上 市 公 司 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2026 年 01 月 28 日 | | --- | --- | | 收盘价（港币） | 22.10 | | 恒生中国企业指数 | 9512.24 | | 52 周最高/最低（港币） | 53.70/10.12 | | H 股市值（亿港币） | 232.89 | | 流通 H 股（百万股） | 1,053.81 | | 汇率（港币/人民币） | 0.8943 | 一年内股价与基准指数对比走势： 2026 年 01 月 29 日 东方甄选 (01797) ——产品组合优化，经营效益大幅提升 公 司 研 究 / 公 司 点 评 社会服务 -37% 63% 163% 263% 01/28 02/28 03/31 04/30 05/31 06/30 07/31 08/31 09/30 10/31 11/30 12/31 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 投资要点： 东方甄选 1HFY26（2025 年 ...

Core Insights - Oriental Selection (1797.HK) reported a total revenue of 2.3 billion yuan for the first half of fiscal year 2026, representing a year-on-year growth of 5.7%. Excluding revenue from the first half of fiscal year 2025 before the spin-off, the revenue increased by 17% [1] - The net profit reached 239 million yuan, with a gross profit of 841.6 million yuan, reflecting a year-on-year growth of 14.5% [2] Revenue and Profitability - The total GMV for self-operated products and live e-commerce business was 4.1 billion yuan, with a significant portion coming from Douyin, while the GMV from the Oriental Selection App accounted for 18.5%, showing a notable increase compared to the same period last year [3] - Self-operated products accounted for approximately 52.8% of total GMV during the reporting period, driven by category expansion and upgrades [3] Product and Service Strategy - The company has launched over 800 self-operated products and implemented 202 customer experience enhancement initiatives, achieving a customer satisfaction rate of 97.83% [3] - Oriental Selection emphasizes strict quality control for both self-operated and partnered products, planning to establish a bi-weekly/monthly quality inspection report mechanism [4] Channel and Brand Development - The company is set to open its first offline experience store in Beijing and has deployed over 40 vending machines in various regions, with some already achieving profitability [3] - Oriental Selection is expanding its live streaming efforts by launching new accounts and recruiting more hosts to enhance brand influence [5] Innovation and User Engagement - The company is focusing on user feedback through community engagement on its app, utilizing data analysis to optimize product offerings [4] - A long-term recruitment plan is in place to attract skilled hosts and professionals, ensuring they are well-trained in product knowledge and brand culture [6]

花旗发表研报指，东方甄选2026上半财年转亏为盈，录得净利润2.39亿元，主要因产品组合有策略地转 向自家产品，推动毛利率扩张280个基点至36.4%。虽然因业务分拆，导致商品交易总额(GMV)下降 14.6%至41亿元，但剔除与辉同行影响后，核心收入增长17%至23.1亿元，受产品组合扩张及App表现强 劲所支持。同时，透过严格的营运管控，员工人数削减26%及总薪酬下降35%，盈利能力进一步巩固。 该行予东方甄选目标价33港元，评级"买入"。 ...

美聯儲主席鮑威爾在記者會上，基本迴避媒體關於其央行前途及司法部啟動刑 事調查的提問，不斷重申無法提供任何回應，並稱有關提問自有適當的時機與 場合。他又提醒潛在繼任者要遠離民選政治，別被捲入民選政治漩渦，並指國 會是他們履行問責的窗口，向國會說明工作並非被動負擔，而是積極的常態義 務。 港股點評 2026年1月29日9:30 a.m 恒指升 699 點，滬指升 11 點，標普 500 升 20 點 美滙指數下滑至四年低，港股顯著上升。恒指高開 198 點後升幅擴大，全日以 高位 27,826 點收市，升 699 點或 2.6%，創逾四年半高；國指升 267 點或 2.9%， 收 9,512 點；恒生科指升 145 點或 2.5%，收 5,900 點。大市全日成交總額 3,615.23 億元。 人民幣兌美元中間價按日上調 103 點，報 6.9755 兌一美元創 2023 年 5 月以來 逾兩年半高。人民銀行 28 日在公開市場開展 3,775 億元人民幣七天期逆回購操 作，操作利率持平於 1.4%。有 3,635 億元逆回購到期，單日淨投放 140 億元。 A 股三大指數 A 股三大指數走勢分化。滬綜指全日收升 ...

#东方甄选孙进回应直播在线人数下降#【#俞敏洪称东方甄选主播数将翻倍#】1月28日，东方甄选公布 了2026财年中期业绩，报告期内，东方甄选净溢利达2.39亿元，毛利为8.416亿元，同比增长14.5%。在 当晚的财报电话会中，俞敏洪及东方甄选执行总裁孙进回答投资者问题，其中回答东方甄选抖音主账号 直播间在线人数下降问题时，孙进表示主要原因是新增不少矩阵账号，会有一定分流，但流量转化在提 升。俞敏洪在谈及抖音规划时，也指出，东方甄选将在抖音开设不同方向的矩阵账号，账号数量会超过 20个，按账号3人主播配置，东方甄选主播团队将从现有27人扩充到60人。@蓝鲸新闻 转自：贝壳财经 ...

