Investment Rating - The investment rating for the company is "Buy" with a target price of 13 HKD, maintaining the rating as of August 31, 2024 [1]. Core Insights - The company reported FY24 revenue of 7.07 billion, a 57% increase year-on-year, with continuous operating business revenue at 6.53 billion, up 68% [1]. - The net profit attributable to shareholders reached 1.72 billion, a 77% increase, while the net profit from continuous operations was 249 million, down 69% [1]. - The company has successfully expanded its self-operated product line, which now accounts for approximately 40% of total GMV in FY24, up from 30% in FY23 [1]. - The company has launched 488 self-operated SKUs since April 2022, significantly diversifying its product offerings [1]. - A strategic partnership with New Oriental has been established to enhance offline marketing and sales channels, with a focus on leveraging New Oriental's extensive network [3]. Summary by Sections Financial Performance - FY24 revenue was 7.07 billion, a 57% increase year-on-year; continuous operating business revenue was 6.53 billion, up 68% [1]. - Net profit attributable to shareholders was 1.72 billion, a 77% increase; continuous operations net profit was 249 million, down 69% [1]. - Non-GAAP adjusted net profit was 2.18 billion, a 100% increase, with continuous operations net profit at 710 million, down 23% [1]. Product Development - The company has developed and launched 488 self-operated SKUs, expanding its product line significantly [1]. - Self-operated products have become a major growth driver, contributing approximately 40% to total GMV in FY24 [1]. Strategic Initiatives - The company has entered into a framework agreement with New Oriental for promotional services and product sales, with a transaction cap of 100 million RMB for FY25 [3]. - The partnership aims to enhance channel capabilities and create a differentiated competitive advantage [3]. Market Positioning - The company is focused on becoming a leading live shopping platform, emphasizing high-quality self-operated agricultural products and a strong customer experience [1]. - The strategic focus includes comprehensive market research and analysis to define optimal product positioning and target consumer demographics [1].

海 外 公 司 （ 中 国 香 港 ） ——东方甄选 FY2024 业绩点评 | --- | --- | --- | |----------|---------------------|------------------------------| | | 刘越男(分析师) | 庄子童(分析师) | | | 021-38677706 | 021-38032683 | | | liuyuenan@gtjas.com | zhuangzitong026312@gtjas.com | | 登记编号 | S0880516030003 | S0880524070002 | 本报告导读： 业绩符合预期，其中客单价略超预期，员工薪资增加对利润率有所拖累。 股票研究 /[Table_Date] 2024.08.27 业绩符合预期，关注平台延展及客单走势 东方甄选(1797) [Table_Industry] 教育产业 [Table_Invest] 评级： 增持 [当前价格 Table_CurPrice] (港元)： 11.56 [Table_Market] 交易数据 | --- | --- | |-------------- ...

交银国际研究 财务模型更新 互联网 2024 年 8 月 26 日 收盘价 目标价 潜在涨幅 港元 10.88 港元 8.50↓ -21.9% 东方甄选 (1797 HK) 自营品 GMV 占比 4 成，回归正常经营后自营品利润率将有所恢复 东方甄选披露 2024 财年业绩，自营品 GMV 占比达到 40%，未来回归正常商业 运营状态，自营品毛利率将有所恢复，公司亦将加强主播团队建设和提升品 牌影响力，并寻求线下和新东方资源协同。考虑与辉同行出售及缩减品牌日 活动的影响，我们下调 2025 财年公司 GMV/收入/利润预测 43%/19%/33%，将 估值切换至2025财年，目标价从13.4港元下调至8.5港元，对应15倍市盈率， 公司仍处于调整阶段，维持中性。 2024 财年公司自营品及直播电商总 GMV/收入达到 143 亿元/65.3 亿元（人 民币，下同），其中自营品 GMV 57 亿元，占总 GMV 比例为 40%，2023 财年为约 30%。截至 2024 财年，公司推出 488 款 SKU 的自营产品（2023 财年为 120 款）。 多平台及矩阵账号战略下，东方甄选自营品抖音账号月度 GMV ...

