每经评论员 付克友 截至9月2日午间收盘，东方甄选（HK01797，总市值262.55亿港元）股价收于25.1港元/股，下跌 3.61%，与8月19日53.7港元的近期高点相比已至"腰斩"。 谁能想到，两个流言就让东方甄选经历"冰火两重天"。8月19日，一则"新东方CEO周成刚被立案调 查"的谣言，让如日中天的东方甄选股价单日大跌20.89%；紧接着，东方甄选前CEO孙东旭被传"即将离 职"，尽管官方发声是"正常休假"，也没能止住股价滑落。 与当初董宇辉的离职让股价"腰斩"如出一辙，核心人员动荡的消息让东方甄选元气大伤，哪怕它仅仅是 个流言。 这是一记警钟。同时，一个问题也摆在创始人俞敏洪面前：东方甄选离了谁会不行？ 其实，俞敏洪已经回答过一次。董宇辉离职后，俞敏洪拿出合计3亿多元的天价"分手费"，向"丈母娘 们"和舆论的污名化指责证明，他没有欺负和亏待董宇辉。后来，投资者看到，东方甄选触底反弹，走 出一波气势如虹的K线。 从本质上讲，在董宇辉离职风波中，俞敏洪完成了对"主播IP驱动电商"模式的告别。东方甄选不需 要"下一个董宇辉"，而是将战略重心转向供应链与自营产品，推动经营模式从"主播驱动"到"产品驱 动 ...

Group 1 - The article highlights issues regarding the lack of clarity in ingredient lists for food products sold in live-streaming sessions, specifically mentioning companies like "Haidilao," "Dongfang Zhenxuan," and "Gaotu Jiapin" [1] - It reports that certain products require consumers to place an order before obtaining accurate ingredient information, raising concerns about transparency [1] - The article notes that during live-streaming sales on July 25 and August 20, "Dongfang Zhenxuan" did not display ingredient lists on product detail pages, only indicating "see packaging for ingredient list" or showing nutritional components [1] Group 2 - Customer service provided ingredient lists only after inquiries, indicating a lack of proactive disclosure [1] - The nutritional information for a product is provided, showing energy content of 511 KJ per 100g, with protein at 25.9g, fat at 1.6g, carbohydrates at 0.7g, and sodium at 863mg [2] - The article emphasizes the need for companies to improve the visibility of ingredient information to enhance consumer trust and compliance with regulations [1]

Core Viewpoint - Oriental Selection (1797.HK) reported a significant decline in revenue and net profit for the fiscal year 2025, primarily due to the impact of the departure of key figure Dong Yuhui and the ongoing challenges in its business operations [1][2] Group 1: Financial Performance - For the fiscal year 2025, the total revenue from continuing operations (self-operated products and live e-commerce) was 4.4 billion yuan, a decrease of 32.7% compared to 6.5 billion yuan in fiscal year 2024 [1] - The net profit for fiscal year 2025 was 6.2 million yuan, a substantial drop from 250 million yuan in fiscal year 2024 [1] - In the first half of fiscal year 2025 (June to November 2024), total revenue decreased by 9.3% year-on-year to 2.187 billion yuan, with a net loss of 96.5 million yuan compared to a loss of 161 million yuan in the same period last year [1] Group 2: Impact of Leadership Changes - The departure of Dong Yuhui on July 25, 2024, led to a 23% drop in Oriental Selection's stock price, resulting in a market value loss of nearly 3 billion Hong Kong dollars [1] - The financial impact of Dong Yuhui's departure was evident, with the total revenue for continuing operations dropping from 6.53 billion yuan to 4.39 billion yuan, a decline of 32.7% [1] Group 3: Strategic Shifts - Despite the challenges, the company's strategy to focus on self-operated products is beginning to show results, as indicated by the turnaround in net profit from a loss in the first half of fiscal year 2025 to a profit of 6.2 million yuan by the end of the fiscal year [1] - Excluding the financial impacts related to Dong Yuhui, the net profit from continuing operations increased from 104 million yuan in fiscal year 2024 to 135 million yuan in fiscal year 2025, reflecting a year-on-year growth of 30% [2]

