Core Viewpoint - The company expects a net loss attributable to shareholders of 550 million to 680 million yuan for the fiscal year 2025, indicating a significant reduction in losses compared to the previous year [1] Group 1: Financial Performance - The company anticipates a net profit loss for 2025, but the amount of loss is expected to decrease significantly year-on-year [1] - The projected loss for 2025 is between 550 million and 680 million yuan [1] Group 2: Business Operations - The core live e-commerce business of the company continues to develop steadily [1] - The footwear business is in the process of being divested [1] - Adjustments in innovative business operations are beginning to show positive results [1]

新京报贝壳财经讯抖音方面1月30日披露，在"抖音电商年货节"，即2026年1月16日-24日期间，抖音电 商品牌礼盒销量较日常提升3倍，成交额同比增长22%，累计卖出超1200万单。数据显示，超70%的品 牌礼盒通过直播间售出，品牌店播总时长同比增长24%，由此带来的店播成交额同比增长20%。直播电 商正作为年货消费的核心渠道，推动传统年货销售获得新增量。 消费选择上，100元-200元价格带的品牌礼盒最受消费者欢迎，销量占比达25%，成为品牌年货礼盒的 主流价格带。坚果、乳制品、肉干肉脯、糕点和饮料等传统年货品类，稳居热销品牌礼盒前五名，显示 出满足家庭团聚"吃好""喝好"需求依然是年货消费的基本盘。 ...

Investment Rating - The report maintains a positive outlook on New Oriental, aligning with the views of CITIC Lyon Research, indicating an upward trend in the company's performance [4]. Core Insights - New Oriental's total revenue for Q2 of FY2026 reached $1.191 billion, representing a year-on-year growth of 14.7%, exceeding both the company's guidance and market expectations [5]. - The management has raised the full-year revenue growth guidance, attributing this to robust growth in K9 business, accelerated growth in high school business, and improved retention rates in elementary business and smart learning hardware [6]. - Continuous cost control measures are expected to support ongoing margin expansion, with the education business margin improving by 3 percentage points year-on-year [7]. - New educational initiatives, such as non-subject training and learning machine subscriptions, are anticipated to drive further growth, with utilization rates showing potential for improvement [8]. Summary by Sections Company Overview - New Oriental, established in 1993, is a leading private education service provider in China, offering services in overseas exam preparation, adult and university student education, and high school tutoring [11]. Financial Performance - For Q2 FY2026, New Oriental's revenue grew by 14.7% year-on-year to $1.191 billion, surpassing guidance by 2% and market consensus by 3% [5]. - The non-GAAP operating margin improved by 4.7 percentage points to 7.5%, exceeding the guidance of a 2.0 percentage point increase [5]. Business Strategy - The company is focusing on efficiency improvements rather than expanding learning centers, which is expected to reduce costs and enhance profitability [7]. - The merger of overseas consulting and exam preparation departments is anticipated to eliminate redundant costs [7]. Market Position - New Oriental's revenue is primarily derived from educational services and exam preparation courses (63.0%), proprietary products and live e-commerce (20.9%), and overseas study consulting services (10.2%) [11].

2026.01. 29 此次电话会，公司高层强调了东方甄选与新东方的协同方向，据孙进透露，许多新东方地方学校已在 校园显著位置铺设东方甄选自动售货机，推广东方甄选自营产品，部分实现盈利，未来计划进一步扩 大布局范围，覆盖包括写字楼、社区、学习中心等场景。 本文字数：1164，阅读时长大约2分钟 作者 | 第一财 经 吕倩 1月29日，港股收盘，东方甄选(1797.HK)股价涨14.21%至25.24港元，总市值266亿港元。 东方甄选近一年股价走势 消息面上，东方甄选2026财年中期财报显示，公司2026财年上半年营收23.116亿元，同比增长 5.7%；期内溢利2.39亿元，上年同期亏损9650.3万元。 财报电话会上，东方甄选董事长俞敏洪、东方甄选执行总裁孙进、东方甄选CFO尹强回应公司目前 业务情况。 去年12月，俞敏洪确认，由新东方教育科技集团副总裁孙进担任东方甄选执行总裁。此次电话会 上，俞敏洪对孙进充分肯定。他称，孙进在新东方工作近二十年，是解决问题的高手，曾带动新东方 华南区整体年收入从不足10亿元增至近40亿元。选择孙进接手东方甄选，看重的是他推动业务增长 的潜力，以及对他文化与价值观的高度认 ...

