国家金融监管总局：香港、澳门金融机构入股保险公司 不再执行"最近一年末总资产不低于二十亿美元"的规定 2月26日，国家金融监督管理总局发布关于香港、澳门金融机构入股保险公司有关事项的通知。2024年10月， 内地与香港、澳门分别签署了协议，其中对香港、澳门金融机构入股境内保险公司资质要求作出调整。根据 《中华人民共和国外商投资法》第四条和《中华人民共和国外商投资法实施条例》第四十八条规定，现就有关 事项通知如下：自2025年3月1日起，香港、澳门金融机构入股保险公司，不再执行"最近一年末总资产不低于 二十亿美元"的规定。 ★ 宏观动态 ★ 五年高速通行补贴 杭州富阳区发布房地产扶持政策（交通补贴）受理公告 2月26日，据"富阳发布"今日下午公布的信息，2023年11月13日，富阳区政府印发了《杭州市富阳区"提信心、 扩消费、促发展"相关政策》，根据相关规定，自2025年3月1日起受理富阳区房地产扶持政策（交通补贴）补 贴的办理。本次补贴内容为，购房人和其配偶名下的小客车，按照"一房两车"原则，在受理通过后的5年内享 受交通补贴政策；申报时间为，购房人在办理好所购商品住房不动产权证后可提交申请。对于哪些人可享受 ...

Financial Performance - Total revenue for the six months ended November 30, 2024, was RMB 2,186.6 million, a decrease of 9.3% from RMB 2,411.3 million for the same period in 2023[10]. - Gross profit for the same period was RMB 735.1 million, down 7.4% from RMB 794.2 million year-on-year[10]. - The company reported a loss before tax of RMB 72.5 million, compared to a profit of RMB 285.6 million in the previous year[10]. - Net loss attributable to owners of the company was RMB 96.8 million, compared to a profit of RMB 160.7 million for the same period last year[10]. - The adjusted net loss for the period was RMB 1.6 million, significantly lower than the adjusted profit of RMB 434.3 million in the previous year[10]. - The net loss from continuing operations for the six months ending November 30, 2024, was RMB 96.5 million, compared to a net profit of RMB 160.7 million for the same period in 2023[19]. - Total revenue for the six months ended November 30, 2024, decreased by 9.3% to RMB 2.2 billion from RMB 2.4 billion for the same period in 2023[40]. - Revenue from self-operated products reached approximately RMB 1.7 billion, contributing to the overall revenue decline of 9.3% in the self-operated products and live e-commerce segment[41]. - The basic loss per share from continuing operations was RMB (0.09), compared to earnings of RMB 0.17 in the previous year[138]. - The total comprehensive income for the period was RMB 249,191 thousand, reflecting the company's performance during the six months[143]. Operational Developments - The company has expanded its self-operated product and live e-commerce business, establishing a well-known online platform for high-quality agricultural products since 2021[13]. - The company has adopted a multi-channel strategy, selling its proprietary brand products across various platforms including Taobao, JD.com, and Pinduoduo[14]. - A membership system was established to offer exclusive services and lower prices on a variety of national and proprietary brand limited products starting from October 2023[14]. - The brand has gained millions of loyal viewers and repeat customers, becoming synonymous with quality, convenience, and cultural lifestyle in China[14]. - The company aims to enhance supply chain efficiency and promote high-quality products that lack sales channels, contributing to rural revitalization[13]. - The GMV for the six months ending November 30, 2024, was RMB 4.8 billion, a decrease of 16.2% from RMB 5.7 billion for the same period in 2023[17]. - The number of paid subscribers on the Dongfang Zhenxuan APP increased significantly to 228,300, up from 123,800 in the previous year[17]. - The average contribution per user is steadily increasing, indicating high user loyalty and engagement[22]. - The company launched 600 SKUs of self-operated products by November 30, 2024, expanding its product line significantly from 488 SKUs in the previous fiscal year[22]. - The GMV from Douyin accounted for the majority of total GMV, with 13.6% coming from the application[27]. Financial Position - Cash and cash equivalents as of November 30, 2024, were RMB 1.7 billion, down from RMB 2.3 billion on May 31, 2024, and RMB 1.3 billion on November 30, 2023[59]. - The asset-liability ratio as of November 30, 2024, was 17.4%, a decrease from 30.3% on November 30, 2023[60]. - Total employee compensation expenses, including share-based payments, amounted to RMB 532.8 million, a decrease of 14.7% compared to RMB 624.8 million for the same period in 2023[69]. - The company’s total liabilities decreased to RMB 1,004,410 from RMB 1,512,899, showing improved financial stability[140]. - The company’s total equity attributable to owners increased to RMB 4,969,621 thousand as of June 1, 2024, from RMB 2,803,808 thousand on June 1, 2023[143]. - The company reported no bank loans or other borrowings during the reporting period, indicating sufficient cash and capital resources for operations and expansion[73]. - As of November 30, 2024, the company had no pledged assets, ensuring full asset availability for operational needs[74]. - The company had no significant contingent liabilities as of November 30, 2024, reflecting a stable financial position[75]. Governance and Compliance - The audit committee reviewed the unaudited consolidated financial statements for the six months ending November 30, 2024, ensuring compliance with financial reporting procedures and internal control systems[113]. - The company has established a nomination committee and a remuneration committee in addition to the audit committee to enhance corporate governance[114]. - The company has complied with all applicable provisions of the corporate governance code during the reporting period, with a commitment to maintaining high standards of corporate governance[111]. - The company’s board believes that having the same individual serve as both chairman and CEO enhances internal leadership consistency and decision-making efficiency[110]. - The company has adopted a standard code to regulate the trading of its securities by directors, confirming compliance during the reporting period[112]. Strategic Initiatives - The company plans to focus on high-quality products and expand its offerings from regions with rich local specialties, such as Xinjiang[29]. - The company plans to adjust its strategies based on market conditions, with a focus on optimizing operational efficiency and exploring new market opportunities[129]. - The company completed the sale of its education business on March 1, 2024, as part of a restructuring plan approved by shareholders[151]. - The company reported a tax expense of RMB 24,022, a decrease of 80.8% from RMB 124,929 in the previous year[163]. - The company recognized share-based payment expenses of RMB 245,722 thousand during the period[143]. Shareholder Information - The company’s major shareholder, New Oriental, holds a beneficial interest of 589,585,500 shares, representing approximately 56.94% of the company's equity[86]. - The company’s directors and senior management collectively own approximately 2.34% of the company’s shares, with significant holdings by key individuals[79]. - The company has adopted three share plans, with no new shares issued under the 2023 plan during the reporting period, indicating a focus on existing equity[87]. - The total number of stock options granted under the pre-IPO plan is 25,940,885, with 7,230,500 options exercised and 18,710,385 options remaining unexercised as of the report date[89]. - The total number of reward shares granted under the 2023 plan is 17,646,330, with 10,000 shares vested during the reporting period[103].

