自营品成为增长主要动力，贡献总GMV约43.8% 东方甄选自营产品，在2025财年持续发力，成为拉动公司增长的重要动力。 财报公布，自营产品及直播电商业务的总GMV，在2025财年为87亿元。其中，来自抖音的GMV占 大部分，来自东方甄选App的GMV，占比从2024财年的8.4%，提升至15.7%。2025财年，抖音上第三方 产品及自营产品的已付订单总数已达到9160万单。 值得注意的是，自营品在2025财年占总GMV约43.8%。东方甄选首席财务官尹强在财报中表 示："东方甄选持续深化自营产品的开发，已累计推出732款自营产品（2024财年为488款）。我们的产 品类别已从最初的生鲜食品及零食扩展到更多元化的产品系列，并成功推出如营养及保健食品、宠物食 品、服饰等多条自营产品线。目前，自营产品已成为东方甄选的主要增长动力。" 8月22日，东方甄选（1797.HK）公布2025财年（2024年6月1日-2025年5月31日）的业绩报告。 财报显示，2025财年，东方甄选持续经营业务（自营产品及直播电商业务）的总营收为44亿元。持 续经营业务净溢利，从2025财年上半年的净亏损9650万元，实现扭亏为盈，20 ...

Core Viewpoint - Oriental Selection reported a total revenue of 4.4 billion yuan for its continuing operations in the fiscal year 2025, marking a turnaround from a net loss of 96.5 million yuan in the first half of the fiscal year 2025 to a net profit of 6.2 million yuan for the entire year, with a 30% year-on-year increase in net profit when excluding the financial impact of the sale of Huizhong [1][2][3] Group 1: Financial Performance - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce business reached 8.7 billion yuan in fiscal year 2025, with self-operated products contributing approximately 43.8% of the total GMV [2][3] - The comprehensive gross profit margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, driven by the healthy development of self-operated products and live e-commerce [1][3] Group 2: Product Development and Quality Control - Oriental Selection launched a total of 732 self-operated products in fiscal year 2025, up from 488 in fiscal year 2024, expanding its product categories beyond fresh food and snacks to include nutrition and health products, pet food, and clothing [3][6] - The company emphasized the importance of product quality, stating that it will continue to implement strict quality control measures across all product categories, particularly in essential consumer goods [6][7] Group 3: App and Membership Growth - The Oriental Selection App achieved a paid membership subscription of 264,300, with user satisfaction reaching a historic high of 98.7% [4][5] - The company plans to enhance the membership experience by expanding the app's user base, improving member benefits, and introducing more domestic and international quality brands to the platform [7]

东方甄选披露了和董宇辉"分手"后的最新业绩。 截至5月31日，东方甄选2025财年实现总营收43.92亿元，同比下滑32.7%；持续经营业务(即自营产品及直播电商业务)净溢利从2025财年上半年的亏损转 正，实现净溢利620万元，而2024财年则为净溢利2.49亿元。 由于报告期间内出售与辉同行，若剔除与辉同行所产生的一次性开支及溢利，经调整净溢利由1.042亿元同比增加30%至1.354亿元。 东方甄选披露董宇辉"分手费"终结版 董宇辉的出走在业务层面也产生了影响。财报显示，该财年，东方甄选GMV由上个财年的143亿元同比降低39.2%至87亿元。GMV降低带动自营产品存货 成本与物流成本降低，使该财年总营收成本同比减少38.2%至30亿元，同时毛利也从17亿元同比减少17%至14亿元。得益于自营产品与直播电商业务健康 开展，毛利率由25.9%提升至32%。 值得注意的是，此前支付给董宇辉的1.4亿元体现在本财年财报行政开支部分。财报显示，东方甄选2025财年持续经营业务的行政开支由2024财年的3.956 亿元增加22.5%至4.848亿元，主要由于公司在2024年7月25日分派与辉同行所有剩余未分派溢利 ...