Group 1 - The report highlights a sustained strengthening of GMV inflection points, indicating optimism for long-term growth in the education sector, particularly for Oriental Selection [4][5] - The report notes a significant increase in the dividend payout ratio to 60% for Excellence Education Group, which may support revenue growth in the second half of 2025 [10][11] - Shanghai Film's performance is under short-term pressure, but the release of "Wang Wang Mountain Little Monster" is expected to provide performance elasticity [13][15] Group 2 - Huabei Mining's revenue for H1 2025 decreased by 45% year-on-year, but cost control measures are expected to enhance future performance as quality projects are gradually put into production [19][21] - The report indicates that the pet ecosystem construction by Reap Bio is becoming increasingly comprehensive, with a notable increase in revenue and net profit in H1 2025 [24][25] - Silver Wheel's revenue and net profit showed significant growth in Q2 2025, driven by dual engines of "server liquid cooling + robotic joints" [27][29] Group 3 - Shaanxi Coal's production and sales volumes remained stable, with a slight increase in coal production in H1 2025, despite a decrease in revenue [31][33] - China Ruyi's net profit turned from loss to profit in H1 2025, driven by game publishing and content investment [36][37] - Light Media's animation production capacity continues to improve, with IP operations expected to become a new growth point [40][42] Group 4 - Cambrian's revenue for H1 2025 saw an extraordinary increase of 4347.82% year-on-year, with net profit also experiencing substantial growth [46]

Core Insights - The company reported a total revenue of 4.39 billion yuan for FY2025, representing a year-over-year decline of 32.7% [1] - The core business showed steady profit growth in H2 FY2025, with a revenue of 2.2 billion yuan, reflecting a quarter-over-quarter increase of 10% [1] - The gross profit for FY2025 was 1.4 billion yuan, down 17.0% year-over-year, but the gross margin improved significantly from 25.9% in FY2024 to 32.0% in FY2025 [1][2] Revenue and Profitability - The company achieved a GMV of 8.7 billion yuan for FY2025, with H1 and H2 GMV at 3.6 billion yuan and 3.9 billion yuan respectively [1] - The core net profit for FY2025 was 6.191 million yuan, while the adjusted core business net profit was 135 million yuan, marking a year-over-year increase of 30% [2] - Non-IFRS adjusted net profit for FY2025 was 174 million yuan, with significant adjustments for share-based compensation [2] Strategic Developments - The self-operated product strategy has become a key growth driver, contributing 43.8% of total GMV, with related revenue around 3.5 billion yuan [2] - The number of self-operated product SKUs increased from 488 in FY2024 to 732 in FY2025, expanding into various categories beyond fresh food [2] - The company’s own app channel has gained importance, contributing 15.7% of total GMV, with the app's GMV for self-operated products rising from 16.3% in FY2024 to 28.8% in FY2025 [3] Membership and User Engagement - The paid membership base for the company's app grew by 33% year-over-year, reaching 264,000 members by the end of FY2025 [3] - The company is expected to see continued growth in revenue and net profit over the next three years, with projected revenues of 5.1 billion, 6.0 billion, and 6.8 billion yuan for FY2026-2028 [3]

Core Insights - The company reported FY25 revenue of 4.39 billion yuan, a year-on-year decline of 32.7%, and an adjusted net profit of 174 million yuan, down 75.5% year-on-year, primarily due to the separation from the "Yuhui Tongxing" livestream and increased marketing expenses [1][2] Group 1: Financial Performance - The company's FY25 GMV was 8.7 billion yuan, a year-on-year decrease of 15.8%, with an estimated contribution of approximately 1.2 billion yuan from the "Yuhui Tongxing" livestream [1] - After excluding the "Yuhui Tongxing" livestream, self-operated product GMV reached 3.8 billion yuan, surpassing the 3.7 billion yuan from third-party products [1] - The decline in GMV has narrowed from -25% in June 2024 to -8% in May 2025, after excluding the "Yuhui Tongxing" livestream data [1] Group 2: Product Development and User Engagement - The company developed 732 self-operated products in FY25, an increase of 244 products or 50% compared to FY24, with gross margin improving from 21.5% in the first half to 24.4% in the second half of FY25 [2] - As of the end of FY25, the company had 264,000 paid fans on its app, a year-on-year increase of 33.1%, with an estimated annual consumption of 7,200 yuan per paid fan [2] - The company has a substantial follower base of 42.22 million on Douyin across various accounts, providing a solid foundation for expanding its paid user base [2] Group 3: Marketing and Competition - The company's marketing expenses for FY25 totaled 900.2 million yuan, with a marketing expense ratio of 20.5%, an increase of 7.3 percentage points from FY24 [2] - In the second half of FY25, marketing expenses were 443 million yuan, a slight decrease of 3.6% from the first half [2] - The competitive landscape in livestream e-commerce remains intense, necessitating significant marketing investments to drive sales [2]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [6] Core Insights - The report indicates that the company has successfully navigated a challenging adjustment period in FY25, with core ongoing business showing healthy growth despite a significant drop in overall revenue and profit due to the divestment of the "Yuhui Tongxing" business [3][4] - The total GMV for FY25 is reported at 8.7 billion, a year-over-year decrease of 39.2%, with self-operated products accounting for 43.8% of this total [4] - The company has strengthened its self-operated product development, launching 732 SPUs by May 2025, up from 488 SPUs in FY24, with a diverse range of products including health foods and pet supplies [4] Summary by Sections Financial Performance - For FY25, the company reported revenue of 4.4 billion, with a net profit from ongoing operations of 620 million, and an adjusted net profit of 1.74 billion. Excluding "Yuhui Tongxing," revenue was 4.2 billion, a year-over-year decrease of 31%, while ongoing net profit was 1.35 billion, a year-over-year increase of 30% [1][2] Sales and Marketing Expenses - Sales and marketing expenses for ongoing operations were 902 million, a year-over-year increase of 4.2%, primarily due to increased advertising spending [2] Self-operated Products and Channels - The self-operated product revenue reached 3.5 billion, with a GMV of 3.8 billion, representing 43.8% of total GMV. The self-operated products on the company's app accounted for 28.8% of all self-operated product GMV [1][4] - The company's app channel has seen rapid growth, with GMV from the app increasing to 15.7%, generating revenue of 1.1 billion, up from 900 million in FY24 [5] User Engagement and Satisfaction - The number of paid app subscribers reached 264,000, a year-over-year increase of 33.1%, with user satisfaction rising to 98.7% [5]