海外行业点评：东方甄选（1797.HK）发布 FY2024 年度业绩 经营趋于稳定，强产品、拓渠道，看好品牌发展 2024 年 08 月 27 日 事项：8 月 23 日晚间，东方甄选发布 FY2024 年度业绩（2023 年 6 月-2024 年 5 月），FY2024 全年持续经营业务（直播电商和自营品）收入 65.26 亿元， yoy+68.1%，归母净利润 2.49 亿元，yoy-68.8%，经调整净利润（主要为加回 股份支付）7.09 亿元，yoy-22.6%。2024 年 3 月 1 日公司将原有的教育业务控 制权转移给了新东方母集団，2023 年 6 月-2024 年 2 月，教育业务收入 5.47 亿 元，归母净利润 14.70 亿元，其中包括出售的税后收益 13 亿元。 ➢ FY2024 全年 GMV 达到 143 亿元，自营品占比提升至 40%。FY2024 全 年公司全平台 GMV 达到 143 亿元，同比增长 43%。其中，自营品 GMV 约达 57 亿元，同比增长 91%，占比从 FY2023 的 30%提升到 FY2024 的 40%。1） 持续通过多平台、多矩阵的方式触达消费群体 ...

上 市 公 司 社会服务 2024 年 08 月 25 日 东方甄选 (01797) ——多直播间战略持续推进，品类扩张促进销售放量 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 10.88 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 46.80/8.92 | | H 股市值（亿港币） | 112.21 | | 流通 H 股（百万股） | 1,031.30 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： -76% -26% 24% HSCEI 东方甄选 资料来源：Bloomberg 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 (8621)23297818× huangzhe@swsresearch.com 中性（维持）投资要点： 东方甄选公布 24 财年业绩，扣除已出售的在线教 ...

Revenue and Profit Growth - Total revenue for the fiscal year 2024 reached RMB 7,072.56 million, a significant increase from RMB 4,509.85 million in fiscal year 2023[2] - The company's adjusted profit for fiscal year 2024 was RMB 2,180.71 million, up from RMB 1,089.33 million in fiscal year 2023[2] - The company's profit before tax for fiscal year 2024 was RMB 2,022.08 million, compared to RMB 1,172.71 million in fiscal year 2023[2] - The company's profit attributable to owners for fiscal year 2024 was RMB 1,719.50 million, up from RMB 971.29 million in fiscal year 2023[2] - Total net revenue increased by 56.8% from RMB 4.5 billion in FY2023 to RMB 7.1 billion in FY2024[7] - Adjusted net profit for continuing and discontinued operations reached RMB 2.2 billion in FY2024, compared to RMB 1.1 billion in FY2023[7] - Total revenue from continuing operations increased by 68.1% from RMB 3.9 billion in FY2023 to RMB 6.5 billion in FY2024, driven by the multi-platform strategy on Douyin, Taobao, and the company's own app, as well as the membership day promotion launched in December 2023[21] - Net profit from continuing and discontinued operations increased from RMB 971.3 million in FY2023 to RMB 1.7 billion in FY2024, while net profit from continuing operations decreased from RMB 799.2 million to RMB 249.1 million[32] - Total net profit for 2024 was RMB 1,719,508 thousand, up from RMB 971,286 thousand in 2023[55] - Profit from discontinued operations surged to RMB 1.470 billion in 2024, compared to RMB 172.087 million in 2023[71] Gross Merchandise Value (GMV) and E-commerce Performance - Gross Merchandise Value (GMV) for fiscal year 2024 was RMB 14.3 billion, up from RMB 10.0 billion in fiscal year 2023[6] - GMV increased by 43% to RMB 14.3 billion in FY2024, with 8.4% of total GMV coming from the company's app[10] - The company's self-operated products accounted for approximately 40% of total GMV in FY2024, up from 30% in FY2023[8] - Net revenue from self-operated products and live-streaming e-commerce increased by 68.1% from RMB 3.9 billion in FY2023 to RMB 6.5 billion in FY2024[7] - The company's self-operated products and live-streaming e-commerce team reached 1,883 employees, with 1,318 full-time and 565 part-time staff as of May 31, 2024[10] - The company plans to add more than 10 vertical accounts on Douyin and gradually launch more live-streaming channels in the coming years[7] Douyin Platform Performance - The number of followers on Douyin increased to 65.0 million in fiscal year 2024, compared to 41.8 million in fiscal year 2023[6] - The number of paid orders on Douyin rose to 181.1 million in fiscal year 2024, up