Financial Performance - Total revenue for the six months ended November 30, 2024, was RMB 2,186.6 million, a decrease compared to RMB 2,795.0 million in the same period last year[5] - Gross profit for the six months ended November 30, 2024, was RMB 735.1 million, down from RMB 1,094.1 million in the previous year[5] - Net loss attributable to the company's owners for the six months ended November 30, 2024, was RMB 96.8 million, compared to a net profit of RMB 249.2 million in the same period last year[5] - Adjusted net loss for the six months ended November 30, 2024, was RMB 1.6 million, compared to an adjusted net profit of RMB 523.5 million in the previous year[5] - Net revenue from continuing operations (self-operated products and live e-commerce business) decreased by 9.3% to RMB 2.2 billion for the six months ended November 30, 2024, compared to RMB 2.4 billion for the same period in 2023[12] - Net loss from continuing operations was RMB 96.5 million for the six months ended November 30, 2024, compared to a net profit of RMB 160.7 million for the same period in 2023[12] - Excluding the financial impact of the sale of Yuhui Tongxing, the net profit from continuing operations was RMB 32.7 million for the six months ended November 30, 2024[12] - Total revenue from continuing operations decreased by 9.3% from RMB 2.4 billion in the six months ended November 30, 2023, to RMB 2.2 billion in the six months ended November 30, 2024[27] - Excluding revenue from the "与辉同行"直播间, total revenue from continuing operations decreased by 18.0% from RMB 2.4 billion to RMB 2.0 billion[27] - Revenue from self-operated products and live e-commerce decreased by 9.3% from RMB 2.4 billion to RMB 2.2 billion, with self-operated products contributing approximately RMB 1.7 billion[28] - Gross profit from continuing operations decreased by 7.4% from RMB 794.2 million to RMB 735.1 million, while gross margin increased from 32.9% to 33.6%[30] - Net loss from continuing operations was RMB 96.5 million, compared to a net profit of RMB 160.7 million in the same period last year[37] - Adjusted net profit from continuing operations, excluding the financial impact of the sale of "与辉同行", was RMB 32.7 million[37] - Adjusted (loss)/profit for the period from continuing operations was RMB (1,609) thousand, compared to RMB 434,288 thousand in the same period last year[41] - Adjusted (LBITDA)/EBITDA for the period from continuing operations was RMB (68,223) thousand, compared to RMB 500,128 thousand in the same period last year[42] - Total revenue for the six months ended November 30, 2024, was RMB 2,186,636 thousand, a decrease from RMB 2,411,323 thousand in the same period in 2023[74] - Gross profit for the six months ended November 30, 2024, was RMB 735,143 thousand, down from RMB 794,150 thousand in 2023[74] - The company reported a net loss of RMB 96,503 thousand for the six months ended November 30, 2024, compared to a net profit of RMB 249,191 thousand in the same period in 2023[74] - The company reported a loss attributable to owners of RMB 96,799 thousand for the six months ended November 30, 2024, compared to a profit of RMB 249,191 thousand in the same period in 2023[96] - The basic and diluted loss per share for the six months ended November 30, 2024, was RMB 0.094, based on a weighted average of 1,032,195,755 shares[96] GMV and Sales Performance - GMV for the six months ended November 30, 2024, was RMB 4.8 billion, down from RMB 5.7 billion in the same period last year[9] - GMV for self-operated products and live e-commerce decreased by 16.2% to RMB 4.8 billion for the six months ended November 30, 2024, from RMB 5.7 billion for the same period in 2023[12] - The company's total GMV for the six months ended November 30, 2024, was RMB 4.8 billion, with 13.6% coming from the app[18] - The number of paid orders on Douyin for third-party and self-operated products reached 50.1 million for the six months ended November 30, 2024[18] - Paid orders on Douyin decreased to 50.1 million for the six months ended November 30, 2024, from 59.6 million in the same period last year[9] - The company's app has over 200,000 paid members, with self-operated products accounting for 28.9% of total GMV for the first half of fiscal year 2025, up from 16.8% in the first half of fiscal year 2024[22] - Self-operated products accounted for approximately 37% of total GMV for the six months ended November 30, 2024[15] User and Membership Metrics - Number of followers on Douyin increased to 46.0 million as of November 30, 2024, from 45.8 million in the previous year[9] - Paid membership subscriptions on the company's own app increased to 228.3 thousand as of November 30, 2024, from 123.8 thousand in the previous year[9] - User satisfaction on the company's app reached 98.6% in the first half of fiscal year 2025, up from 96.6% in the first half of fiscal year 2024[22] Expenses and Costs - Sales and marketing expenses increased by 24.3% from RMB 369.6 million to RMB 459.3 million[32] - R&D expenses increased by 11.9% from RMB 60.8 million to RMB 68.0 million[33] - Administrative expenses increased by 180.7% from RMB 139.6 million to RMB 391.9 million[34] - Sales and marketing expenses increased to RMB 459,304 thousand in 2024 from RMB 369,634 thousand in 2023[74] - Research and development expenses rose to RMB 68,000 thousand in 2024 from RMB 60,753 thousand in 2023[74] - Administrative expenses surged to RMB 391,916 thousand in 2024 from RMB 139,610 thousand in 2023[74] - Total employee compensation expenses (including share-based compensation) for the six months ended November 30, 2024, were RMB 532.8 million, a decrease of 14.7% compared to RMB 624.8 million in the same period last year[50] Cash Flow and Financial Position - Cash and cash equivalents as of November 30, 2024, were RMB 1.7 billion, compared to RMB 2.3 billion as of May 31, 2024, and RMB 1.3 billion as of November 30, 2023[43] - The company's asset-liability ratio was 17.4% as of November 30, 2024, compared to 30.3% as of November 30, 2023, and 24.0% as of May 31, 2024[44] - Capital expenditures for the six months ended November 30, 2024, were