Core Viewpoint - The company is experiencing significant challenges following the departure of a key figure, with a notable decline in revenue and profit, leading to a substantial drop in market capitalization [2][3][4]. Financial Performance - For the fiscal year 2025, the company's net revenue was 4.392 billion yuan, a year-on-year decrease of 32.7% [4]. - The total GMV (Gross Merchandise Volume) across all sales channels was 8.7 billion yuan, reflecting a decline of 39% [4]. - The net profit for the fiscal year was only 6.2 million yuan, down 97.5% year-on-year, indicating severe pressure on profitability [7]. Market Reaction - Following the release of the financial report, the company's stock price experienced a significant decline, dropping 12.89% on the first trading day after the announcement, and continued to fall over the next days, resulting in a total market value loss of nearly 30 billion HKD (approximately 27.5 billion yuan) [7][8]. Dependency on Key Platforms - The company remains heavily reliant on the Douyin platform, with the number of paid orders from this channel nearly halving from 181 million to 92 million year-on-year [5]. - The company's main account on Douyin has seen a drastic drop in visibility, only making it into the top ten of the monthly sales rankings four times in the past year [5]. Competitive Landscape - The departure of a prominent host has led to a significant drop in traffic and growth, with the competing account "With Hui" surpassing the company's main account in follower count, reaching 30.975 million compared to 28.164 million [6][7]. - The company's valuation appears to be significantly inflated, with a P/E ratio of 4518, compared to 35 and 55 for competitors like Walmart and Costco [16]. Management Perspective - The CEO expressed a sense of acceptance regarding the current challenges, stating that he has never had a competitive mindset and acknowledging the difficulties faced by the company [11][12]. - Despite the challenges, the company reported a 30% increase in net profit when excluding a significant payout related to the departure of the key figure, indicating some operational resilience [16].

Core Viewpoint - After the departure of key anchor Dong Yuhui, Dongfang Zhenxuan (01797.HK) reported a decline in both revenue and net profit, indicating challenges in replacing the traffic effect brought by top anchors [1][2]. Financial Performance - For the fiscal year 2025 (June 2024 - May 2025), the revenue from continuing operations (self-operated products and live e-commerce) was 4.4 billion RMB, a year-on-year decrease of 32.7% [2]. - The net profit from continuing operations was 6.19 million RMB, down 97.5% year-on-year [2]. - Total GMV for the company was 8.7 billion RMB, a decline of 39% compared to 14.3 billion RMB in the previous fiscal year [3]. - The number of paid orders on Douyin fell to 91.6 million, a decrease of 49% from 181.1 million [3]. Business Strategy and Challenges - The company is attempting to shift its strategy from a traffic-driven model to a family needs-oriented approach, aiming to create an online supermarket similar to Sam's Club [6]. - Despite increasing investment in its own app, the growth in GMV from the app only rose from 8.4% to 15.7% of total GMV, indicating limited impact on overall performance [2][3]. - The company has faced challenges with its self-operated products, including issues related to counterfeit products, which have affected brand credibility [6]. Organizational Changes - Following Dong Yuhui's departure, the company has initiated layoffs, reducing the total number of employees in its self-operated products and live e-commerce team by 25.6% [5]. - Administrative expenses for the fiscal year 2025 increased by 22.5% to 485 million RMB, primarily due to the distribution of remaining profits from a subsidiary [4]. Market Sentiment and Stock Performance - Recent rumors regarding executive departures and alleged misconduct have led to significant stock price volatility, with a drop of over 20% following the spread of these rumors [7]. - Despite clarifications from the company regarding executive statuses, market sentiment remains low, with a further decline of over 12% in stock price after the earnings report [7].

