Zhiou Technology: Reform Payoff Period, Strong Operating Trend, Pullback Offers Entry Opportunity

English summary

### Zhiou Technology: Reform Payoff Period, Strong Operating Trend, Pullback Offers Entry Opportunity Time: 2026-07-31 07:06:27 Content: Zhiou Technology: Reform payoff period, strong operating trend, pullback offers entry opportunity. #Operating trend unchanged, focus on entry. The stock pulled back significantly today. We track that Q2 operating trends are improving; considering VC/VOC model revenue discounts, actual GMV growth is better. Europe's base is stable, and a US inflection point has emerged, with the previous recommendation logic continuing to pay off. #High certainty for full-year performance growth. Although July was affected by the Prime Day calendar shift, the strong operating trend continues, and after strategy adjustments, the success rate of product expansion has improved. The sales contribution of new products in 2026 is significantly better than in 2025. The company has re-entered the stage of launching new products and expanding categories to gain market share. #Growth is smooth, maintain recommendation. The company currently covers only about 10% of Amazon's home furnishing third-level categories, and there is ample room for new category expansion, US share recovery, and multi-channel layout. We maintain a key recommendation, expecting 2026/2027 profits of RMB 500 million/650 million, corresponding to PE of 14.8/11.4X.…