图片在三播 版 11:45 m 17 = 臂疯比可 在 8月23日-24日 前东方甄雄主播顿顿。 开后离职后的首场直播群赛。 此前，据每日经济新闻报道，6月18日，东方甄选官方账号发布视频，顿顿官宣离职，与公司三年合约 到期，以后会以"东方甄选自营品推荐官"的身份，继续和东方甄选合作。顿顿表示"三十而立，将尝试 挑战自己未知的能力"，希望探索新领域。东方甄选发布全员祝福视频，俞敏洪及主播团队肯定其贡 献，称其"将美丽生活号从脚踝直播间带到头部"。 据北京商报报道，顿顿是东方甄选知名主播，拥有较高的粉丝人气，2022年7月，东方甄选上线"东方甄 选美丽生活"新账号，顿顿成为常驻主播，参与过账号第一个1000万销售额的达成。公开资料显示，顿 顿原名王若顿，毕业于中南财经政法大学商务英语专业，英语和法语双学位。曾为新东方英语老师，后 为东方甄选主播。 据蓝鲸新闻报道，8月23日-24日，前东方甄选主播@王若顿 开启个人带货直播，并表示："好久没有这 种心跳加速的感觉了。" 据有关数据显示，两场直播销售额近1250万元，总观看人次超500万，直播间商品主要为各品牌美妆护 肤产品。 【#顿顿单飞2场直播销售额近1250 ...

消息面上，8月22日晚，东方甄选公布截至2025年5月31日止年度的年度业绩，总营收约43.92亿元，同 比减少37.9%；公司拥有人应占溢利573.5万元，同比减少99.67%；每股盈利0.01元。公告指出，由于报 告期间内出售与辉同行，若剔除出售与辉同行的财务影响(即与辉同行所产生的一次性开支及溢利)，持 续经营业务的净溢利由2024财年的人民币1.04亿元增加30.0%至2025财年的人民币1.354亿元。 东方甄选(01797)跌超10%，截至发稿，跌10.69%，报32.42港元，成交额19.01亿港元。 ...

消息面上，8月22日晚，东方甄选公布截至2025年5月31日止年度的年度业绩，总营收约43.92亿元，同 比减少37.9%；公司拥有人应占溢利573.5万元，同比减少99.67%；每股盈利0.01元。公告指出，由于报 告期间内出售与辉同行，若剔除出售与辉同行的财务影响(即与辉同行所产生的一次性开支及溢利)，持 续经营业务的净溢利由2024财年的人民币1.04亿元增加30.0%至2025财年的人民币1.354亿元。 智通财经APP获悉，东方甄选(01797)跌超10%，截至发稿，跌10.69%，报32.42港元，成交额19.01亿港 元。 ...

（文章来源：每日经济新闻） 每经AI快讯，8月25日，港股东方甄选跌超10%。 ...

Core Viewpoint - Oriental Selection is experiencing a decline in stock price, reflecting market concerns despite its strong position in the online education sector [1]. Group 1: Company Overview - Oriental Selection Holdings Limited is a leading player in the online extracurricular education service sector in China, known for providing high-quality online courses and exam preparation services [1]. - The company expanded its business in 2021 to include live commerce, educational smart hardware products, STEAM education, and vocational education [1]. - By 2017, Oriental Selection had become the largest online education brand in China's university exam preparation market, leveraging strong technological and resource advantages for continuous business exploration and development [1]. Group 2: Financial Performance - As of the 2024 annual report, Oriental Selection reported total revenue of 4.392 billion yuan and a net profit of 5.735 million yuan [2].

Core Viewpoint - The article discusses the phenomenon of "small essays" in the stock market, highlighting their role in manipulating stock prices and the challenges in regulating such activities [4][35][37]. Group 1: Characteristics of "Small Essays" - "Small essays" are essentially rumors or unverified information that can significantly impact stock prices, often exploiting the curiosity and speculative nature of retail investors [6][12]. - They can be categorized into five types: policy rumors, company operations, fund movements, market sentiment/conspiracy theories, and over-interpretation of public information [9][8]. - The spread of these rumors typically begins in social media circles, where they are crafted to maximize impact and reach [11][19]. Group 2: Impact on the Market - The influence of "small essays" can lead to rapid stock price changes, sometimes within minutes, as seen in the case of companies like 淳中科技 [12][20]. - The phenomenon reflects a broader trend in the market where speculative behavior is heightened, particularly in a bull market environment [30][35]. - The presence of a large retail investor base in the Chinese stock market, which often lacks access to reliable information, creates fertile ground for the proliferation of these rumors [20][36]. Group 3: Regulatory Challenges - Despite regulatory efforts to curb the spread of "small essays," their prevalence has not diminished, indicating a gap between policy and enforcement [27][28]. - The anonymity and rapid dissemination of these rumors complicate the ability of regulatory bodies to trace and penalize offenders effectively [21][37]. - The article emphasizes the need for a multi-faceted approach involving technology and collaboration among regulatory agencies to combat the issue [38]. Group 4: Future Outlook - The article suggests that while "small essays" may continue to thrive in the short term, advancements in regulatory technology and a shift towards more rational investment practices could eventually reduce their prevalence [38]. - The ongoing evolution of the market and investor behavior will determine the future landscape of information dissemination and its impact on stock pricing [36][37].

