"客户急订500盒胖东来月饼礼盒，我手里握着5个满员的微信代购群，也凑不齐货。" 成为新乡胖东来代购3年来，这是周觅第一次见到胖东来上架自营月饼礼盒，"火爆是意料之中的。"据他透露，礼盒中最抢手的款，每盒售价265元（8 枚），即约33元一枚，价格不算亲民，却仍一盒难求。 当然，胖东来的"号召力"并不止于月饼。对这种有价无市的场景，周觅早已习惯。 在胖东来官方小程序，共上线8款月饼礼盒，均标注已售罄。 据周觅回忆，该月饼礼盒于9月上旬在门店推出，最早嗅到商机的是代购群里的大爷大妈们。"他们平时没事就在胖东来店里待着，在月饼销售区域一晃就 是好几个小时。一看到店员上货就先占住，再喊亲戚朋友来帮忙结账，然后一次性打包卖给我。" 周觅从2023年开始做胖东来代购，除了普通散户，不少客户是外地的胖东来山姆专卖店老板，这也让他的代购体量迅速扩大。 "自营产品成为'硬通货'的趋势，在去年已十分明显。"他告诉内参君，仅靠代购胖东来自营洗衣液、酱油、自由爱白酒等产品，2024年他每月的净收入就 能稳定在3万元以上。 进入2025年，随着胖东来进一步发力自营板块，产品上新频次增加，周觅的出货额也在逐月提升。企业数据显示，截至9 ...

Core Viewpoint - Oriental Selection (1797.HK) reported a significant turnaround in its financial performance for the fiscal year 2025, achieving a net profit of 6.2 million yuan after a loss in the previous half-year, driven by the growth of its self-operated products and live e-commerce business [1][2]. Financial Performance - Total revenue from continuing operations for fiscal year 2025 reached 4.4 billion yuan, with a net profit of 6.2 million yuan, compared to a net loss of 96.5 million yuan in the first half of 2025 [1]. - The net profit from continuing operations, excluding the financial impact of the sale of a subsidiary, was 135.4 million yuan, representing a year-on-year increase of 30% [1]. - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [1]. Business Growth Drivers - Self-operated products became a major growth driver, contributing approximately 43.8% to the total GMV (Gross Merchandise Volume) of 8.7 billion yuan for fiscal year 2025 [2][3]. - The GMV from Douyin accounted for a significant portion, while the contribution from the Oriental Selection App increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2]. - A total of 91.6 million paid orders were recorded for self-operated and third-party products on Douyin in fiscal year 2025 [2]. Product Development and Service Enhancement - The company launched 732 self-operated products in fiscal year 2025, up from 488 in the previous year, expanding its product categories to include health foods, pet products, and apparel [3]. - To enhance service experience, the first cold chain warehouse, "Oriental Selection Central China No. 1 Warehouse," was put into operation, effectively reducing logistics time [3]. - The integration of AI models and big data platforms has been emphasized for improving data management and resource allocation, supporting future development and innovation [3]. Membership and User Engagement - The number of paid subscribers for the Oriental Selection App reached 264,300, with user satisfaction hitting a record high of 98.7% [4]. - The company has improved its membership system by offering renewal benefits, introducing "friend cards," and providing exclusive promotions for members [4]. - The app has also established community forums and book clubs to enhance user interaction and engagement [4]. Future Outlook - The company aims to continue expanding its user base for the Oriental Selection App and increase monthly active users (MAU) and registered members [4][5]. - Plans to optimize the membership system and expand product offerings by introducing more quality domestic and international brands are in place [5]. - The commitment to providing high-quality products and services remains a core focus for the company's future growth [5].