from 136.3 million in fiscal year 2023[6] - The number of paid orders on Douyin increased from 136.3 million in FY2023 to 181.1 million in FY2024[10] Self-Operated Products and Logistics - The company has developed and launched 488 SKUs of self-operated products since April 2022, expanding from 120 SKUs in FY2023[8] - The company's logistics network achieved 99% coverage for常温发货 and 97% coverage for冷链发货 in FY2024[9] - The company's logistics coverage for ambient and cold chain services reached 99% and 97% nationwide, respectively, ensuring timely and safe delivery of products to consumers[18] - The company's self-operated brand potato chips differentiate themselves in the market by emphasizing health benefits, such as being non-fried, trans-fat-free, and packaged in convenient 20g individual servings[14] - The company's meat products are traceable from upstream farms and slaughterhouses, with all relevant data and documents (e.g., livestock epidemic prevention permits, animal quarantine certificates, factory inspection reports, feed/vaccine/medication records) compliant with regulations[15] - The company's vegetable products undergo batch-by-batch pesticide residue testing to ensure food safety for consumers[15] Financial Metrics and Performance - The company's adjusted EBITDA for fiscal year 2024 was RMB 904.59 million, compared to RMB 1,207.45 million in fiscal year 2023[2] - The company's basic earnings per share for fiscal year 2024 were RMB 1.68, compared to RMB 0.97 in fiscal year 2023[2] - The company's diluted earnings per share for fiscal year 2024 were RMB 1.61, up from RMB 0.91 in fiscal year 2023[2] - The gross profit margin for continuing operations decreased from 38.2% in FY2023 to 25.9% in FY2024, primarily due to the promotion of membership day activities and changes in the product mix, with more sales of lower-margin agricultural products[23] - The company's basic earnings per share from continuing operations were RMB 0.24 in 2024, down from RMB 0.79 in 2023[69] - The company's basic earnings per share from discontinued operations were RMB 1.44 in 2024, up from RMB 0.17 in 2023[71] Education Segment Performance - The company's university education segment revenue decreased from RMB 590.8 million in FY2023 to RMB 523.8 million in FY2024, with paid student enrollments dropping from 581,000 to 334,000[22] - The company's institutional client revenue decreased from RMB 38.2 million in FY2023 to RMB 23.2 million in FY2024[22] - University education division's total revenue cost decreased by 21.5% from RMB 149.9 million in FY2023 to RMB 117.6 million from June 1, 2023, to February 29, 2024, primarily due to reduced employee costs[25] - University education division's gross profit decreased by 7.9% from RMB 440.9 million in FY2023 to RMB 406.2 million from June 1, 2023, to February 29, 2024, with gross margin increasing from 74.6% to 77.5%[25] - Total revenue cost for services provided to institutional clients decreased by 68.9% from RMB 7.7 million in FY2023 to RMB 2.4 million from June 1, 2023, to February 29, 2024, with gross margin increasing from 79.9% to 89.7%[26] Expenses and Costs - Sales and marketing expenses increased by 174.5% from RMB 315.5 million in FY2023 to RMB 866.1 million in FY2024, primarily due to increased employee costs for self-operated products and live streaming business[28] - R&D expenses increased by 101.6% from RMB 65.3 million in FY2023 to RMB 131.6 million in FY2024, mainly due to increased employee costs[28] - Administrative expenses increased by 173.7% from RMB 144.5 million in FY2023 to RMB 395.6 million in FY2024, primarily due to increased