Group 1 - The National Development and Reform Commission, the State Administration for Market Regulation, and the National Internet Information Office have jointly drafted the "Internet Platform Pricing Behavior Rules (Draft for Comments)" to promote healthy development of the platform economy [2] - The draft aims to provide clear guidelines for operators to self-regulate pricing behavior, maintain fair competition, and protect the legitimate rights and interests of both operators and consumers [2] - The rules specifically address unfair pricing behaviors such as predatory pricing, price discrimination, price fraud, price collusion, and price gouging, aiming to prevent disorderly competition [2] Group 2 - As of the end of July, China's total installed power generation capacity reached 3.67 billion kilowatts, a year-on-year increase of 18.2% [3] - Solar power generation capacity reached 1.11 billion kilowatts, growing by 50.8% year-on-year, while wind power capacity reached 570 million kilowatts, increasing by 22.1% [3] - The average utilization hours of power generation equipment from January to July were 1,806 hours, a decrease of 188 hours compared to the same period last year [3] Group 3 - China Huaneng has established the world's first 5-megawatt commercial-grade perovskite photovoltaic demonstration base in Qinghai Province, marking a significant step from laboratory to large-scale application of perovskite technology [13] Group 4 - The China Securities Regulatory Commission has approved Guosen Securities to become the major shareholder of Wanhua Securities, allowing Guosen to acquire approximately 2.184 billion shares of Wanhua, representing 96.08% of the total shares [15] Group 5 - Dongyue Selection reported a total revenue of 4.392 billion yuan for the fiscal year 2025, a year-on-year decline of 32.7%, while achieving a net profit of 6.2 million yuan, recovering from a loss in the previous half-year [16] - The administrative expenses increased by 22.5% to 484.8 million yuan, primarily due to the distribution of remaining undistributed profits to Dong Yuhui [16] Group 6 - The recruitment event by Pang Donglai attracted significant attention, with 900 positions available, leading to the website crashing due to high traffic [17] - The recruitment criteria included a requirement for security and cleaning staff to have a bachelor's degree and be under 25 years old, sparking widespread discussion about the brand's influence [17] Group 7 - Geely Galaxy has launched the pre-sale of its flagship SUV, the Galaxy M9, with prices ranging from 193,800 to 258,800 yuan, featuring advanced technology and competitive fuel efficiency [18]

Core Viewpoint - Dongfang Zhenxuan reported a significant decline in revenue and changes in management, highlighting the impact of leadership changes on financial performance and investor sentiment [2][3]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan achieved total revenue of 4.392 billion yuan, a year-on-year decrease of 32.7% [2]. - The net profit from continuing operations turned positive at 6.2 million yuan, compared to a net profit of 249 million yuan in the fiscal year 2024 [2]. - Administrative expenses increased by 22.5% to 484.8 million yuan, primarily due to the distribution of remaining undistributed profits to Dong Yuhui [2]. Management Changes - Dong Yuhui's departure has been a focal point, with CEO Yu Minhong indicating that Dong Yuhui would receive 50% of the net profit from the partnership, leaving 141 million yuan for future distribution [2]. - Recent rumors regarding the potential departure of CEO Sun Dongxu have been addressed, confirming that he is on leave but has not left the company [3]. Market Reactions - On August 19, Dongfang Zhenxuan's stock experienced significant volatility, with a drop of approximately 45% following rumors about management [6]. - The company issued a statement denying rumors about CEO Zhou Chenggang's involvement in any wrongdoing, which had caused investor panic [7][8]. Regulatory Environment - Concerns have been raised regarding potential regulatory changes affecting the live-streaming e-commerce sector, particularly regarding commission rates [7]. - Dongfang Zhenxuan clarified that its average commission rate is below 20%, countering claims that it exceeds 30% [8].