RMB 23.4 million, compared to RMB 19.0 million in the same period last year[45] - The company's total assets decreased to RMB 5,698,465 thousand as of November 30, 2024, from RMB 6,163,887 thousand as of May 31, 2024[78] - Cash and cash equivalents decreased to RMB 1,705,703 thousand as of November 30, 2024, from RMB 2,262,464 thousand as of May 31, 2024[78] - The company's equity attributable to owners of the company was RMB 4,946,983 thousand as of November 30, 2024, slightly down from RMB 4,969,216 thousand as of May 31, 2024[79] - The company had no bank loans or other borrowings during the reporting period and has no plans to incur any borrowings within the next 12 months[52] - The unused balance from the 2020 subscription proceeds was approximately HKD 514.2 million as of November 30, 2024, with a slight decrease to HKD 512.1 million by the announcement date[65] - The company allocated HKD 6.5 million for sales and marketing, HKD 7.2 million for business-related personnel, and no funds for technology infrastructure and working capital during the six months ending November 30, 2024[66] - The expected timeline for fully utilizing the remaining proceeds has been updated to start from January 21, 2025, extending the original three-year period from January 21, 2022[66] Business Strategy and Operations - The company continues to focus on its multi-platform strategy, selling products on platforms such as Taobao, JD.com, Pinduoduo, Xiaohongshu, and its own app[8] - The company aims to promote high-quality agricultural products and improve supply chain efficiency through direct cooperation with producers and local businesses[6] - The company has developed and launched 600 SKUs of self-operated products as of November 30, 2024, up from 488 SKUs in the previous fiscal year[15] - The company's main business is operating live e-commerce, selling self-owned products, and providing agency services[81] - The company completed the sale of its education business on March 1, 2024, as part of its business restructuring[83] - The company's operating segment is now solely focused on live-streaming e-commerce, following the termination of its education business[89] - The company's non-current assets are all located in China, and all revenue from continuing operations is derived from external customers in China[89] Other Income and Expenses - Other income, gains, and losses from continuing operations increased by 83.0% from RMB 62.3 million to RMB 113.9 million[31] - Interest income from continuing operations increased to RMB 42,545 thousand in 2024 from RMB 35,271 thousand in 2023[90] - Exchange gains from continuing operations rose to RMB 24,293 thousand in 2024 compared to RMB 9,274 thousand in 2023[90] - The company recorded a loss of RMB 7,566 thousand from the sale of a subsidiary in 2024[90] - Income tax expense for continuing operations decreased significantly to RMB 24,022 thousand in 2024 from RMB 124,929 thousand in 2023[91] Share Repurchase and Dividends - The company repurchased approximately 5,883,000 shares on the Hong Kong Stock Exchange during the reporting period, with a total consideration of HKD 98,742,235[61] - The company did not declare or pay any dividends for the six months ended November 30, 2024, consistent with the same period in 2023[100] Financial Assets and Liabilities - The fair value of financial assets at fair value through profit or loss (non-listed equity investments) decreased slightly from RMB 94,889 thousand as of May 31, 2024, to RMB 92,459 thousand as of November 30, 2024[101] - The company's financial products, classified as current assets, increased from RMB 1,250,338 thousand as of May 31, 2024, to RMB 1,688,489 thousand as of November 30, 2024, with expected annual returns ranging from 1.81% to 4.56%[101][102] - Inventory decreased from RMB 422,341 thousand as of May 31, 2024, to RMB 407,050 thousand as of November 30, 2024[103] - Trade and other receivables decreased significantly from RMB 893,582 thousand as of May 31, 2024, to RMB 241,899 thousand as of November 30, 2024, primarily due to the settlement of deferred consideration from the sale of the education business[104][105] - Contract liabilities increased from RMB 49,595 thousand as of May 31, 2024, to RMB 51,316 thousand as of November 30, 2024, driven by increases in membership fees and other services[106][109] - Trade payables decreased from RMB 611,886 thousand as of May 31, 2024, to RMB 492,253 thousand as of November 30, 2024, with the majority due within 90 days[111] Corporate Governance and Share Structure - The company completed a share subscription of 59,432,000 shares at HK$30.00 per share on December 24, 2020[114] - The report period refers to the six months ending November 30, 2024[118] - The company's fiscal year 2024 refers to the financial year ending May 31, 2024[114] - The company's fiscal year 2025 refers to the financial year ending May 31, 2025[114] - The company's board includes executive directors Yu Minhong and Yin Qiang, non-executive director Sun Chang, and independent non-executive directors Lin Zheying, Dong Ruibao, and Kuang Weixin[119] - The company's shares have a par value of US$0.00002 per share[118] - The company's GMV refers to the total value of merchandise sold[115] - The company's SKU refers to stock keeping units[118] - The company's application refers to software that enables computers, smartphones, or electronic mobile devices to perform tasks, particularly self-operated products and live e-commerce applications[114] - The company's audit committee is responsible for overseeing financial reporting and disclosure[114]

以下文章来源于深网腾讯新闻 ，作者孙宏超 深网腾讯新闻 . 腾讯新闻出品栏目，关注科技和TMT领域公司、事件和人物中的故事，探究背后的深层逻辑。 作者：孙宏超 来源：深网腾讯新闻（ID： qqshenwang ） 去年年初，阿里巴巴突然宣布分拆，随后以集团CEO张勇为代表的多位管理者陆续离开一线岗位，中 国互联网行业激烈变动的大幕就此掀开。 在过去的一年半时间里，淘天集团CEO戴珊、阿里本地生活公司CEO俞永福、盒马鲜生创始人、CEO 侯毅先后离任，淘宝直播甚至在一周内换了两个负责人；同为电商巨头的京东也在同一时间段内失去 了集团CEO徐雷、零售集团CEO辛利军；另外，抖音集团CEO张楠、米哈游董事长、CEO蔡浩宇也先 后辞去现有职务；去年年底，已不担任快手CEO三年的宿华又辞任董事长，该职务由CEO程一笑兼 任。 不过长达一年半的动荡或许远未结束，目前国内科技公司的架构调整仍在继续。阿里巴巴、京东相关 人士都曾对《深网》作者表示，"变动没有停止。" 值得关注的是，在过去接近三十年的中国互联网公司发展史中，高管们在离开原有公司后往往选择换 一家公司重新发展，如张勇（盛大）、俞永福（UC）、侯毅（京东）、徐雷（ ...