employee costs and share-based compensation expenses[29] - Total employee compensation expenses, including share-based compensation, increased by 94.1% year-over-year to RMB 1.4 billion in the fiscal year 2024[42] - Total employee costs rose to RMB 1.221 billion in 2024, compared to RMB 478.104 million in 2023, driven by increases in salaries, benefits, and equity-settled share-based payments[68] Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 2.3 billion as of May 31, 2024, compared to RMB 1.2 billion as of May 31, 2023, with total monetary funds reaching RMB 4.6 billion[36] - Net cash generated from operating activities for the fiscal year 2024 was RMB 856.1 million, with a pre-tax profit of RMB 2 billion adjusted for non-cash items, non-operating items, and working capital changes[38] - Net cash generated from investing activities for the fiscal year 2024 was RMB 202.8 million, primarily due to the sale of financial assets at fair value through profit or loss (RMB 3 billion), withdrawal of fixed deposits (RMB 1.8 billion), and net cash inflow from the sale of the education business (RMB 849.5 million)[39] - Net cash used in financing activities for the fiscal year 2024 was RMB 14.8 million, mainly due to the repayment of lease liabilities (RMB 43.1 million)[40] - Capital expenditures for property and equipment in the fiscal year 2024 were RMB 35.9 million, compared to RMB 12.8 million in the fiscal year 2023[41] - The company had no bank loans or other borrowings during the reporting period and considers its cash and capital resources sufficient for operations and expansion[44] - The company had no significant contingent liabilities as of May 31, 2024[45] - The company did not recommend a final dividend for the fiscal year 2024[49] - Total assets increased to RMB 6,163,887 thousand in 2024 from RMB 3,436,916 thousand in 2023, representing a growth of approximately 79.4%[57] - Cash and cash equivalents surged to RMB 2,262,464 thousand in 2024, up from RMB 1,165,137 thousand in 2023, marking a significant increase of 94.2%[57] - Inventory levels rose sharply to RMB 422,341 thousand in 2024 compared to RMB 140,952 thousand in 2023, indicating a 199.6% increase[57] - Trade and other receivables grew to RMB 893,582 thousand in 2024 from RMB 218,972 thousand in 2023, reflecting a 308.1% increase[57] - The company's equity attributable to owners increased to RMB 4,969,216 thousand in 2024 from RMB 2,803,808 thousand in 2023, showing a 77.2% growth[58] - Non-current liabilities decreased to RMB 58,999 thousand in 2024 from RMB 20,301 thousand in 2023, a reduction of 190.6%[58] Strategic Initiatives and Future Plans - The company plans to expand its offline presence by promoting self-operated products in New Oriental offline outlets, starting with a pilot in Beijing in the second half of 2024 and gradually expanding nationwide[16] - The company will evaluate underperforming self-operated products with low gross margins and make adjustments to optimize performance, potentially discontinuing unprofitable product lines and introducing new products[19] - The company sold its education business on March 1, 2024, as part of a strategic restructuring to focus on its core e-commerce operations[59] - The company operates primarily through contractual arrangements with Beijing Xuncheng and Kuxue Huisi due to foreign ownership restrictions in China's telecommunications sector[60] - The company applied revised International Financial Reporting Standards (IFRS) for the first time in the current year, with no significant impact on financial statements[61] - The company does not expect the application of new and revised IFRS standards to have a material impact on its financial statements in the foreseeable future[62] Other Financial and Operational Highlights - Share of profits from associates turned from a loss of RMB 12.8 million in FY2023 to a profit of RMB 3.8 million in FY2024, mainly due to the turnaround of Beijing Times Cloud Map Books Co., Ltd. and the deconsolidation of Beijing Yuke Future Intelligent Technology Co., Ltd.