Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's performance, leading to a decline in GMV and revenue, while the company is shifting focus towards self-operated products and diversifying its sales channels [1][3][4]. Financial Performance - In the fiscal year 2025, Dongfang Zhenxuan reported a net revenue of 4.392 billion yuan, a year-on-year decrease of 32.7% [3] - The net profit for the year was 6.19 million yuan, down from 24.9 million yuan in the previous year [3] - Excluding the financial impact from the sale of Huixing, the net profit from continuing operations was 135.4 million yuan, a 30% increase year-on-year [3] - The comprehensive gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025 [3] Sales Channel Performance - The total GMV from all sales channels, including Douyin and Taobao, decreased from 14.3 billion yuan to 8.7 billion yuan [3] - The number of paid orders from the Douyin channel dropped from 180 million to 91.6 million [3] - The proportion of GMV from the Dongfang Zhenxuan app increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [7] Strategic Shift - Dongfang Zhenxuan is focusing on self-operated products, having launched 732 self-operated products in fiscal year 2025, up from 488 the previous year [8] - Self-operated products accounted for approximately 43.8% of total GMV [8] - The company is also expanding its membership system to enhance customer loyalty and build a private traffic pool [7] Competitive Landscape - The departure of key influencers like Dong Yuhui has led to increased competition, with his new platform gaining more followers than Dongfang Zhenxuan's main account [4] - Dongfang Zhenxuan's strategy of reducing reliance on top influencers is seen as a long-term approach to stabilize its business [6][10] Operational Developments - The company has initiated a cold chain warehouse in Zhengzhou to improve logistics and delivery services [9] - Dongfang Zhenxuan is enhancing user engagement through community forums and personalized services to increase customer retention [10][11]

Core Viewpoint - Dong Yuhui's departure has significantly impacted Dongfang Zhenxuan's performance, leading to a decline in GMV and revenue, while the company is shifting focus towards self-operated products and diversifying sales channels [1][2][8]. Financial Performance - In the fiscal year 2025, Dongfang Zhenxuan's net revenue from continuing operations was 4.392 billion RMB, a decrease of 32.7% from 6.525 billion RMB in the previous year [5][6]. - The net profit for the year was 6.19 million RMB, down from 249.145 million RMB in the previous year [5]. - Adjusted net profit, excluding the impact of the sale of Huixing, was 135.4 million RMB, representing a 30% increase year-on-year [6]. Sales Channels and GMV - The total GMV from all sales channels, including Douyin and the company's app, dropped from 14.3 billion RMB to 8.7 billion RMB [8]. - The number of paid orders on Douyin decreased from 180 million to 91.6 million [8]. - The proportion of GMV from the Dongfang Zhenxuan app increased from 8.4% in the previous year to 15.7% in fiscal year 2025 [10]. Product Strategy - The company launched 732 self-operated products in fiscal year 2025, up from 488 in the previous year, expanding its product categories to include health foods and pet products [12]. - Self-operated products accounted for approximately 43.8% of total GMV [12]. - The company is focusing on high-frequency, stable-demand areas such as daily consumer goods and home products [12]. Membership and Customer Engagement - Dongfang Zhenxuan introduced a membership system in October 2023, with paid membership numbers growing from 198,600 to 264,300 [10]. - The company aims to enhance customer loyalty and build a private traffic pool through this membership initiative [10]. Future Outlook - The company is shifting its competitive focus from relying on celebrity hosts to strengthening its supply chain and product offerings [11]. - There is a need to stabilize the talent pool of mid-tier hosts while balancing cost control and quality in self-operated product development [13]. - Future strategies may include leveraging big data to analyze customer preferences and develop customized product offerings [14].

