其中我们预计来自"与辉同行"直播间贡献约12 亿元，东方甄选矩阵直播间贡献75 亿元。GMV构成中， 扣除与辉同行直播间GMV 后，来自自营产品GMV 为38 亿元，超过代销第三方产品的37 亿元。自去年 剥离"与辉同行"直播间后，公司理顺业务发展思路，推进多直播间，多主播发展模式，新增服饰，生鲜 等多个直播间，培养新主播，并细化粉丝需求。GMV 同比降幅从24 年6 月的-25%逐步收窄至25 年5 月 的-8%（同比基数均扣除"与辉同行直播间数据"）。 机构：申万宏源研究 研究员：黄哲 投资要点： 东方甄选公布FY25 收入43.9 亿元，同比下降32.7%；经调整归母净利润1.74 亿元，同比下降75.5%。公 司业绩符合我们预期，其收入负增长均由"与辉同行"直播间剥离带来。利润负增长则由于公司营销投放 增加和剥离"与辉同行"直播间带来。 GMV 降速触底。受剥离"与辉同行"直播间影响，公司FY25GMV87 亿元，同比下降15.8%。 营销投放提升，直播电商竞争较为激烈。公司25 财年营销费用9.02 亿元，营销费率20.5%，较24 财年 提升7.3 个百分点。下半年营销费用为4.43 亿元，较上半 ...

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 ...

2025 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn 证券分析师： 王春宸 S0350525080002 wangcc@ghzq.com.cn [Table_Title] GMV 拐点持续强化，看好长期增长 ——东方甄选（1797.HK）FY2025 财报点评 最近一年走势 投资要点: FY2025H2 核心业务利润稳健增长 | 相对恒生指数表现 | | | 2025/08/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 东方甄选 | 48.1% | 112.6% | 129.7% | | 恒生指数 | -0.7% | 7.8% | 41.0% | | 市场数据 | | | 2025/08/27 | | 当前价格（港元） | | | 27.34 | | 周价格区间（港元） 52 | | | 10.12-53.70 | | 总市值（百万港元） | | | ...

东方甄选首次跨足卫生巾领域，便以惊人的效率撕开了一道口子。 2025年6月16日，东方甄选正式上线自营卫生巾产品，14小时售出30万包，仅两天便迅速售罄，其后的补货与持续热销，仿佛一场静默却汹涌的浪潮，席 卷了长期被焦虑笼罩的卫生巾市场。 东方甄选产品经理透露，"我们第一批产品是6月16日上线，只卖了两天就断货了，再次上线是7月19日，截至8月19日我们销售了33天时间，销售了39万 单、370万包左右，这样算下来平均一天的单量超过了一万单。" 数据是市场的语言。亮眼的销售数据背后，是消费者用行动投下的信任票，也是市场对"安全"诉求的集中爆发。谈及入局卫生巾赛道的原因，上述产品经 理直言，"我们开发这款产品的初衷，就是想做一款让自己、女儿和闺蜜都能放心使用的产品。" 在卫生巾安全焦虑蔓延的当下，东方甄选以自营模式切入，从原料溯源到生产监督，构建了一条可见、可感、可信任的闭环，这既是对传统卫生巾行业的 一次"降维打击"，也将其商业边界延伸至了一个全新的领域。 卫生巾安全焦虑下的"信任真空" 近年来，卫生巾行业并不平静。从年初315晚会曝光的问题原材料，到知名艺人带货引发的"黑点"争议，再到网红品牌频出的质量问题 ...

俞敏洪回忆，从小学到高中，自己成绩一直处于班级中等水平，进入北大后，这种平凡感依旧延续。大学四年，他自觉是他人眼中看不见的存在，毫无存在 感。他笑称，即使新东方和东方甄选先后上市，两家公司市值加起来约一千亿人民币，在众多万亿市值的企业面前，仍显得微不足道。像马化腾的腾讯、马 云的阿里巴巴，都是市值超万亿的巨头，自己若与他们比较，实在是自不量力。 事实上，俞敏洪与马云经历颇为相似，两人都参加了三次高考，俞敏洪考入北大本科，马云则被杭州师范学院专科录取。然而，后续发展却大不相同。马云 凭借"越败越战、愈挫愈勇"的精神，缔造了商业传奇；俞敏洪虽打造出新东方和东方甄选，但他认为在企业成就上，与马化腾、马云差距显著。 俞敏洪的这番言论，展现出他的谦逊，也反映出不同企业家在商业道路上的差异化发展。在科技与商业飞速发展的当下，巨头企业不断开拓新领域，如腾讯 在游戏、社交及产业互联网的多元布局，阿里在电商、云计算等领域的持续深耕。而俞敏洪带领的企业，也在教育及相关领域不断探索转型，以适应新时代 的需求。 近日，俞敏洪在个人社交媒体平台分享自己在参加东风汽车发布会时的讲话。俞敏洪称，自己在北京大学就读时是个"小透明"，并表示无 ...

