以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 作者： 侃见财经 来源：侃见财经 ---------------------------------- 直播电商的"困境"，愈发明显。如何在营收与利润之间寻找到新的平衡，成了头部直播电商公司共 同的难题。 作为互联网电商行业的一个分支，对比阿里巴巴、京东以及拼多多，任何直播电商在规模效应之 下，都不应该给予超过行业上限的估值。这是市场的偏见，最终也会被修复。 站在行业整体来看，阿里巴巴上半年营收为2476.5亿元，归母净利润为406.49亿元，美股动态市 盈率为21.9倍，需要说明的是，这还是阿里叠加了AI概念加持之后的估值。若以京东为例，其上半 年收入为6577.42亿元，归母净利润为则超过了170亿元，其动态市盈率仅为9.49倍。 若以"后来者"拼多多为例，其成长期也曾获得了较高的估值，但是步入成熟期之后，市场的定价逐 渐回归到均态水平。 上半年，拼多多营收达1996.57亿元，归母净利润高达454.95亿元，其动态市盈率也仅为14.05 倍。也就是说市场对于电商行业的定价，普遍偏向于零售行业，而并非互联网行业。 从港股直播电商行业 ...

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9月30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10月8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 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00002 USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00002 USD | | 100,000 | 本月底法定/註冊股本總額： USD 100,0 ...

Market Overview - The Hong Kong stock market continued its weak performance, with the Hang Seng Index closing down 1.67% after opening lower and maintaining a low-level consolidation throughout the day [1] - All sectors experienced declines of over 1%, with the Hang Seng Utilities Index showing the least decline, followed by the Hang Seng Industrial Index, Mainland Oil Index, and Hang Seng Technology Index [1] Sector Performance Utilities Sector - The Hang Seng Utilities Index opened lower and ended the day down 2.12%, with notable declines in stocks such as: - New Energy down 2.79% - Hong Kong and China Gas down 2.55% - CLP Holdings down 2.24% - Cheung Kong Infrastructure down 2.18% - Power Assets Holdings down 1.9% [1] Industrial Sector - The Hang Seng Industrial Index also opened lower and closed down 1.93%, with significant drops in: - Xinyi Solar down 5.41% - Sunny Optical Technology down 3.9% - Orient Overseas International down 3.85% - Geely Automobile down 3.47% - China Overseas Development down 3.35% - Zhongsheng Holdings down 3.19% [1] Mainland Oil Sector - The previously strong Mainland Oil sector saw a pullback, closing down 1.88%, with declines in: - CNOOC down 3.19% - Sinopec down 1.82% - PetroChina down 1.54% - China Oilfield Services down 0.65% [1] Technology Sector - The Hang Seng Technology Index opened lower and closed down 1.76%, with key stocks experiencing declines such as: - Meituan down 3.09% - Li Auto down 2.88% - SMIC down 2.72% - Dongfang Zhenxuan down 2.71% - NetEase down 2.64% - Other stocks like Tongcheng Travel, JD Group, and Ping An Good Doctor also saw declines exceeding 2% [2]

Market Overview - The Hong Kong stock market continues its strong performance, with the Hang Seng Index closing up by 1.18% after a day of fluctuations [1] - The Hang Seng Property Index led the gains, followed by a strong rebound in the Hang Seng Technology Index [1] Index Performance - The Hang Seng Property Index rose by 3.05%, closing at 1326.31, with a peak of 1335.69 during the day [2] - The Hang Seng Technology Index increased by 2.48%, closing at 3626.93, reaching a high of 3638.23 [2] - The Hang Seng Industrial Index saw a rise of 1.98%, closing at 9943.00, with a maximum of 9962.75 [2] - The Hang Seng ESG Index increased by 1.46%, closing at 3572.74, with a high of 3579.05 [2] - The Hang Seng Index closed at 17978.57, up by 1.18%, with a peak of 18017.76 [2] Notable Stocks - In the property sector, Country Garden surged by 5.73%, while Longfor Group and Beike both rose by 3.47% [2] - In the technology sector, SenseTime experienced a significant increase of 17.39%, with other notable gains from Oriental Selection (6.68%) and Li Auto (5.35%) [3] - The industrial sector saw Sands China rise by 5.09%, and Shenzhou International increase by 3.45% [3] Banking Sector - The Hang Seng Banking Index experienced a sharp decline, closing down by 1.96%, with China Merchants Bank falling by 2.01% [3]

