作 者丨尹华禄 编 辑丨吴桂兴 遭遇碰瓷？东方甄选（0 1 7 9 7 .HK）拟起诉同名农业公司。 天眼查显示，近日，东方甄选（北京）科技有限公司（即"东方甄选"）与东方甄选（北京） 农 业 有 限 公 司 就 不 正 当 竞 争 纠 纷 案 件 新 增 开 庭 公 告 ， 原 告 为 东 方 甄 选 （ 北 京 ） 科 技 有 限 公 司，该案件将于5月2 7日在北京市石景山区人民法院开庭审理。 南财快讯记者了解到，《中华人民共和国反不正当竞争法》第六条第二项显示，经营者不得 擅 自 使 用 他 人 有 一 定 影 响 的 企 业 名 称 （ 包 括 简 称 、 字 号 等 ） 、 社 会 组 织 名 称 （ 包 括 简 称 等）、姓名（包括笔名、艺名、译名等）。 据 浙 江 佑 平 律 师 事 务 所 介 绍 ， 如 果 被 任 用 名 字 的 企 业 属 于 知 名 公 司 或 者 有 一 定 影 响 力 的 公 司，那么被用了企业名称，是完全符合反不正当竞争法的禁止条款，属于侵权。 | 案号 | (2025) 京0107民初7860号 | 案由 | 不正当竞争纠纷 | | --- | --- | - ...

遭遇碰瓷？东方甄选（01797.HK）拟起诉同名农业公司。 天眼查显示，近日，东方甄选（北京）科技有限公司（即"东方甄选"）与东方甄选（北京）农业有限公 司就不正当竞争纠纷案件新增开庭公告，原告为东方甄选（北京）科技有限公司，该案件将于5月27日 在北京市石景山区人民法院开庭审理。 南财快讯记者了解到，《中华人民共和国反不正当竞争法》第六条第二项显示，经营者不得擅自使用他 人有一定影响的企业名称（包括简称、字号等）、社会组织名称（包括简称等）、姓名（包括笔名、艺 名、译名等）。 据浙江佑平律师事务所介绍，如果被任用名字的企业属于知名公司或者有一定影响力的公司，那么被用 了企业名称，是完全符合反不正当竞争法的禁止条款，属于侵权。 被告东方甄选（北京）农业有限公司成立于2022年7月，注册资本2万元，法定代表人为冉飞龙，经营范 围包括谷物种植、农业科学研究和试验发展、新鲜水果零售、新鲜水果批发等。 该公司目前由东方思路（海南）科技有限公司全资持股，系中银金矿（海南）投资集团有限公司的孙公 司，股权穿透显示，冉彬、冉冉为最终出资人，持股比例为90%、10%。 据了解，该律所创立于2002年，是经北京市司法局依法批准 ...