Financial Performance - Total revenue for 2024 fiscal year reached RMB 7,072.56 million, a significant increase from RMB 4,509.85 million in 2023[3] - Net profit attributable to the company's owners for 2024 fiscal year was RMB 1,719.50 million, compared to RMB 971.29 million in 2023[3] - Adjusted EBITDA for 2024 fiscal year was RMB 904.59 million, down from RMB 1,207.45 million in 2023[3] - Gross profit for 2024 fiscal year was RMB 2,119.01 million, up from RMB 1,954.77 million in 2023[4] - Adjusted net profit for 2024 fiscal year was RMB 2,180.71 million, up from RMB 1,089.33 million in 2023[4] - Basic earnings per share for 2024 fiscal year was RMB 1.68, compared to RMB 0.97 in 2023[3] - The company recorded a post-tax gain of RMB 1.3 billion from the sale of its education business in 2024[7] - Total net revenue increased by 56.8% from RMB 4.5 billion in FY2023 to RMB 7.1 billion in FY2024[13] - Net revenue from self-operated products and live-streaming e-commerce grew by 68.1% from RMB 3.9 billion in FY2023 to RMB 6.5 billion in FY2024[13] - Adjusted net profit for continuing operations was RMB 709.4 million in FY2024, compared to RMB 916.1 million in FY2023[13] - Adjusted profit for the year was RMB 709.4 million, compared to RMB 916.1 million in the previous year[46] - Adjusted EBITDA for the year was RMB 773.8 million, compared to RMB 1,080.8 million in the previous year[47] - Net profit from continuing operations decreased from RMB 799.2 million in FY2023 to RMB 249.1 million in FY2024[44] - The self-operated products and live e-commerce segment's gross margin decreased from 38.2% in FY2023 to 25.9% in FY2024 due to promotional activities and a shift towards lower-margin agricultural products[33][34] - Gross profit for the self-operated products and live e-commerce segment increased by 14.1% from RMB 1.5 billion in FY2023 to RMB 1.7 billion in FY2024[33][34] - University education segment gross margin improved from 74.6% in FY2023 to 77.5%, driven by strong market demand and reduced low-price entry-level courses[35] - Institutional clients gross margin increased from 79.9% in FY2023 to 89.7%[36] - The company's total revenue for the fiscal year 2024 was RMB 7,072,564 thousand, accounting for 100% of the group's total revenue, compared to RMB 4,509,849 thousand in fiscal year 2023[102] Assets and Liabilities - Total assets increased to RMB 6,541.52 million in 2024 from RMB 3,852.94 million in 2023[6] - The company's equity attributable to owners increased to RMB 4,969.22 million in 2024 from RMB 2,803.81 million in 2023[6] - Current assets increased significantly to RMB 6,163.89 million in 2024 from RMB 3,436.92 million in 2023[6] - Cash and cash equivalents increased to RMB 2.26 billion at the end of the fiscal year, up from RMB 1.17 billion in the previous year[50] - Total monetary funds, including cash, cash equivalents, and financial assets at fair value, amounted to RMB 4.6 billion at the end of the fiscal year[49] - The company's asset-liability ratio decreased to 24.0% from 27.2% in the previous year[49] - The company has no bank loans or other borrowings and maintains sufficient cash and capital resources to fund operations and expansion, with no plans for borrowing in the next 12 months[61] - As of May 31, 2024, the company has no significant contingent liabilities[63] - The company has no mortgaged assets as of May 31, 2024[62] - No major litigation or arbitration cases were reported during the period, and the company is not aware of any pending or threatened significant legal claims as of May 31, 2024[65] - The company has no distributable reserves as of the end of FY2024[66] Operational Highlights - GMV increased from RMB 10.0 billion in FY2023 to RMB 14.3 billion in FY2024, representing a 43% growth[11] - The number of followers on Douyin grew from 41.8 million in FY2023 to 65.0 million in FY2024, a 55.5% increase[11] - Paid orders on Douyin rose from 136.3 million in FY2023 to 181.1 million in FY2024, a 32.9% growth[11] - The company developed and launched 488 SKUs of self-operated products in two years, expanding from 120 SKUs in FY2023[16] - Self-operated products accounted for approximately 40% of total GMV in FY2024, up from 30% in FY2023[16] - The company's app became a core channel for self-operated products, with some products generating over 40% of their total GMV on the app[15] - The company implemented a multi-platform strategy, with the "Dongfang Zhenxuan Self-operated Products" Douyin account consistently achieving monthly GMV exceeding RMB 100 million[14] - The company's GMV increased by 43% to RMB 14.3 billion in the 2024 fiscal year, with 8.4% of GMV coming from the app[19] - The company has achieved 99% coverage for domestic ambient delivery and 97% coverage for cold chain delivery[18] - The company has established 27 front-end delivery warehouses in Beijing, covering 92% of the area within the Fifth Ring Road, with a member coverage rate of 73.5% and an average delivery time of 44 minutes[18] - The company's self-operated products and live e-commerce team reached 1,883 people, including 1,318 full-time and 565 part-time employees[18] - The company's supply chain and product team reached 830 people, including 565 full-time and 265 part-time employees[18] - The company plans to expand offline self-operated product promotion in the 2025 fiscal year, starting with a pilot in Beijing in the second half of 2024[24] - The company has invested in a sausage factory and strengthened upstream supply chain management to optimize raw material costs[17] - The company has partnered with logistics companies such as SF Express and JD Logistics, achieving a user satisfaction rate of 96.3% for instant orders in Beijing[18] - The company has sold its education business to focus on self-operated and live e-commerce operations, which have become the main revenue source[20] - The company emphasizes product quality control, including traceability of meat products and pesticide residue testing for vegetable products[23] Expenses and Investments - Sales and marketing expenses surged by 174.5% from RMB 315.5 million in FY2023 to RMB 866.1 million in FY2024, primarily due to increased employee costs in the self-operated products and live e-commerce business[38] - R&D expenses doubled, increasing by 101.6% from RMB 65.3 million in FY2023 