According to the Zhongtong Financial App, Eastbuy (01797) rebounded by more than 6%, and the stock price has fallen by 30% in the past month. As of the time of publication, the stock rose 6.51% to HKD 13.08, with a turnover of HKD 149 million.
Goldman Sachs released a research report stating that it is expected that Eastbuy's GMV will reach 10 billion yuan and the revenue will be 4.3 billion yuan in the second half of the fiscal year ending in May. The adjusted net profit is 238 million yuan, and the adjusted profit margin is 5.5%. The bank pointed out that the company announced last month that the GMV of the first-party platform of its own brand for the second half of the fiscal year ending in May reached 3.6 billion yuan, a year-on-year increase of 108%, and a half-year increase of 74%, which is 8% higher than expected by the bank, mainly due to its own App's GMV being higher than expected. The repeat purchase rate of its own brand products reached 59%, and Eastbuy became the only brand on the Douyin platform with cumulative orders of 100 million.
It is worth noting that Eastbuy has been facing negative public opinion since June. The company recently hit the hot search because of the news of "collecting sky-high pit fees from Guizhou". Subsequently, Eastbuy issued a statement stating that "we have never asked the government for publicity fees or insisted on charging so-called pit fees from any companies or merchants". Data shows that from January to present, Eastbuy has lost more than 1 million followers.