Summary of Dongfang Zhenxuan Conference Call Company Overview - **Company**: Dongfang Zhenxuan - **Industry**: E-commerce and Live Shopping Key Points and Arguments - **Multi-Platform Strategy**: Dongfang Zhenxuan employs a multi-platform strategy, with Douyin contributing approximately 80% of GMV, forming the company's core base. The company is also expanding into other e-commerce platforms like Taobao, JD.com, Xiaohongshu, and Pinduoduo without paid promotions [2][5] - **Brand Exposure Initiatives**: The company plans to utilize vending machines at New Oriental education institutions for brand exposure and will host family public welfare lectures to share product development concepts and brand stories, aiming to reach a broader potential user base [2][6] - **APP Development**: The Dongfang Zhenxuan APP focuses on self-operated products, achieving a 30-day repurchase rate of 50%. The company aims to increase app downloads and paid memberships through marketing activities, potentially including online concerts to attract users [2][7] - **Product Range and Quality Assurance**: The company offers 600 SKUs of self-operated products, with 300 available year-round. It employs big data to understand consumer needs and iterates on products while enhancing product quality through multi-layered quality control measures [2][10][9] - **Cost Reduction and Efficiency Improvement**: The company is implementing cost reduction and efficiency improvement plans, optimizing internal structures, and reducing full-time staff to enhance profitability [4][13][16] - **Self-Operated Product Performance**: Self-operated products account for about 50% of total sales, with plans to strengthen partnerships for broader distribution. The company focuses on health-related products and basic necessities for 2025 [11][12][17] Additional Important Content - **GMV Distribution**: The self-operated APP contributes approximately 15%-20% of total GMV, while Douyin and shelf e-commerce account for over 80% [4][18] - **Live Streaming Operations**: Dongfang Zhenxuan operates nearly ten accounts on Douyin, with the fresh produce account performing particularly well, achieving daily GMV exceeding 2 million RMB [4][21] - **Membership Growth Strategy**: The company is focusing on expanding paid membership through initiatives like the "亲友卡" (Friend and Family Card) to enhance user interaction and increase membership numbers [29][28] - **Future Plans for Product Development**: The company plans to introduce new health-related products and optimize existing offerings based on market data and user feedback [11][9] - **Stock Buyback and Incentive Plans**: The company initiated a 500 million RMB stock buyback plan last year, with 100 million RMB utilized so far. Future stock buybacks may occur based on management directives [30][31] - **Technological and Supply Chain Enhancements**: The company is focusing on optimizing its supply chain and technology systems to support growth and is considering selling self-operated products on other platforms to expand market share [32]

Core Viewpoint - The article discusses the contrasting trajectories of two companies, "Yuhui" and "Dongfang Zhenxuan," following the departure of Dong Yuhui, highlighting the impact of personal branding and management strategies on their performance [2][10]. Group 1: Company Performance - As of April 26, "Yuhui" has surpassed "Dongfang Zhenxuan" in Douyin followers, with 28.65 million compared to 28.59 million, reflecting a significant shift since Dong Yuhui's departure [3][4]. - In its first year, "Yuhui" achieved over 10 billion yuan in sales, becoming the top live-streaming sales account on Douyin, while "Dongfang Zhenxuan" reported a GMV of 4.8 billion yuan for the first half of the 2025 fiscal year, a 16.2% decline year-on-year [6][14]. - "Yuhui" consistently ranked in the top five for Douyin sales in early 2024, while "Dongfang Zhenxuan" fell out of the top ten for three consecutive months [6][14]. Group 2: Leadership and Strategy - Dong Yuhui has embraced his role as a live-streaming influencer, actively building his personal brand through music and television appearances, which has significantly enhanced his market presence [7][29]. - In contrast, Yuhui's leader, Yu Minhong, has struggled to find new growth avenues after losing Dong Yuhui, facing challenges in transitioning to a multi-channel network (MCN) model and diversifying product offerings [9][10]. - Yu Minhong's strategy includes a dual focus on products and traffic, with plans for offline stores and collaborations with Douyin, but these efforts have yet to yield significant results [15][16]. Group 3: Challenges and Issues - "Yuhui" faces quality control issues, particularly concerning product selection, as rapid growth may have compromised its ability to maintain high standards [21][24]. - "Dongfang Zhenxuan" is grappling with internal management challenges, including unresolved conflicts between management and influencers, which have hindered its ability to cultivate new talent [26][27]. - The article emphasizes the importance of personal branding in the live-streaming era, noting that while Dong Yuhui has successfully established his brand, "Dongfang Zhenxuan" has not developed a new leading influencer to replace him [28][32].