to RMB 131.6 million in FY2024[39] - Capital expenditures for property and equipment were RMB 35.9 million, up from RMB 12.8 million in the previous year[54] - The company raised approximately HKD 1.783 billion in net proceeds from the 2020 subscription, with HKD 149.9 million utilized in FY2024[87] - The remaining balance of the 2020 subscription proceeds as of FY2024 is HKD 527.9 million, with HKD 250.4 million allocated for sales and marketing, HKD 3.9 million for technical infrastructure, HKD 105.6 million for teachers and other business-related personnel, and HKD 168.0 million for working capital[87] Shareholder and Equity Information - The company did not repurchase any shares on the Hong Kong Stock Exchange during fiscal year 2024, despite having authorization to repurchase up to 10% of its issued shares[90] - No final dividend was recommended for fiscal year 2024, consistent with the previous fiscal year[94] - The company did not issue any debentures during fiscal year 2024[92] - No stock-linked agreements were entered into or existed during fiscal year 2024, except as disclosed in the annual report[93] - The company did not hold any treasury shares at the end of fiscal year 2024[91] - The company's integrated affiliated entities generated total revenue of RMB 7,072,564 thousand, representing 100% of the group's total revenue for the reporting period[102] - The company's contract arrangements with Beijing Xuncheng and its subsidiaries remained unchanged during fiscal year 2024, with no significant changes or terminations[103] - The company's directors and senior management did not receive any discretionary bonuses during fiscal year 2024[95] - The company's contract arrangements with Beijing Xuncheng and its subsidiaries provided the company with control over the economic benefits generated by these entities[104] - Exclusive option agreement signed on May 10, 2018, allowing Dexin Dongfang to acquire Beijing Xuncheng's equity at the minimum permissible cost under Chinese law[108] - Equity pledge agreement signed on May 10, 2018, ensuring previous registered shareholders pledge their equity in Beijing Xuncheng to Dexin Dongfang[109] - Irrevocable power of attorney signed on May 10, 2018, authorizing Dexin Dongfang to appoint directors and vote on behalf of previous registered shareholders[110] - Supplementary agreement signed on October 10, 2019, making Zhuhai Chongsheng a party to the contractual arrangements with Beijing Xuncheng[111] - Second supplementary agreement signed on February 1, 2021, involving Xi'an Ruiying, Hainan Haiyue, and Wuhan Dongfang as parties to the contractual arrangements[112] - Third supplementary agreement signed on May 24, 2023, terminating rights and obligations of Linzhi Tencent and Tianjin Limited Partnership in Beijing Xuncheng[113] - Fourth supplementary agreement signed on March 7, 2024, terminating rights and obligations of Kuxue Huisi, Xi'an Ruiying, and Wuhan Dongfang in Beijing Xuncheng[114] - Contractual arrangements established to navigate foreign investment restrictions in China, particularly in online and mobile platforms and live e-commerce businesses[115] - Risks associated with contractual arrangements include potential non-compliance with Chinese laws, changes in foreign investment laws, and reliance on contractual control over operational control[117] - The 2023 New Oriental Framework Agreement involves transactions including advertising, marketing, and promotion services, with an annual cap of RMB 52.42 million and actual transaction amount of RMB 27.68 million[122] - The company's procurement of goods from New Oriental Group has an annual cap of RMB 26.82 million and actual transaction amount of RMB 3.25 million[122] - The company's provision of goods to New Oriental Group has an annual cap of RMB 47.57 million and actual transaction amount of RMB 37.24 million[122] - The company's transfer of TPO exam materials license to New Oriental Group has an annual cap of RMB 4.59 million and actual transaction amount of RMB 4.16 million[122] - The company's receipt of online or offline educational resources from New Oriental Group has an annual cap of RMB 10.50 million and actual transaction amount of RMB 0.02 million[122] - The company's provision of online or offline educational resources to New Oriental Group has an annual cap of RMB 2.54 million and actual transaction amount of RMB 0.00 million[122] - The 2023 Tigerstep Framework Agreement involves property leasing and property management services, with an annual cap of RMB 1.00 million and actual transaction amount of RMB 0.17 million[123] - The company has implemented internal control measures to ensure related party transactions are conducted under normal commercial terms and are not inferior to terms available to third parties[124] - The company's independent non-executive directors confirmed that the transactions conducted in FY2024 were in accordance with the relevant provisions of the continuing connected transactions agreements[126] - The company's independent external auditors confirmed that there were no instances where the disclosed continuing connected transactions exceeded the annual caps set by the company[128] - The company announced that Dong Yuhui resigned and will no longer be employed by the group, with a distribution of approximately RMB 129 million from the undistributed profits of the target company to Dong Yuhui[132] - Beijing Xuncheng transferred 100% equity of the target company to Dong Yuhui for a consideration of RMB 76.585 million, and the target company is no longer a consolidated subsidiary of the group[133] - The company will suspend the registration of share transfers from October 29, 2024, to November 1, 2024, to determine the shareholders eligible to attend the annual general meeting[136] - Mr. Yu holds 24,195,285 shares, representing 2.35% of the company's total issued shares[139] - Tigerstep, wholly owned by Mr. Yu, holds 28,682,832 shares, representing 2.78% of the company's total issued shares[139] - Ms. Sun holds 30,000 shares, representing 0.00% of the company's total issued shares[139] - First Bravo, wholly owned by Ms. Sun, holds 151,000 shares, representing 0.01% of the company's total issued shares[139] - Mr. Yin holds 4,700,000 shares, representing 0.46% of the company's total issued shares[139] - Mr. Yu