以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 作者： 易浠 来源： 财经天下WEEKLY 2025年，东方甄选的股价，可以说是一部充满了戏剧性的"过山车"剧本： ------------------------------ 全年最大振幅超过242%。 股价走势图清晰地勾勒出资本市场对公司 "去头部主播化"战略转型的 复杂心态， 既有对未来的憧憬，也有对现实的担忧。 这些天，俞敏洪提拔了一个"狠人"当CEO后，东方甄选股价终于回暖。 01 这次 找来个"狠人" 12月25日，时隔一年多，东方甄选前CEO孙东旭的抖音账号更新了，没有激励的言辞，只有一段 湖面结冰的视频，配上简单的八个字："北国风光，天地苍茫。" 一时之间，网友纷纷涌入评论区。有人说，小孙看上去轻松了好多。有人隔空回应说，可能担子彻 底卸下了吧！ 这并非空穴来风。就在前一天， 东方甄选创始人俞敏洪敲定孙进出任东方甄选新CEO ，这意味着 东方甄选的旧时代终结，新时代已到来。 当天，这个消息引发东方甄选股价波动，小幅上涨0.67%。1 ...

Core Viewpoint - The stock price of Dongfang Zhenxuan has experienced dramatic fluctuations, with a maximum amplitude exceeding 242% in 2025, reflecting the market's mixed sentiments towards the company's strategic shift away from "top-tier hosts" [1][17] Group 1: Leadership Changes - On December 25, 2023, Dongfang Zhenxuan appointed Sun Jin as the new CEO, marking the end of the previous era under CEO Sun Dongxu [2][3] - The appointment led to a slight increase in stock price by 0.67% on the announcement day, followed by a further rise of 5.7% on December 29, closing at 18.56 HKD per share, with a total market value of 19.5 billion HKD [2][3] Group 2: New CEO's Background - Sun Jin, born in 1983, has a law degree and has been with New Oriental since 2006, gradually rising through the ranks and gaining significant management experience [3][4] - He has received multiple awards for his management performance, indicating a strong track record within the organization [4][5] Group 3: Challenges Ahead - Dongfang Zhenxuan is facing significant challenges, including a 32.7% year-on-year decline in revenue to 4.4 billion CNY and a 39% drop in GMV to 8.7 billion CNY for the fiscal year 2025 [17][20] - The company is under scrutiny due to public reactions to founder Yu Minhong's statements, which have led to concerns about his empathy and the company's public image [17][20] Group 4: Strategic Focus - Sun Jin is expected to prioritize building a content system that does not rely on individual hosts, aiming to standardize and scale content production [20][21] - The company plans to diversify revenue streams by introducing knowledge-based paid courses and exploring offline retail opportunities, including flagship stores [21][22]

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's performance, leading to a decline in GMV and revenue, while the company is shifting focus towards self-operated products and diversifying its sales channels [1][3][4]. Financial Performance - In the fiscal year 2025, Dongfang Zhenxuan reported a net revenue of 4.392 billion yuan, a year-on-year decrease of 32.7% [3] - The net profit for the year was 6.19 million yuan, down from 24.9 million yuan in the previous year [3] - Excluding the financial impact from the sale of Huixing, the net profit from continuing operations was 135.4 million yuan, a 30% increase year-on-year [3] - The comprehensive gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025 [3] Sales Channel Performance - The total GMV from all sales channels, including Douyin and Taobao, decreased from 14.3 billion yuan to 8.7 billion yuan [3] - The number of paid orders from the Douyin channel dropped from 180 million to 91.6 million [3] - The proportion of GMV from the Dongfang Zhenxuan app increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [7] Strategic Shift - Dongfang Zhenxuan is focusing on self-operated products, having launched 732 self-operated products in fiscal year 2025, up from 488 the previous year [8] - Self-operated products accounted for approximately 43.8% of total GMV [8] - The company is also expanding its membership system to enhance customer loyalty and build a private traffic pool [7] Competitive Landscape - The departure of key influencers like Dong Yuhui has led to increased competition, with his new platform gaining more followers than Dongfang Zhenxuan's main account [4] - Dongfang Zhenxuan's strategy of reducing reliance on top influencers is seen as a long-term approach to stabilize its business [6][10] Operational Developments - The company has initiated a cold chain warehouse in Zhengzhou to improve logistics and delivery services [9] - Dongfang Zhenxuan is enhancing user engagement through community forums and personalized services to increase customer retention [10][11]

