今天距离辛巴宣布退网，整整120天。他留下的辛选集团，正经历一场震荡。 近日，主播赵梦澈在直播中透露，自己单场卖出20亿的成绩主要归功于师父辛巴提供的热度。他强调，人不能轻易总结自己的能力和成功，尝到甜头时应 反思真正的自我，而非将所得视为理所当然。 此番言论被外界解读为疑似喊话主播蛋蛋，提醒其不要把所有成绩归功于自己。 就在11月中旬，辛巴徒弟、号称"快手一姐"的主播蛋蛋在沉寂数月后复出并公开控诉，称自己已和辛选解约但并非主动离开，同时她揭露在辛选期间遭遇 长期职场暴力与收入支配问题。 有辛选员工向《BUG》栏目表示，蛋蛋独立后带走了不少辛选核心骨干，"蛋蛋团队的工作节奏很可怕，但是出手也很大方"。与此同时，辛巴妻子初瑞雪 接棒后开启了铁腕改革，在公司内部推行新一轮裁员，月薪1万以上的员工被要求降薪，降薪幅度为3%—20%。有员工透露，"不同意降薪可以拿赔偿离 职，不少人拿到赔偿后就无缝过去蛋蛋那边了。" 蛋蛋自立门户，师徒关系决裂 今年6月，在完成618大促后，辛选头部主播蛋蛋（本名杨润心）突然停更社交账号，并清空其主账号的历史内容。8月，辛巴退网直播中蛋蛋也未露面， 引发两人关系生变猜测。 直至4个月后 ...

今天距离辛巴宣布退网，整整120天。他留下的辛选集团，正经历一场震荡。 近日，主播赵梦澈在直播中透露，自己单场卖出20亿的成绩主要归功于师父辛巴提供的热度。他强调， 人不能轻易总结自己的能力和成功，尝到甜头时应反思真正的自我，而非将所得视为理所当然。 此番言论被外界解读为疑似喊话主播蛋蛋，提醒其不要把所有成绩归功于自己。 就在11月中旬，辛巴徒弟、号称"快手一姐"的主播蛋蛋在沉寂数月后复出并公开控诉，称自己已和辛选 解约但并非主动离开，同时她揭露在辛选期间遭遇长期职场暴力与收入支配问题。 季俊良也是杭州润星娱乐有限公司与杭州润心娱乐有限公司的法人，这两家公司均于今年10月成立，蛋 蛋持股比例均为99%，业务范围涵盖直播电商、供应链管理等领域。 有辛选员工向《BUG》栏目表示，蛋蛋独立后带走了不少辛选核心骨干，"蛋蛋团队的工作节奏很可 怕，但是出手也很大方"。 与此同时，辛巴妻子初瑞雪接棒后开启了铁腕改革，在公司内部推行新一轮裁员，月薪1万以上的员工 被要求降薪，降薪幅度为3%—20%。有员工透露，"不同意降薪可以拿赔偿离职，不少人拿到赔偿后就 无缝过去蛋蛋那边了。" 蛋蛋自立门户，师徒关系决裂？ 今年6月，在 ...

今天距离辛巴宣布退网，整整120天。他留下的辛选集团，正经历一场震荡。 近日，主播赵梦澈在直播中透露，自己单场卖出20亿的成绩主要归功于师父辛巴提供的热度。他 强调，人不能轻易总结自己的能力和成功，尝到甜头时应反思真正的自我，而非将所得视为理所 当然。 此番言论被外界解读为疑似喊话主播蛋蛋，提醒其不要把所有成绩归功于自己。 就在11月中旬，辛巴徒弟、号称"快手一姐"的主播蛋蛋在沉寂数月后复出并公开控诉，称自己已 和辛选解约但并非主动离开，同时她揭露在辛选期间遭遇长期职场暴力与收入支配问题。 有辛选员工向《BUG》栏目表示，蛋蛋独立后带走了不少辛选核心骨干，"蛋蛋团队的工作节奏 很可怕，但是出手也很大方"。与此同时，辛巴妻子初瑞雪接棒后开启了铁腕改革，在公司内部 推行新一轮裁员，月薪1万以上的员工被要求降薪，降薪幅度为3%—20%。有员工透露，"不同 意降薪可以拿赔偿离职，不少人拿到赔偿后就无缝过去蛋蛋那边了。" 蛋蛋自立门户，师徒关系决裂？ 今年6月，在完成618大促后，辛选头部主播蛋蛋（本名杨润心）突然停更社交账号，并清空其主 账号的历史内容。8月，辛巴退网直播中蛋蛋也未露面，引发两人关系生变猜测。 直至4 ...