holds 199,072,160 shares in New Oriental, representing 11.6% of New Oriental's total issued shares[143] - New Oriental holds 589,585,500 shares in the company, representing 57.17% of the company's total issued shares[147] - The company has issued 30,000 new shares under the 2023 plan, representing approximately 0.00% of the company's weighted average issued share capital[148] - As of May 31, 2024, 25,940,885 shares remain exercisable under the Pre-IPO Plan, representing approximately 2.52% of the company's total issued share capital[151] - The exercise price for the pre-IPO share option plan is HK$8.88 per share (approximately US$1.13 per share before listing)[154] - The pre-IPO share option plan has a remaining term of approximately 7 months, expiring on March 27, 2025[155] - As of May 31, 2024, a total of 34,483,946 share options under the 2019 plan remain unexercised, representing approximately 3.32% of the total issued share capital[162] - During the reporting period, 3,942,676 share options under the 2019 plan were exercised, 1,519,999 were canceled, and 516,189 expired[162] - The maximum number of shares that may be issued under the 2019 plan and other plans cannot exceed 10% of the total issued shares at the listing date (91,395,910 shares)[162] - Each eligible participant under the 2019 plan can only be granted share options equivalent to 1% of the company's total issued share capital within any 12-month period[163] - The 2019 plan was terminated on March 9, 2023, and no further share options will be granted under this plan[165] - The weighted average closing price of shares immediately before the exercise date in FY2024 was HK$27.04[167] - The exercise price for share options granted under the 2019 plan is determined by the board and cannot be lower than the highest of: closing price on grant date, average closing price of the 5 preceding business days, or the nominal value per share[166] - The total number of share options granted under the 2019 plan as of June 1, 2023, was 40,462,810, with 27,962,810 remaining unexercised at that time[167] - The total number of shares authorized for issuance under the 2023 Plan is 101,351,871 shares, representing 10% of the issued shares as of the adoption date of the plan[173] - As of June 1, 2023, 70,976,871 shares were available for granting under the 2023 Plan, with 30,000 shares granted during the reporting period[174] - The maximum number of shares that can be issued to service provider participants under the 2023 Plan is 2,027,037 shares, representing 2% of the total plan authorization[173] - As of May 31, 2024, 89,053,201 shares remain available for issuance under the plan authorization, representing 8.63% of the total issued share capital as of the latest practicable date[173] - The 2023 Plan has a validity period of 10 years, from March 9, 2023, to March 8, 2033, with approximately 9 years remaining[180] - The exercise price of stock options cannot be lower than the higher of: (i) the closing price on the grant date, or (ii) the average closing price over the five business days preceding the grant date[177] - The vesting period for awards under the 2023 Plan must be at least 12 months from the grant date, except in limited circumstances[179] - As of the end of the reporting period, 1,005,000 shares were unvested, 495,000 shares were vested, and 399,000 shares were forfeited[180] - The fair value of the awarded shares during the reporting period was HKD 30.25 per share[180] - The total number of shares available for granting under the 2023 Plan as of May 31, 2024, is 71,406,871 shares[174] - The fair value of the awarded shares during the period is determined based on the fair value of the company's ordinary shares on the grant date[182] - The total vesting period for the awarded shares is three years, with 20% to 50% vesting on each anniversary of the grant

Revenue and Profit Growth - Total revenue for the fiscal year 2024 reached RMB 7,072.56 million, a significant increase from RMB 4,509.85 million in fiscal year 2023[2] - The company's adjusted profit for fiscal year 2024 was RMB 2,180.71 million, up from RMB 1,089.33 million in fiscal year 2023[2] - The company's profit before tax for fiscal year 2024 was RMB 2,022.08 million, compared to RMB 1,172.71 million in fiscal year 2023[2] - The company's profit attributable to owners for fiscal year 2024 was RMB 1,719.50 million, up from RMB 971.29 million in fiscal year 2023[2] - Total net revenue increased by 56.8% from RMB 4.5 billion in FY2023 to RMB 7.1 billion in FY2024[7] - Adjusted net profit for continuing and discontinued operations reached RMB 2.2 billion in FY2024, compared to RMB 1.1 billion in FY2023[7] - Total revenue from continuing operations increased by 68.1% from RMB 3.9 billion in FY2023 to RMB 6.5 billion in FY2024, driven by the multi-platform strategy on Douyin, Taobao, and the company's own app, as well as the membership day promotion launched in December 2023[21] - Net profit from continuing and discontinued operations increased from RMB 971.3 million in FY2023 to RMB 1.7 billion in FY2024, while net profit from continuing operations decreased from RMB 799.2 million to RMB 249.1 million[32] - Total net profit for 2024 was RMB 1,719,508 thousand, up from RMB 971,286 thousand in 2023[55] - Profit from discontinued operations surged to RMB 1.470 billion in 2024, compared to RMB 172.087 million in 2023[71] Gross Merchandise Value (GMV) and E-commerce Performance - Gross Merchandise Value (GMV) for fiscal year 2024 was RMB 14.3 billion, up from RMB 10.0 billion in fiscal year 2023[6] - GMV increased by 43% to RMB 14.3 billion in FY2024, with 8.4% of total GMV coming from the company's app[10] - The company's self-operated products accounted for approximately 40% of total GMV in FY2024, up from 30% in FY2023[8] - Net revenue from self-operated products and live-streaming e-commerce increased by 68.1% from RMB 3.9 billion in FY2023 to RMB 6.5 billion in FY2024[7] - The company's self-operated products and live-streaming e-commerce team reached 1,883 employees, with 1,318 full-time and 565 part-time staff as of May 31, 2024[10] - The company plans to add more than 10 vertical accounts on Douyin and gradually launch more live-streaming channels in the coming years[7] Douyin Platform Performance - The number of followers on