Core Viewpoint - Oriental Selection reported a significant decline in revenue and net profit for the fiscal year ending May 31, 2025, primarily due to intensified competition in the live e-commerce sector and strategic business adjustments [2][5]. Financial Performance - Total revenue for the fiscal year 2025 was 4.392 billion RMB, a decrease of 32.7% from 6.526 billion RMB in the previous fiscal year [2][4]. - Net profit from continuing operations was 6.191 million RMB, down 97.5% from 249.1 million RMB year-on-year [2][4]. - Excluding the impact of the sale of Huixing Technology, net profit from continuing operations increased by 30% to 135.4 million RMB [5]. Business Segments - Revenue from the app increased from 900 million RMB in fiscal year 2024 to 1.1 billion RMB in fiscal year 2025 [2]. - Total revenue from continuing operations, excluding Huixing Technology, decreased by 30.9% to 4.2 billion RMB [2]. Strategic Adjustments - The company has shifted focus towards self-operated products, with total revenue from self-operated products reaching approximately 3.5 billion RMB, accounting for about 43.8% of total GMV [7]. - The product range has diversified beyond fresh food and snacks to include daily consumer goods and home products [7]. Operational Metrics - The total GMV for fiscal year 2025 was 8.7 billion RMB, with a notable increase in GMV from the app, rising from 8.4% in fiscal year 2024 to 15.7% [7]. - The number of paid subscribers for the Oriental Selection app reached 264,300, indicating a growing membership base [7]. Cost and Profitability - Total cost of revenue for continuing operations decreased by 38.2% to 3 billion RMB, primarily due to reduced inventory and logistics costs [8]. - Gross profit fell from 1.7 billion RMB in fiscal year 2024 to 1.4 billion RMB, but gross margin improved from 25.9% to 32.0% [8]. Team and Structure - As of May 31, the total number of employees in the self-operated products and live e-commerce teams was 1,401, with 1,070 full-time and 331 part-time staff [8]. Management Stability - Prior to the earnings release, there were rumors regarding the departure of former CEO Sun Dongxu, which the company denied, stating he is currently on leave and has not left the company [9].

Core Viewpoint - The income disparity between Dong Yuhui and his former employer, Dongfang Zhenxuan, has sparked public debate, highlighting the contrasting business models and performance of both entities after their separation [1][2][6]. Group 1: Income and Performance - Dong Yuhui reportedly generated an income of 2 to 3 billion yuan after establishing his own company, Yuhui Hangxing, although this figure has been denied [1][2]. - Dongfang Zhenxuan's stock price increased by 357% since Dong Yuhui's departure, indicating a successful transition to a new business model focused on self-operated brands and supply chains [6]. - In the first half of the 2025 fiscal year, Dongfang Zhenxuan reported total revenue of 2.187 billion yuan, a year-on-year decline of 9.32% [6]. Group 2: Business Models - Dongfang Zhenxuan is pursuing a "de-head anchor" strategy, focusing on developing new hosts and diversifying its platform presence, while Yuhui Hangxing centers around Dong Yuhui's personal brand [6][7]. - Yuhui Hangxing has reduced traditional live-streaming frequency and is exploring cultural tourism projects and celebrity interviews as new growth engines [7][10]. - The average commission rate for live-streaming sales is estimated to be between 10% and 30%, with Yuhui Hangxing potentially operating at the lower end due to its "knowledge-driven" branding [3][4]. Group 3: Future Challenges - The transition from a "super individual" to a systematic operation poses a significant challenge for Yuhui Hangxing, as the sustainability of personal IP relies on the depth of knowledge and content quality [9][10]. - The company is actively working on incubating new hosts and establishing a matrix of accounts to mitigate market risks associated with reliance on a single personality [9][10]. - The future success of personal IP-driven models may depend on balancing content quality with commercialization, as well as integrating supply chain capabilities for long-term growth [10].

2025.08.22 由于报告期间内出售与辉同行，若剔除与辉同行所产生的一次性开支及溢利，经调整净溢利由1.042亿 元同比增加30%至1.354亿元。 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所致。 此前在东方甄选股东沟通会上，东方甄选行政总裁俞敏洪表示，董宇辉离职可以得到与辉同行净利润的 50%。分配后，与辉同行账面仍剩1.41亿元。彼时俞敏洪表示，剩下的1.41亿元也将分配给董宇辉，并 将在财年报告中体现出来。 本文字数：1303，阅读时长大约2分钟 作者 |第 ...