Group 1 - Lucky Coffee's first overseas store opened in Malaysia, marking the beginning of its globalization efforts, with a focus on integrating local culture into its store and product design [1] - Lucky Coffee plans to refine its overseas store model and deepen its presence in the Southeast Asian market, although the long-term adaptability of its localization strategy remains to be observed [1] Group 2 - Heytea has officially joined the Taobao Flash Sale platform, with over 4,000 stores fully online, indicating its commitment to digital expansion in the high-end tea beverage market [2] - The competitive landscape of the "takeaway war" has prompted Heytea to explore online growth opportunities through Taobao Flash Sale, which is seen as a key driver for increasing store sales [2] Group 3 - Dongfang Selection reported a significant decline in net profit for the fiscal year 2025, with revenue dropping by 32.7% to 4.392 billion yuan, and net profit from continuing operations falling by 97.5% to 6.191 million yuan [3] - Excluding the financial impact of the sale of Hui Tong, Dongfang Selection's net profit from continuing operations increased by 30%, indicating positive signals amid business transformation [3] Group 4 - The State Council's press conference highlighted the need for stricter governance of live-streaming e-commerce, addressing major cases such as "Three Sheep" and "Northeast Rain Sister" [4] - Regulatory measures will include the cancellation of unreasonable restrictions on online trading platforms and the promotion of fair competition in the market, aiming to enhance the transparency and rationality of fees [4]

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].

Core Viewpoint - Dongfang Zhenxuan reported its latest performance following the departure of Dong Yuhui, revealing significant revenue decline and changes in operational dynamics [3][4]. Financial Performance - For the fiscal year ending May 31, 2025, Dongfang Zhenxuan achieved total revenue of 4.392 billion yuan, a year-on-year decrease of 32.7% [3]. - The net profit from continuing operations turned positive at 6.2 million yuan, compared to a loss in the first half of the previous fiscal year, while the net profit for the fiscal year 2024 was 249 million yuan [3]. - Adjusted net profit, excluding one-time expenses related to Dong Yuhui, increased by 30% year-on-year to 135.4 million yuan [3][4]. Business Dynamics - The Gross Merchandise Volume (GMV) for the fiscal year dropped by 39.2% to 8.7 billion yuan from 14.3 billion yuan in the previous fiscal year [4]. - The total cost of revenue decreased by 38.2% to 3 billion yuan, while gross profit fell by 17% to 1.4 billion yuan [4]. - The gross margin improved from 25.9% to 32% due to healthy development in self-operated products and live e-commerce [4]. Strategic Developments - Self-operated products have become a key growth driver, with the number of self-operated products increasing from 488 to 732 [5]. - The company has launched its first self-operated cold chain warehouse, enhancing its distribution service system [5]. - Self-operated products accounted for approximately 43.8% of total GMV for the fiscal year [7]. Personnel and Management - CEO Yu Minhong addressed rumors regarding staff departures, clarifying that Sun Dongxu is on an approved long vacation and not leaving the company [4][6]. - The total number of employees in the self-operated products and live e-commerce team reached 1,401, with 1,070 full-time and 331 part-time staff [7]. Partnership and Agreements - Dongfang Zhenxuan renewed its transaction framework agreement with New Oriental, continuing to sell its own brand products [8]. - The receivables from transactions with New Oriental are projected to increase from 15.05 million yuan in fiscal year 2023 to 61.73 million yuan in fiscal year 2025, with a cap of approximately 100 million yuan for fiscal year 2026 [9]. Market Performance - Despite recent stock price fluctuations, Dongfang Zhenxuan's stock has seen significant growth, rising from around 11 HKD per share in early July to a peak of 53.7 HKD, with a current price of 36.3 HKD, reflecting a cumulative increase of over 200% [12].