Core Viewpoint - Oriental Selection reported a total revenue of 4.4 billion yuan for its continuing operations in the fiscal year 2025, marking a turnaround from a net loss of 96.5 million yuan in the first half of the fiscal year 2025 to a net profit of 6.2 million yuan for the entire year, with a 30% year-on-year increase in net profit when excluding the financial impact of the sale of Huizhong [1][2][3] Group 1: Financial Performance - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce business reached 8.7 billion yuan in fiscal year 2025, with self-operated products contributing approximately 43.8% of the total GMV [2][3] - The comprehensive gross profit margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, driven by the healthy development of self-operated products and live e-commerce [1][3] Group 2: Product Development and Quality Control - Oriental Selection launched a total of 732 self-operated products in fiscal year 2025, up from 488 in fiscal year 2024, expanding its product categories beyond fresh food and snacks to include nutrition and health products, pet food, and clothing [3][6] - The company emphasized the importance of product quality, stating that it will continue to implement strict quality control measures across all product categories, particularly in essential consumer goods [6][7] Group 3: App and Membership Growth - The Oriental Selection App achieved a paid membership subscription of 264,300, with user satisfaction reaching a historic high of 98.7% [4][5] - The company plans to enhance the membership experience by expanding the app's user base, improving member benefits, and introducing more domestic and international quality brands to the platform [7]

Core Viewpoint - Oriental Selection reported a total revenue of 4.392 billion yuan for the fiscal year 2025, a year-on-year decline of 32.7% [1] Financial Performance - The net profit from continuing operations turned positive at 6.2 million yuan, compared to a loss in the first half of fiscal year 2025, while the net profit for fiscal year 2024 was 249 million yuan [1] - Adjusted net profit, excluding one-time expenses and profits from the sale of Hui Tong Hang, increased by 30% year-on-year to 135.4 million yuan [2] - Gross Merchandise Volume (GMV) decreased by 39.2% from 14.3 billion yuan to 8.7 billion yuan [3] - Total revenue cost decreased by 38.2% to 3 billion yuan, while gross profit fell by 17% to 1.4 billion yuan [3] - Administrative expenses rose by 22.5% to 484.8 million yuan, primarily due to the distribution of remaining profits from Hui Tong Hang [3] Business Strategy and Growth - The company emphasized the importance of self-operated products, which have become a key growth driver, increasing from 488 to 732 products [4] - Self-operated products accounted for approximately 43.8% of total GMV in fiscal year 2025 [6] - The workforce for self-operated products and live e-commerce reached 1,401, with 1,070 full-time employees [6] Market Position and Stock Performance - Oriental Selection's stock price has seen significant growth, rising from around 11 HKD per share in early July to a peak of 53.7 HKD, marking an increase of over 200% [11] - The market capitalization is approximately 38 billion HKD as of August 22 [11] Partnerships and Agreements - The company renewed its trading framework agreement with New Oriental, with receivables from the partnership increasing from 15.05 million yuan in fiscal year 2023 to 61.73 million yuan in fiscal year 2025 [7] - The company will also procure goods for gift packages to support live commerce operations, with a fiscal year 2026 cap of 8.2 million yuan [8]

Core Viewpoint - Oriental Selection reported a significant decline in total revenue for the fiscal year 2025, with a total revenue of 4.4 billion yuan, down 32.7% from 6.5 billion yuan in fiscal year 2024, but managed to achieve a net profit of 6.2 million yuan after a loss in the first half of the year [1] Group 1: Financial Performance - The net profit for the fiscal year 2025 was 6.2 million yuan, a recovery from a net loss of 96.5 million yuan in the first half of the year [1] - Excluding the financial impact from the sale of Huixing, the net profit for the continuing operations was 135.4 million yuan, an increase of 30% year-on-year [1] - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [1] Group 2: Business Segments - The total GMV for self-operated products and live e-commerce in fiscal year 2025 was 8.7 billion yuan, a significant decrease from 14.3 billion yuan in fiscal year 2024 [1] - The total cost of revenue for continuing operations decreased from 4.8 billion yuan in fiscal year 2024 to 3 billion yuan in fiscal year 2025, a decline of 38.2%, mainly due to the decrease in GMV leading to lower inventory and logistics costs [1] Group 3: Market Position and Strategy - GMV from the Douyin platform still accounted for a large portion, while GMV from the Oriental Selection App increased its share from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2] - The number of paid subscribers for the Oriental Selection App reached 264,300 in fiscal year 2025 [2] - Self-operated products accounted for approximately 43.8% of total GMV in fiscal year 2025, up from 40% in fiscal year 2024, with a total of 732 self-operated products launched [2] Group 4: Corporate Governance and Market Sentiment - The stock price of Oriental Selection has increased by over 200% since July [2] - There were rumors regarding the CEO of New Oriental Group being investigated for alleged misconduct, which Oriental Selection denied as baseless [2] - The company clarified that its average commission rate is below 20%, contrary to claims of exceeding 30% [2]