Core Insights - The essence of brand marketing is not about finding traffic hacks but establishing value connections [1] - In 2025, brands are undergoing a profound process of demystification and reconstruction, shifting from a traffic-driven economy to a value-driven economy [2] - The transition from capturing traffic to fostering value co-creation is crucial for brands to thrive in the current market landscape [3] Brand Marketing Trends - The marketing landscape is increasingly defined by two distinct paths: traffic economy and brand economy [3] - The traffic economy relies on short-term spikes in user attention, exemplified by the case of Dongfang Zhenxuan, which saw a single-day GMV of over 300 million but failed to retain users [3] - In contrast, the brand economy focuses on sustainable user connections and deeper consumer experiences, as demonstrated by the successful marketing strategies of brands like Ryukakusan [3] Risks and Opportunities - The shift from traffic to value is challenging, with many brands falling into misconceptions about value marketing [5] - Some brands misuse cultural elements as mere marketing gimmicks, leading to disconnects between product quality and brand messaging [5] - However, there are significant opportunities for growth through cultural integration and user co-creation, as seen in collaborations like Heytea's partnership with Yayoi Kusama [5] Value Methodology - The upcoming case collection for the 2024-2025 Outstanding Brand Marketing Conference will focus on three core areas: effectiveness and innovation, content and sustainability, and cross-industry collaboration [7] - The goal is to uncover replicable value growth models that resonate with the evolving marketing landscape [7] Call to Action - The conference invites brands that prioritize value and innovation to share their successful case studies, emphasizing the importance of meaningful brand narratives in shaping the industry's future [8]

Core Insights - The live-streaming e-commerce industry is entering a downturn phase, marked by the departure of key influencers and a decline in overall engagement and revenue [1][2][9] Group 1: Industry Trends - The departure of prominent streamers like Dong Dong and Xin Ba indicates a significant shift in the industry landscape, revealing the struggles faced by both top and emerging talent [1][2] - The live-streaming sector has seen a decline in viewer engagement and revenue, with the ROI for live-streaming events dropping from 1:4.2 to as low as 1:3.5 [7][8] - The overall market for live-streaming e-commerce is projected to exceed 5 trillion yuan in 2024, but the growth rate of penetration has slowed significantly from nearly 100% to single-digit percentages [10] Group 2: Financial Implications - Many streamers have experienced a salary reduction of 30% to 40%, with average monthly incomes for over 80% of professional streamers now below 8,000 yuan [8][9] - The competitive landscape has intensified, leading to a decrease in compensation for new entrants, with initial hourly wages for streamers dropping significantly [6][8] - The financial strain is evident as many streamers are forced to downgrade their living conditions and lifestyle due to reduced earnings [8][11] Group 3: Career Transitions - Streamers like Yao Yangyang and Ren Qing have transitioned to new careers outside of live-streaming, reflecting a broader trend of professionals leaving the industry due to its unsustainable nature [12][14] - The shift in focus from live-streaming to other business ventures, such as selling fruits online, indicates a search for more stable and fulfilling career paths [12][14] - The industry is witnessing a high turnover rate, with many professionals opting for alternative careers that offer a better work-life balance and less pressure [15]