近日，主播赵梦澈在直播中透露，自己单场卖出20亿的成绩主要归功于师父辛巴提供的热度。他强调， 人不能轻易总结自己的能力和成功，尝到甜头时应反思真正的自我，而非将所得视为理所当然。 此番言论被外界解读为疑似喊话主播蛋蛋，提醒其不要把所有成绩归功于自己。 就在11月中旬，辛巴徒弟、号称"快手一姐"的主播蛋蛋在沉寂数月后复出并公开控诉，称自己已和辛选 解约但并非主动离开，同时她揭露在辛选期间遭遇长期职场暴力与收入支配问题。 有辛选员工向《BUG》栏目表示，蛋蛋独立后带走了不少辛选核心骨干，"蛋蛋团队的工作节奏很可 怕，但是出手也很大方"。与此同时，辛巴妻子初瑞雪接棒后开启了铁腕改革，在公司内部推行新一轮 裁员，月薪1万以上的员工被要求降薪，降薪幅度为3%—20%。有员工透露，"不同意降薪可以拿赔偿 离职，不少人拿到赔偿后就无缝过去蛋蛋那边了。" 今天距离辛巴宣布退网，整整120天。他留下的辛选集团，正经历一场震荡。 文 | 《BUG》栏目 徐苑蕾 蛋蛋自立门户，师徒关系决裂？ 今年6月，在完成618大促后，辛选头部主播蛋蛋（本名杨润心）突然停更社交账号，并清空其主账号的 历史内容。8月，辛巴退网直播中蛋蛋也未露面， ...

Core Insights - The live e-commerce industry is experiencing a critical turning point after years of rapid expansion, with several companies reporting disappointing financial results for the first half of the year [1][2]. Company Performance - "交个朋友控股" reported a revenue of approximately RMB 620 million for the first half of 2025, a year-on-year increase of about 9.8%, but net profit decreased by approximately 37.4% to RMB 55.4 million due to rising platform traffic acquisition costs and increased operational expenses related to the "朋友云" intelligent system [2]. - "东方甄选" announced total revenue of RMB 4.392 billion for the fiscal year ending May 31, 2025, a decline of 32.7%, primarily due to reduced sales in self-operated products and live e-commerce business. Net profit dropped significantly to RMB 6.19 million from RMB 249 million in the previous fiscal year [2][5]. - "遥望科技" reported a revenue of RMB 1.896 billion for the first half of the year, down 36.32% year-on-year, with a net loss of RMB 253 million attributed to competition and the closure of unprofitable IPs and offline stores [2][3]. Industry Trends - The live e-commerce sector is transitioning from rapid growth to a more mature phase, focusing on refined operations and content-driven competition as companies seek to innovate and adapt to new challenges [4]. - Companies are increasingly relying on technology and internal resource integration to enhance operational efficiency and control costs, with "交个朋友控股" emphasizing a dual strategy of technology-driven and refined operations to seize structural opportunities in the evolving market [4]. - "东方甄选" aims to strengthen its brand and product offerings while investing in core technological innovations to improve platform stability and scalability, focusing on creating engaging live content and enhancing user experience [5][6].

Core Insights - The live e-commerce industry is experiencing a critical turning point after years of rapid expansion, with several companies reporting disappointing financial results for the first half of the year [1][2]. Company Performance - Jiao Ge Peng You Holdings reported a revenue of approximately RMB 620 million for the first half of 2025, a year-on-year increase of about 9.8%, but net profit decreased by approximately 37.4% to RMB 55.4 million due to rising platform traffic acquisition costs and increased operational expenses related to the "Peng You Yun" intelligent system [2]. - Dongfang Zhenxuan's total revenue for the fiscal year ending May 31, 2025, was RMB 4.392 billion, a decline of 32.7%, primarily due to reduced sales in self-operated products and live e-commerce business. The net profit was RMB 6.19 million, significantly down from RMB 249 million in the previous fiscal year [2]. - Yaowang Technology reported a revenue of RMB 1.896 billion for the first half of the year, a decrease of 36.32%, attributed to competition from market rivals and the closure of unprofitable IPs and offline stores. The net profit was a loss of RMB 253 million [2][3]. Industry Trends - The live e-commerce sector is transitioning from "wild growth" to "refined cultivation," with content and ecosystem becoming key competitive factors as the industry matures under technological and regulatory influences [4]. - Companies are focusing on innovative business development to drive growth, with Jiao Ge Peng You Holdings enhancing content competitiveness and optimizing operational efficiency through automation and data algorithms [4]. - Dongfang Zhenxuan aims to strengthen its brand as a quality product provider and cultural dissemination company, investing in core technological innovations to improve platform stability and scalability [5].