封面图片来源：每经原创 每经北京8月22日电（记者李宇彤）8月22日晚间，东方甄选（01797.HK）公布了2025财年（2024年6月 1日至2025年5月31日）综合业绩。2025财年，东方甄选持续经营业务（自营产品及直播电商业务）的总 营收为44亿元，持续经营业务净溢利从2025财年上半年的净亏损9650万元实现扭亏为盈，净溢利为620 万元。 据财报数据，2025财年，东方甄选自营产品及直播电商业务总GMV（商品交易总额）为87亿元。值得 注意的是，东方甄选的自营产品在2025财年占总GMV约43.8%。东方甄选首席财务官尹强在财报中表 示："目前，自营产品已成为东方甄选的主要增长动力。" ...

责任编辑：何俊熹 东方甄选自营产品持续发力，成为拉动公司增长的重要动力。财报公布，2025财年，自营产品及直播电 商业务的总GMV为87亿元。其中，来自抖音的GMV占大部分，来自东方甄选App的GMV占比从2024财 年的8.4%提升至15.7%，抖音上第三方产品及自营产品的已付订单总数已达到9160万单。此外，东方甄 选已累计推出732款自营产品，2025财年自营品占总GMV约43.8%，东方甄选App付费会员订阅数量达 到26.43万人。 东方甄选行政总裁俞敏洪表示："2025财年我们所经历的挑战，进一步巩固和强化了东方甄选的核心商 业模式。我们以挑选优质产品的直播平台为中心，并以自营产品作为长期定位，进行了全面的布局。对 于食品安全保障，我们深感责任重大，并始终将产品质量视为东方甄选的生命线。我们将继续坚持高标 准的选品原则，致力于解决产品痛点，特别是在关乎民生的基础品类上做出亮点。相信通过不懈努力， 东方甄选将成为质量的代名词，持续助力行业的健康发展。" 新浪科技讯 8月22日晚间消息，东方甄选公布2024年6月1日至2025年5月31日的2025财年综合业绩。 2025财年，东方甄选持续经营业务（自 ...

Core Viewpoint - On August 19, Oriental Selection's stock experienced significant volatility, initially rising over 23% before closing down 20.89% at HKD 34.32 per share, with a trading volume exceeding HKD 9.3 billion and a market capitalization of approximately HKD 36 billion [1][2]. Group 1: Stock Performance and Market Reactions - The stock price of Oriental Selection saw a cumulative increase of 266% from July to August 18, 2023, but faced a sharp decline on August 19 due to profit-taking by short-term investors [4]. - Analysts noted signs of capital absorption at lower price levels during the sell-off, indicating potential interest from investors despite the volatility [3][4]. - The stock has experienced significant fluctuations in recent years, with a peak increase of over 14 times from June 8, 2022, to February 3, 2023, followed by an 81.37% decline from February 3, 2023, to June 30, 2025 [4]. Group 2: Business Model and Growth Prospects - Oriental Selection's self-operated products have shown strong performance, with an estimated GMV of RMB 870 million in June 2023, a year-on-year increase of 28%, and self-operated product GMV reaching RMB 350 million, up 15% year-on-year [6]. - The company is expected to achieve a self-operated product sales ratio of 39% by June 2025, with 60% of these sales coming from shelf e-commerce channels, indicating a shift away from reliance on live-streaming traffic [6]. - Recent product launches, such as a self-operated brand of sanitary napkins, have been successful, selling 180,000 units within two days of release [6]. - Analysts believe that the improvement in GMV and the growth in paid membership numbers will lead to a more favorable profit structure for Oriental Selection [6]. Group 3: Market Sentiment and Future Outlook - The recent stock surge is attributed to improvements in the company's business model and the overall bullish trend in the Hong Kong new consumption sector [7]. - Despite the positive developments, experts caution that Oriental Selection currently lacks a distinct competitive advantage or "moat" in the market [7].