2025财年净溢利为620万元。 8月22日，东方甄选（1797.HK）公布 2024年6月1日至2025年5月31日的2025财年综合业绩。一年前的7 月，董宇辉宣布从东方甄选离职。 若剔除出售与辉同行的财务影响，2025财年持续经营业务净溢利为1.354亿元，同比增加30%。持续经 营业务的综合毛利率由2024财年的25.9%提升至2025财年的32%，主要由于自营产品及直播电商业务健 康发展。 此前市场有传言称，新东方集团CEO周成刚涉嫌通过关联交易侵占上市公司利益，已被监管部门立案调 查。对此，东方甄选回应称"纯属谣言"；关于"东方甄选佣金率长期超30%"的说法也"严重失实"，东方 甄选表示，其售卖产品确保高品质和高性价比，实际平均佣金率不到20%。 东方甄选重点押注的自营产品成为拉动公司增长的重要动力。财报公布，自营产品及直播电商业务的总 GMV，在2025财年为87亿元，较2024财年的143亿元大幅下降。 22日，又有消息称，孙东旭目前已进入休假状态，可能将在近期离职。东方甄选发布声明称，孙东旭在 休假中，并没有离职。自从2023年12月份之后，孙东旭一直以东方甄选和俞敏洪顾问的方式工作。 东方 ...

封面图片来源：每经原创 每经北京8月22日电（记者李宇彤）8月22日晚间，东方甄选（01797.HK）公布了2025财年（2024年6月 1日至2025年5月31日）综合业绩。2025财年，东方甄选持续经营业务（自营产品及直播电商业务）的总 营收为44亿元，持续经营业务净溢利从2025财年上半年的净亏损9650万元实现扭亏为盈，净溢利为620 万元。 据财报数据，2025财年，东方甄选自营产品及直播电商业务总GMV（商品交易总额）为87亿元。值得 注意的是，东方甄选的自营产品在2025财年占总GMV约43.8%。东方甄选首席财务官尹强在财报中表 示："目前，自营产品已成为东方甄选的主要增长动力。" ...

责任编辑：何俊熹 东方甄选自营产品持续发力，成为拉动公司增长的重要动力。财报公布，2025财年，自营产品及直播电 商业务的总GMV为87亿元。其中，来自抖音的GMV占大部分，来自东方甄选App的GMV占比从2024财 年的8.4%提升至15.7%，抖音上第三方产品及自营产品的已付订单总数已达到9160万单。此外，东方甄 选已累计推出732款自营产品，2025财年自营品占总GMV约43.8%，东方甄选App付费会员订阅数量达 到26.43万人。 东方甄选行政总裁俞敏洪表示："2025财年我们所经历的挑战，进一步巩固和强化了东方甄选的核心商 业模式。我们以挑选优质产品的直播平台为中心，并以自营产品作为长期定位，进行了全面的布局。对 于食品安全保障，我们深感责任重大，并始终将产品质量视为东方甄选的生命线。我们将继续坚持高标 准的选品原则，致力于解决产品痛点，特别是在关乎民生的基础品类上做出亮点。相信通过不懈努力， 东方甄选将成为质量的代名词，持续助力行业的健康发展。" 新浪科技讯 8月22日晚间消息，东方甄选公布2024年6月1日至2025年5月31日的2025财年综合业绩。 2025财年，东方甄选持续经营业务（自 ...

