从2022年中到2023年年底,尽管中间有很多磕磕绊绊的事情,但是本质上就是一直处于上升期,也是一个当时还是不错的状态。当然中间其实也发生了一些事情,这也导致了后来的2023年年底的事情的发生。 我们在此之前是公司董事长,基本上不参与公司的任何的日常管理和经营,只是有的时候跟他们见个面,看看有什么问题。 那么在这23年年底以后呢,我意识到了事情严重性,那这个过程大家都已经知道了,那么后来我就亲自担当了CEO这么一个岗位,到我这个年龄呢,其实担当这个岗位有一点勉为其难了,但是我觉得我还是算是一个比较充满活力的人吧,所以呢,也希望通过我的努力呢,让东方正学进入下一个发展的平台。 那么我作为这个中华中学作为一个以这个流量带货为核心的这样的一个公司在当时,那么我知道这个宇辉的价值是非常非常重大的,非常非常重要的,所以呢,我 用了全部的努力也在董事会的授权上授权以后给了宇辉一个很好的package就是一个很好的我们把它叫保底收入就package那么这样的话努力的留住了宇辉宇辉对我也比较的信任所以也觉得在我领导下继续干也是一个比较安全的这样的一个状态 为了使双方避开矛盾和冲突,也为了使双方能够各自发挥自己的优势,所以在我 ...

Investment Rating - The report assigns a "Neutral" rating to the company, Dongfang Zhenxuan (1797 HK), with a target price of 13.40 HKD, reflecting an 8.1% upside from the closing price of 12.40 HKD [3]. Core Insights - Dongfang Zhenxuan announced the sale of its subsidiary, Yuhui Tongxing, to its former employee, Dong Yuhui, which is expected to impact the company's profits by over 20% for the fiscal year 2025. The sale price was 76.59 million RMB, equal to the net asset value of Yuhui Tongxing, resulting in no gain or loss from the transaction [1]. - The financial performance of Yuhui Tongxing for the first half of 2024 showed a Gross Merchandise Value (GMV) of approximately 3.5 billion RMB, contributing around 410 million RMB in revenue and 140 million RMB in profit, with a profit margin of 33% [1]. - Following the sale, the company plans to reallocate resources to strengthen its own brand and expand its self-operated products and live-streaming e-commerce business, aiming to better meet consumer demands [1]. Summary by Sections Company Overview - Dongfang Zhenxuan is transitioning its business strategy by divesting from Yuhui Tongxing, which was previously wholly owned and contributed significantly to its revenue [1]. Financial Impact - The divestment is projected to lead to a reduction in GMV, revenue, and profit forecasts for fiscal year 2025 by 34%, 9%, and over 20% respectively, while also potentially reducing public relations risks [1]. Strategic Direction - The company intends to focus on its self-operated strategies and multi-platform development post-divestment, which may lead to more stable operations in the long term [1].

Company Rating - The report assigns a **Neutral** rating to **Oriental Selection (1797 HK)** [3] Core Viewpoints - Oriental Selection sold its subsidiary **Yu Hui Tong Xing** to Dong Yuhui, which is expected to impact the company's 2025 fiscal year profit by **20%+** [1] - The sale of Yu Hui Tong Xing is expected to reduce Oriental Selection's 2025 fiscal year GMV, revenue, and profit by **34%**, **9%**, and **20%+** respectively [1] - The sale is expected to have a short-term financial impact but may reduce public opinion risks, allowing management to focus on self-operated strategies and multi-platform development for long-term stability [1] Financial Impact of Yu Hui Tong Xing Sale - Yu Hui Tong Xing generated a net profit of **140 million RMB** in the first half of 2024 (from December 22, 2023, to June 30, 2024) [1] - The GMV of Yu Hui Tong Xing from January to June 2024 was approximately **3.5 billion RMB**, with a commission rate of **13%**, contributing **410 million RMB** in revenue and a profit margin of **33%** [1] - The sale price of Yu Hui Tong Xing was **76.59 million RMB**, equal to its net asset value, resulting in no gain or loss for Oriental Selection [1] Strategic Adjustments - Oriental Selection plans to reallocate resources to strengthen its own brand, expand self-operated products, and develop its live e-commerce business [1] - The company announced a share buyback plan of up to **500 million RMB** within the next year [1] Industry Coverage - The report covers multiple companies in the internet and education sectors, including **Baidu (BIDU US)**, **iQiyi (IQ US)**, **Kuaishou (1024 HK)**, **Bilibili (BILI US)**, **NetEase Cloud Music (9899 HK)**, **Tencent Music (TME US)**, **Pinduoduo (PDD US)**, **JD.com (JD US)**, **Alibaba (BABA US)**, **New Oriental Education (9901 HK)**, **Tencent (700 HK)**, and **Meituan (3690 HK)** [3] - Most companies in the internet and education sectors are rated as **Buy**, with potential upside ranging from **15.5%** to **88.0%** [3]

