21世纪经济报道记者王峰 北京报道4月23日，新东方（NYSE: EDU/9901.SEHK）发布截至2025年2月28 日的2025财年第三季度未经审核的财务业绩。 受东方甄选业务拖累，新东方本季度营收11.83亿美元，同比下降2.0%。但除去东方甄选后的教育及文 旅业务营收为10.38亿美元，同比增长21.2%，超出业绩指引预期。 可以发现，特朗普再次当选美国总统后不确定性加强的世界局势，对新东方的出国留学相关业务带来了 明显影响。 本季度出国考试准备业务营收7.1%的增长率，是2023年以来最低的增幅。出国咨询业务的营收增幅比 去年同期和上个季度也均有滑落。 招银国际报告认为，由于宏观不确定性和地缘政治紧张，新东方海外相关业务可能进一步放缓，并将新 东方2025财年至2027财年盈利预测下调2%至8%。但高盛报告认为，预计新东方的成本控制措施及成熟 学习中心占比提升将抵消海外考试培训和咨询业务对利润率的负面影响，因此上调了2025财年至2027财 年核心业务non-GAAP经营利润预测7%至14%。 国际形势冲击出国留学业务 除去东方甄选，新东方的主营业务还包括K12传统高中业务和新业务、出国考试准备和 ...

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在北京市商务局4月18日举办的"外贸优品网上行"出口转内销对接会上，京东集团、淘天集团、盒马、 美团、东方甄选等多家电商企业，提出"真金白银"助力外贸企业出口转内销举措。 其中，京东集团推出包括2000亿元出口转内销产品专项采购资金、专属招商团队全程陪跑、外贸专区打 造、新入驻POP商家扶持、0元质保金入驻等在内的支持举措，助力外贸优品拓展国内市场。 淘天集团启动"外贸精选"专项，开通外贸入淘绿色通道、提供"产业半托管"服务、小二本地化指导、流 量和佣金激励扶持、开展外贸营销专场等，助力外贸商家快速"外转内"。 盒马面向外贸企业开放24小时绿色通道，搭建"云享会"入驻专区，联合开发自有品牌创新商品，并匹配 高效物流供应链支撑，助力中国优质外贸企业开拓国内市场。 美团发布外贸转内销专项扶持计划，通过小象超市、美团优选、美团闪购等业务板块协同发力，为优质 外贸企业开辟入驻绿色通道，提供从商家入驻、经营扶持到品牌打造等全链路支持，打造"内外贸一体 化"生态体系。 东方甄选充分发挥直播电商新场景作用，开放自营产品合作通道，简化入驻流程，缩短认证周期，还将 开展"透明工厂"源头直播活动，向国内消费者展示优质外贸企业的供 ...

美团、物美、叮咚买菜、东方甄选、鸣鸣很忙等出台外贸转内销扶持计划 智通财经4月13日电，记者获悉，为应对美国关税调整影响，美团、物美、叮咚买菜、东方甄选、鸣鸣 很忙、交个朋友等企业日前出台专项的扶持计划，其中，美团在"商家入驻、经营扶持、品牌打造"等方 面开设绿色通道；物美将打造"云超绿通"转向通道；叮咚买菜将释放商品包装、仓储设备等多项采购需 求；东方甄选启动"外贸优品入驻"专项行动；鸣鸣很忙设立"专项对接通道"。（记者 徐赐豪） ...

1 美豁免从中国进口的部分产品关税 当地时间4月11日深夜，美国海关与边境保护局发布公告称，智能手机、路由器以及部分电脑和笔记本等产品将不再被纳入此前针对中国进口商品实施的 125%所谓"对等关税"范围内。目前尚不清楚这些产品是否仍将适用不属于"对等关税"框架的20%税率。美国国际贸易委员会尚未就相关询问作出回应，白 宫方面也未立即置评。（CCTV国际时讯） 2 金砖国家召开经贸联络组第二次会议，强调共同维护多边贸易体制，反对单边主义和贸易保护主义 据商务部网站4月12日消息，4月10~11日，2025年金砖国家经贸联络组第二次会议以视频形式举行。会上，金砖成员专门就美"对等关税"政策深入交换意 见，对相关措施引发的贸易紧张局势表示严正关切，并呼吁共同反对单边主义和贸易保护主义。各方将继续在经贸渠道就应对美"对等关税"问题深入交换意 见，加强立场协调，坚守和维护以规则为基础的多边贸易体制，共同应对当前全球贸易紧张局势。 3 9家大宗商品行业协会：坚决反对关税霸凌，共同维护大宗商品市场公平秩序 4月12日，中国物流与采购联合会大宗商品流通分会联合中国物资储运协会、中国物资再生协会、中国金属材料流通协会、中国化工 ...

