11月6日，新东方教育集团有限公司董事长俞敏洪发文确认孙东旭从东方甄选离职。 （文章来源：第一财经） ...

Core Viewpoint - The departure of Sun Dongxu, the former CEO of Dongfang Zhenxuan, is confirmed by Yu Minhong, the founder of New Oriental, who emphasizes the importance of Sun's contributions to the company's development and expresses hope for his return in the future [2][5]. Summary by Sections - **Leadership Change**: Sun Dongxu has resigned from his position as CEO and executive director of Dongfang Zhenxuan due to personal reasons, effective immediately [8]. - **Company Communication**: Yu Minhong reassures stakeholders that there is no conflict between him and Sun, and he will maintain close communication with all members of Dongfang Zhenxuan to ensure the company's continued progress [5][6]. - **Background of Sun Dongxu**: Sun graduated from Nankai University with a major in computer science and technology and joined New Oriental in 2007, eventually becoming the CEO of Dongfang Zhenxuan [8].

责任编辑：梁斌 SF055 俞敏洪今日发文称，这段时间，很多朋友对于孙东旭老师的情况比较关心，我在这里做一个简单的解 释。 东旭和我，是东方甄选的创始人。没有东旭的努力和坚忍不拔的奋斗，就不可能有东方甄选的发 展和今天。近期，东旭因为个人原因，提出不再继续工作。我鼓励他坚持下去，相信公司会越来越好， 并希望他未来适当的时候回到管理岗位。但他经过了认真思考后，觉得还是想离开。最终，我同意他离 开，不再参与公司工作。我们俩之间保持着很好的沟通，没有任何龃龉和隔阂，请朋友们放心。 我会 继续努力，和全体东方甄选成员保持密切良好的沟通，带领大家奋发前行，为朋友们提供美好安全的产 品。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方甄選控股有限公司 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01797 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,053,783,538 | | 0 | | 1,053,783,538 | | 增加 / 減少 (-) | | | 10,000 | | 0 | | | | 本月底結存 | | | 1,053,793,538 | | 0 | | 1,053,793,538 | 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 | ...

Core Insights - The 2025 Double Eleven shopping festival has set a record for the longest duration, lasting 37 days from October 9 to November 14, with platforms like Tmall, JD, Douyin, and Xiaohongshu reporting significant sales growth and user engagement [1][2] Group 1: Pricing Issues - Pre-sale prices have been reported to exceed current market prices, leading to consumer complaints about being misled. For example, a consumer found that a pre-sale item cost 308 yuan while the same item was available for 291 yuan in stock [4] - Consumers are facing challenges with price adjustments during the return process, where some merchants require customers to pay the price difference if they wish to exchange a product purchased at a discount [6][7] - Dynamic pricing strategies employed by e-commerce platforms have resulted in significant price fluctuations, with some consumers experiencing price increases shortly after adding items to their carts [12] Group 2: Consumer Rights and Protections - Consumers are advised to be aware of their rights regarding pre-sale deposits, as some merchants refuse to refund deposits under various circumstances, which has become a common complaint [22][23] - The importance of maintaining sufficient evidence for consumer rights protection is emphasized, as many consumers struggle to prove their claims due to a lack of documentation [26][27][30] Group 3: Promotional Tactics - The complexity of promotional rules has led consumers to engage in extensive calculations to maximize discounts, often resulting in confusion and unintended higher costs [14][18] - The phenomenon of "algorithmic price discrimination" has emerged, where different users are shown varying prices for the same product based on their browsing history and purchasing behavior [12][13] Group 4: After-Sales Service - Issues with after-sales service for promotional gifts have been highlighted, where consumers face difficulties in obtaining support for damaged gifts, as merchants often require the return of the main product [9][11] - The lack of proper after-sales service for promotional items is a growing concern, with consumers encouraged to assert their rights regarding the quality of gifts received [10][11] Group 5: Market Trends - The rise of private domain e-commerce has introduced new challenges, particularly for older consumers who may be more susceptible to misleading marketing tactics in live-stream shopping environments [19][21]

| | 普通決議案 | 票數及百分比 | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 省覽及考慮截至2025年5月31日止財政年度本公司之經審核 | 636,241,988 | 0 | | | 綜合財務報表及董事會報告與本公司核數師報告。 | (100%) | (0%) | | 2. | 重選俞敏洪先生為執行董事。 | 633,844,095 | 2,397,893 | | | | (99.623116%) | (0.376884%) | | 3. | 重選鄺偉信先生為獨立非執行董事。 | 633,048,288 | 3,193,700 | | | | (99.498037%) | (0.501963%) | | 4. | 重選閻焱先生為獨立非執行董事。 | 634,676,341 | 1,565,647 | | | | (99.753923%) | (0.246077%) | | 5. | 續聘德勤•關黃陳方會計師行為本公司外部核數師並授權董 | 636,188,488 | 53,500 | | | 事會釐定其酬金。 | (99.991591%) | ...