Core Viewpoint - Oriental Selection is struggling to recover from the impact of the departure of its key figure, Dong Yuhui, with significant declines in revenue and profit reported in the latest financial results [2][3]. Financial Performance - For the fiscal year 2025, Oriental Selection reported a 32.7% decrease in total revenue from continuing operations, amounting to 4.392 billion yuan [3][6]. - The net profit for the year was 6.2 million yuan, a staggering decline of 97.5% compared to the previous year [3][6]. - Despite the overall decline, the company managed to turn a loss of 96.5 million yuan in the first half of the fiscal year into a profit, with a net profit of 135.4 million yuan when excluding the financial impact of the sale of "With Hui Together" [3][6]. - The gross profit margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025 [3][6]. Business Challenges - The transition to an "online Sam's Club" model is facing multiple challenges, including supply chain issues, channel dependency, and slowing membership growth [2][3]. - The total GMV from all sales channels decreased from 14.3 billion yuan to 8.7 billion yuan year-on-year, with a significant drop in paid orders from Douyin [3][6]. - The number of paid members increased from 198,600 to 264,300, representing a net increase of only 65,700 members, indicating weak growth in the membership system [6]. User Engagement and Market Position - The follower count for the "With Hui Together" Douyin account has surpassed that of Oriental Selection's main account, indicating a shift in user engagement [4]. - Oriental Selection's main account has struggled to maintain a strong presence in Douyin's monthly sales rankings, with only four entries in the top ten over the past year [4]. - The departure of key hosts has raised concerns about the company's ability to retain core talent, despite previous efforts to reduce reliance on individual hosts [4][5]. Strategic Initiatives - To mitigate reliance on single hosts, the company has initiated a clear transformation strategy to develop an "online version of Sam's Club" [5]. - The company launched its self-operated app in August 2022, promoting self-operated products and introducing a paid membership system [5]. - The GMV from self-operated products reached 3.81 billion yuan in fiscal year 2025, accounting for approximately 43.8% of total GMV, with a notable increase in the number of self-operated products launched [6].

Core Viewpoint - Oriental Selection is facing significant challenges in its business operations following the departure of key figure Dong Yuhui, with a notable decline in revenue and profit margins reported in the latest financial results [1][3]. Financial Performance - For the fiscal year 2025, Oriental Selection reported a total revenue of 4.392 billion yuan, a decrease of 32.7% compared to the previous fiscal year [4]. - The net profit for the same period was 6.2 million yuan, down 97.5% from 250 million yuan in the previous year [4]. - Excluding the financial impact of the separation from "With Hui Together," the net profit was 135.4 million yuan, reflecting a 30% increase year-on-year [4]. Business Challenges - The transition to an "online Sam's Club" model is hindered by supply chain issues, channel dependency, and slowing membership growth [2]. - The gross merchandise volume (GMV) from all sales channels dropped from 14.3 billion yuan to 8.7 billion yuan, with a significant decline in orders from Douyin [4]. User Engagement and Talent Retention - The follower count for the "With Hui Together" Douyin account has surpassed that of Oriental Selection's main account, indicating a shift in user engagement [5]. - The company has experienced turnover among key hosts, raising concerns about retaining core talent [5]. Membership Growth - The number of paid members increased from 198,600 to 264,300, with a net addition of only 65,700 members over the year [7]. - The company plans to enhance its membership system through increased marketing efforts and direct engagement from leadership [7]. Self-Operated Products - The GMV for self-operated products reached 3.81 billion yuan, accounting for approximately 43.8% of total GMV [6]. - The proportion of self-operated products in total GMV increased from 16.3% to 28.8% [6].

Core Viewpoint - The article discusses the recent challenges faced by Dongfang Zhenxuan, particularly the impact of rumors and personnel changes on its stock performance and financial results, highlighting the company's ongoing transformation and strategic direction. Group 1: Rumors and Market Reaction - Dongfang Zhenxuan faced a barrage of rumors just before its financial report release, including false claims about key personnel changes, which CEO Yu Minhong publicly denied [2][4][11] - The stock price experienced significant volatility, rising to 53.7 yuan before plummeting to 34 yuan within an hour, reflecting the market's sensitivity to the rumors [5][11] - Yu Minhong attributed the stock fluctuations to the rumors and emphasized the importance of public perception on the company's market performance [7][11] Group 2: Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported a net revenue of 4.4 billion yuan, a 32.7% decrease from 6.5 billion yuan in 2024, with a net loss of 96.5 million yuan in the first half of the fiscal year [5][18] - The company's core GMV dropped from 6.5 billion yuan in 2024 to 4.4 billion yuan in 2025, contributing to an overall GMV decline from 14.3 billion yuan to 8.7 billion yuan [15][18] - Despite the challenges, the company showed signs of improvement, with a real net profit close to 140 million yuan when excluding certain financial impacts, indicating a 30% increase from the previous year [20] Group 3: Strategic Transformation - Dongfang Zhenxuan is undergoing a transformation to reduce reliance on key influencers, with a focus on developing its own product lines and enhancing its supply chain [20][26] - The company aims to establish itself as an "online Sam's Club," emphasizing self-operated products and a diversified SKU range, which increased from 488 to 732 items [20][21] - The shift in business strategy is evident as the company seeks to build a more sustainable model, moving away from dependence on individual influencers like Dong Yuhui [21][26] Group 4: Competitive Landscape - The article suggests that the recent rumors may have been strategically timed to manipulate stock prices, indicating potential involvement from short-selling entities [11][12] - Dongfang Zhenxuan's competitors and media outlets may be hesitant to engage in similar tactics due to the legal and reputational risks associated with spreading false information [11] - The company faces ongoing challenges in replicating the unique appeal and traffic generated by former star hosts, which could impact its future growth [21][26]

