic benefits generated by these entities[104] - Exclusive option agreement signed on May 10, 2018, allowing Dexin Dongfang to acquire Beijing Xuncheng's equity at the minimum permissible cost under Chinese law[108] - Equity pledge agreement signed on May 10, 2018, ensuring previous registered shareholders pledge their equity in Beijing Xuncheng to Dexin Dongfang[109] - Irrevocable power of attorney signed on May 10, 2018, authorizing Dexin Dongfang to appoint directors and vote on behalf of previous registered shareholders[110] - Supplementary agreement signed on October 10, 2019, making Zhuhai Chongsheng a party to the contractual arrangements with Beijing Xuncheng[111] - Second supplementary agreement signed on February 1, 2021, involving Xi'an Ruiying, Hainan Haiyue, and Wuhan Dongfang as parties to the contractual arrangements[112] - Third supplementary agreement signed on May 24, 2023, terminating rights and obligations of Linzhi Tencent and Tianjin Limited Partnership in Beijing Xuncheng[113] - Fourth supplementary agreement signed on March 7, 2024, terminating rights and obligations of Kuxue Huisi, Xi'an Ruiying, and Wuhan Dongfang in Beijing Xuncheng[114] - Contractual arrangements established to navigate foreign investment restrictions in China, particularly in online and mobile platforms and live e-commerce businesses[115] - Risks associated with contractual arrangements include potential non-compliance with Chinese laws, changes in foreign investment laws, and reliance on contractual control over operational control[117] - The 2023 New Oriental Framework Agreement involves transactions including advertising, marketing, and promotion services, with an annual cap of RMB 52.42 million and actual transaction amount of RMB 27.68 million[122] - The company's procurement of goods from New Oriental Group has an annual cap of RMB 26.82 million and actual transaction amount of RMB 3.25 million[122] - The company's provision of goods to New Oriental Group has an annual cap of RMB 47.57 million and actual transaction amount of RMB 37.24 million[122] - The company's transfer of TPO exam materials license to New Oriental Group has an annual cap of RMB 4.59 million and actual transaction amount of RMB 4.16 million[122] - The company's receipt of online or offline educational resources from New Oriental Group has an annual cap of RMB 10.50 million and actual transaction amount of RMB 0.02 million[122] - The company's provision of online or offline educational resources to New Oriental Group has an annual cap of RMB 2.54 million and actual transaction amount of RMB 0.00 million[122] - The 2023 Tigerstep Framework Agreement involves property leasing and property management services, with an annual cap of RMB 1.00 million and actual transaction amount of RMB 0.17 million[123] - The company has implemented internal control measures to ensure related party transactions are conducted under normal commercial terms and are not inferior to terms available to third parties[124] - The company's independent non-executive directors confirmed that the transactions conducted in FY2024 were in accordance with the relevant provisions of the continuing connected transactions agreements[126] - The company's independent external auditors confirmed that there were no instances where the disclosed continuing connected transactions exceeded the annual caps set by the company[128] - The company announced that Dong Yuhui resigned and will no longer be employed by the group, with a distribution of approximately RMB 129 million from the undistributed profits of the target company to Dong Yuhui[132] - Beijing Xuncheng transferred 100% equity of the target company to Dong Yuhui for a consideration of RMB 76.585 million, and the target company is no longer a consolidated subsidiary of the group[133] - The company will suspend the registration of share transfers from October 29, 2024, to November 1, 2024, to determine the shareholders eligible to attend the annual general meeting[136] - Mr. Yu holds 24,195,285 shares, representing 2.35% of the company's total issued shares[139] - Tigerstep, wholly owned by Mr. Yu, holds 28,682,832 shares, representing 2.78% of the company's total issued shares[139] - Ms. Sun holds 30,000 shares, representing 0.00% of the company's total issued shares[139] - First Bravo, wholly owned by Ms. Sun, holds 151,000 shares, representing 0.01% of the company's total issued shares[139] - Mr. Yin holds 4,700,000 shares, representing 0.46% of the company's total issued shares[139] - Mr. Yu holds 199,072,160 shares in New Oriental, representing 11.6% of New Oriental's total issued shares[143] - New Oriental holds 589,585,500 shares in the company, representing 57.17% of the company's total issued shares[147] - The company has issued 30,000 new shares under the 2023 plan, representing approximately 0.00% of the company's weighted average issued share capital[148] - As of May 31, 2024, 25,940,885 shares remain exercisable under the Pre-IPO Plan, representing approximately 2.52% of the company's total issued share capital[151] - The exercise price for the pre-IPO share option plan is HK$8.88 per share (approximately US$1.13 per share before listing)[154] - The pre-IPO share option plan has a remaining term of approximately 7 months, expiring on March 27, 2025[155] - As of May 31, 2024, a total of 34,483,946 share options under the 2019 plan remain unexercised, representing approximately 3.32% of the total issued share capital[162] - During the reporting period, 3,942,676 share options under the 2019 plan were exercised, 1,519,999 were canceled, and 516,189 expired[162] - The maximum number of shares that may be issued under the 2019 plan and other plans cannot exceed 10% of the total issued shares at the listing date (91,395,910 shares)[162] - Each eligible participant under the 2019 plan can only be granted share options equivalent to 1% of the company's total issued share capital within any 12-month period[163] - The 2019 plan was terminated on March 9, 2023, and no further share options will be granted under this plan[165] - The weighted average closing price of shares immediately before the exercise date in FY2024 was HK$27.04[167] - The exercise price for share options granted under the 2019 plan is determined by the board and cannot be lower than the highest of: closing price on grant date, average closing price of the 5 preceding business days, or the nominal value per share[166] - The total number of share options granted under the 2019 plan as of June 1, 2023, was 40,462,810, with 27,962,810 remaining unexercised at that time[167] - The total number of shares authorized for issuance under the 2023 Plan is 101,351,871 shares, representing 10% of the issued shares as of the adoption date of the plan[173] - As of June 1, 2023, 70,976,871 shares were available for granting under the 2023 Plan, with 30,000 shares granted during the reporting period[174] - The maximum number of shares that can be issued to service provider participants under the 2023 Plan is 2,027,037 shares, representing 2% of the total plan authorization[173] - As of May 31, 2024, 89,053,201 shares remain available for issuance under the plan authorization, representing 8.63% of the total issued share capital as of the latest practicable date[173] - The 2023 Plan has a validity period of 10 years, from March 9, 2023, to March 8, 2033, with approximately 9 years remaining[180] - The exercise price of stock options cannot be lower than the higher of: (i) the closing price on the grant date, or (ii) the average closing price over the five business days preceding the grant date[177] - The vesting period for awards under the 2023 Plan must be at least 12 months from the grant date, except in limited circumstances[179] - As of the end of the reporting period, 1,005,000 shares were unvested, 495,000 shares were vested, and 399,000 shares were forfeited[180] - The fair value of the awarded shares during the reporting period was HKD 30.25 per share[180] - The total number of shares available for granting under the 2023 Plan as of May 31, 2024, is 71,406,871 shares[174] - The fair value of the awarded shares during the period is determined based on the fair value of the company's ordinary shares on the grant date[182] - The total vesting period for the awarded shares is three years, with 20% to 50% vesting on each anniversary of the grant