Core Insights - Goldman Sachs reported that New Oriental's management highlighted several key points during the Q1 earnings call for FY2026, including expectations for accelerated revenue growth in K12 business for Q2, an annual expansion in operating profit margin, and shareholder returns next year not lower than this year's level [1] Revenue and Profit Forecasts - Goldman Sachs maintained its revenue forecasts for New Oriental for FY2026 to FY2028, while raising the non-GAAP net profit forecast by 4% to reflect an 8% increase in non-GAAP operating profit, partially offset by reduced interest income and increased income tax [1] - The target price for New Oriental's H-shares was raised from HKD 42 to HKD 47, and the target price for its US shares was increased from USD 54 to USD 60 [1] Eastern Selection Adjustments - The revenue forecast for Dongfang Zhenxuan was lowered by 12% to 13%, but the adjusted net profit forecast was only reduced by 2% to 3%, reflecting an improvement in profit margin expectations [1] - The rating for Dongfang Zhenxuan was set to "Sell," with the target price increased from HKD 9 to HKD 10.2 [1]

Core Viewpoint - The "Digital Commerce Longjiang · Enjoy Quality Products" Double Eleven Shopping Carnival aims to boost consumer confidence and market vitality in Heilongjiang Province, leveraging the key consumption period of "Double Eleven" to promote local products and digital commerce integration [1][3][9] Group 1: Event Overview - The event is organized by the Heilongjiang Provincial Department of Commerce and the Mudanjiang Municipal Government, with various local organizations collaborating to enhance consumer engagement [1][3] - The carnival will run from October 31 to November 15, utilizing an "online + offline" model to create immersive and high-quality shopping experiences [8] Group 2: Objectives and Strategies - The Heilongjiang Provincial Department of Commerce emphasizes the integration of digital commerce with traditional industries to unleash domestic demand and invigorate market activity [3][9] - The event aims to establish a new consumption promotion platform that combines online and offline efforts, involving government guidance, market operations, and community benefits [3] Group 3: Local Product Promotion - Mudanjiang City is positioned as the main venue, showcasing local advantages in green food, forest products, and cultural tourism resources to promote "Longjiang Good Products" nationwide [5][7] - Local businesses, such as Ning'an North Domain Rare Forest Food Co., have successfully utilized e-commerce platforms to expand their market reach, achieving significant sales during previous Double Eleven events [7] Group 4: E-commerce Ecosystem - The event will feature a live streaming matrix across the province, connecting various cities to enhance consumer interaction and promote local specialties [8] - The thriving e-commerce ecosystem in Heilongjiang is a result of the Provincial Department of Commerce's efforts in nurturing market entities and optimizing policy environments [9]

Core Insights - The article highlights the success of Oriental Selection's instant probiotic powder, which has become the top-selling product among its 732 self-operated items within six months of launch, driven by increasing consumer health awareness and competitive pricing [3][4]. Company Overview - Oriental Selection's probiotic products are developed in collaboration with IFF Microbiology and Health Research Institute, ensuring rigorous quality control and scientific backing throughout the production process [3][5]. - The company emphasizes a "serious nutrition" approach, focusing on high-quality ingredients and scientific validation to meet consumer needs [4][5]. Market Trends - The domestic probiotic market is experiencing significant growth, with an expected market size of 1348.9 billion yuan in 2024, growing at an annual rate of 11%-12%, and projected to exceed 1377 billion yuan by 2026 [4]. - Despite the market's rapid expansion, there are concerns regarding product quality, with many products lacking sufficient scientific evidence for their claims [4]. Product Development - The probiotic powder is formulated using six specific strains selected for their clinical efficacy, with each serving containing at least 60 billion live bacteria to address various gut health issues [5][6]. - The packaging of the product was designed to ensure the viability of the probiotics, opting for a more costly but effective packaging solution over aesthetically pleasing alternatives [6]. Future Plans - Oriental Selection plans to collaborate with renowned universities and hospitals in Shanghai for clinical trials on new product iterations, furthering its commitment to "serious nutrition" [6].

Core Insights - Dong Yuhui's live streaming room has regained prominence in the e-commerce sector during the 2025 Double 11 event, attracting over 70 million viewers and achieving sales exceeding 300 million yuan within three days [1] - Despite a previous 45% drop in traffic and stagnant follower growth, Dong Yuhui's proactive approach and strategic adjustments have led to a significant turnaround in performance [3][5] Industry Overview - The live e-commerce industry is facing growth bottlenecks, with major players like Dong Yuhui's team experiencing declines in revenue and profit margins [5] - The overall industry is entering a phase characterized by limited scale and reduced profitability, as evidenced by the financial struggles of companies like Dong Yuhui's and others [5][13] Company Strategy - Dong Yuhui has shifted from a passive to an active role in live streaming, increasing the duration of his broadcasts and implementing immersive shopping experiences to enhance conversion rates [3][9] - The introduction of a new account, "Lanzhichunxu," focuses on cultural and lifestyle content, creating a differentiated matrix alongside the main account [7][9] Competitive Landscape - The competition between Dong Yuhui and other top streamers, such as Li Jiaqi, is intensifying, with both targeting similar demographics [11][12] - Dong Yuhui's strategy contrasts with other leading streamers who are pivoting towards self-operated products or digital innovations, as he emphasizes content-driven trust and cultural narratives [12][13] Financial Performance - Dong Yuhui's live streaming room has seen a significant increase in sales during promotional events, with a single live session achieving over 100 million yuan in sales [7][11] - The financial performance of competitors like Dong Yuhui's team reflects broader industry challenges, with notable declines in revenue and profit margins across the sector [5][13]