社会服务 2024 年 07 月 05 日 东方甄选 (01797) ——自营产品销售稳步推进,经营指标回归常态 公 司 研 究 / 公 司 点 评 报告原因:调整投资评级 证 券 研 究 报 告 | 市场数据: | 2024 年 07 月 04 日 | |--------------------------|---------------------------------| | 收盘价(港币) | 13.08 | | 恒生中国企业指数 | 6470.86 | | 52 周最高 / 最低(港币) | 46.80/11.80 | | H 股市值(亿港币) | 134.89 | | 流通 H 股(百万股) | 1031.3 | | 汇率(人民币/港币) | 1.0954 | 一年内股价与基准指数对比走势: -54% -4% 46% 96% 07/0308/0309/0310/0311/0312/0301/0302/0303/0304/0305/0306/03 HSCEI 东方甄选 资料来源:Bloomberg 增持(下调)投资要点: ⚫ 我们预计东方甄选24财年下半年(2023.12-2024.5)将实现收入4 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [1]. Core Insights - The company has achieved a GMV of over 3.6 billion yuan for its self-operated products in FY24H2, representing a year-on-year growth of 108% and a quarter-on-quarter growth of 74% [1]. - The company has launched over 400 self-operated products, with 80% being food and agricultural products, and over 100 products ranking in the top three on Douyin's product list [1]. - The overall positive feedback rate for self-operated products exceeds 95%, with a repurchase rate of 59% and over 25 million users for self-operated products [1]. - The company is expanding its self-operated product categories and has seen strong demand and excellent repurchase performance for several products [1]. - The self-operated app is becoming a core channel for sales, with over 90% of new products launched on the app since May, contributing to over 40% of the total GMV for popular products [1]. - The company plans to increase its Douyin accounts and live broadcasts, which may enhance overall GMV performance [1]. - The revenue forecasts for FY24-26 are 6.1 billion, 7.4 billion, and 9.1 billion yuan respectively, with adjusted net profits of 900 million, 1.04 billion, and 1.23 billion yuan, and corresponding EPS of 0.9, 1.0, and 1.2 yuan per share [1].

交银国际研究 首次覆盖 互联网 2024 年 6 月 26 日 收盘价 目标价 潜在涨幅 港元 12.96 港元 13.40 +3.4% 东方甄选 (1797 HK) 自营建设虽具长期增长潜力,短期盈利不确定性仍存,首予中性 市场关注点主要包括 1)利润短期承压;2)主账号 GMV 数据下降;3)大 主播稳定性及公司管理战略仍在调整期。我们认为公司利润率或在2024财 年 3 季度(截至 2024 年 2 月 29 日)触底。2024 财年 3 季度为公司战略调 整阶段,增加自营品促销力度,导致自营品毛利率下滑。春节后,运营逐 渐回归正常节奏,专场直播推进更为积极,预计 4 季度公司盈利能力将较 3 季度有所改善。但考虑自营品短期仍以规模增长为目标,投入力度仍存 不确定性。 主账号流量增长面临挑战,GMV 规模部分被货架及其他渠道分流。 "小作 文"事件后,东方甄选主账号经历粉丝数短暂下降,目前已稳定在3000万 量级,但确实反映出新增流量增长承压的局面,公司长期拓圈发展面临挑 战。与辉同行上线后,2-3 月,东方甄选主账号直播间(不含货架销售) GMV 下降至 2-3 亿元(人民币,下同),目前环比稳定。主 ...