Core Viewpoint - Oriental Selection reported a significant decline in net revenue and profit for the fiscal year 2025, but showed signs of recovery in its core business after adjusting for one-time expenses related to the "With Huixing" sale [1] Group 1: Financial Performance - For the fiscal year 2025, the total net revenue from continuing operations was 4.4 billion yuan, a year-on-year decrease of 32.7% [1] - The net profit from continuing operations was 6.19 million yuan, down 97.5% year-on-year, but showed a recovery from losses in the first half of the fiscal year [1] - Excluding one-time expenses, the net profit from continuing operations was 140 million yuan, representing a year-on-year growth of 30% [1] Group 2: Business Strategy and Growth - The company's self-operated product expansion strategy has taken shape, becoming a core growth engine, with self-operated product GMV reaching approximately 3.81 billion yuan, accounting for 43.8% of total GMV [2] - The self-operated product revenue was about 3.5 billion yuan, making up 80% of total revenue, with a significant increase in the number of self-operated products launched [2] - The gross margin improved from 25.9% in fiscal year 2024 to 32.0% in fiscal year 2025, an increase of 6 percentage points [2] Group 3: APP Development and Membership Growth - The company's self-owned APP channel achieved steady growth, with APP revenue of approximately 1.1 billion yuan, a year-on-year increase of 22%, accounting for 25% of total revenue [3] - The GMV from the APP channel increased from 16.3% in fiscal year 2024 to 28.8% in fiscal year 2025 [3] - The number of paid APP members reached 264,000, a year-on-year growth of 33%, with high user satisfaction at 98.7% [3]

Core Viewpoint - The company is experiencing a significant impact on its financial performance due to the divestiture of its wholly-owned subsidiary "Yuhui Tongxing," leading to a decline in sustainable revenue and profit for FY2025, but showing signs of recovery in the second half of FY2025. Financial Performance - For FY2025, the company achieved sustainable revenue of 4.39 billion yuan, a decrease of 32.7%, primarily due to the divestiture of "Yuhui Tongxing" [1] - Sustainable net profit for FY2025 was 6.19 million yuan, down 97.5%, but if excluding one-time expenses and profits from the sale, the continuing operating net profit was 135 million yuan, an increase of 30.0% [1] - In FY2025H2, sustainable revenue was 2.21 billion yuan, down 46.4%, while sustainable net profit was 103 million yuan, an increase of 16.1% [1] GMV Analysis - The company's GMV for FY2025 was 8.7 billion yuan, a decrease of 39.2%, also affected by the divestiture [1] - Excluding the impact of "Yuhui Tongxing," the GMV for FY2025H1 and H2 was 3.6 billion yuan and 3.9 billion yuan, respectively, indicating a recovery in e-commerce GMV in H2 [1] Product and Channel Performance - In FY2025, self-operated products achieved GMV of 3.81 billion yuan, accounting for 43.8% of total GMV, showing an increase from approximately 40% in FY2024 [2] - The estimated gross margin for self-operated products was around 23%, improving due to reduced promotional efforts [2] - The sales channels for FY2025 showed that Douyin, self-owned APP, and other channels accounted for 15.7%, 70.0%, and 14.3% of GMV, respectively, with the self-owned APP channel increasing by 7.3 percentage points [2] Profitability and Cost Structure - The gross margin for FY2025 was 32.0%, an increase of 6.0 percentage points, driven by reduced promotional intensity [2] - The net profit margin was 0.1%, down 3.7 percentage points, with H1 and H2 net profit margins at -4.4% and 4.7%, respectively, indicating a recovery in profitability in H2 [2] Membership and Strategic Initiatives - The number of paid members increased from 198,600 to 264,300 in FY2025, with expectations for continued growth through enhanced member benefits and new engagement models [3] - The company is leveraging resources from New Oriental Group, such as setting up vending machines in learning centers, to enhance resource synergy [3] Investment Outlook - The net profit forecast for FY2026 has been revised down to 266 million yuan, with new projections for FY2027 and FY2028 at 572 million yuan and 1.05 billion yuan, respectively [3] - The company is transitioning to a product-oriented and membership-based growth model, which is expected to create new growth momentum through the development of popular products [3]