8月22日，东方甄选披露了和董宇辉"分手"后的最新业绩。 截至5月31日，东方甄选2025财年实现总营收43.92亿元，同比下滑32.7%；持续经营业务（即自营产品及直播电商业务）净溢利从2025财年上半年的亏损转 正，实现净溢利620万元，而2024财年则为净溢利2.49亿元。 俞敏洪坦言："大家如果身处在我这个位置，就能明白我身处多少暴风骤雨之中，今天这个来之不易的局面，希望能够特别珍惜。" 东方甄选披露董宇辉"分手费"终结版 董宇辉的出走在业务层面也产生了影响。财报显示，该财年，东方甄选GMV由上个财年的143亿元同比降低39.2%至87亿元。GMV降低带动自营产品存货成 本与物流成本降低，使该财年总营收成本同比减少38.2%至30亿元，同时毛利也从17亿元同比减少17%至14亿元。得益于自营产品与直播电商业务健康开 展，毛利率由25.9%提升至32%。 值得注意的是，此前支付给董宇辉的1.4亿元体现在本财年财报行政开支部分。财报显示，东方甄选2025财年持续经营业务的行政开支由2024财年的3.956亿 元增加22.5%至4.848亿元，主要由于公司在2024年7月25日分派与辉同行所有剩余未分派溢利 ...

Core Viewpoint - Oriental Selection (1797.HK) reported a significant decline in revenue and net profit for the fiscal year 2025, indicating challenges faced by the company, particularly following the departure of a key figure, Dong Yuhui [2]. Financial Performance - Total revenue from continuing operations (self-operated products and live e-commerce) for fiscal year 2025 was 4.4 billion yuan, a decrease of 32.7% compared to 6.5 billion yuan in fiscal year 2024 [2]. - Net profit for the fiscal year 2025 was 6.2 million yuan, a substantial drop from 250 million yuan in fiscal year 2024 [2]. Management Commentary - CEO Yu Minhong acknowledged the difficulties faced by the company during a conference call following the financial report, emphasizing the need to cherish the current situation despite the challenges [2].

俞敏洪坦言："大家如果身处在我这个位置，就能明白我身处多少暴风骤雨之中，今天这个来之不易的 局面，希望能够特别珍惜。" （文章来源：21世纪经济报道） 这一年里，董宇辉的离开给东方甄选造成的影响在财报里显而易见。 俞敏洪还在财报后的电话会议中回应了近期东方甄选的诸多传闻。 8月22日晚，东方甄选（1797.HK）公布 2024年6月1日至2025年5月31日的2025财年综合业绩。2025财 年，东方甄选持续经营业务（自营产品及直播电商业务）的总营收为44亿元，较2024财年的65亿元下降 32.7%，净利润为620万元，较2024财年的2.5亿元大幅下降。 ...

Core Viewpoint - The financial performance of Dongfang Zhenxuan (1797.HK) has significantly declined in the 2025 fiscal year, with total revenue dropping by 32.7% to 4.4 billion RMB compared to 6.5 billion RMB in 2024, and net profit plummeting to 6.2 million RMB from 250 million RMB in the previous year [1][3][4]. Financial Performance - In the 2025 fiscal year, the total revenue from ongoing operations (self-operated products and live e-commerce) was 4.4 billion RMB, a decrease of 32.7% from 6.5 billion RMB in 2024 [1][3]. - The net profit for 2025 was 6.2 million RMB, a significant drop from 250 million RMB in 2024 [1][3]. - The gross merchandise volume (GMV) for ongoing operations was 8.7 billion RMB, down 39.1% year-on-year [4][9]. - The adjusted net profit, excluding the financial impact of the separation from Hui Tong, increased by 30% to 1.35 billion RMB compared to 1.04 billion RMB in 2024 [4][9]. Strategic Adjustments - The company has shifted its focus towards self-operated products, achieving a GMV of 3.81 billion RMB from self-operated products, accounting for approximately 43.8% of total GMV [10]. - A total of 732 self-operated products were launched in the 2025 fiscal year, up from 488 in 2024 [10]. - The gross margin for ongoing operations improved from 25.9% in 2024 to 32% in 2025, attributed to the healthy development of self-operated products and live e-commerce [9]. Market Challenges - The departure of key figure Dong Yuhui has led to a significant drop in stock price and market confidence, with a 23% decline on the day of his announcement [7]. - The company faces challenges in replicating the past success driven by star hosts, as the departure of top influencers has weakened the appeal of mid-tier hosts [14]. - The transition to a "Sam's Club" model is still in its infancy, with membership revenue not yet reaching significant levels compared to competitors [14]. Future Outlook - The CEO, Yu Minhong, emphasized the need to develop more self-operated product hits and enhance app engagement and membership numbers [15]. - The company plans to increase offline promotional efforts to raise awareness of its products among potential customers [16]. - The transition from "trust in people" to "trust in products" in the live e-commerce industry will be crucial for the company's long-term success [16].