4月12日，东方甄选在微博发文称，为了更好地帮助优秀外贸企业快速拓展国内大市场，为扩大内需战略注入新动能，东方甄选即日起正式启动"外贸优品 入驻"专项行动，让更多优质外贸产品走进直播间，服务国内消费者。 东方甄选将提供专业的选品和服务能力，助力优秀外贸企业拓展国内电商渠道，并将长期在直播间、东方甄选APP和各个电商渠道，为优质外贸产品提供展 示和销售渠道，帮助外贸企业在国内销售产品和推广品牌。 针对优秀生产制造型外贸企业，东方甄选开放自营产品合作通道。我们还将甄选部分优秀外贸企业，开展"透明工厂"溯源直播，向国内消费者展示中国优秀 外贸企业的供应链能力和科技水平。 目前，东方甄选已经开通专门的外贸企业招商渠道，诚邀广大外贸企业携优秀产品入驻，产品包括但不限于农产品、健康食品和家庭生活用品。 每经编辑 张锦河 继京东、盒马、永辉等多家平台出手助力外贸企业扩宽内销渠道后，百度、东方甄选也跟进了。 为简化外贸企业入驻流程，缩短认证周期，提高对接效率，东方甄选将面向外贸企业提供专人加急审核服务，相关审核将在一个工作日内完成。 据证券时报，4月12日，百度宣布将利用AI技术和平台流量优先扶持100万家企业出口转内销，开 ...

继京东、盒马等多家平台出手助力外贸企业扩宽内销渠道后，百度、东方甄选也跟进了。 百度推出外贸企业AI扶持计划 据人民财讯消息，4月12日，百度宣布将利用AI技术和平台流量优先扶持100万家企业出口转内销，开拓国内市场。 在数字人直播层面，百度慧播星数字人计划助力100万家企业免费数字人直播，同时安排专业技术和交付团队助力各外贸商家在各大平台低门槛实现直播 带货。 在电商商家运营层面，针对外贸商家再加码佣金补贴为外贸商家减负；增设亿级流量池助力商家在百度快速冷启与成长等四大专项政策。 东方甄选启动"外贸优品入驻"专项行动 据东方甄选消息，为了更好地帮助优秀外贸企业快速拓展国内大市场，扩大内需战略注入新动能，东方甄选即日起正式启动"外贸优品入驻"专项行动，让 更多优质外贸产品走进直播间，服务国内消费者。 东方甄选表示，将提供专业的选品和服务能力，助力优秀外贸企业拓展国内电商渠道，并将长期在直播间、东方甄选App和各个电商渠道，为优质外贸产 品提供展示和销售渠道，帮助外贸企业在国内销售产品和推广品牌。 东方甄选将提供专业的选品和服务能力,助力 优秀外贸企业拓展国内电商渠道,并将长期在直播 间、东方甄选APP和各个电 ...

其实在直播带货江湖中，头部主播和平台之间的关系一直都非常微妙。平台方既看中头部主播的影响 力，又不希望头部主播尾大不掉。而头部主播则担心平台会用算法压制自身建设私域的能力， 此前在3月23日，停播198天之后，疯狂小杨哥的合肥三只羊网络科技有限公司（下文将简称为三只羊） 拿到了"复出许可"。时隔半个月，三只羊终于打响了回归的第一枪，在多个应用商店上线了自营电商平 台"小杨臻选"App。 事实上，小杨臻选是疯狂小杨哥在2023年年初推出的自营电商品牌，根据三只羊官网的介绍显示，小杨 臻选秉承"好东西，用得起"的品牌理念，以严谨审慎的态度把控生产工艺，不断提升品牌与消费者的交 互体验，坚持以高颜值、高品质的产品和贴心、暖心的服务，让更多人享受高性价比的优质好物。 据悉，小杨臻选App目前采取的是会员制，年费为99元，提供了包含会员配套专属优惠、优先服务，并 承诺"省不够包退差额"。 三只羊相关负责人在回复媒体采访时表示，小杨臻选App是公司落实"产品品牌化、品质化"发展路径的 关键部署，通过建立自主可控的供应链体系，企业可以深度参与产品研发、生产、质检等全流程管理。 而且小杨臻选APP的上线，并不意味着三只羊会放 ...