Core Viewpoint - Dong Yuhui's departure has significantly impacted Dongfang Zhenxuan's performance, leading to a decline in GMV and revenue, while the company is shifting focus towards self-operated products and diversifying sales channels [1][2][8]. Financial Performance - In the fiscal year 2025, Dongfang Zhenxuan's net revenue from continuing operations was 4.392 billion RMB, a decrease of 32.7% from 6.525 billion RMB in the previous year [5][6]. - The net profit for the year was 6.19 million RMB, down from 249.145 million RMB in the previous year [5]. - Adjusted net profit, excluding the impact of the sale of Huixing, was 135.4 million RMB, representing a 30% increase year-on-year [6]. Sales Channels and GMV - The total GMV from all sales channels, including Douyin and the company's app, dropped from 14.3 billion RMB to 8.7 billion RMB [8]. - The number of paid orders on Douyin decreased from 180 million to 91.6 million [8]. - The proportion of GMV from the Dongfang Zhenxuan app increased from 8.4% in the previous year to 15.7% in fiscal year 2025 [10]. Product Strategy - 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 and pet products [12]. - Self-operated products accounted for approximately 43.8% of total GMV [12]. - The company is focusing on high-frequency, stable-demand areas such as daily consumer goods and home products [12]. Membership and Customer Engagement - Dongfang Zhenxuan introduced a membership system in October 2023, with paid membership numbers growing from 198,600 to 264,300 [10]. - The company aims to enhance customer loyalty and build a private traffic pool through this membership initiative [10]. Future Outlook - The company is shifting its competitive focus from relying on celebrity hosts to strengthening its supply chain and product offerings [11]. - There is a need to stabilize the talent pool of mid-tier hosts while balancing cost control and quality in self-operated product development [13]. - Future strategies may include leveraging big data to analyze customer preferences and develop customized product offerings [14].

Core Viewpoint - The financial performance of Dongfang Zhenxuan (1797.HK) has significantly declined in the 2025 fiscal year, with total revenue dropping by 32.7% to 4.4 billion RMB compared to 6.5 billion RMB in 2024, and net profit plummeting to 6.2 million RMB from 250 million RMB in the previous year [1][3][4]. Financial Performance - In the 2025 fiscal year, the total revenue from ongoing operations (self-operated products and live e-commerce) was 4.4 billion RMB, a decrease of 32.7% from 6.5 billion RMB in 2024 [1][3]. - The net profit for 2025 was 6.2 million RMB, a significant drop from 250 million RMB in 2024 [1][3]. - The gross merchandise volume (GMV) for ongoing operations was 8.7 billion RMB, down 39.1% year-on-year [4][9]. - The adjusted net profit, excluding the financial impact of the separation from Hui Tong, increased by 30% to 1.35 billion RMB compared to 1.04 billion RMB in 2024 [4][9]. Strategic Adjustments - The company has shifted its focus towards self-operated products, achieving a GMV of 3.81 billion RMB from self-operated products, accounting for approximately 43.8% of total GMV [10]. - A total of 732 self-operated products were launched in the 2025 fiscal year, up from 488 in 2024 [10]. - The gross margin for ongoing operations improved from 25.9% in 2024 to 32% in 2025, attributed to the healthy development of self-operated products and live e-commerce [9]. Market Challenges - The departure of key figure Dong Yuhui has led to a significant drop in stock price and market confidence, with a 23% decline on the day of his announcement [7]. - The company faces challenges in replicating the past success driven by star hosts, as the departure of top influencers has weakened the appeal of mid-tier hosts [14]. - The transition to a "Sam's Club" model is still in its infancy, with membership revenue not yet reaching significant levels compared to competitors [14]. Future Outlook - The CEO, Yu Minhong, emphasized the need to develop more self-operated product hits and enhance app engagement and membership numbers [15]. - The company plans to increase offline promotional efforts to raise awareness of its products among potential customers [16]. - The transition from "trust in people" to "trust in products" in the live e-commerce industry will be crucial for the company's long-term success [16].