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 influencers is diminishing, indicating a shift in the company's business model towards a more sustainable approach focused on user trust and supply chain enhancement [3][4]. Financial Performance - For the fiscal year 2025, Oriental Selection's revenue from continuing operations decreased by 32.7% to 4.4 billion yuan from 6.5 billion yuan in 2024, while net profit dropped from 249 million yuan to 6.2 million yuan [3][4]. - Excluding the financial impact from the sale of Hui Tong, the net profit from continuing operations increased by 30% to 135 million yuan from 104 million yuan in the previous year [3]. Business Model Transformation - The company is moving away from reliance on influencer marketing, focusing instead on a model that emphasizes quality product selection and self-operated products [3][6]. - The CEO, Yu Minhong, stated that the challenges faced in fiscal year 2025 have strengthened the core business model, centering around a live-streaming platform for quality products [3]. Market Response - Oriental Selection's stock price has rebounded significantly, closing at 36.3 HKD on August 22, up over 307% from the low of 8.92 HKD following the departure of influencer Dong Yuhui [6]. - The market's positive response reflects recognition of the company's strategic shift from dependence on top influencers to a more diversified content e-commerce model [6]. Product Development and Sales - In fiscal year 2025, the total GMV for self-operated products and live-streaming e-commerce reached 8.7 billion yuan, with the GMV from the Oriental Selection app increasing from 8.4% to 15.7% of total GMV [7][8]. - Self-operated products accounted for approximately 43.8% of total GMV, with the company launching 732 self-operated products, expanding beyond initial categories to include health foods, pet products, and clothing [8]. Strategic Focus - The company aims to create an "online Sam's Club" by focusing on family needs and building a trusted online supermarket [8]. - To enhance service experience, Oriental Selection has launched its first cold chain warehouse to improve logistics efficiency [8]. Membership and User Engagement - Oriental Selection plans to invest in optimizing the app and membership experience, aiming to increase monthly active users and registered members [10]. - The company will enhance its marketing efforts, including offline promotions and community engagement, to drive membership growth [10].

Group 1 - In May, illegal surrogacy activities were reported in Changsha County, leading to the discovery of two illegal surrogacy institutions, which have been legally dealt with [7] - The Changsha government has initiated four administrative penalty cases against five individuals involved, with significant fines and confiscation of illegal gains [7] Group 2 - On August 23, the National Development and Reform Commission, along with other regulatory bodies, released a draft for public consultation on the "Internet Platform Pricing Behavior Rules" to promote healthy development in the platform economy [3][4] - The draft aims to provide clear guidelines for operators regarding pricing behavior, ensuring fair competition and protecting the rights of both operators and consumers [3] Group 3 - As of the end of July, China's total installed power generation capacity reached 3.67 billion kilowatts, marking an 18.2% year-on-year increase [5] - Solar power generation capacity increased by 50.8% to 1.11 billion kilowatts, while wind power capacity rose by 22.1% to 570 million kilowatts [5] Group 4 - China Huaneng has established the world's first 5-megawatt commercial-grade perovskite photovoltaic demonstration base in Qinghai, marking a significant step towards large-scale application of perovskite solar technology [12] Group 5 - Guosen Securities has been approved by the China Securities Regulatory Commission to become the major shareholder of Wanhua Securities, acquiring approximately 2.184 billion shares, which is 96.08% of the total shares [14] Group 6 - Dongyue Selection reported a 32.7% year-on-year decline in total revenue for the fiscal year ending May 31, with a net profit of 6.2 million yuan, recovering from a loss in the previous half-year [15] - The company’s administrative expenses increased by 22.5% due to prior distributions related to its separation from Dong Yuhui [15] Group 7 - Dalian Wanda Group's chairman Wang Jianlin was recently seen in Xinjiang, exploring investment opportunities in tourism and development [17] - Wang expressed interest in collaborating with local authorities to enhance urban development and improve the quality of life for residents [17] Group 8 - Geely Galaxy M9, a new flagship SUV, has begun pre-sales with prices ranging from 193,800 to 258,800 yuan, featuring advanced technology and competitive fuel efficiency [17]

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].