Core Viewpoint - After more than a year since the departure of Dong Yuhui, the stock price of Dongfang Zhenxuan has seemingly emerged from a low period, with significant increases observed recently [1][2]. Stock Performance - As of August 15, Dongfang Zhenxuan's stock surged by 17.9%, with a total market capitalization exceeding 43 billion HKD. Since July, the stock has accumulated a rise of nearly 248%, and from the low point of 8.92 HKD per share after Dong Yuhui's exit, the total increase has reached 357% [3][5][7]. Recent Market Trends - The recent surge in stock price is closely related to market expectations of performance recovery, with the upcoming quarterly financial report set to be disclosed on August 22. The performance report from New Oriental indicated a projected revenue of approximately 150 million USD for the fourth quarter of the 2025 fiscal year, reflecting a year-on-year decline of about 30%, but with a narrowing decline compared to the previous quarter [9]. Business Strategy Shift - Following the departure of key hosts like Dong Yuhui, Dongfang Zhenxuan has shifted its business strategy to reduce reliance on individual hosts. The new business model focuses on "self-operated products" and a "membership system" [11]. - The company has successfully launched self-operated products, with notable sales figures such as over 3.6 million units of coconut water sold in a single day and cumulative sales of over 2.6 billion units of self-operated sausages [13]. Membership Growth - Dongfang Zhenxuan introduced a paid membership system in October 2023, becoming the first live-streaming organization to do so. As of the mid-2025 fiscal year, the number of paid members reached 228,000, nearly doubling year-on-year. The repurchase rate of members is significantly higher than that of non-members, at 2.7 times [13][14]. Institutional Investment Trends - Throughout 2023, institutional investors have frequently reduced their holdings in Dongfang Zhenxuan. By the end of the first quarter, the total number of shares held by public funds had decreased by 40.19%, with significant reductions noted in major funds [15][18][21]. Financial Performance - The mid-2025 fiscal year report indicated a net loss of approximately 96.5 million CNY for the core business, a stark contrast to a profit of 160 million CNY in the same period the previous year. This marked the company's first performance report following the departure of Dong Yuhui [21]. Market Outlook - Analysts express optimism regarding Dongfang Zhenxuan's recovery, citing the company's evolving business model and the successful development of self-operated products as key factors for future growth. The market is currently awaiting the upcoming financial report to assess the company's performance [22].

Core Viewpoint - Oriental Selection (01797.HK) saw a closing increase of 12.78% on July 18, reaching a new high since January, driven by the upcoming launch of its second self-operated sanitary napkin product on July 19 [1]. Product Launch and Market Response - The company will launch its second self-operated sanitary napkin, "Lightweight Quick Absorb Sanitary Napkin," on its app [1]. - The first self-operated sanitary napkin, "Cotton Surface Sanitary Napkin," sold out quickly in June and received widespread consumer praise [1]. - The Zhejiang Merchants Consumer Team noted that sanitary napkin products address strong consumer pain points, and Oriental Selection's product, made from 100% pure Xinjiang cotton and exceeding national standards, has the potential to stand out in the market [1]. Consumer-Centric Approach - Oriental Selection's product development strategy is similar to that of other companies like Pang Donglai and Sam's Club, focusing on high-quality, cost-effective products that meet health needs and drive stable repurchase rates [1]. Safety and Transparency Initiatives - The company announced its commitment to safety by ensuring that its sanitary napkins are produced with "zero additives" and using traceable raw materials [4][6]. - In March, Oriental Selection revealed plans for sanitary napkin products and a transparent factory initiative to control sales channels and prevent illegal distribution of second-hand sanitary napkins [3]. Industry Context - The entry of Oriental Selection into the sanitary napkin market coincides with increased consumer awareness regarding product safety, particularly following the exposure of refurbished sanitary napkins during the "3.15" gala [6]. - Other brands, including Free Point and All Cotton Era, have also entered the market, indicating a growing competition in the sanitary napkin sector [6].

Core Insights - Oriental Selection launched its self-operated sanitary napkin product, achieving sales of over 300,000 packages within 14 hours of its release on June 16 [1][4]. Product Features - The sanitary napkin is marketed as "pure cotton" and emphasizes safety as the top priority, with strict testing standards [4][7]. - The product promises seven "zero additions," including no alcohol, dyes, preservatives, and formaldehyde, adhering to national safety standards [9][11]. Market Context - The decision to launch the sanitary napkin was influenced by consumer demand, with many users requesting the product since early 2024 [11]. - The market has seen quality issues with other brands, including reports of substandard pH levels and heavy metal contamination, which may have created an opportunity for Oriental Selection [11]. Sales and Distribution - The sanitary napkins are shipped directly from exclusive warehouses via logistics partners like SF Express and JD, ensuring controlled sales channels [11]. - As of March 20, the company reported over 400 self-operated products available for sale, with total sales exceeding 210 million units and a customer base of 30.86 million [13].