Core Insights - The live e-commerce industry is experiencing a critical turning point after years of rapid expansion, with several companies reporting disappointing financial results for the first half of the year [1][2]. Company Performance - Jiao Ge Peng You Holdings reported a revenue of approximately RMB 620 million for the first half of 2025, a year-on-year increase of about 9.8%, but net profit decreased by approximately 37.4% to RMB 55.4 million due to rising platform traffic acquisition costs and increased operational expenses related to the "Peng You Yun" intelligent system [2]. - Dongfang Zhenxuan's total revenue for the fiscal year ending May 31, 2025, was RMB 4.392 billion, a decline of 32.7%, primarily due to reduced sales in self-operated products and live e-commerce business. The net profit was RMB 6.19 million, significantly down from RMB 249 million in the previous fiscal year [2]. - Yaowang Technology reported a revenue of RMB 1.896 billion for the first half of the year, a decrease of 36.32%, attributed to competition from market rivals and the closure of unprofitable IPs and offline stores. The net profit was a loss of RMB 253 million [2][3]. Industry Trends - The live e-commerce sector is transitioning from "wild growth" to "refined cultivation," with content and ecosystem becoming key competitive factors as the industry matures under technological and regulatory influences [4]. - Companies are focusing on innovative business development to drive growth, with Jiao Ge Peng You Holdings enhancing content competitiveness and optimizing operational efficiency through automation and data algorithms [4]. - Dongfang Zhenxuan aims to strengthen its brand as a quality product provider and cultural dissemination company, investing in core technological innovations to improve platform stability and scalability [5].

在经历数年高速扩张后，直播电商行业迎来关键转折点。 近日，多家直播电商行业内公司公布了上半年业绩，被誉为"直播电商第一股"的遥望科技（002291）上 半年业绩亏损；港股上市的交个朋友控股（01450.HK）虽然上半年营业收入实现增长，但净利润却出现 明显下滑；东方甄选（01797.HK）公布2025财年（2024年6月1日—2025年5月31日）营收和利润均出 现大幅下滑。 业内人士指出，目前，直播电商行业已进入"下半场"，企业需要在技术驱动、政策规范与全球化竞争中寻 找新增量。 业绩普遍不佳 8月27日晚，交个朋友控股在港交所公告，2025年上半年集团新媒体服务业务板块实现营业收入约人民币 6.2亿元，同比增长约9.8%；净利润约为人民币5540万元，同比下降约37.4%。交个朋友控股解释称，由 于平台流量获取成本上升以及持续推进"朋友云"智能系统的研发支持及运营投入增加，使得集团成本及费 用同时增加，为报告期内净利润下降的主要原因。 无独有偶，东方甄选也在近日公布了截至2025年5月31日的年度业绩公告。报告期内，公司持续经营业务 的总营收为43.92亿元，同比下降32.7%，主要由于自营产品及直播电商 ...

上 市 公 司 社会服务 2025 年 08 月 28 日 东方甄选 (01797) —— 自营产品持续发力，盈利能力触底反弹 报告原因：有业绩公布需要点评 中性（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 27.34 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 53.70/10.12 | | H 股市值（亿港币） | 286.09 | | 流通 H 股（百万股） | 1,046.42 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -13% 87% 187% 287% HSCEI 东方甄选 资料来源：Bloomberg 相关研究 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 自营产品持续发力，创新同时改善经营效益。25 财年公司累计开发 732 款自营产品，同比 24 财 年增加 244 款，增幅 50%。随着供应链的深度拓展，公司自营产品的毛利率也持续改善，从 1H25 的 21.5%提升至 2H ...