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's financial performance, leading to a notable decline in revenue and profit for the fiscal year 2025 compared to the previous year [1][4][8]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan's total revenue from continuing operations was 4.4 billion RMB, a decrease of 32.7% from 6.5 billion RMB in fiscal year 2024 [1][8]. - The net profit for fiscal year 2025 was 6.2 million RMB, a substantial drop from 249 million RMB in the previous year [1][8]. - The company reported a net loss of 96.5 million RMB in the first half of fiscal year 2025, but managed to turn a profit by the end of the fiscal year [4][8]. Strategic Adjustments - CEO Yu Minhong stated that the challenges faced during fiscal year 2025 have strengthened Dongfang Zhenxuan's core business model, focusing on high-quality product selection and self-operated products [4][8]. - The company has launched 732 self-operated products in fiscal year 2025, up from 488 in the previous year, indicating a commitment to enhancing its product offerings [9]. Market Position and Challenges - The company experienced a significant stock price drop of 23% following Dong Yuhui's departure, leading to a market value loss of nearly 3 billion HKD [7]. - Dongfang Zhenxuan's gross merchandise volume (GMV) for self-operated products reached 3.81 billion RMB, accounting for approximately 43.8% of total GMV [9]. - Despite progress in self-operated products, the company still faces challenges in replicating the success of past star hosts and building a robust membership model akin to Sam's Club [11][14]. Future Outlook - Yu Minhong emphasized the need to enhance the app's user engagement and membership growth, as current app-generated GMV was only 1.37 billion RMB, representing 15.7% of total GMV [14]. - The company plans to invest more in offline marketing to increase brand awareness among potential customers, particularly leveraging the existing New Oriental education network [14].

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's financial performance, leading to a notable decline in revenue and profit, but the company is making adjustments to its business model and focusing on self-operated products and live-streaming e-commerce for long-term growth [2][3][4]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, a decrease of 32.7% from 6.5 billion yuan in fiscal year 2024 [2][4]. - The net profit for fiscal year 2025 was 6.2 million yuan, a significant drop from 250 million yuan in the previous year [2][4]. - In the first half of fiscal year 2025, the company experienced a net loss of 96.5 million yuan, but by the end of the fiscal year, it turned a profit of 6.2 million yuan [3][4]. Business Strategy - Dongfang Zhenxuan is shifting its focus from reliance on individual influencers to building supply chain capabilities, which is seen as essential for long-term development [3][4][7]. - The company aims to enhance its self-operated product offerings, with a total GMV of 8.7 billion yuan for fiscal year 2025, where self-operated products accounted for approximately 43.8% of total GMV [3][5]. Product Development - The company has launched 732 self-operated products in fiscal year 2025, up from 488 in the previous year, indicating a strong commitment to product development [5][6]. - Notable product successes include a cotton sanitary napkin that sold 180,000 units in two days and a frozen shrimp product that generated over 21 million yuan in sales [6]. Market Challenges - Despite progress in self-operated products, Dongfang Zhenxuan faces challenges in replicating the success of past star influencers, as the current mid-tier influencers lack the same level of audience engagement [7][8]. - The company is also working to develop its app and increase user engagement, with app-generated GMV at 1.37 billion yuan, accounting for 15.7% of total GMV [8][9]. Future Outlook - The company plans to enhance its marketing efforts, particularly offline, to increase brand awareness and customer acquisition, as many potential customers are still unaware of its product offerings [9]. - Dongfang Zhenxuan's transition to a model akin to "online Sam's Club" is still in development, and its success will depend on building a strong product and brand foundation [8][9].

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's financial performance, leading to a notable decline in revenue and profit, but the company is making adjustments to its business model and focusing on self-operated products and live-streaming e-commerce as a long-term strategy [1][3][9]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, a decrease of 32.7% from 6.5 billion yuan in fiscal year 2024 [1][3]. - The net profit for fiscal year 2025 was 6.2 million yuan, a significant drop from 250 million yuan in the previous year [1][3]. - In the first half of fiscal year 2025, the company experienced a net loss of 96.5 million yuan, but by the end of the fiscal year, it achieved profitability [1][3]. Business Strategy - Dongfang Zhenxuan is shifting from reliance on individual influencers to building supply chain capabilities, which is seen as essential for long-term growth [2][9]. - The company has focused on self-operated products, achieving a GMV of 3.81 billion yuan for self-operated products in fiscal year 2025, accounting for approximately 43.8% of total GMV [5][6]. - The number of self-operated products launched increased to 732 in fiscal year 2025, up from 488 in the previous year [5][6]. Market Challenges - The company faces challenges in replicating the success of past star influencers, as the current mid-tier influencers do not have the same level of audience engagement [7][9]. - Dongfang Zhenxuan's membership revenue is still low compared to competitors like Sam's Club, which relies heavily on membership fees for profitability [7][9]. - The company continues to depend on public traffic from platforms like Douyin, with only 1.37 billion yuan in GMV generated from its app, representing 15.7% of total GMV [8]. Future Outlook - The company plans to enhance its app's user engagement and membership numbers, recognizing the importance of building a loyal customer base [8]. - Dongfang Zhenxuan aims to strengthen its brand and product offerings to create a sustainable competitive advantage in the evolving live-streaming e-commerce landscape [9][10].