随着白银价格持续大涨，"抢银"话题近期持续升温。有消费者反映，部分直播间售卖的所谓"纯银"产品，价格远低于国际银价，收货后却被检测为锌、 镍、黄铜等合金，甚至随货附带的"鉴定证书"也疑点重重。 记者发现，网络上几毛钱甚至一元钱就可以定制一张检测证书。证书内容均可随意修改。图片来源：上海民声直通车 针对此类"挂羊头卖狗肉"的行为，不少网络平台都进行过治理，但相关乱象始终未能绝迹。究其原因，如果处罚只针对账号，而忽略了账号背后的人，相 关不良商家很容易金蝉脱壳、另起炉灶。 不良商家虚假宣传、以次充好、伪造检测证书，这些行为不仅侵犯消费者正当权益，而且涉嫌违反相关法律法规。相比起查封直播间和账号，更应该斩断 这些骗局背后的黑手，而这离不开网络平台的支持和配合。对于网络平台来说，既要加强针对商家的准入审核，也要完善日常开展的动态监管，同时应积 极配合监管部门调查及消费者维权。权益有保障，平台更健康，这是直播电商做大做强的关键所在。 （文章来源：人民网） "白菜价"的"999足银"、"假一赔十"的银条元宝……网络直播间里，各种商品令人眼花缭乱，在主播反复强调"福利价"的诱惑下，一些人往往会"捡漏"下 单。然而，有消费者 ...

Core Insights - In 2025, Shaanxi's fruit online retail sales are projected to reach 24.825 billion yuan, ranking second nationally with a year-on-year growth of 7.48% [1] - The leading cities in online fruit sales within Shaanxi are Weinan, Yan'an, and Xianyang, collectively accounting for over 60% of the province's sales [1] - The online retail sales of Shaanxi's key products, apples and kiwis, are expected to be 4.812 billion yuan and 3.526 billion yuan respectively, with year-on-year growth rates of 11.82% and 10.53% [1] Market Structure - By the end of 2025, Shaanxi will have 66 regional public fruit brands, achieving online retail sales of 15.794 billion yuan, a 5.62% increase year-on-year [1] - The top three regional public brands in online sales are "Luochuan Apple," "Meixian Kiwi," and "Zhouzhi Kiwi" [1] - The number of e-commerce fruit brands in the province has increased to 1,040, with total online retail sales reaching 18.994 billion yuan, growing by 7.3% year-on-year [1] Regional Performance - The online retail market for Shaanxi fruits is highly concentrated in the Northwest and East China regions, with Central China showing a notable consumption growth rate of 19.52% [1] - Provinces such as Anhui, Hebei, and Sichuan have growth rates exceeding 18%, indicating potential areas for market expansion [1] Cross-Border E-commerce - In 2025, Shaanxi's fruit cross-border e-commerce online retail sales are expected to reach 176 million yuan, marking a 15.86% increase from the previous year [2] - Landmark products like apples and kiwis lead exports, while pears, citrus, and grapes are gradually finding markets, with Vietnam, Thailand, and Indonesia being key destinations [2] Live E-commerce Growth - The live e-commerce sector for Shaanxi fruits is projected to achieve online retail sales of 8.243 billion yuan in 2025, reflecting a year-on-year growth of 23.38% [2] - Xi'an leads with 4.624 billion yuan in live fruit sales, while Tongchuan shows a remarkable growth rate of 45.84% [2] Influencer Economy - By the end of 2025, the number of fruit influencers in Shaanxi is expected to reach 37,200, a growth of 25.34%, driving online retail sales of 4.455 billion yuan, which is a 28.72% increase [2] - The overall share of online channels in Shaanxi's fruit consumption is continuously expanding, reaching 20.28% in 2025 [2] Future Directions - The Shaanxi Fruit Industry Center plans to focus on brand development, optimizing the e-commerce ecosystem, and expanding domestic and international markets to enhance brand influence and promote high-quality development in the fruit industry [2]

报告期内，东方甄选自营产品及直播电商业务总GMV为41亿元。其中，来自抖音的GMV占大部分，来 自东方甄选App的GMV占18.5%。此外，抖音上第三方产品及自营产品的已付订单总数已达到约4210万 单，去年同期则是5010万单。 在渠道布局方面，东方甄选透露，除北京首家线下体验店外，还计划开设新的矩阵直播账号并招募新主 播，以增强公司的品牌影响力。 公告显示，若剔除2025财年上半年分拆前产生的部分收入，东方甄选报告期内的总营收同比增加17%。 报告期内，东方甄选净溢利达2.39亿元；毛利为8.416亿元，同比增长14.5%。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经记者｜李宇彤 每经编辑｜魏文艺 每经北京1月28日电（记者 李宇彤）东方甄选（1797.HK）当日公布的2026财年中期业绩显示，2025年6 月1日至11月30日，公司总营收23亿元，同比增长5.7%。 ...