Core Insights - Oriental Selection reported a total revenue of 4.39 billion RMB for the fiscal year 2025, a decrease of 32.7% year-on-year [2] - The company achieved a net profit of 6.2 million RMB for the fiscal year 2025, marking a significant decline of 97.5% compared to the previous year's net profit of 249 million RMB [2][3] - The gross margin for the 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 [2] Revenue and Profit Analysis - Total revenue for continuing operations decreased from 6.1 billion RMB in fiscal year 2024 to 4.39 billion RMB in fiscal year 2025, a decline of 30.9% when excluding the revenue from the sale of the education business [2][3] - The net profit for continuing operations, excluding the financial impact of the sale, increased by 30% to 135.4 million RMB in fiscal year 2025 [2] - The adjusted EBITDA for continuing operations was reported at 988.93 million RMB for fiscal year 2025 [3] Business Operations and Growth Drivers - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce reached 8.7 billion RMB in fiscal year 2025, a decrease of 39.2% from 14.3 billion RMB in fiscal year 2024 [4] - The number of paid subscribers for the Oriental Selection App reached 264,300 in fiscal year 2025 [4] - The company launched 732 self-operated products in fiscal year 2025, expanding its product categories beyond fresh food and snacks to include health products, pet food, and apparel [4] Strategic Developments - Oriental Selection has launched its first self-operated cold chain warehouse, improving logistics efficiency [5] - A new annual framework agreement with New Oriental was established, allowing Oriental Selection to sell its own brand products, with a transaction cap of 100 million RMB for fiscal year 2026 [5] - Recent stock price volatility was noted, with significant fluctuations following rumors regarding executive misconduct, which were later denied by the companies involved [5][6]

Core Insights - Oriental Selection reported a significant decline in net revenue and GMV for the fiscal year 2025, with net revenue dropping by 32.7% to 4.4 billion RMB and GMV decreasing by 39.2% to 8.7 billion RMB [1][2] - Despite the revenue decline, the company achieved a positive net profit of 0.062 billion RMB, recovering from a loss in the first half of the fiscal year [1] - The gross margin improved from 25.9% to 32% due to a reduction in inventory and logistics costs, which fell by 38.2% to 3 billion RMB [1] Financial Performance - The continuous operating business's net revenue decreased from 6.5 billion RMB to 4.4 billion RMB, reflecting a 32.7% year-on-year decline [1] - The net profit for the fiscal year was reported at 0.062 billion RMB, a recovery from the previous year's loss, while adjusted net profit increased by 30% to 1.354 billion RMB [1] - Administrative expenses rose by 22.5% to 484.8 million RMB, primarily due to the distribution of remaining profits related to the departure of former CEO Dong Yuhui [2] Management Changes - Dong Yuhui's departure had a notable impact on the company's operations and financials, with a significant portion of the administrative expenses attributed to his severance [2] - The company clarified that former CEO Sun Dongxu is on leave and has not officially left the company, while Yu Minhong has taken over as CEO [2]

Core Viewpoint - Oriental Selection has achieved profitability in the fiscal year 2025, with a significant increase in stock price and market capitalization, driven by its self-operated products and live e-commerce business [1][2]. Financial Performance - For the fiscal year 2025, total revenue from continuing operations reached 4.4 billion yuan, with a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [1]. - The net profit from continuing operations, excluding the financial impact of the sale of a subsidiary, was 135.4 million yuan, a year-on-year increase of 30% [1]. - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [1]. Business Strategy - The company focuses on a live platform centered around selecting quality products, with self-operated products as a long-term positioning strategy [2]. - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce in fiscal year 2025 was 8.7 billion yuan, with self-operated products accounting for approximately 43.8% of total GMV [2]. - The number of paid subscribers for the Oriental Selection App reached 264,300, with a user satisfaction rate of 98.7%, marking a historical high [2]. Product Development - Oriental Selection has 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 health products, pet food, and clothing [2]. - The company aims to enhance its supplier management system and establish a comprehensive quality control system covering all key aspects from raw material selection to sales [3]. Future Outlook - The company is committed to providing high-quality products and services, maintaining high standards in product selection, and continuously innovating to meet consumer expectations [3].