Core Viewpoint - The article discusses the impact of rumors on Dongfang Zhenxuan's stock performance and financial results, highlighting the challenges the company faces in the wake of key personnel changes and market speculation [2][3][12]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported a net revenue of 4.4 billion RMB, a decrease of 32.7% from 6.5 billion RMB in 2024 [6][21]. - The company experienced a net loss of 96.5 million RMB in the first half of fiscal 2025, despite a stock price surge to 53.7 RMB before plummeting to 34 RMB shortly after [6][8]. - The overall GMV dropped from 14.3 billion RMB in 2024 to 8.7 billion RMB in 2025, reflecting the adverse effects of losing key influencers [18][21]. Rumor Impact - The timing of the rumors, particularly before the financial report release, suggests a targeted attack likely orchestrated by short-selling entities [12][14]. - CEO Yu Minhong addressed the rumors during a conference call, emphasizing their role in stock price volatility and clarifying that former CEO Sun Dongxu was on an approved leave, not resigning [8][14]. Business Transition - Dongfang Zhenxuan is undergoing a transformation to reduce reliance on key influencers, with a focus on self-operated products and a diversified SKU range increasing from 488 to 732 [23][24]. - The company aims to establish itself as an "online Sam's Club," emphasizing self-operated supply chains and product quality, although it faces challenges in replicating the traffic generated by former star hosts [29][30]. Market Position and Future Outlook - The company’s market capitalization is around 30 billion HKD, which is seen as a critical psychological and technical threshold for investor confidence [16]. - Dongfang Zhenxuan's strategy includes enhancing its membership model, which currently generates limited revenue compared to competitors like Sam's Club [29][30]. - The long-term success of Dongfang Zhenxuan will depend on its ability to build a strong supply chain and find new traffic sources in the absence of prominent influencers [32].

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 - Oriental Selection's financial report for the fiscal year 2025 shows a decline in revenue and net profit, but the negative impact from the departure of top influencers is diminishing, indicating a shift in the company's business model towards a more sustainable approach focused on user trust and supply chain enhancement [3][4]. Financial Performance - For the fiscal year 2025, Oriental Selection's revenue from continuing operations decreased by 32.7% to 4.4 billion yuan from 6.5 billion yuan in 2024, while net profit dropped from 249 million yuan to 6.2 million yuan [3][4]. - Excluding the financial impact from the sale of Hui Tong, the net profit from continuing operations increased by 30% to 135 million yuan from 104 million yuan in the previous year [3]. Business Model Transformation - The company is moving away from reliance on influencer marketing, focusing instead on a model that emphasizes quality product selection and self-operated products [3][6]. - The CEO, Yu Minhong, stated that the challenges faced in fiscal year 2025 have strengthened the core business model, centering around a live-streaming platform for quality products [3]. Market Response - Oriental Selection's stock price has rebounded significantly, closing at 36.3 HKD on August 22, up over 307% from the low of 8.92 HKD following the departure of influencer Dong Yuhui [6]. - The market's positive response reflects recognition of the company's strategic shift from dependence on top influencers to a more diversified content e-commerce model [6]. Product Development and Sales - In fiscal year 2025, the total GMV for self-operated products and live-streaming e-commerce reached 8.7 billion yuan, with the GMV from the Oriental Selection app increasing from 8.4% to 15.7% of total GMV [7][8]. - Self-operated products accounted for approximately 43.8% of total GMV, with the company launching 732 self-operated products, expanding beyond initial categories to include health foods, pet products, and clothing [8]. Strategic Focus - The company aims to create an "online Sam's Club" by focusing on family needs and building a trusted online supermarket [8]. - To enhance service experience, Oriental Selection has launched its first cold chain warehouse to improve logistics efficiency [8]. Membership and User Engagement - Oriental Selection plans to invest in optimizing the app and membership experience, aiming to increase monthly active users and registered members [10]. - The company will enhance its marketing efforts, including offline promotions and community engagement, to drive membership growth [10].