Core Viewpoint - Guangdong is reshaping its manufacturing landscape and leading a new economic trend in China through the explosive growth of live-streaming e-commerce, as evidenced by the success of the "Guangdong Goods Go Global" initiative [1][3][10]. Group 1: Sales Performance - In 2023, Guangdong's live-streaming e-commerce sales have reached the top position nationwide, supported by leading companies like Xinxuan Group [3]. - The live-streaming event led by Xinxuan Group featured 127 well-known Guangdong brands, showcasing the strength of Guangdong manufacturing [3][8]. - Notable sales figures include the Huatian smoke and stove set achieving sales of 3.4 million yuan, and the Guangdong duck eggs selling over 2 million units in just five minutes [7][10]. Group 2: Government and Corporate Collaboration - The success of the live-streaming event is attributed to the collaboration between six provincial departments and local enterprises, creating a platform for brand exposure [8][10]. - Xinxuan Group has committed to continuously opening its supply chain resources to distribute Guangdong's quality products across 31 provinces and hundreds of cities [10]. Group 3: Consumer Engagement and Brand Storytelling - The live-streaming atmosphere was likened to a festive event, with hosts sharing compelling brand stories in local dialects, enhancing consumer engagement [5][11]. - The emotional connection established through storytelling and interactive comments significantly boosted consumer purchasing intentions [7][11]. Group 4: Digital Transformation and Market Expansion - Guangdong's manufacturing sector is undergoing a digital transformation, with companies like Midea and Gree actively participating in live-streaming and short video marketing [15]. - The success of Guangdong's model is influencing other regions, with similar live-streaming initiatives emerging in Zhejiang and Jiangsu, indicating a nationwide trend [17]. Group 5: Future Outlook - The continuous expansion of Guangdong's live-streaming e-commerce industry is expected to create new opportunities and innovative practices in the future [17].

Core Viewpoint - The "Su Pin e Qi Gou Happy New Year Festival" and Nanjing's "Four Seasons Appointment · Digital Enjoyment Spring Festival" consumption season aim to invigorate the New Year consumption market through a comprehensive platform that integrates unique exhibitions, cutting-edge experiences, and efficient logistics [1][2] Group 1: Event Overview - The event features over 30 unique exhibition booths covering various sectors such as Nanjing quality products, Silk Road cloud products, instant retail, AI technology interaction, and live e-commerce [1] - Consumers can purchase traditional New Year goods from time-honored brands, experience products from countries involved in the Belt and Road Initiative, and engage with new consumption scenarios empowered by technology [1] Group 2: Government and Business Initiatives - The event is structured around five main directions: "Instant Retail" for quick delivery, diverse promotional platforms, "Silk Road Cloud Products" for smooth internal and external trade, East-West collaborative consumption assistance, and urban area linkage to promote consumption [1] - Nanjing's municipal government plans to launch over 400 unique promotional activities citywide, covering areas such as automotive and home appliance subsidies, landmark food experiences, digital consumption upgrades, and cultural tourism integration [1]

Core Viewpoint - The article discusses the evolution and strategies of the company Catman, highlighting its significant growth in the competitive apparel industry, particularly in the lingerie segment, through innovative marketing and adaptation to market trends [4][9]. Group 1: Company History and Growth - Catman was founded by You Lin, who initially entered the lingerie market in 2001, achieving an 800% sales growth within three years by leveraging celebrity endorsements and a unique brand positioning in the "sexy lingerie" niche [5][6]. - The company faced a 12-year low period from 2009 to 2021, marked by failed market expansions and significant financial losses, leading to a crisis characterized by high debt and operational inefficiencies [7][8]. - In 2016, Catman began to open brand licensing and cut unprofitable segments, which allowed it to regain some market presence despite the challenges faced [8]. Group 2: Shift to Live Commerce - The company successfully pivoted to live commerce, capitalizing on the trend during the pandemic, which significantly boosted its sales and brand visibility [10][11]. - Catman invested heavily in building a live streaming base, establishing a 6,000 square meter facility with 50 themed live streaming rooms, which contributed to its rise as a leading brand on platforms like Douyin [10][13]. - The return to celebrity endorsements, starting with Di Li Re Ba in 2021, marked a strategic revival for the brand, aligning with its historical marketing approach [10][12]. Group 3: Future Goals and Challenges - Catman aims to achieve a revenue target of 300 billion by 2025 and 1 trillion by 2030, which would require a significant increase in market share within the competitive lingerie market [15][16]. - The company is also diversifying its product line with the launch of "Meili City," a brand that aims to compete in the broader apparel market, similar to Uniqlo, which presents both opportunities and challenges [16][18]. - Catman faces competition from emerging brands like Biaonai and Ubras, and maintaining its growth momentum in the live commerce space will be crucial for its future success [18].