Douyin increased to 65.0 million in fiscal year 2024, compared to 41.8 million in fiscal year 2023[6] - The number of paid orders on Douyin rose to 181.1 million in fiscal year 2024, up from 136.3 million in fiscal year 2023[6] - The number of paid orders on Douyin increased from 136.3 million in FY2023 to 181.1 million in FY2024[10] Self-Operated Products and Logistics - The company has developed and launched 488 SKUs of self-operated products since April 2022, expanding from 120 SKUs in FY2023[8] - The company's logistics network achieved 99% coverage for常温发货 and 97% coverage for冷链发货 in FY2024[9] - The company's logistics coverage for ambient and cold chain services reached 99% and 97% nationwide, respectively, ensuring timely and safe delivery of products to consumers[18] - The company's self-operated brand potato chips differentiate themselves in the market by emphasizing health benefits, such as being non-fried, trans-fat-free, and packaged in convenient 20g individual servings[14] - The company's meat products are traceable from upstream farms and slaughterhouses, with all relevant data and documents (e.g., livestock epidemic prevention permits, animal quarantine certificates, factory inspection reports, feed/vaccine/medication records) compliant with regulations[15] - The company's vegetable products undergo batch-by-batch pesticide residue testing to ensure food safety for consumers[15] Financial Metrics and Performance - The company's adjusted EBITDA for fiscal year 2024 was RMB 904.59 million, compared to RMB 1,207.45 million in fiscal year 2023[2] - The company's basic earnings per share for fiscal year 2024 were RMB 1.68, compared to RMB 0.97 in fiscal year 2023[2] - The company's diluted earnings per share for fiscal year 2024 were RMB 1.61, up from RMB 0.91 in fiscal year 2023[2] - The gross profit margin for continuing operations decreased from 38.2% in FY2023 to 25.9% in FY2024, primarily due to the promotion of membership day activities and changes in the product mix, with more sales of lower-margin agricultural products[23] - The company's basic earnings per share from continuing operations were RMB 0.24 in 2024, down from RMB 0.79 in 2023[69] - The company's basic earnings per share from discontinued operations were RMB 1.44 in 2024, up from RMB 0.17 in 2023[71] Education Segment Performance - The company's university education segment revenue decreased from RMB 590.8 million in FY2023 to RMB 523.8 million in FY2024, with paid student enrollments dropping from 581,000 to 334,000[22] - The company's institutional client revenue decreased from RMB 38.2 million in FY2023 to RMB 23.2 million in FY2024[22] - University education division's total revenue cost decreased by 21.5% from RMB 149.9 million in FY2023 to RMB 117.6 million from June 1, 2023, to February 29, 2024, primarily due to reduced employee costs[25] - University education division's gross profit decreased by 7.9% from RMB 440.9 million in FY2023 to RMB 406.2 million from June 1, 2023, to February 29, 2024, with gross margin increasing from 74.6% to 77.5%[25] - Total revenue cost for services provided to institutional clients decreased by 68.9% from RMB 7.7 million in FY2023 to RMB 2.4 million from June 1, 2023, to February 29, 2024, with gross margin increasing from 79.9% to 89.7%[26] Expenses and Costs - Sales and marketing expenses increased by 174.5% from RMB 315.5 million in FY2023 to RMB 866.1 million in FY2024, primarily due to increased employee costs for self-operated products and live streaming business[28] - R&D expenses increased by 101.6% from RMB 65.3 million in FY2023 to RMB 131.6 million in FY2024, mainly due to increased employee costs[28] - Administrative expenses increased by 173.7% from RMB 144.5 million in FY2023 to RMB 395.6 million in FY2024, primarily due to increased employee costs and share-based compensation expenses[29] - Total employee compensation expenses, including share-based compensation, increased by 94.1% year-over-year to RMB 1.4 billion in the fiscal year 2024[42] - Total employee costs rose to RMB 1.221 billion in 2024, compared to RMB 478.104 million in 2023, driven by increases in salaries, benefits, and equity-settled share-based payments[68] Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 2.3 billion as of May 31, 2024, compared to RMB 1.2 billion as of May 31, 2023, with total monetary funds reaching RMB 4.6 billion[36] - Net cash generated from operating activities for the fiscal year 2024 was RMB 856.1 million, with a pre-tax profit of RMB 2 billion adjusted for non-cash items, non-operating items, and working capital changes[38] - Net cash generated from investing activities for the fiscal year 2024 was RMB 202.8 million, primarily due to the sale of financial assets at fair value through profit or loss (RMB 3 billion), withdrawal of fixed deposits (RMB 1.8 billion), and net cash inflow from the sale of the education business (RMB 849.5 million)[39] - Net cash used in financing activities for the fiscal year 2024 was RMB 14.8 million, mainly due to the repayment of lease liabilities (RMB 43.1 million)[40] - Capital expenditures for property and equipment in the fiscal year 2024 were RMB 35.9 million, compared to RMB 12.8 million in the fiscal year 2023[41] - The company had no bank loans or other borrowings during the reporting period and considers its cash and capital resources sufficient for operations and expansion[44] - The company had no significant contingent liabilities as of May 31, 2024[45] - The company did not recommend a final dividend for the fiscal year 2024[49] - Total assets increased to RMB 6,163,887 thousand in 2024 from RMB 3,436,916 thousand in 2023, representing a growth of approximately 79.4%[57] - Cash and cash equivalents surged to RMB 2,262,464 thousand in 2024, up from RMB 1,165,137 thousand in 2023, marking a significant increase of 94.2%[57] - Inventory levels rose sharply to RMB 422,341 thousand in 2024 compared to RMB 140,952 thousand in 2023, indicating a 199.6% increase[57] - Trade and other receivables grew to RMB 893,582 thousand in 2024 from RMB 218,972 thousand in 2023, reflecting a 308.1% increase[57] - The company's equity attributable to owners increased to RMB 4,969,216 thousand in 2024 from RMB 2,803,808 thousand in 2023, showing a 77.2% growth[58] - Non-current liabilities