Core Insights - Dongfang Zhenxuan has launched a new "hourly delivery" service in collaboration with JD Logistics, initially targeting the Beijing market, with plans to expand to more cities in the future [1][6] - The service aims to leverage the brand's existing fan base and the personal charm of its young hosts to differentiate itself from competitors like Meituan and JD [3][4] - Despite initial enthusiasm, the sales performance of the hourly delivery service has shown a downward trend, raising questions about its long-term viability and profitability [4][6] Group 1: Business Strategy - The "hourly delivery" service is part of Dongfang Zhenxuan's broader strategy to diversify its business, which includes self-operated products and a membership-based e-commerce app [2][6] - The company has been exploring various business models since launching its live streaming service in late 2021, including expanding its product offerings and establishing multiple live streaming accounts [6][7] - The service is designed to provide a new sales channel for self-operated products and stimulate interest in the capital markets [6][10] Group 2: Market Performance - The first live broadcast for the hourly delivery service estimated sales of 5,000 to 7,500 yuan, with a total estimated sales range of 10,000 to 25,000 yuan over ten broadcasts [4][6] - The product offerings in the hourly delivery service have been criticized for lacking variety and not emphasizing time-sensitive items, which may limit its appeal [4][10] - The overall market for instant retail is growing rapidly, with an estimated market size of 5,042.86 billion yuan in 2022, expected to triple by 2025 [10][11] Group 3: Competitive Landscape - The instant retail market is highly competitive, with major players like Meituan and JD dominating the space, holding a combined market share of 75% [11] - Dongfang Zhenxuan's entry into the hourly delivery market comes at a time when competitors are already well-established, making it challenging to carve out a significant market share [10][11] - The effectiveness of Dongfang Zhenxuan's strategy will depend on its ability to leverage its existing user base and the unique appeal of its hosts to attract customers to the new service [3][10]

智通财经APP获悉，东方甄选(01797)早盘反弹逾5%，截至发稿，涨3.95%，报23.7港元，成交额1.46亿 港元。 2月27日上午，董宇辉的微博账号内容显示全部清空，再度引发舆论关注。有接近东方甄选人士向媒体 透露，这是个人行为。三眼查数据显示，在抖音1月直播达人带货榜上，与辉同行以单月8.89亿元的销 售额，超过了小杨哥和东方甄选，跃居第一位。 申万宏源(香港)指出，进入春节后销售淡季，东方甄选直播电商业务稳扎稳打。“小编”事件后头牌主播 董宇辉直播频道开播，GMV破亿，粉丝数破千万规模，成绩斐然，或成为公司又一增长点。看好公司 多主播，多平台直播，自营产品优先发展的思路。 ...

2023年的主播翻车事件，可谓是“成也流量，败也流量。” 不管是李佳琦“眉笔79元一支哪里贵了”引发舆论轩然大波，还是蜂花作为国货顶流的79元套装“接住这泼天的富贵”；从董宇辉“小作文”到底由谁撰写的争 议到引发东方甄选账号掉粉、股价下跌，西方臻选等“高仿号”蹭热度被封...... 流量汹涌而来时，可以成就主播的高峰；而当主播一旦“行差踏错”，流量又会如潮水般退去。 “直播是所有迅速赚钱的工作里面唯一不犯法的”，成都一家直播公会在培训主播时如是形容这个行业。有“疯狂小杨哥”、“辛巴”等从籍籍无名的素人到千 万超头主播的“暴富神话”先例在前，也就不难理解，在抖音、淘宝、快手等电商平台，有数以万计的人涌入直播，想要成为下一个千万主播。 但问题在于，就算是“千万主播”稍有不慎，也翻车的一天。为此，亿邦动力盘点了2023年的主播翻车事件，试图总结可以参考的经验教训。 01 禁：虚假宣传 ...

