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研報掘金丨交銀國際:降東方甄選明年GMV、收入及利潤預測

交銀國際發表報吿指,東方甄選(1797.HK)以7659萬元人民幣出售與輝同行予董宇輝,與輝同行淨值相同,不產生收益或虧損。該集團認為,該品牌與董宇輝個人智慧財產權緊密相連,董宇輝離職後將難以持續經營,出售符合集團和股東最佳利益,相關知識產權因預計不再為集團帶來經濟效應被認為無重大價值。交銀國際預計,剔除與輝同業貢獻後,東方甄選2025財年商品成交金額(GMV)/營收/利潤下調幅度達到34%/9%/20%+。出售與輝同行,將對東方甄選短期財務表現產生影響,但所受輿論風險或降低,管理階層在穩定後可專注發展自營策略以及多平台發展,或在長期實現穩定經營。

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