股价刚经历了"过山车"行情的东方甄选交出新财年成绩单。8月22日晚，东方甄选发布截至2025年5月31日的年度 财报。2025财年总营收为43.9亿元，同比下降32.7%。若剔除出售与辉同行直播间产生的营收，东方甄选持续经营 业务的总营收由2024财年的61亿元减少30.9%至2025财年的42亿元。 2025财年持续经营业务的净利润为620万元，全年扭亏为盈，2025上半财年净亏损9650万元。不过2025财年相比 2024财年2.49亿元的净利润，同比大降97.5%。 若剔除出售与辉同行的财务影响，2025财年持续经营业务净利润为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。 2024财年已终止经营业务指的是教育业务，已于去年3月1日出售给新东方集团，出售教育业务的除所得税开支后 收益为13亿元。 | | 2025財年 | | 2024財年 | | | | --- | --- | --- | --- | --- | --- | | | 持續經營 已終止 | | 持續經營 已終止(1) | | | | ...

Core Insights - Oriental Selection reported a significant decline in net revenue and GMV for the fiscal year 2025, with net revenue dropping by 32.7% to 4.4 billion RMB and GMV decreasing by 39.2% to 8.7 billion RMB [1][2] - Despite the revenue decline, the company achieved a positive net profit of 0.062 billion RMB, recovering from a loss in the first half of the fiscal year [1] - The gross margin improved from 25.9% to 32% due to a reduction in inventory and logistics costs, which fell by 38.2% to 3 billion RMB [1] Financial Performance - The continuous operating business's net revenue decreased from 6.5 billion RMB to 4.4 billion RMB, reflecting a 32.7% year-on-year decline [1] - The net profit for the fiscal year was reported at 0.062 billion RMB, a recovery from the previous year's loss, while adjusted net profit increased by 30% to 1.354 billion RMB [1] - Administrative expenses rose by 22.5% to 484.8 million RMB, primarily due to the distribution of remaining profits related to the departure of former CEO Dong Yuhui [2] Management Changes - Dong Yuhui's departure had a notable impact on the company's operations and financials, with a significant portion of the administrative expenses attributed to his severance [2] - The company clarified that former CEO Sun Dongxu is on leave and has not officially left the company, while Yu Minhong has taken over as CEO [2]

Core Viewpoint - Oriental Selection has achieved profitability in the fiscal year 2025, with a significant increase in stock price and market capitalization, driven by its self-operated products and live e-commerce business [1][2]. Financial Performance - For the fiscal year 2025, total revenue from continuing operations reached 4.4 billion yuan, 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]. - The net profit from continuing operations, excluding the financial impact of the sale of a subsidiary, 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 Strategy - The company focuses on a live platform centered around selecting quality products, with self-operated products as a long-term positioning strategy [2]. - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce in fiscal year 2025 was 8.7 billion yuan, with self-operated products accounting for approximately 43.8% of total GMV [2]. - The number of paid subscribers for the Oriental Selection App reached 264,300, with a user satisfaction rate of 98.7%, marking a historical high [2]. Product Development - Oriental Selection has 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 health products, pet food, and clothing [2]. - The company aims to enhance its supplier management system and establish a comprehensive quality control system covering all key aspects from raw material selection to sales [3]. Future Outlook - The company is committed to providing high-quality products and services, maintaining high standards in product selection, and continuously innovating to meet consumer expectations [3].

Core Viewpoint - Oriental Selection has successfully turned losses into profits in the fiscal year 2025, with a focus on self-operated products and live e-commerce as key growth drivers [4][5]. Financial Performance - For the fiscal year 2025, Oriental Selection reported total revenue from continuing operations of 4.4 billion yuan, achieving 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 [4]. - The gross profit margin for continuing operations increased 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 [4]. Growth Drivers - 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 [5]. - The number of paid subscribers for the Oriental Selection App reached 264,300, with a user satisfaction rate of 98.7%, marking a historical high [5][6]. Strategic Initiatives - The company plans to continue enhancing its self-operated product offerings, having launched 732 new products in fiscal year 2025, up from 488 in fiscal year 2024 [5]. - Future strategies include improving the membership system of the Oriental Selection App, expanding product offerings, and maintaining high standards in product quality control [6].

