港股上市公司东方甄选（01797.HK）今日盘中大涨5.13%，延续了近期的强劲涨势。据悉，该股在过去两个交易日已累计上涨超27%，引发市场广泛关注。
此轮涨势背后，机构评级出现明显分歧。花旗近期发布研报，将东方甄选目标价由18.5港元大幅上调至33港元，并维持"买入"评级。花旗认为，东方甄选正在从"依赖龙头主播"向"规模化会员平台"转型，预期未来自有品牌毛利率将由10%提升至24%，2028年经调整净利率有望达到7%至8%。然而，高盛则持不同观点，虽然将目标价从8港元小幅上调至9港元，但仍维持"沽售"评级，理由是公司基本面依然疲软且估值偏高。
值得注意的是，东方甄选在2025财年业绩出现大幅下滑，持续经营业务净溢利同比下降97.5%至619.1万元。公司表示，业绩下滑主要受直播电商行业竞争加剧及业务战略调整影响。不过，其毛利率从2024财年的25.9%提升至2025财年的32.0%，显示自营产品及直播电商业务发展向好。市场对东方甄选未来发展前景存在不同看法，投资者需密切关注公司转型进展及后续财务表现。
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