以下文章来源于字母榜 ，作者薛亚萍 字母榜 . 让未来不止于大 董宇辉"单飞"9个月后， 与辉同行的抖音粉丝数超过了东方甄选。 截至4月26日，与辉同行的抖音粉丝数为2865万，而东方甄选抖音主账号粉丝数为2859万。 这一结果并不令人意外。自去年7月董宇辉"单飞"，东方甄选的粉丝数就陷入增长停滞甚至下滑，而与辉同行则节节攀升。第三方数据平台灰豚数据显示， 过去三个月，与辉同行新增粉丝超120万，东方甄选粉丝数减少了42万。 一增一减后，双方粉丝量站在了同一水位线上。粉丝变化趋势，也折射出两家公司在过去一年里的发展轨迹。 从带货成绩上来看，新抖数据显示，2024年，与辉同行成立第一年的销售额突破百亿元，成为抖音当年带货销售额最高的直播间。而东方甄选在2025财年上 半财年，即2024年6月-11月的GMV（商品交易总额）为48亿元，同比下降16.2%。 到了今年，双方在抖音带货的位次变化则更为明显。 今年1-3月，辉同行稳居抖音带货月榜前五，而东方甄选连续三个月跌出带货月榜前十。 与辉同行粉丝超过东方甄选。 文 ｜ 薛亚萍 编辑 ｜ 谭宵寒 来源｜ 字母榜（ID：wujicaijing） 封面来源 ｜ IC ...

以下文章来源于字母榜 ，作者薛亚萍 字母榜 . 让未来不止于大 来源|字母榜 撰文|薛亚萍 编辑|谭宵寒 董宇辉"单飞"9个月后， 与辉同行的抖音粉丝数超过了东方甄选。 截至4月26日，与辉同行的抖音粉丝数为2865万，而东方甄选抖音主账号粉丝数为2859万。 这一结果并不令人意外。自去年7月董宇辉"单飞"，东方甄选的粉丝数就陷入增长停滞甚至下滑，而与辉同行则节节攀升。第三方数据平台灰豚数据 显示，过去三个月，与辉同行新增粉丝超120万，东方甄选粉丝数减少了42万。 一增一减后，双方粉丝量站在了同一水位线上。粉丝变化趋势，也折射出两家公司在过去一年里的发展轨迹。 从带货成绩上来看，新抖数据显示，2024年，与辉同行成立第一年的销售额突破百亿元，成为抖音当年带货销售额最高的直播间。而东方甄选在 2025财年上半财年，即2024年6月-11月的GMV（商品交易总额）为48亿元，同比下降16.2%。 到了今年，双方在抖音带货的位次变化则更为明显。 今年1-3月，辉同行稳居抖音带货月榜前五，而东方甄选连续三个月跌出带货月榜前十。 两家公司命运的走向，很大程度上也取决于两位掌舵者的态度。 很难想象一年前还在镜头前皱着眉 ...

Core Insights - The competition between "Yuhui with Glory" and "Oriental Selection" has intensified since Dong Yuhui's departure, with "Yuhui with Glory" surpassing "Oriental Selection" in Douyin followers and sales performance [1][2][4] - Dong Yuhui's personal brand has significantly strengthened, leading to increased sales and a dominant position in the live-streaming market, while "Oriental Selection" has faced declining sales and follower growth [9][10][21] - The contrasting strategies of the two leaders, Dong Yuhui and Yu Minhong, have resulted in divergent paths for their respective companies, with Dong focusing on personal branding and Yu struggling with management and growth challenges [25][28] Summary by Sections Followers and Sales Performance - As of April 26, "Yuhui with Glory" has 28.65 million followers, while "Oriental Selection" has 28.59 million, marking a significant shift since Dong Yuhui's departure [2] - In the past three months, "Yuhui with Glory" gained over 1.2 million followers, while "Oriental Selection" lost 420,000 followers [2] - "Yuhui with Glory" achieved over 10 billion yuan in sales in its first year, while "Oriental Selection" reported a GMV of 4.8 billion yuan for the first half of the 2025 fiscal year, a 16.2% decline year-on-year [4][10] Leadership and Strategy - Dong Yuhui has embraced his role as a live-streaming influencer, actively building his personal brand through music and television appearances [5][22] - Yu Minhong has struggled to find new growth avenues after losing Dong, facing challenges in expanding product lines and adapting to a changing market [7][11] - The split between the two companies was characterized by a belief that they would benefit from independence, but the outcomes have varied significantly [8] Management Challenges - "Oriental Selection" has encountered management issues, particularly in maintaining relationships with its influencers, leading to dissatisfaction among some key figures [19][20] - Dong Yuhui's "Yuhui with Glory" has focused on institutional growth and talent development, while "Oriental Selection" has faced criticism for its management practices and lack of effective communication [14][18] - The contrasting paths highlight the importance of personal branding in the live-streaming industry, with Dong's approach yielding better results compared to Yu's more traditional management style [21][25]