Financial Performance - Total revenue for the six months ended November 30, 2024, was RMB 2,186.6 million, a decrease of 9.3% from RMB 2,411.3 million for the same period in 2023[10]. - Gross profit for the same period was RMB 735.1 million, down 7.4% from RMB 794.2 million year-on-year[10]. - The company reported a loss before tax of RMB 72.5 million, compared to a profit of RMB 285.6 million in the previous year[10]. - Net loss attributable to owners of the company was RMB 96.8 million, compared to a profit of RMB 160.7 million for the same period last year[10]. - The adjusted net loss for the period was RMB 1.6 million, significantly lower than the adjusted profit of RMB 434.3 million in the previous year[10]. - The net loss from continuing operations for the six months ending November 30, 2024, was RMB 96.5 million, compared to a net profit of RMB 160.7 million for the same period in 2023[19]. - Total revenue for the six months ended November 30, 2024, decreased by 9.3% to RMB 2.2 billion from RMB 2.4 billion for the same period in 2023[40]. - Revenue from self-operated products reached approximately RMB 1.7 billion, contributing to the overall revenue decline of 9.3% in the self-operated products and live e-commerce segment[41]. - The basic loss per share from continuing operations was RMB (0.09), compared to earnings of RMB 0.17 in the previous year[138]. - The total comprehensive income for the period was RMB 249,191 thousand, reflecting the company's performance during the six months[143]. Operational Developments - The company has expanded its self-operated product and live e-commerce business, establishing a well-known online platform for high-quality agricultural products since 2021[13]. - The company has adopted a multi-channel strategy, selling its proprietary brand products across various platforms including Taobao, JD.com, and Pinduoduo[14]. - A membership system was established to offer exclusive services and lower prices on a variety of national and proprietary brand limited products starting from October 2023[14]. - The brand has gained millions of loyal viewers and repeat customers, becoming synonymous with quality, convenience, and cultural lifestyle in China[14]. - The company aims to enhance supply chain efficiency and promote high-quality products that lack sales channels, contributing to rural revitalization[13]. - The GMV for the six months ending November 30, 2024, was RMB 4.8 billion, a decrease of 16.2% from RMB 5.7 billion for the same period in 2023[17]. - The number of paid subscribers on the Dongfang Zhenxuan APP increased significantly to 228,300, up from 123,800 in the previous year[17]. - The average contribution per user is steadily increasing, indicating high user loyalty and engagement[22]. - The company launched 600 SKUs of self-operated products by November 30, 2024, expanding its product line significantly from 488 SKUs in the previous fiscal year[22]. - The GMV from Douyin accounted for the majority of total GMV, with 13.6% coming from the application[27]. Financial Position - Cash and cash equivalents as of November 30, 2024, were RMB 1.7 billion, down from RMB 2.3 billion on May 31, 2024, and RMB 1.3 billion on November 30, 2023[59]. - The asset-liability ratio as of November 30, 2024, was 17.4%, a decrease from 30.3% on November 30, 2023[60]. - Total employee compensation expenses, including share-based payments, amounted to RMB 532.8 million, a decrease of 14.7% compared to RMB 624.8 million for the same period in 2023[69]. - The company’s total liabilities decreased to RMB 1,004,410 from RMB 1,512,899, showing improved financial stability[140]. - The company’s total equity attributable to owners increased to RMB 4,969,621 thousand as of June 1, 2024, from RMB 2,803,808 thousand on June 1, 2023[143]. - The company reported no bank loans or other borrowings during the reporting period, indicating sufficient cash and capital resources for operations and expansion[73]. - As of November 30, 2024, the company had no pledged assets, ensuring full asset availability for operational needs[74]. - The company had no significant contingent liabilities as of November 30, 2024, reflecting a stable financial position[75]. Governance and Compliance - The audit committee reviewed the unaudited consolidated financial statements for the six months ending November 30, 2024, ensuring compliance with financial reporting procedures and internal control systems[113]. - The company has established a nomination committee and a remuneration committee in addition to the audit committee