Core Viewpoint - After more than a year since the departure of Dong Yuhui, the stock price of Dongfang Zhenxuan has seemingly emerged from a low period, with significant increases observed recently [1][2]. Stock Performance - As of August 15, Dongfang Zhenxuan's stock surged by 17.9%, with a total market capitalization exceeding 43 billion HKD. Since July, the stock has accumulated a rise of nearly 248%, and from the low point of 8.92 HKD per share after Dong Yuhui's exit, the total increase has reached 357% [3][5][7]. Recent Market Trends - The recent surge in stock price is closely related to market expectations of performance recovery, with the upcoming quarterly financial report set to be disclosed on August 22. The performance report from New Oriental indicated a projected revenue of approximately 150 million USD for the fourth quarter of the 2025 fiscal year, reflecting a year-on-year decline of about 30%, but with a narrowing decline compared to the previous quarter [9]. Business Strategy Shift - Following the departure of key hosts like Dong Yuhui, Dongfang Zhenxuan has shifted its business strategy to reduce reliance on individual hosts. The new business model focuses on "self-operated products" and a "membership system" [11]. - The company has successfully launched self-operated products, with notable sales figures such as over 3.6 million units of coconut water sold in a single day and cumulative sales of over 2.6 billion units of self-operated sausages [13]. Membership Growth - Dongfang Zhenxuan introduced a paid membership system in October 2023, becoming the first live-streaming organization to do so. As of the mid-2025 fiscal year, the number of paid members reached 228,000, nearly doubling year-on-year. The repurchase rate of members is significantly higher than that of non-members, at 2.7 times [13][14]. Institutional Investment Trends - Throughout 2023, institutional investors have frequently reduced their holdings in Dongfang Zhenxuan. By the end of the first quarter, the total number of shares held by public funds had decreased by 40.19%, with significant reductions noted in major funds [15][18][21]. Financial Performance - The mid-2025 fiscal year report indicated a net loss of approximately 96.5 million CNY for the core business, a stark contrast to a profit of 160 million CNY in the same period the previous year. This marked the company's first performance report following the departure of Dong Yuhui [21]. Market Outlook - Analysts express optimism regarding Dongfang Zhenxuan's recovery, citing the company's evolving business model and the successful development of self-operated products as key factors for future growth. The market is currently awaiting the upcoming financial report to assess the company's performance [22].

Core Viewpoint - Oriental Selection (01797.HK) saw a closing increase of 12.78% on July 18, reaching a new high since January, driven by the upcoming launch of its second self-operated sanitary napkin product on July 19 [1]. Product Launch and Market Response - The company will launch its second self-operated sanitary napkin, "Lightweight Quick Absorb Sanitary Napkin," on its app [1]. - The first self-operated sanitary napkin, "Cotton Surface Sanitary Napkin," sold out quickly in June and received widespread consumer praise [1]. - The Zhejiang Merchants Consumer Team noted that sanitary napkin products address strong consumer pain points, and Oriental Selection's product, made from 100% pure Xinjiang cotton and exceeding national standards, has the potential to stand out in the market [1]. Consumer-Centric Approach - Oriental Selection's product development strategy is similar to that of other companies like Pang Donglai and Sam's Club, focusing on high-quality, cost-effective products that meet health needs and drive stable repurchase rates [1]. Safety and Transparency Initiatives - The company announced its commitment to safety by ensuring that its sanitary napkins are produced with "zero additives" and using traceable raw materials [4][6]. - In March, Oriental Selection revealed plans for sanitary napkin products and a transparent factory initiative to control sales channels and prevent illegal distribution of second-hand sanitary napkins [3]. Industry Context - The entry of Oriental Selection into the sanitary napkin market coincides with increased consumer awareness regarding product safety, particularly following the exposure of refurbished sanitary napkins during the "3.15" gala [6]. - Other brands, including Free Point and All Cotton Era, have also entered the market, indicating a growing competition in the sanitary napkin sector [6].