Core Viewpoint - Oriental Selection's financial report for the fiscal year 2025 shows a decline in revenue and net profit, but the negative impact from the departure of top streamers is diminishing, with a return to profitability in its ongoing business [2][3]. Financial Performance - For the fiscal year 2025, revenue from ongoing operations decreased by 32.7% to 4.4 billion yuan from 6.5 billion yuan in 2024, while net profit fell from 249 million yuan to 6.2 million yuan [3]. - Excluding the financial impact from the sale of Hui Tong, net profit for ongoing operations increased by 30% to 135 million yuan from 104 million yuan in 2024 [3]. - Administrative expenses rose by 22.5% to 485 million yuan, primarily due to the distribution of remaining undistributed profits related to Hui Tong [3]. Strategic Shift - Oriental Selection is moving away from reliance on internet celebrity effects, focusing on a business model centered around quality product selection and self-operated products [2][4]. - The company aims to create an online supermarket based on user trust, likening its strategy to that of "online Sam's Club" [7][8]. Market Response - The company's stock price has rebounded significantly, rising over 307% from a low of 8.92 HKD at the time of Dong Yuhui's departure to 36.3 HKD [4]. - The market's positive response reflects recognition of Oriental Selection's transition from dependence on live-streaming sales to a more comprehensive content e-commerce model [4][5]. Product Development - In fiscal year 2025, the total GMV for self-operated products and live-streaming e-commerce reached 8.7 billion yuan, with the proportion from the Oriental Selection App increasing from 8.4% to 15.7% [5][6]. - Self-operated products accounted for approximately 43.8% of the total GMV, with 732 self-operated products launched, up from 488 in 2024 [6][7]. Future Plans - The company plans to enhance its self-operated product offerings and improve service experiences, including the launch of a cold chain warehouse to shorten logistics times [7][8]. - CEO Yu Minhong expressed intentions to increase the proportion of self-operated products in total GMV and emphasized the need for continuous growth in active users and membership [9].

文 丨《 BUG 》栏目 徐苑蕾 8 月 22 日晚间，东方甄选发布 2025 财年年报（ 2024 年 6 月— 2025 年 5 月），这也 是董 宇辉"单飞"后东方甄选的首份年报。从业绩数据可以看到，董宇辉的离开对东方甄选 的影响仍在持续。 2025 财年全年 ，东方甄选持续经营业务收入 44 亿元， GMV 为 87 亿元，同比分别下滑 32.7% 和 39% ，跌幅均较 2025 财年中期进一步扩大。其持续经营业务净利润为 620 万 元，同比暴跌 97.5% 。值得注意的是， 2025 财年，东方甄选员工数 量较上年同期减 少了 1/4 。 《 BUG 》栏目统计发现，自去年 8 月至今年 7 月，东方甄选主账号多次跌出带货月榜前 十，最低排名为去年 10 月的第 22 位。相比之下，与辉同行却一直保持前三位置，且从去 年 11 月起持续稳居榜首。 在与辉同行分拆后的首个业绩会上，俞敏洪曾坦言，"经历了巨大不确定性后，东方甄选需 要有一个恢复期。近半年以来，我个人也投入了大量的精力和时间，重新定位和推动东方甄 选的稳步发展。" 而从营收和 GMV 角度看，东方甄选仍未完全走出董宇辉离职后的阴霾。 ...