Core Viewpoint - Oriental Selection (01797.HK) reported a significant decline in total revenue for the fiscal year 2025, with a total revenue of 4.4 billion yuan, down 32.7% from the previous year's 6.5 billion yuan, indicating challenges in the wake of key personnel changes [2][6] Financial Performance - The net profit for the continuing operations turned from a loss of 96.5 million yuan in the first half of the fiscal year to a profit of 6.2 million yuan [2] - Adjusted net profit increased by 30% year-on-year to 135.4 million yuan, although this still represents a 46% decline compared to the previous fiscal year's net profit of 250 million yuan [2] - The total GMV for fiscal year 2025 was 8.7 billion yuan, a 39.2% decrease from 14.3 billion yuan in the previous fiscal year [6] Business Strategy and Product Development - Self-operated products accounted for 43.8% of total GMV, becoming the main growth driver for the company [3][4] - The company launched 732 self-operated products, up from 488 in the previous fiscal year, expanding its product range to include health foods, pet foods, and clothing [3] - The company is focusing on enhancing its supply chain and product quality as a core competitive strategy [5][4] Market Position and Challenges - The company is facing challenges in maintaining user engagement and traffic, particularly after the departure of key figure Dong Yuhui, which has impacted GMV and order numbers significantly [6][9] - The company is investing in its own app and membership system, with paid membership subscriptions reaching 264,300 and user satisfaction at 98.7% [7] - Despite the challenges, the company aims to strengthen its core business model by connecting upstream suppliers with downstream consumers [8] Stock Performance and Market Sentiment - The stock price has shown volatility, reflecting a reassessment of the company's value in the market [11] - Recent rumors regarding management changes have contributed to fluctuations in stock performance, indicating ongoing uncertainty within the company [10]

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's performance, leading to a substantial decline in revenue and profit, highlighting the challenges the company faces in its transformation efforts and reliance on key personnel [4][6][18]. Financial Performance - In the fiscal year 2025, Dongfang Zhenxuan reported a revenue of 4.4 billion yuan, a year-on-year decline of 32.7%, and a GMV of 8.7 billion yuan, down 39% [4][6]. - The net profit from continuing operations was 6.2 million yuan, a staggering drop of 97.5% year-on-year [7][9]. - Employee count decreased by approximately 25%, with 482 fewer employees compared to the previous year [9][18]. Market Position and Competition - Dongfang Zhenxuan's main account has fallen out of the top ten in sales rankings multiple times, with its lowest ranking at 22nd in October last year, while its competitor, "With Hui," has consistently maintained a top-three position [4][11]. - The user base has also declined, with Dongfang Zhenxuan losing approximately 186,200 followers, while "With Hui" gained over 1 million followers [11][12]. Transformation Challenges - The company is attempting to pivot towards an "online Sam's Club" model, focusing on high-quality self-operated products and a robust membership system, but faces significant hurdles in supply chain management and channel dependency [15][16]. - The GMV from the company's own app accounted for 15.7% of total GMV, up from 8.4% the previous year, indicating a shift towards reducing reliance on third-party platforms [16][17]. Membership Growth - The growth of paid membership has slowed, with only 65,700 new members added in the fiscal year 2025, compared to 74,800 in the second half of the previous fiscal year [17][18].

Core Viewpoint - Oriental Selection reported a total revenue of 4.4 billion yuan for its continuing operations in the fiscal year 2025, marking a turnaround from a net loss of 96.5 million yuan in the first half of the fiscal year 2025 to a net profit of 6.2 million yuan for the entire year, with a 30% year-on-year increase in net profit when excluding the financial impact of the sale of Huizhong [1][2][3] Group 1: Financial Performance - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce business reached 8.7 billion yuan in fiscal year 2025, with self-operated products contributing approximately 43.8% of the total GMV [2][3] - The comprehensive gross profit margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, driven by the healthy development of self-operated products and live e-commerce [1][3] Group 2: Product Development and Quality Control - Oriental Selection launched a total of 732 self-operated products in fiscal year 2025, up from 488 in fiscal year 2024, expanding its product categories beyond fresh food and snacks to include nutrition and health products, pet food, and clothing [3][6] - The company emphasized the importance of product quality, stating that it will continue to implement strict quality control measures across all product categories, particularly in essential consumer goods [6][7] Group 3: App and Membership Growth - The Oriental Selection App achieved a paid membership subscription of 264,300, with user satisfaction reaching a historic high of 98.7% [4][5] - The company plans to enhance the membership experience by expanding the app's user base, improving member benefits, and introducing more domestic and international quality brands to the platform [7]

