来源：格隆汇APP 格隆汇8月26日｜东方甄选(1797.HK)盘中一度大跌近11%，报28.2港元，截至目前成交超22亿港元。 高盛发表研报指，东方甄选截至今年5月底止下半财年业绩好坏参半，商品交易总额(GMV)同比跌55% 至39亿元，较该行预期低15%。 东方甄选此前公布的财报显示，2025财年(2024年6月-2025年5月)，东方甄选持续经营业务(即自营产品 及直播电商业务)净营收由65亿元同比减少32.7%至44亿元，持续经营业务净溢利619.1万元，较上年同 期的2.49亿元大幅下降97.5%。对于净利润大幅下滑，该公司解释称，主要是由于报告期内出售与辉同 行所致。 ...

东方甄选截至今年5月底止下半财年业绩好坏参半，商品交易总额(GMV)同比跌55%至39亿元人民币， 较高盛预期低15%，但透过控制营运开支，期内每股盈利胜预期。撇除出售"与辉同行"的一次性影响， 2025财年持续经营业务净利润增长30%至1.35亿元人民币。 智通财经APP获悉，高盛发布研报称，下调东方甄选(01797)2026至2027财年GMV预测1%至3%，因应自 营品牌产品GMV贡献提升，将收入预测上调最多10%，2026至2027财年经调整净利润率预测上调0.2及1 个百分点，目标价从8港元上调至9港元。因基本面仍然疲软，加上估值较昂贵，高盛仍维持东方甄选 的"沽售"评级。 ...

本文源自：金融界 作者：行情君 8月26日，东方甄选(01797)盘中下跌10.06%，截至14:18，报28.44元/股，成交20.12亿元。 东方甄选控股有限公司是中国在在线课外教育服务领域的领先者，以提供优质的在线课程和备考服务而 享有高度的品牌知名度。在2021年，公司将业务拓展至直播商务、教育智能硬件产品、STEAM教育以 及职业教育等领域，2017年已经成为中国大学考试备考市场中最大的在线教育品牌，凭借强大的技术和 资源优势，持续进行新业务探索和发展。 截至2024年年报，东方甄选营业总收入43.92亿元、净利润573.5万元。 ...

每经AI快讯，8月26日，港股东方甄选午后再度跌超10%。 ...

Group 1: Market Overview - The Hang Seng Index fell by 0.22%, down 56 points, closing at 25,773 points, while the Hang Seng Tech Index rose by 0.27% [1] - The early trading volume in the Hong Kong stock market reached 133.9 billion HKD [1] Group 2: Company Performances - Pop Mart (09992) surged by 2.88%, with new products selling out instantly and continued high growth in H1 performance [1] - China Duty Free Group (01880) soared over 5% following the opening of its first city duty-free store in Guangzhou, with multiple city stores entering the cultivation phase [1] - Genscript Biotech (01672) increased by 4.7%, as the company raised funds to enhance its weight loss drug development, with Citigroup suggesting attention on the upcoming ASC30 Phase II data [1] - China Gold International (02099) rose by 6.8%, reaching a new high, with core product output exceeding half of the annual guidance and significant expansion potential at the Jiamar mine [1] - Meitu (01357) saw an early gain of over 7%, officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - Innovent Biologics (02696) increased by 5.68% post-earnings, with ongoing internationalization strategy and overseas product profits more than doubling in H1 [1] - Angelalign Technology (06699) rose over 7%, with H1 net profit increasing by over 360%, and declared a special interim dividend of 0.46 HKD [1] - Oriental Selection (01797) fell over 7%, with annual net profit declining by 99.67%, while Goldman Sachs maintained a "sell" rating [1][2] Group 3: Financial Results - Kintor Pharmaceutical (01951) dropped by 5.97% post-earnings, reporting a loss of 1.04 billion CNY in H1, compared to a profit in the same period last year [2]

高盛下调东方甄选2026至2027财年GMV预测1%至3%，因应自营品牌产品GMV贡献提升，将收入预测 上调最多10%，2026至2027财年经调整净利润率预测上调0.2及1个百分点。因基本面仍然疲软，加上估 值较昂贵，该行仍维持东方甄选的"沽售"评级，目标价从8港元上调至9港元。 高盛发表研报指，东方甄选截至今年5月底止下半财年业绩好坏参半，商品交易总额(GMV)按年跌55% 至39亿元，较该行预期低15%，但透过控制营运开支，期内每股盈利胜预期。撇除出售与辉同行的一次 性影响，2025财年持续经营业务净利润增长30%至1.35亿元。 ...