to enhance corporate governance[114]. - The company has complied with all applicable provisions of the corporate governance code during the reporting period, with a commitment to maintaining high standards of corporate governance[111]. - The company’s board believes that having the same individual serve as both chairman and CEO enhances internal leadership consistency and decision-making efficiency[110]. - The company has adopted a standard code to regulate the trading of its securities by directors, confirming compliance during the reporting period[112]. Strategic Initiatives - The company plans to focus on high-quality products and expand its offerings from regions with rich local specialties, such as Xinjiang[29]. - The company plans to adjust its strategies based on market conditions, with a focus on optimizing operational efficiency and exploring new market opportunities[129]. - The company completed the sale of its education business on March 1, 2024, as part of a restructuring plan approved by shareholders[151]. - The company reported a tax expense of RMB 24,022, a decrease of 80.8% from RMB 124,929 in the previous year[163]. - The company recognized share-based payment expenses of RMB 245,722 thousand during the period[143]. Shareholder Information - The company’s major shareholder, New Oriental, holds a beneficial interest of 589,585,500 shares, representing approximately 56.94% of the company's equity[86]. - The company’s directors and senior management collectively own approximately 2.34% of the company’s shares, with significant holdings by key individuals[79]. - The company has adopted three share plans, with no new shares issued under the 2023 plan during the reporting period, indicating a focus on existing equity[87]. - The total number of stock options granted under the pre-IPO plan is 25,940,885, with 7,230,500 options exercised and 18,710,385 options remaining unexercised as of the report date[89]. - The total number of reward shares granted under the 2023 plan is 17,646,330, with 10,000 shares vested during the reporting period[103].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified, maintaining the rating for the next six months [7]. Core Insights - The company reported a total revenue of 2.187 billion RMB for FY25H1, a year-on-year decrease of 21.79%, with a net profit attributable to shareholders of -0.097 billion RMB, compared to 0.249 billion RMB in the same period last year. Excluding the financial impact of the sale of "Yuhui Tongxing," the net profit from continuing operations was 0.033 billion RMB [1]. - The company continues to implement a multi-platform strategy to enhance brand awareness and influence, achieving a total net revenue of 2.2 billion RMB from its continuing operations (self-operated products and live e-commerce) in FY25H1, a year-on-year decrease of 9.3%. The GMV for self-operated products and live e-commerce reached 4.8 billion RMB, down 16.2% year-on-year [2]. - The company has launched 600 SKUs of self-operated products in FY25H1, expanding its product line to more categories, with self-operated products accounting for approximately 37% of total GMV [4]. - The company is focusing on product quality and exploring new live streaming methods to tap into untapped markets, emphasizing high repurchase rates, high quality, and cost-effectiveness [6]. Summary by Sections Financial Performance - FY25H1 total revenue was 2.187 billion RMB, down 21.79% year-on-year; net profit attributable to shareholders was -0.097 billion RMB, compared to 0.249 billion RMB in the previous year [1]. - The company expects revenues for FY25-27 to be 4.1 billion RMB, 5.6 billion RMB, and 7.6 billion RMB respectively, with adjusted net profits of 0.18 billion RMB, 0.27 billion RMB, and 0.41 billion RMB [12]. Business Strategy - The company is enhancing its multi-channel strategy, with significant contributions from platforms like Douyin, where the GMV from self-operated and third-party products reached 0.5 billion orders [2]. - The company has developed a comprehensive app strategy, covering various categories to meet diverse consumer needs, and is actively increasing membership and engagement through marketing activities [3]. Product Development - The company has expanded its product categories beyond fresh food and snacks to include health products, pet food, and new-style clothing, achieving competitive performance [4]. - The company plans to increase its focus on essential household products like rice, flour, and cooking oil to better serve family consumption needs [11].