Core Insights - The core viewpoint of the news is the financial performance and strategic developments of the live e-commerce platform Dongfang Zhenxuan for the mid-term of fiscal year 2026, highlighting revenue growth and expansion plans. Financial Performance - For the period from June 1, 2025, to November 30, 2025, the company reported total revenue of 2.3 billion yuan, representing a year-on-year growth of 5.7% [1] - The gross profit during the same period was 841.6 million yuan, showing a year-on-year increase of 14.5% [1] - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce business reached 4.1 billion yuan, with a significant portion coming from Douyin, while 18.5% was generated from the Dongfang Zhenxuan App, marking an improvement compared to the previous year [1] Strategic Developments - The company plans to open its first offline experience store in Beijing's Zhongguancun and is also looking to establish new live streaming accounts and recruit new hosts [1] - In terms of channel expansion, the company has deployed over 40 vending machines in various regions, with some already achieving profitability [1] - The company has introduced new quality improvement measures, including a bi-weekly/monthly quality inspection report mechanism covering pass rates, corrective actions for problematic products, and supplier qualification assessments [1] Live Streaming and Talent Acquisition - The company has restarted live streaming on WeChat Video Account and reopened its Douyin liquor account, now renamed "Poetry and Wine Life" [2] - New accounts have been established on Douyin, including flagship stores for fruits and vegetables, home goods, nutrition and health, pet life, and snacks [2] - A long-term recruitment plan is set to attract excellent hosts and professional talent [2]

Core Viewpoint - The Hong Kong stock market experienced fluctuations, with internet giants showing resilience, particularly Oriental Selection, which reported significant financial improvements, including a shift from loss to profit [1][4]. Company Performance - Oriental Selection reported total revenue of 2.312 billion yuan for the six months ending November 30, 2025, representing a year-on-year growth of 5.7% [1]. - The company's gross profit reached 842 million yuan, up 14.5% year-on-year, with a gross margin increase to 36.4% [1]. - Notably, Oriental Selection transitioned from a net loss of 96.5 million yuan in the previous year to a net profit of 239 million yuan [1]. Market Trends - The Hong Kong stock market's AI application sector is witnessing accelerated growth, with major companies engaging in competitive strategies to capture market share [4]. - Analysts predict that by the end of 2025 and into early 2026, AI applications will increasingly penetrate the market, driven by significant corporate collaborations and technological advancements [4]. - The Hong Kong Internet ETF (513770) has seen a net inflow of 1.392 billion yuan over the past 20 days, indicating strong investor interest in AI-related stocks [2][4]. Investment Opportunities - The top ten weighted stocks in the Hong Kong Internet ETF include major players like Alibaba, Tencent, Xiaomi, and Kuaishou, collectively accounting for nearly 77% of the index [5]. - The Hong Kong market offers diversified investment options, including the Hong Kong Large Cap 30 ETF (520560), which combines high-growth tech stocks with stable dividend-paying companies [5].

Core Viewpoint - The Hong Kong stock market experienced fluctuations, with internet giants showing resilience, particularly Kuaishou and Xiaomi, which rose nearly 2%, while Oriental Selection surged 13% after its earnings report, indicating strong performance in the AI application sector [1][8]. Company Performance - Oriental Selection reported total revenue of 2.312 billion yuan for the six months ending November 30, 2025, representing a year-on-year increase of 5.7% [1][8]. - The gross profit for Oriental Selection was 842 million yuan, up 14.5% year-on-year, with a gross margin improvement to 36.4% [1][8]. - Notably, Oriental Selection turned a net loss of 96.5 million yuan in the same period last year into a net profit of 239 million yuan [1][8]. Market Trends - The Hong Kong internet ETF (513770) saw a price increase of 1.59%, marking three consecutive days of gains, with a net inflow of 1.392 billion yuan over the past 20 days [2][8]. - Major AI application companies, including Mifus and Reading Group, saw significant gains, reflecting a competitive landscape in the AI sector [1][8]. Industry Insights - The internet giants are engaged in an AI application traffic battle, with accelerated deployment expected by the end of 2025 and into 2026, as indicated by various industry analysts [4][11]. - Domestic large model manufacturers are enhancing user and revenue scales through frequent model iterations and overseas expansion, leveraging social activities during the Spring Festival to capture consumer AI entry points [11][12]. Investment Opportunities - The Hong Kong internet ETF (513770) and its linked funds are positioned to track the CSI Hong Kong Internet Index, with top-weighted stocks including Alibaba, Tencent, Xiaomi, and Kuaishou, collectively accounting for nearly 77% of the index [12][13]. - For investors seeking to balance technology exposure with lower volatility, the Hong Kong Large Cap 30 ETF (520560) is recommended, featuring a mix of high-growth tech stocks and stable dividend-paying companies [13].

在渠道方面，东方甄选继续深化多渠道战略布局，在线下不同区域布局40多台自动售货机，其中部分已 实现盈利。东方甄选即将在北京开设首家线下体验店。 关于产品质量和服务质量，东方甄选在财报中公布了新的改进措施。 本报讯(记者桂小笋)1月28日，东方甄选公布了2026财年中期业绩。2025年6月1日至11月30日，公司总 营收23亿元，同比增长5.7%，净利润2.39亿元；若剔除2025财年上半年分拆前产生的部分收入，总营收 同比增长17%。 2025年6月1日至11月30日，东方甄选自营产品及直播电商业务总GMV为41亿元。其中来自抖音的GMV 占大部分，来自东方甄选App的GMV占18.5%，相比上年同期显著提升。 截至2025年11月30日，东方甄选已累计推出801款自营产品。得益于品类扩充和升级迭代，自营产品 GMV在报告期内占总GMV约52.8%，有效带动了整体销售与利润的长期增长。 在直播和内容方面，东方甄选也已推动一系列创新举措。 在人才方面，东方甄选计划启动长期招聘计划，招揽优秀主播及专业人才，将围绕产品知识、内容创作 及直播技巧三个核心模块进行系统化培训，确保主播不仅能专业地讲解产品，还能传递品牌文 ...

每经AI快讯，东方甄选(01797.HK)涨超9%，截至发稿，涨9.14%，报24.12港元，成交额1.68亿港元。 ...