Group 1 - Goldman Sachs maintains a "Buy" rating on New Oriental-S (09901) and raises the target price to HKD 42 based on the sum-of-the-parts valuation method [1] - The firm expects investor confidence to gradually improve if the company achieves its profit margin expansion guidance for the May quarter, with the valuation multiple for New Oriental's core business projected to increase from the current 1x 12-month forward P/E [1] - Management emphasized cost control and operational efficiency during the February quarter earnings call, leading to an upward revision of non-GAAP operating profit expectations for FY25-27 by 7-14% [1] Group 2 - New Oriental's February quarter revenue and EPS fell short of expectations primarily due to a significant decline in revenue from Dongfang Zhenxuan (01797), which dropped by 59% year-on-year [2] - The firm has lowered its FY25 expectations for Dongfang Zhenxuan and adjusted the target price based on P/E to HKD 7.8 from HKD 8.2, but anticipates that Dongfang Zhenxuan will start contributing positively to group profits from the August quarter [2]

Core Viewpoint - New Oriental's Q3 FY2025 financial results show a revenue decline due to the underperformance of its Oriental Selection business, but the education and cultural tourism segments have demonstrated strong growth, indicating stability in the core education business [1][3]. Financial Performance - New Oriental reported a revenue of $1.183 billion for the quarter, a year-on-year decrease of 2.0%. Excluding Oriental Selection, revenue from education and cultural tourism was $1.038 billion, reflecting a year-on-year increase of 21.2% [1][3]. - Operating profit for the quarter was $125 million, up 9.8% year-on-year, while the operating profit excluding Oriental Selection's losses was $126 million, a 5% increase [3]. - Net profit attributable to shareholders rose by 0.1% to $87.3 million [3]. Business Segment Performance - The overseas exam preparation and consulting businesses grew by 7.1% and 21.4% year-on-year, respectively, while domestic exam preparation for adults and college students saw a growth of approximately 17.0% [4]. - The growth rate for overseas exam preparation was the lowest since 2023, indicating a slowdown in this segment due to geopolitical uncertainties [6]. Market Conditions - The geopolitical climate, particularly the uncertainty surrounding the potential re-election of Donald Trump, has negatively impacted New Oriental's overseas study-related businesses [6]. - The company anticipates continued slow growth in overseas-related business, projecting an 8% revenue increase in the next quarter and a 5% to 10% growth for the next fiscal year in overseas exam preparation [6]. New Business Growth - New Oriental's new education business segment experienced robust growth, with revenue increasing by 34.5% year-on-year. Non-subject tutoring courses had 408,000 enrollments, a 14.9% increase, while active paying users for smart learning systems grew by 64.4% to 309,000 [4][8]. - The company expanded its offline teaching centers significantly, increasing from 748 at the beginning of the fiscal year to 1,089 by the end of Q1 FY2025 [8]. Strategic Expansion - New Oriental plans to expand its offline capacity by over 20% in FY2025 and by 10% to 15% in FY2026, focusing on expanding within existing cities rather than entering new markets [8]. - The learning machine market is rapidly developing, with a 29.4% year-on-year increase in sales volume for learning tablets in Q1 FY2025, which supports New Oriental's smart learning systems and devices business [8].

Core Insights - The article discusses the growth potential of the international grape industry, highlighting a projected increase in market size by 10-13% [1] Industry Summary - The international grape market is expected to expand significantly, driven by rising consumer demand and increased production capabilities [1] - Key factors contributing to this growth include advancements in agricultural technology and improved supply chain logistics [1] Company Summary - Various companies within the grape industry are positioning themselves to capitalize on this growth, focusing on strategic partnerships and franchise opportunities [1] - The article emphasizes the importance of brand recognition and quality in attracting consumers to grape-related products [1]