Core Viewpoint - Oriental Selection reported a total revenue of 4.392 billion yuan for the fiscal year 2025, a year-on-year decline of 32.7% [1] Financial Performance - The net profit from continuing operations turned positive at 6.2 million yuan, compared to a loss in the first half of fiscal year 2025, while the net profit for fiscal year 2024 was 249 million yuan [1] - Adjusted net profit, excluding one-time expenses and profits from the sale of Hui Tong Hang, increased by 30% year-on-year to 135.4 million yuan [2] - Gross Merchandise Volume (GMV) decreased by 39.2% from 14.3 billion yuan to 8.7 billion yuan [3] - Total revenue cost decreased by 38.2% to 3 billion yuan, while gross profit fell by 17% to 1.4 billion yuan [3] - Administrative expenses rose by 22.5% to 484.8 million yuan, primarily due to the distribution of remaining profits from Hui Tong Hang [3] Business Strategy and Growth - The company emphasized the importance of self-operated products, which have become a key growth driver, increasing from 488 to 732 products [4] - Self-operated products accounted for approximately 43.8% of total GMV in fiscal year 2025 [6] - The workforce for self-operated products and live e-commerce reached 1,401, with 1,070 full-time employees [6] Market Position and Stock Performance - Oriental Selection's stock price has seen significant growth, rising from around 11 HKD per share in early July to a peak of 53.7 HKD, marking an increase of over 200% [11] - The market capitalization is approximately 38 billion HKD as of August 22 [11] Partnerships and Agreements - The company renewed its trading framework agreement with New Oriental, with receivables from the partnership increasing from 15.05 million yuan in fiscal year 2023 to 61.73 million yuan in fiscal year 2025 [7] - The company will also procure goods for gift packages to support live commerce operations, with a fiscal year 2026 cap of 8.2 million yuan [8]

Core Viewpoint - Oriental Selection's financial report for the fiscal year 2025 shows a decline in revenue and net profit, but the negative impact from the departure of top streamers is diminishing, with a return to profitability in its ongoing business [2][3]. Financial Performance - For the fiscal year 2025, revenue from ongoing operations decreased by 32.7% to 4.4 billion yuan from 6.5 billion yuan in 2024, while net profit fell from 249 million yuan to 6.2 million yuan [3]. - Excluding the financial impact from the sale of Hui Tong, net profit for ongoing operations increased by 30% to 135 million yuan from 104 million yuan in 2024 [3]. - Administrative expenses rose by 22.5% to 485 million yuan, primarily due to the distribution of remaining undistributed profits related to Hui Tong [3]. Strategic Shift - Oriental Selection is moving away from reliance on internet celebrity effects, focusing on a business model centered around quality product selection and self-operated products [2][4]. - The company aims to create an online supermarket based on user trust, likening its strategy to that of "online Sam's Club" [7][8]. Market Response - The company's stock price has rebounded significantly, rising over 307% from a low of 8.92 HKD at the time of Dong Yuhui's departure to 36.3 HKD [4]. - The market's positive response reflects recognition of Oriental Selection's transition from dependence on live-streaming sales to a more comprehensive content e-commerce model [4][5]. Product Development - In fiscal year 2025, the total GMV for self-operated products and live-streaming e-commerce reached 8.7 billion yuan, with the proportion from the Oriental Selection App increasing from 8.4% to 15.7% [5][6]. - Self-operated products accounted for approximately 43.8% of the total GMV, with 732 self-operated products launched, up from 488 in 2024 [6][7]. Future Plans - The company plans to enhance its self-operated product offerings and improve service experiences, including the launch of a cold chain warehouse to shorten logistics times [7][8]. - CEO Yu Minhong expressed intentions to increase the proportion of self-operated products in total GMV and emphasized the need for continuous growth in active users and membership [9].