[30] - Other income, gains, and losses from continuing operations increased by 21.7% from RMB 113.4 million in FY2023 to RMB 138.1 million in FY2024, mainly due to increased bank deposit interest income[27] - The company's government subsidies increased significantly to RMB 53.991 million in 2024, up from RMB 26.388 million in 2023[66] - Interest income from fixed deposits increased to RMB 41.277 million in 2024, up from RMB 20.119 million in 2023[65] - The company's income tax expense for continuing operations decreased to RMB 184.580 million in 2024, down from RMB 257.270 million in 2023[67] - The company's total other income, gains, and losses amounted to RMB 138.077 million in 2024, up from RMB 113.417 million in 2023[65] - The company's total revenue from continuing operations is entirely derived from external customers in China, with no single customer contributing more than 10% of total revenue[64] - Non-current assets: Fair value through profit or loss financial assets - unlisted equity investments decreased to RMB 94,889 thousand in 2024 from RMB 102,576 thousand in 2023[72] - Current assets: Fair value through profit or loss financial assets - wealth management products increased to RMB 1,250,338 thousand in 2024 from RMB 1,037,402 thousand in 2023[72] - The company invested RMB 17,527,000 in Dongfang Zhenxuan (Henan) Food Technology Co., Ltd., acquiring 30% of preferred ordinary shares[72] - Wealth management products purchased from multiple banks have an expected annual return rate ranging from 2.70% to 3.99% in 2024, compared to 2.17% to 3.00% in 2023[73] - The company made purchases from Dongfang Zhenxuan (Henan) amounting to RMB 180,354,000 in 2024, compared to none in 2023[73] - Trade receivables (net of credit loss provisions) decreased to RMB 31,693 thousand in 2024 from RMB 37,927 thousand in 2023[75] - Other receivables increased significantly to RMB 861,889 thousand in 2024 from RMB 181,045 thousand in 2023, primarily due to an increase in receivables from related parties[75] - Contract liabilities related to membership fees and live e-commerce services were RMB 19,513 thousand and RMB 8,391 thousand respectively in 2024, compared to none in 2023[77] - Trade payables increased to RMB 611,886 thousand in 2024 from RMB 335,263 thousand in 2023, with a significant portion aged between 1 to 90 days[78] - The company's trade payables include RMB 19,672,000 in payables to related parties in 2024, compared to RMB 9,140,000 in 2023[78] - The company's board of directors includes executive directors Yu Minhong and Yin Qiang, non-executive director Sun Chang, and independent non-executive directors Lin Zheying, Dong Ruibao, and Kuang Weixin[82]

港股公司报告 | 公司点评 再起航 东方甄选拟以 0.77 亿出售与辉同行至董宇辉 7 月 25 日，公司宣布旗下著名主播、与辉同行董事兼总经理董宇辉离职， 其不再担任东方甄选雇员。同时公司拟将与辉同行（北京）科技有限公司 出售至董宇辉，交易价格为 7659 万元，相当于与辉同行截至 2024 年 6 月 30 日的资产净值，公司预计将不会产生收益或亏损。此外，本次董宇辉所 需股权购买款，由符合上市公司规则和公司章程规定的方式予以安排支 付。 与辉同行此前为东方甄选 100%控股子公司，公司认为其品牌与董宇辉及其 个人知识产权密不可分，董宇辉离职后无法持续经营，且相关知识产权将 不会为公司带来经济利益，因此出售符合集团及股东最佳利益。出售事项 将于出售协议日期起 6 个月内完成，此后与辉同行将不再并表；信息系统 无偿交付与辉同行使用。 同时公司拟将与辉同行在成立期间（2023/12/22-2024/6/30）所有余下未分 配净利奖励董宇辉，期间与辉同行净利 1.4 亿人民币。 此外，公司公告拟在一年内回购不超过 5 亿人民币的公司股份。 FY25 以来与辉同行约占公司抖音渠道 GMV65% 据灰豚数据，我们估 ...