Core Insights - Oriental Selection reported a significant decline in net revenue for the fiscal year 2025, with a 32.7% decrease from 6.5 billion RMB to 4.4 billion RMB, while net profit turned positive at 0.062 billion RMB compared to a loss in the first half of the fiscal year 2025 [2][3] Group 1: Financial Performance - The adjusted net profit, excluding one-time expenses and profits from the sale of a subsidiary, increased by 30% year-on-year to 0.1354 billion RMB [3] - The Gross Merchandise Volume (GMV) dropped by 39.2% from 14.3 billion RMB to 8.7 billion RMB, leading to a reduction in total revenue costs by 38.2% to 3 billion RMB [3] - The gross profit decreased by 17% from 1.7 billion RMB to 1.4 billion RMB, but the gross margin improved from 25.9% to 32% due to healthy development in self-operated products and live e-commerce [3] Group 2: Operational Changes - The company emphasized the importance of self-operated products, which increased from 488 to 732 SKUs, becoming a key growth driver [4] - The administrative expenses for the ongoing business rose by 22.5% to 0.4848 billion RMB, primarily due to the distribution of remaining profits from a subsidiary [3][4] - The company announced a framework agreement with New Oriental to sell its own brand products, with historical transaction amounts increasing from 0.15 billion RMB in fiscal year 2023 to a projected 1 billion RMB in fiscal year 2026 [4]

记者丨董静怡 编辑丨张伟贤 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。 持续经营收入总成本从2024财年的48亿元下降至2025财年的30亿元，下降了38.2%，主要是由 于GMV下降导致自有品牌产品的库存成本和物流成本下降。 其中，来自抖音的GMV仍占了大部分，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，东方甄选App付费会员订阅数量达到26.43万人。 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。 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，较 2024财年的65亿元下降32.7%。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，2025财年净溢利为620万元。 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 ...

Core Insights - Oriental Selection (1797.HK) reported a total revenue of 4.4 billion yuan for the fiscal year 2025, 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] - The gross margin for the continuing operations increased 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] - The company emphasized its commitment to product quality and safety, aiming to become synonymous with quality in the industry [1] Revenue and Profitability - 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 GMV from Douyin accounted for the majority, while the contribution from the Oriental Selection App increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2] Product Development and Service Enhancement - Oriental Selection launched a total of 732 self-operated products in fiscal year 2025, up from 488 in fiscal year 2024, expanding its product range to include health foods, pet foods, and apparel [3] - The company has implemented a cold chain logistics system to enhance delivery services, which has effectively reduced transportation times [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] - The app has introduced various member benefits and features, including a community forum and book club, enhancing user interaction and experience [4] Future Outlook - The company plans to maintain high standards in product quality and expand its membership benefits, aiming to increase the active user base and registered members of the Oriental Selection App [6][8] - Oriental Selection is committed to building a comprehensive quality control system covering all stages of the product lifecycle, from raw material selection to sales [8]

智通财经记者 | 宋佳楠 8月22日晚，东方甄选（01797.HK）发布截至2025年5月31日的2025财年财报。数据显示，本财年东方甄选营收为43.92 亿元，较上年同期的65.26亿元下降32.7%；持续经营业务净溢利为619.1万元，较上年同期的2.49亿元大幅下降97.5%。 从业务板块来看，东方甄选来自应用程序的总营收由2024财年的9亿元提升至2025财年的11亿元。若剔除与辉同行直播 间产生的总营收金额，持续经营业务的总营收由上一财年的61亿元减少30.9%，至2025财年的42亿元。 | | 2025 年 | | 2024財年 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 持續經營 已終止 | | 持續經營 已終止(1) | | | | | | | | 業務 經營業務 合併總計 業務 經營業務 合併總計 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 | | | | | 總發收 | 4,392,071 | - | 4.392.071 | 6.525.551 | 547.013 | 7.072.564 | ...

若剔除出售与辉同行的财务影响，持续经营业务净溢利由2024财年的人民币1.04亿元增加30%至2025财年的人民币1.35亿元。 值得注意的是，东方甄选在财报中表示，自营产品已成为主要增长动力，占总GMV约43.8%，截至2025年5月31日已累计推出732款SPU自营产品。 其中，来自抖音的GMV占东方甄选GMV的大部分，来自应用程序的GMV占东方甄选总GMV的15.7%。2025财年，抖音上第三方产品及自营产品的已付订 单总数已达到约9160万单。 | | 东方甄选[01797] 2025-08-22 16:00 | | | | 5PMA = | 10PMA = 20PMA = 30PMA = | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 58.343 | | | | | | | | | | 51.870 | | | | | | | | | | 45.396 | | | | | | | | | | 38.923 | | | | | | | | | | 32.450 | | | | | | | | | | 25.977 | | ...

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 ...