Financial Performance - Total revenue for the six months ended November 30, 2023, was RMB 2,795,046, representing a 34.4% increase from RMB 2,080,073 in the same period of 2022[8]. - Profit before tax decreased by 49.9% to RMB 378,128 from RMB 755,294 year-on-year[8]. - Net profit for the period was RMB 249,191, down 57.4% compared to RMB 585,293 in the previous year[8]. - Basic earnings per share decreased by 56.9% to RMB 0.25 from RMB 0.58[8]. - Adjusted profit for the period was RMB 508,500, a decrease of 15.4% from RMB 600,995[8]. - Total net revenue increased by 34.4% from RMB 2.08 billion to RMB 2.8 billion for the six months ended November 30, 2023[18]. - Revenue from self-operated products and live e-commerce grew by 36.6% from RMB 1.77 billion to RMB 2.41 billion during the same period[18]. - Adjusted net profit for the reporting period was RMB 508.5 million, compared to RMB 601.0 million in the first half of the 2023 fiscal year[18]. - Gross profit increased by 11.4% from RMB 982.5 million to RMB 1.1 billion, while gross margin decreased from 47.2% to 39.1%[40]. - The net profit decreased from RMB 5,853 million to RMB 2,492 million for the six months ended November 30, 2023[53]. - The company reported a total profit of RMB 249,191,000 for the six months ended November 30, 2023, compared to RMB 585,293,000 for the same period in 2022, reflecting a decline of 57.5%[165]. Revenue Sources - Gross Merchandise Value (GMV) reached RMB 5.7 billion, up from RMB 4.8 billion in the previous year[15]. - Revenue from online education services for students was RMB 365,742 thousand, up from RMB 295,103 thousand, indicating a growth of 23.8%[148]. - The university education segment's revenue increased by 23.9% from RMB 295.1 million to RMB 365.7 million, despite a decrease in paid student numbers from 315,000 to 225,000[38]. - Revenue from institutional clients decreased by 6.2% from RMB 19.2 million to RMB 18.0 million due to business adjustments in this segment[39]. - Revenue from self-operated products and live e-commerce customers reached RMB 2,411,323 thousand, up from RMB 1,765,803 thousand, reflecting a growth of 36.5%[148]. - The majority of GMV came from Douyin, with a total of 59.6 million paid orders for third-party and self-operated products during the same period[25]. Operational Changes - The company continues to focus on enhancing its live e-commerce platform and expanding its product offerings, including self-operated agricultural products[11]. - The company aims to promote high-quality products and improve supply chain efficiency to contribute to rural revitalization in China[11]. - The company is focused on becoming a pure self-operated and live e-commerce operator following the sale of its education business, aiming to consolidate resources for further growth[26]. - The company plans to enhance supply chain management and expand product categories to meet diverse consumer needs[31]. - Future strategies include developing high-cost performance products and expanding the SKU range to adapt to conservative market trends[30]. - The company aims to improve user experience through new technology development and better quality control from raw materials to finished products[32]. - The company will implement price insurance for both self-operated and third-party products to enhance customer service experience[33]. Expenses and Costs - The total revenue cost rose by 55.0% from RMB 1.1 billion to RMB 1.7 billion, primarily due to increased inventory and transportation costs associated with business growth[40]. - Sales and marketing expenses surged by 145.6% from RMB 2,278 million to RMB 5,595 million, mainly due to increased employee costs for self-operated products and live streaming business operations[46]. - Research and development expenses increased by 56.5% from RMB 483 million to RMB 755 million, driven by investments in internet technology systems and applications for proprietary brands and live e-commerce[49]. - Administrative expenses rose by 129.6% from RMB 623 million to RMB 1,429 million, primarily due to increased share-based compensation expenses[50]. - The total revenue cost for the university education segment increased by 5.4% from RMB 776 million for the six months ended November 30, 2022, to RMB 818 million for the six months ended November 30, 2023[43]. Shareholder Information - Major shareholder New Oriental holds 557,160,500 shares, representing approximately 54.89% of the company's equity as of November 30, 2023[81]. - The ownership structure includes significant stakes held by key executives, with Yu Minhong holding approximately 12.0% of the shares through controlled entities[76]. - The company has adopted three share plans, with 30,000 new shares granted under the 2023 plan, accounting for approximately 0.00% of the company's issued share capital[82]. - The company has a maximum share issuance limit of 10% of the issued shares as of the 2023 plan adoption date, equating to 101,351,871 shares[95]. - The company did not declare an interim dividend for the reporting period, consistent with the previous year[117]. Corporate Governance - The company has established an audit committee to oversee financial reporting and internal control systems[112]. - The company plans to continue monitoring and reviewing its corporate governance practices[110]. - The company has complied with all applicable code provisions of the corporate governance code during the reporting period[109]. Cash and Assets - As of November 30, 2023, the company's cash and cash equivalents amounted to RMB 1.3 billion, up from RMB 1.2 billion and RMB 793.7 million on May 31, 2023, and November 30, 2022, respectively[58]. - The company reported a cash and cash equivalents balance of RMB 1,345,039 as of November 30, 2023, compared to RMB 1,165,137 at the end of the previous reporting period[133]. - Total assets amounted to RMB 4,358,941, an increase from RMB 3,436,916 as of May 31, 2023[133]. - Inventory increased significantly to RMB 359,754,000 as of November 30, 2023, compared to RMB 140,952,000 as of May 31, 2023, an increase of 155.5%[173]. Employee Information - Total employee compensation expenses for the six months ended November 30, 2023, amounted to RMB 624.8 million, representing a year-on-year increase of 167.7% from RMB 233.4 million in the same period of 2022[65]. - The total number of full-time employees increased to 1,785 as of November 30, 2023, compared to 1,260 a year earlier, while part-time employees rose to 720 from 410[65]. Future Plans - The company plans to continue expanding its live e-commerce and online education services to enhance revenue growth and market presence[140].