Core Viewpoint - The live e-commerce industry is experiencing a critical turning point after years of rapid expansion, with several companies reporting poor performance in their recent financial results [1][2]. Financial Performance - Yaowang Technology (002291) reported a loss in the first half of the year, with revenue of 1.896 billion RMB, a decrease of 36.32% year-on-year, and a net profit of -253 million RMB [3][4]. - Jiao Ge Peng You Holdings (01450.HK) achieved a revenue of approximately 620 million RMB, a year-on-year increase of 9.8%, but its net profit fell by 37.4% to about 55.4 million RMB due to rising costs and increased investments in the "Pengyou Cloud" intelligent system [3]. - Dongfang Zhenxuan (01797.HK) reported total revenue of 4.392 billion RMB, a decline of 32.7%, with a net profit of 6.19 million RMB, significantly down from 249 million RMB in the previous fiscal year [3]. Industry Dynamics - The live e-commerce sector is transitioning from "wild growth" to "refined cultivation," with content and ecosystem becoming key competitive factors [6]. - Companies are focusing on innovation and operational efficiency to drive growth amidst increasing competition and regulatory pressures [7]. Strategic Initiatives - Jiao Ge Peng You Holdings is enhancing its content competitiveness and optimizing operational efficiency through automation and resource integration, while focusing on technology-driven strategies [7]. - Dongfang Zhenxuan aims to strengthen its brand and product offerings, investing in core technology innovations to improve platform stability and scalability [8].

Group 1 - The core viewpoint of the news is the departure of the popular live streamer Dondon from Dongfang Zhenxuan, indicating a shift in the live streaming industry dynamics and personal branding conflicts with institutional control [2][5] - Dondon, who joined New Oriental in 2017 and became a prominent live streamer focusing on beauty and skincare, expressed a desire to explore new opportunities as he approaches 30 years old [5] - Guangzhou is emerging as a highly attractive city for live streaming e-commerce, with Dondon considering a move there, reflecting the city's growing significance in the industry [2][5] Group 2 - Guangzhou's live streaming e-commerce retail sales are projected to reach 517.1 billion yuan in 2024, accounting for one-fifth of the national total [6] - The city has 182 industrial belts selling products on Douyin, leading the nation, with skincare products being particularly popular among consumers [6] - The local government is actively promoting the development of the live streaming e-commerce sector, aiming to digitalize 100 traditional markets by 2027 and increase the number of live streaming influencers to over 100,000 [6] Group 3 - The return of the leading MCN Xinxuan Group to Guangzhou after relocating to Hangzhou highlights the importance of proximity to supply chains, particularly in fashion and beauty products [7] - Xinxuan Group's decision to move back is influenced by the concentration of manufacturing in Guangdong, allowing for better access to original production sites [7]

Core Viewpoint - The crisis faced by the company "Three Sheep" reflects the broader transformation challenges within the live-streaming e-commerce industry, exacerbated by the "Meicheng Mooncake" false advertising incident, leading to significant management changes and operational adjustments [2][14]. Company Developments - The production company behind the "Meicheng Mooncake" incident, Foshan Meicheng Food Co., Ltd., was quietly dissolved on May 15, 2025, while its brand operator, Guangzhou Meicheng Food Technology Co., Ltd., remains active [5]. - Multiple subsidiaries of Three Sheep, including Shenyang Three Sheep Network Operation Co., Ltd. and Hefei Three Wolves E-commerce Co., Ltd., have recently announced simplified dissolution, and two wholly-owned subsidiaries have changed their legal representatives and management [5][6]. - The founder, "Crazy Little Yang," is associated with over 40 companies across various sectors, including supply chain, education, agriculture, and tourism [5]. Market Context - The live-streaming e-commerce industry in China is projected to reach a market size of approximately 5.8 trillion yuan in 2024, with expectations to exceed 5.3 trillion yuan in 2025, indicating a competitive multi-platform landscape [2][14]. Product and Platform Challenges - In an attempt to recover, Three Sheep launched the "Little Yang's Selection" app in April 2025, focusing on exclusive discounts and IP content, but it has struggled to gain traction, with the highest-selling product being a 9.9 yuan garbage bag [6][8][12]. - The app's content includes live broadcasts and short videos featuring original content under the "Crazy Little Yang" brand, but it has been criticized for lacking variety and depth, limiting its growth potential [6][11]. Financial and Operational Struggles - The company faces significant financial pressure, having incurred nearly 100 million yuan in penalties due to the "Meicheng incident," which has halted its planned 500 million yuan expansion into Southeast Asia [12]. - The number of signed accounts has drastically decreased from 2,400 to 800, with over 1,600 hosts terminating contracts or operating independently during the company's downtime [12][14]. Future Prospects - Analysts suggest that the company's ability to rebound depends on its capacity to produce quality products and leverage its existing brand and fan base, despite the challenges posed by the competitive landscape [15].