Core Viewpoint - Oriental Selection has successfully turned losses into profits in the fiscal year 2025, with a focus on self-operated products and live e-commerce as key growth drivers [4][5]. Financial Performance - For the fiscal year 2025, Oriental Selection reported total revenue from continuing operations of 4.4 billion yuan, achieving a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [4]. - The gross profit margin for continuing operations increased from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [4]. Growth Drivers - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce reached 8.7 billion yuan in fiscal year 2025, with self-operated products accounting for approximately 43.8% of the total GMV [5]. - The number of paid subscribers for the Oriental Selection App reached 264,300, with a user satisfaction rate of 98.7%, marking a historical high [5][6]. Strategic Initiatives - The company plans to continue enhancing its self-operated product offerings, having launched 732 new products in fiscal year 2025, up from 488 in fiscal year 2024 [5]. - Future strategies include improving the membership system of the Oriental Selection App, expanding product offerings, and maintaining high standards in product quality control [6].

Core Insights - Oriental Selection reported a significant decline in net revenue for the fiscal year 2025, with a 32.7% decrease from 6.5 billion RMB to 4.4 billion RMB, while net profit turned positive at 0.062 billion RMB compared to a loss in the first half of the fiscal year 2025 [2][3] Group 1: Financial Performance - The adjusted net profit, excluding one-time expenses and profits from the sale of a subsidiary, increased by 30% year-on-year to 0.1354 billion RMB [3] - The Gross Merchandise Volume (GMV) dropped by 39.2% from 14.3 billion RMB to 8.7 billion RMB, leading to a reduction in total revenue costs by 38.2% to 3 billion RMB [3] - The gross profit decreased by 17% from 1.7 billion RMB to 1.4 billion RMB, but the gross margin improved from 25.9% to 32% due to healthy development in self-operated products and live e-commerce [3] Group 2: Operational Changes - The company emphasized the importance of self-operated products, which increased from 488 to 732 SKUs, becoming a key growth driver [4] - The administrative expenses for the ongoing business rose by 22.5% to 0.4848 billion RMB, primarily due to the distribution of remaining profits from a subsidiary [3][4] - The company announced a framework agreement with New Oriental to sell its own brand products, with historical transaction amounts increasing from 0.15 billion RMB in fiscal year 2023 to a projected 1 billion RMB in fiscal year 2026 [4]

Core Insights - Oriental Selection (1797.HK) reported a total revenue of 4.4 billion yuan for the fiscal year 2025, with a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [1] - The gross margin for the continuing operations increased 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] - The company emphasized its commitment to product quality and safety, aiming to become synonymous with quality in the industry [1] Revenue and Profitability - 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 GMV from Douyin accounted for the majority, while the contribution from the Oriental Selection App increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2] Product Development and Service Enhancement - Oriental Selection launched a total of 732 self-operated products in fiscal year 2025, up from 488 in fiscal year 2024, expanding its product range to include health foods, pet foods, and apparel [3] - The company has implemented a cold chain logistics system to enhance delivery services, which has effectively reduced transportation times [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] - The app has introduced various member benefits and features, including a community forum and book club, enhancing user interaction and experience [4] Future Outlook - The company plans to maintain high standards in product quality and expand its membership benefits, aiming to increase the active user base and registered members of the Oriental Selection App [6][8] - Oriental Selection is committed to building a comprehensive quality control system covering all stages of the product lifecycle, from raw material selection to sales [8]

8月22日，东方甄选发布声明称，孙东旭老师在休假中，并没有离职。自从23年12月份之后，孙东旭老师一直以东方甄选和俞敏洪老师顾问的方式工作。俞 敏洪老师与孙东旭老师一直保持着良好的沟通。 据封面新闻，孙东旭2007年本科毕业后加入新东方集团。先后担任天津新东方学校国外考试部教师、合肥新东方学校助理校长、西安新东方学校校长。2019 年，年仅34岁的孙东旭担任新东方在线CEO。2023年3月，新东方在线更名为东方甄选。 2023年底孙东旭因"小作文风波"引发关注，当时他因处理董宇辉关于文案创作归属争议的方式不当，被免去东方甄选执行董事和CEO职务。此后孙东旭并未 离开新东方体系，2024年11月24日，他再次现身东方甄选直播间。 图片来源：东方甄选直播间 8月21日，俞敏洪在东方甄选APP测试直播时，有网友提及东方小孙，俞敏洪也回应弹幕，小孙在休假。 图片来源：东方甄选APP测试直播 近日，一则关于"东方甄选前CEO孙东旭或将离职"的消息在网络引发舆论关注，相关话题登上热搜。 据南方日报，8月22日，知情人士透露，"孙东旭目前在休假，这是其个人常规的年度夏季休假安排，休假结束后将正常返岗。"该知情人士表示，"孙 ...