Group 1 - New Oriental-S (09901) shares increased by over 5%, reaching a price of HKD 41.62 with a trading volume of HKD 114 million [1] - Guosheng Securities reported that as of FY25Q4, the company's deferred revenue (customer prepayments) was USD 1.955 billion, reflecting a year-over-year increase of 9.8%, indicating growth in the collection side which supports future revenue [1] - The company projects FY2026Q1 net revenue (including Dongfang Zhenxuan) to grow by 2% to 5% year-over-year, reaching USD 1.464 to 1.507 billion, with conservative guidance due to a high base in FY25Q1 and rescheduling of K12 business due to the early Spring Festival in 2025 [1] Group 2 - Daiwa noted that after reviewing New Oriental-S's operational status for the summer semester of 2025 and the performance of Dongfang Zhenxuan for FY2025, the overall business development of the group appears stable, with improved K-9 fall student retention rates and no further deterioration in overseas exam preparation services [2] - New Oriental announced plans to distribute no less than 50% of its net profit attributable to shareholders from the previous fiscal year in the form of dividends or share buybacks starting from FY2026 [2] - Daiwa believes that the anticipated shareholder return ratio could significantly exceed the group's commitment of 50%, potentially reaching high double-digit percentages or even over 100%, which is seen as a key positive catalyst for the shares [2]

Group 1 - New Oriental-S (09901) shares increased by over 5%, reaching a price of HKD 41.62 with a trading volume of HKD 114 million [1] - Guosheng Securities reported that as of FY25Q4, the company's deferred revenue (customer prepayments) was USD 1.955 billion, reflecting a year-over-year increase of 9.8%, indicating growth in the collection side which supports future revenue [1] - The company projects FY2026Q1 net revenue (including Dongfang Zhenxuan) to grow by 2% to 5% year-over-year, reaching USD 1.464 to 1.507 billion, with conservative guidance due to a high base in FY25Q1 and rescheduling of K12 business due to the early Spring Festival in 2025 [1] Group 2 - Daiwa noted that after reviewing New Oriental-S's operational status for the summer semester of 2025 and the performance of Dongfang Zhenxuan for FY2025, the overall business development of the group appears stable, with improved K-9 fall student retention rates and no further deterioration in overseas exam preparation services [2] - New Oriental announced plans to distribute no less than 50% of its net profit attributable to shareholders from the previous fiscal year in the form of dividends or share buybacks starting from FY2026 [2] - Daiwa believes that the anticipated shareholder return ratio could significantly exceed the group's commitment of 50%, potentially reaching high double-digit percentages or even over 100%, which is seen as a key positive catalyst for the shares [2]

Core Viewpoint - The recent shift by XinXuan Group from a signed contract model to a partnership model for live streamers aims to reshape the relationship between the company and its streamers, potentially leading to a more diversified and resilient ecosystem in the live e-commerce industry [1][2]. Group 1: Partnership Model - The partnership model allows streamers to establish independent partnerships with XinXuan, where each streamer acts as the CEO of their own company, increasing their revenue share to 60% while XinXuan retains a 5% service fee [2]. - This model is seen as a way to eliminate the "joint liability risk" and to break the monopolistic hold of top streamers on marketing resources and profits, fostering a more diverse and risk-resistant streamer ecosystem [2][3]. Group 2: Implications for Brand Merchants - With streamers becoming independent decision-makers, their personal credibility and professionalism will directly impact their development, encouraging them to focus on professionalism and long-term reputation [2]. - The direct and personalized collaboration between brand merchants and streamer teams is expected to enhance the presentation of brand differentiation and value [2]. - However, the transition to a partnership model presents challenges for brand merchants, particularly in assessing the capabilities and qualities of streamers [3]. Group 3: Market Risks and Management Challenges - The shift to a partnership model increases the complexity and costs associated with managing multiple independent partners, as brand merchants may need to engage with various specialized streamers for different product categories [3]. - The independence of streamers may lead to increased flexibility and mobility, posing long-term brand management risks, as the relationship between live e-commerce and individual streamers becomes more tenuous [3]. Group 4: Industry Trends - The exit of prominent streamers like XinBa (Xin Youzhi) from the live streaming industry reflects a broader trend of top streamers stepping back, which has implications for the overall market dynamics [4][5]. - Companies like Dongfang Zhenxuan are exploring new strategies, such as focusing on supply chain management, which has shown positive financial results, indicating that supply chain competition may become a new focal point in the live e-commerce sector [6].

每经AI快讯，9月26日，港股东方甄选午后持续走高，现涨超8%，成交额近7亿港元。 ...