Core Viewpoint - Oriental Selection (01797) has experienced a significant decline in stock price, dropping over 9% and currently trading at 29 HKD, with a transaction volume of 1.555 billion HKD [1] Financial Performance - For the fiscal year ending May 31, 2025, Oriental Selection reported total revenue of approximately 4.392 billion RMB, a year-on-year decrease of 37.9% [1] - The profit attributable to the company's owners was 5.735 million RMB, reflecting a dramatic year-on-year decline of 99.67%, with earnings per share at 0.01 RMB [1] - Excluding the financial impact from the sale of "Yuhui Tongxing," the net profit from continuing operations is projected to increase by 30% from 104 million RMB in fiscal year 2024 to 135.4 million RMB in fiscal year 2025 [1] Market Analysis - Goldman Sachs reported mixed results for Oriental Selection's performance for the second half of the fiscal year ending May, with the gross merchandise volume (GMV) declining by 55% to 3.9 billion RMB, which is 15% lower than their expectations [1] - Despite the weak fundamentals and high valuation, Goldman Sachs maintains a "Sell" rating on Oriental Selection, noting that the company managed to exceed earnings per share expectations through operational cost control [1]

Core Viewpoint - Dongfang Zhenxuan (01797) has experienced a significant decline in stock price, dropping over 9% and currently trading at 29 HKD, with a transaction volume of 1.555 billion HKD [1] Financial Performance - For the fiscal year ending May 31, 2025, Dongfang Zhenxuan reported total revenue of approximately 4.392 billion RMB, a year-on-year decrease of 37.9% [1] - The profit attributable to the company's owners was 5.735 million RMB, reflecting a substantial year-on-year decline of 99.67% [1] - Earnings per share stood at 0.01 RMB [1] Operational Insights - Excluding the financial impact from the sale of Yuhui Tongxing, the net profit from continuing operations is projected to increase by 30% from 10.4 million RMB in fiscal year 2024 to 13.54 million RMB in fiscal year 2025 [1] - Goldman Sachs reported mixed results for Dongfang Zhenxuan's performance for the second half of the fiscal year ending May, with the Gross Merchandise Volume (GMV) declining by 55% to 3.9 billion RMB, which is 15% lower than the bank's expectations [1] - Despite the decline in GMV, the company managed to exceed earnings per share expectations through operational cost control [1] Analyst Rating - Goldman Sachs maintains a "Sell" rating on Dongfang Zhenxuan due to ongoing weak fundamentals and high valuation concerns [1]

Core Viewpoint - After the departure of key anchor Dong Yuhui, Dongfang Zhenxuan (01797.HK) reported a decline in both revenue and net profit, indicating challenges in replacing the traffic effect brought by top anchors [1][2]. Financial Performance - For the fiscal year 2025 (June 2024 - May 2025), the revenue from continuing operations (self-operated products and live e-commerce) was 4.4 billion RMB, a year-on-year decrease of 32.7% [2]. - The net profit from continuing operations was 6.19 million RMB, down 97.5% year-on-year [2]. - Total GMV for the company was 8.7 billion RMB, a decline of 39% compared to 14.3 billion RMB in the previous fiscal year [3]. - The number of paid orders on Douyin fell to 91.6 million, a decrease of 49% from 181.1 million [3]. Business Strategy and Challenges - The company is attempting to shift its strategy from a traffic-driven model to a family needs-oriented approach, aiming to create an online supermarket similar to Sam's Club [6]. - Despite increasing investment in its own app, the growth in GMV from the app only rose from 8.4% to 15.7% of total GMV, indicating limited impact on overall performance [2][3]. - The company has faced challenges with its self-operated products, including issues related to counterfeit products, which have affected brand credibility [6]. Organizational Changes - Following Dong Yuhui's departure, the company has initiated layoffs, reducing the total number of employees in its self-operated products and live e-commerce team by 25.6% [5]. - Administrative expenses for the fiscal year 2025 increased by 22.5% to 485 million RMB, primarily due to the distribution of remaining profits from a subsidiary [4]. Market Sentiment and Stock Performance - Recent rumors regarding executive departures and alleged misconduct have led to significant stock price volatility, with a drop of over 20% following the spread of these rumors [7]. - Despite clarifications from the company regarding executive statuses, market sentiment remains low, with a further decline of over 12% in stock price after the earnings report [7].

8月25日恒生指数上涨1.94%，南向资金全天合计成交金额为2024.76亿港元，其中，买入成交1005.50亿 港元，卖出成交1019.26亿港元，合计净卖出金额13.76亿港元。具体来看，港股通（深）累计成交金额 794.06亿港元，买入成交402.33亿港元，卖出成交391.73亿港元，合计净买入金额10.60亿港元；港股通 （沪）累计成交金额1230.70亿港元，买入成交603.17亿港元，卖出成交627.53亿港元，合计净卖出金额 24.36亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是中芯国际，合计成交额116.29亿港元， 阿里巴巴-W、腾讯控股成交额紧随其后，分别成交111.44亿港元、74.45亿港元。以净买卖金额统计， 净买入的个股共有7只，阿里巴巴-W净买入额为5.87亿港元，净买入金额居首，该股收盘股价上涨 5.51%，快手-W净买入额为4.72亿港元，中兴通讯净买入额为4.08亿港元。净卖出金额最多的是盈富基 金，净卖出23.52亿港元，该股收盘股价上涨2.01%，小米集团-W、中芯国际遭净卖出15.25亿港元、 8.11亿港元。 今日上榜个股中，阿里巴巴-W、中 ...