东方甄选股价大跌11%

Core Viewpoint - Oriental Selection's stock price has dropped significantly following the release of its fiscal year 2025 results, indicating market concerns about its future performance and leadership changes [1][2]. Financial Performance - For the fiscal year 2025, Oriental Selection reported total revenue of 4.4 billion yuan from its continuing operations, with a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [1]. - Excluding the financial impact from the sale of Huixing, the net profit for continuing operations was 135.4 million yuan, a year-on-year increase of 30% [1]. - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [1]. Business Development - Oriental Selection has launched a total of 732 self-operated products in fiscal year 2025, up from 488 in the previous fiscal year, expanding its product range beyond fresh food and snacks to include health products, pet food, and clothing [2]. - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce reached 8.7 billion yuan in fiscal year 2025, with self-operated products accounting for approximately 43.8% of the total GMV [1]. Market Reactions - Goldman Sachs has adjusted its GMV forecast for Oriental Selection for fiscal years 2026 to 2027 down by 1% to 3%, while increasing revenue forecasts by up to 10% due to the contribution from self-branded products [2]. - The target price for Oriental Selection has been raised to 9 HKD, but the firm maintains a sell rating due to ongoing fundamental weaknesses and high valuations [2]. Leadership and Public Perception - Following the departure of former CEO Dong Yuhui, there have been concerns regarding investor trust and market confidence, especially with rumors about leadership changes affecting the company's stability [4]. - The company has faced public scrutiny and media attention regarding its treatment of former key personnel, which may impact its reputation and investor relations [4].