交银国际研究 消息快报 东方甄选 (1797 HK) 股东会阐述未来发展方向：流量+产品双驱动，或试点线下店 7 月 26 日，东方甄选召开股东会，回应旗下主播董宇辉离职及与辉同行独 立运营的相关事项。公司将支付董宇辉承诺的福利和补偿，并向其分派与 辉同行所有剩余未分配利润，公告显示截至 2024 年 6 月 30 日，与辉同行 未分配净利润为1.4 亿元（人民币，下同），分派主要基于：1）给予董宇 辉为东方甄选发展作出贡献的奖励。2）为此前协商的股权增发计划进行 部分现金补助。 公司将重新分配资源，加强自身品牌建设，继续与抖音互惠合作，输出优 质内容，并将主播打造为一个团队，加强负面问题及形象管理，给予优厚 的待遇和激励，不再采用成立独立平台的运作模式。 公司对未来的战略规划方向主要包括： 1）产品线双驱动：自营品和外部产品共同发展。根据消费者习惯趋势继 续拓展自营品体系和建设自有 app 平台；外部产品如在北京进行各省优质 产品推广、开发具备特色的边疆地区地方产品等，帮助农产品公司销售， 并丰富消费者产品选择范围。 2）活动多样化：坚持内容与文化产品结合为公司整体调性，带动消费者 兴趣和好感，持续开展多样 ...

社会服务 上 市 公 司 2024 年 07 月 26 日 东方甄选 (01797) ——人事调整暂告段落，电商业务重新出发 公 司 点 评 / 公 司 点 评 报告原因：调整投资评级 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 07 月 25 日 | | 收盘价（港币） | 12.40 | | 恒生中国企业指数 | 6016.51 | | 52 周最高/最低（港币） | 46.80/10.82 | | H 股市值（亿港币） | 127.88 | | 流通 H 股（百万股） | 1031.3 | | 汇率（人民币/港币） | 1.0948 | 一年内股价与基准指数对比走势： -54% -4% 46% 96% 07/0308/0309/0310/0311/0312/0301/0302/0303/0304/0305/0306/03 HSCEI 东方甄选 资料来源：Bloomberg 中性（下调）投资要点： 头部主播离职，GMV 或将大幅下滑。我们预计公司 25 财年（2024 年 6 月至 2025 ...

从2022年中到2023年年底,尽管中间有很多磕磕绊绊的事情,但是本质上就是一直处于上升期,也是一个当时还是不错的状态。当然中间其实也发生了一些事情,这也导致了后来的2023年年底的事情的发生。 我们在此之前是公司董事长,基本上不参与公司的任何的日常管理和经营,只是有的时候跟他们见个面,看看有什么问题。 那么在这23年年底以后呢,我意识到了事情严重性,那这个过程大家都已经知道了,那么后来我就亲自担当了CEO这么一个岗位,到我这个年龄呢,其实担当这个岗位有一点勉为其难了,但是我觉得我还是算是一个比较充满活力的人吧,所以呢,也希望通过我的努力呢,让东方正学进入下一个发展的平台。 那么我作为这个中华中学作为一个以这个流量带货为核心的这样的一个公司在当时,那么我知道这个宇辉的价值是非常非常重大的,非常非常重要的,所以呢,我 用了全部的努力也在董事会的授权上授权以后给了宇辉一个很好的package就是一个很好的我们把它叫保底收入就package那么这样的话努力的留住了宇辉宇辉对我也比较的信任所以也觉得在我领导下继续干也是一个比较安全的这样的一个状态 为了使双方避开矛盾和冲突,也为了使双方能够各自发挥自己的优势,所以在我 ...