招商证券国际发布研报称，东方甄选（01797）发布2026财年业绩盈喜，预计下半年营收加速至50%以上，净利润同比增长近200%，验证转型效果。上调至“增持”评级，目标价27港元，看好东方甄选持续深化自营品战略及线下零售扩张前景。
报告指，公司2026财年总营收预计56-58亿元，同增27.3%-31.8%；净利润预计5.2-5.5亿元，较2025财年600万元同比增85.7-90.7倍。下半财年加速显著，下半年营收预计33-35亿元，同比增50%-59.1%，净利润预计达2.81-3.11亿元，同比增172.8%-201.9%。下半年净利率约8%-9.4%，略低于上半年的10.3%，或反映公司直播矩阵扩张、自营品投入及开设线下门店的前期费用。持续深化自营品及多渠道战略
另外，报告指，核心主播4月集体离职后，未对下半财年业绩产生明显拖累，营收增长加速趋势稳固至50%+，验证增长引擎已从“超级主播流量”切换至“自营品+多渠道矩阵”体系，至此东方甄选已彻底走出超级主播流失的风险。
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