Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [1]. Core Insights - The company has achieved a GMV of over 3.6 billion yuan for its self-operated products in FY24H2, representing a year-on-year growth of 108% and a quarter-on-quarter growth of 74% [1]. - The company has launched over 400 self-operated products, with 80% being food and agricultural products, and over 100 products ranking in the top three on Douyin's product list [1]. - The overall positive feedback rate for self-operated products exceeds 95%, with a repurchase rate of 59% and over 25 million users for self-operated products [1]. - The company is expanding its self-operated product categories and has seen strong demand and excellent repurchase performance for several products [1]. - The self-operated app is becoming a core channel for sales, with over 90% of new products launched on the app since May, contributing to over 40% of the total GMV for popular products [1]. - The company plans to increase its Douyin accounts and live broadcasts, which may enhance overall GMV performance [1]. - The revenue forecasts for FY24-26 are 6.1 billion, 7.4 billion, and 9.1 billion yuan respectively, with adjusted net profits of 900 million, 1.04 billion, and 1.23 billion yuan, and corresponding EPS of 0.9, 1.0, and 1.2 yuan per share [1].
东方甄选：自营商品构建成长中坚力量