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's performance, leading to a substantial decline in revenue and profit for the 2025 fiscal year [1][4][18]. Financial Performance - For the 2025 fiscal year, Dongfang Zhenxuan's revenue from continuing operations was 4.4 billion yuan, and GMV was 8.7 billion yuan, representing year-on-year declines of 32.7% and 39% respectively [1][4]. - The net profit from continuing operations was 6.2 million yuan, a staggering year-on-year drop of 97.5% [1][4]. - Employee count decreased by approximately 25%, with a reduction of 482 employees compared to the previous year [6][7]. Market Position and Competition - Dongfang Zhenxuan's main account has fallen out of the top ten in sales rankings multiple times, with its lowest ranking at 22nd in October of the previous year [2][9]. - In contrast, the account "With Hui" has consistently maintained a top-three position, remaining at the top since November of the previous year [2][10]. Membership and App Performance - The GMV from Dongfang Zhenxuan's self-owned app accounted for 15.7% of total GMV, up from 8.4% the previous year [16]. - The number of paid members increased by only 65,700 in the 2025 fiscal year, a slowdown compared to the 74,800 increase in the second half of the previous fiscal year [2][18]. Operational Challenges - The company is facing multiple challenges in its transformation to an "online Sam's Club," including supply chain management issues and reliance on a single sales channel [2][16]. - The self-operated product's GMV proportion increased from 40% to 43.8%, with total revenue from self-operated products reaching 3.5 billion yuan [6][16]. Management and Strategic Changes - Following Dong Yuhui's departure, the company has acknowledged management issues and is undergoing a recovery phase [4][12]. - The company has implemented cost-cutting measures, resulting in a 17.6% reduction in total salary expenses [6][7].

Core Insights - In the fiscal year 2025, Oriental Selection reported total revenue of 4.4 billion yuan from its ongoing business, which includes self-operated products and live e-commerce [1] - The net profit for the ongoing business was 6.2 million yuan, but adjusted for the sale of "With Glory," the net profit increased to 13.5 million yuan, representing a 30% year-on-year growth [1] - The gross margin for ongoing business improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, primarily due to the growth in self-operated products and live e-commerce [1] Revenue Breakdown - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce in fiscal year 2025 reached 8.7 billion yuan [1] - A significant portion of the GMV came from Douyin, while the contribution from the Oriental Selection App increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [1] - Self-operated products accounted for approximately 43.8% of the total GMV in fiscal year 2025 [1] Product Development - The company launched a total of 732 self-operated products in fiscal year 2025, up from 488 in fiscal year 2024 [1] - The product categories have diversified beyond fresh food and snacks to include nutritional and health products, pet food, and clothing [1] - Self-operated products have become the main growth driver for Oriental Selection [1] Customer Engagement - The number of paid subscribers for the Oriental Selection App reached 264,300 in fiscal year 2025 [1] - User satisfaction for the Oriental Selection App achieved a historical high of 98.7% [1] Strategic Positioning - The CEO of Oriental Selection, Yu Minhong, stated that the challenges faced in fiscal year 2025 further solidified and strengthened the company's core business model [2] - The company focuses on a live platform centered around selecting quality products, with self-operated products as a long-term positioning strategy [2]

Financial Performance - The company reported a revenue of 4.392 billion RMB for the fiscal year ending May 31, 2025, representing a 32.7% decrease from 6.5 billion RMB in the same period last year [1] - Net profit for the fiscal year was 60.745 million RMB, while the net profit from continuing operations increased by 30% from 104 million RMB in FY 2024 to 135 million RMB in FY 2025 after excluding the financial impact of the sale of a subsidiary [1] Product Development - Self-operated products have become the main growth driver, accounting for approximately 43.8% of total GMV, with a total of 732 self-operated SPU products launched by May 31, 2025 [1] Management and Leadership - The company addressed rumors regarding the departure of former CEO Sun Dongxu, clarifying that he is currently on an approved long-term leave and has not resigned [1][4] - The relationship between the company and Sun Dongxu is described as "very subtle," indicating potential complexities in management dynamics [7]