decreased to RMB 58,999 thousand in 2024 from RMB 20,301 thousand in 2023, a reduction of 190.6%[58] Strategic Initiatives and Future Plans - The company plans to expand its offline presence by promoting self-operated products in New Oriental offline outlets, starting with a pilot in Beijing in the second half of 2024 and gradually expanding nationwide[16] - The company will evaluate underperforming self-operated products with low gross margins and make adjustments to optimize performance, potentially discontinuing unprofitable product lines and introducing new products[19] - The company sold its education business on March 1, 2024, as part of a strategic restructuring to focus on its core e-commerce operations[59] - The company operates primarily through contractual arrangements with Beijing Xuncheng and Kuxue Huisi due to foreign ownership restrictions in China's telecommunications sector[60] - The company applied revised International Financial Reporting Standards (IFRS) for the first time in the current year, with no significant impact on financial statements[61] - The company does not expect the application of new and revised IFRS standards to have a material impact on its financial statements in the foreseeable future[62] Other Financial and Operational Highlights - Share of profits from associates turned from a loss of RMB 12.8 million in FY2023 to a profit of RMB 3.8 million in FY2024, mainly due to the turnaround of Beijing Times Cloud Map Books Co., Ltd. and the deconsolidation of Beijing Yuke Future Intelligent Technology Co., Ltd.[30] - Other income, gains, and losses from continuing operations increased by 21.7% from RMB 113.4 million in FY2023 to RMB 138.1 million in FY2024, mainly due to increased bank deposit interest income[27] - The company's government subsidies increased significantly to RMB 53.991 million in 2024, up from RMB 26.388 million in 2023[66] - Interest income from fixed deposits increased to RMB 41.277 million in 2024, up from RMB 20.119 million in 2023[65] - The company's income tax expense for continuing operations decreased to RMB 184.580 million in 2024, down from RMB 257.270 million in 2023[67] - The company's total other income, gains, and losses amounted to RMB 138.077 million in 2024, up from RMB 113.417 million in 2023[65] - The company's total revenue from continuing operations is entirely derived from external customers in China, with no single customer contributing more than 10% of total revenue[64] - Non-current assets: Fair value through profit or loss financial assets - unlisted equity investments decreased to RMB 94,889 thousand in 2024 from RMB 102,576 thousand in 2023[72] - Current assets: Fair value through profit or loss financial assets - wealth management products increased to RMB 1,250,338 thousand in 2024 from RMB 1,037,402 thousand in 2023[72] - The company invested RMB 17,527,000 in Dongfang Zhenxuan (Henan) Food Technology Co., Ltd., acquiring 30% of preferred ordinary shares[72] - Wealth management products purchased from multiple banks have an expected annual return rate ranging from 2.70% to 3.99% in 2024, compared to 2.17% to 3.00% in 2023[73] - The company made purchases from Dongfang Zhenxuan (Henan) amounting to RMB 180,354,000 in 2024, compared to none in 2023[73] - Trade receivables (net of credit loss provisions) decreased to RMB 31,693 thousand in 2024 from RMB 37,927 thousand in 2023[75] - Other receivables increased significantly to RMB 861,889 thousand in 2024 from RMB 181,045 thousand in 2023, primarily due to an increase in receivables from related parties[75] - Contract liabilities related to membership fees and live e-commerce services were RMB 19,513 thousand and RMB 8,391 thousand respectively in 2024, compared to none in 2023[77] - Trade payables increased to RMB 611,886 thousand in 2024 from RMB 335,263 thousand in 2023, with a significant portion aged between 1 to 90 days[78] - The company's trade payables include RMB 19,672,000 in payables to related parties in 2024, compared to RMB 9,140,000 in 2023[78] - The company's board of directors includes executive directors Yu Minhong and Yin Qiang, non-executive director Sun Chang, and independent non-executive directors Lin Zheying, Dong Ruibao, and Kuang Weixin[82]

已经丧失了信任的两方，终于可以不用再拧巴了。 文丨陈晶 编辑丨宋玮 "当不信任的扳机扣动后，很多事情的走向就不受任何一方的控制了。" 一位接近双方的人士如此评价与辉 同行 CEO 董宇辉、东方甄选 CEO 俞敏洪二人的 "分手" 结局。 这种不信任感始于董宇辉在东方甄选做主播期间声名鹊起，在 "小作文" 事件后达到顶峰——去年底一位 东方甄选员工称视频文案为团队而非都是董宇辉个人作品，被董宇辉的粉丝质疑 "抢功劳"。粉丝和东方甄 选员工来回缠斗、股价经历了多轮下跌。 7 个月后，董宇辉、俞敏洪分道扬镳。过去半年，董宇辉分走了与辉同行的一半利润，剩下另一半也被东 方甄选分配给了董宇辉，此外，董宇辉购买与辉同行的 7658 万元也将由新东方支付。 据东方甄选 7 月 25 发布的公告，将与辉同行利润分派给董宇辉，是出于 "俞先生及本集团对董先生所作贡 献的感谢及赞赏"。不少媒体将这笔利润分成总结为 "分手费"。 接近交易的知情人士称，今天的分成方案，是双方半年前就达成的承诺，并非是因 "分手" 给出的补偿。 上述人士说，去年底，有直播机构开出年薪 8 亿元邀请董宇辉加盟，俞敏洪为了留住董宇辉，曾承诺接下 来一年给 ...

周末挺多人议论这事的，确实是一个实打实的利好，更新设备算是一个不错的扩大内需方向，但对应股 市的话有一个客观问题就是概念太分散，你们看上面针对的方向，有七八个行业，每个行业匀一匀就只 有几百亿，而且这些行业都是市值很大的主流行业，营收提升不会很明显。 我看有机构分析整理出了这波设备更新的概念股，加起来有将近40多个，每一个都是市值大几百亿，甚 至上千亿的白马股，这让目前一天只能成交6000亿的市场怎么炒的起来呢。 2、周五尾盘最后半小时沪深300etf依然有国家队出手抄底，具体买了以下4个etf，510330、510310、 510300、159919，都是跟踪沪深300的指基，加起来成交额在30亿左右。过去两个星期国家队除了个别 交易日缺席，基本上无论涨跌都有增持沪深300etf，这也成了多军的主心骨。有它们的持续增持，主流 指数向下的空间有限，但除了沪深300以外别的就不咋买了。 3、网传福耀玻璃在美国被调查，涉及金融犯罪和劳工剥削。我去确认了一下信息，并非针对福耀公 司，这次调查了俄亥俄州的28个地区，福耀的代顿工厂是其中之一。而且福耀内部拍了一个视频，一位 调查人员说他们不会逮捕福耀的任何一个人，只是 ...

这两年证监会有一件事干的绝对正确，就是那些依赖于个人ip营收的公司通通不给上市，所以吴晓波估值几个亿的公众号拒了，逻辑思维的付费平台拒 了，毛戈平的化妆公司也拒了。可惜醒悟的晚了，不然再早几年那些艺人和导演注册个皮包公司来a股圈十几个亿的事情就不会发生。 这几年自媒体领域涌现了各行各业的人才，但无论哪一个头部的大v，你们见过能长期在一个公司给人打工的？mcn那种收入分成的合作模式不算，纯打 工的没有，真的一个都没有，除非他自己就是老板。 接昨晚的热点，今天东方甄选惨遭暴击-23%，公司这两年的股价大起大落，先是因为教培被整顿，从40跌到3，再因为直播贷款从3到75.5，现在又回落到 了9.5。 俞敏洪在福布斯榜上下翻飞 ，震的 肾结石 都 碎了。 昨天晚上俞敏洪的处理被网友们盛赞为有格局，他和董宇辉这对明星老板明星员工联手上演了一出仁至义尽，好聚好散。一个觉得我是文化人，我整天卖 货降低了自己的身份，一个觉得我是个成名多年的老富豪，不值当为这么点破事被网民们骂来骂去。 他们两是潇洒了，但都没有顾及公共股东的利益和感受，我作为一个没有股票的旁观者撇撇嘴就过去了，要是我今天大仓位亏了23%，你们觉得我能忍住 不骂 ...

与辉同行半年净利 1.41 亿元，东方甄选折价剥离 韩国一年 1.7 万亿美元 GDP，美股七巨头十天蒸发相同数额 哈里斯锁定总统候选人，只留给她四个月筹资和路演 Allbirds 太关心地球，自己陷入挣扎 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 与辉同行半年净利 1.41 亿元，东方甄选折价剥离 在东方甄选宣布以 7658 万元出售全资子公司与辉同行给董宇辉之后，公司美股盘前已经跌了 5%、 损失大约 6.15 亿美元。而从去年底董宇辉短暂停播起，东方甄选港股市值累计少了六成、大约是 25 亿美元。 双方体面分开 —— 至少公开信息是这么显示的。东方甄选会把与辉同行尚未分配的权益留给董宇 辉、支付之前已经承诺的福利和补偿、免费提供信息系统，另外董事长俞敏洪出钱帮董宇辉收购与辉 同行。董宇辉之后也发文承认俞敏洪代为出资的说法，并说脱离了港口的庇佑，要独自驶向辽阔海 面。 俞敏洪：与辉同行就要独立了，为了向宇辉表示感谢，除了已经支付承诺的全部待遇，我已 恳请董事会及薪酬委员会并取得同意，把与辉同行的全部净利润奖励给宇辉。同时，宇辉持 有与辉同行所需的股权购买款，我也按符合上市公司规则和公司章程规 ...