1月28日，东方甄选公布了2026财年中期业绩。2025年6月1日至11月30日，公司实现总营收23.12亿元， 同比增长5.7%。若剔除2025财年上半年分拆前产生的部分收入（与辉同行直播间），东方甄选报告期 内的总营收同比增加17%。 数字背后，暗流涌动。报告期内，东方甄选自营及直播电商总GMV（商品交易总额）为41亿元，其中 抖音渠道仍占据大部分份额，但该平台上第三方与自营产品的已付订单总数却出现下滑。 在线上主阵地显露疲态的同时，东方甄选正为其日益壮大的自营产品矩阵积极开辟新通路。东方甄选在 财报中透露，已在线下不同区域布局40多台自动售货机，其中部分已实现盈利，接下来还会在北京中关 村开设首家线下体验店。东方甄选依托全国800家新东方分校布局线下的构想，正从蓝图走向现实。 然而，曾经凭借抖音流量与头部主播光环实现狂飙式增长的东方甄选，如今不得不直面增长天花板的寒 意。在线上流量见顶、竞争日趋白热化的背景下，这条以"校区开店"为特色、以深耕产品为根本的线下 之路，能否真正为其开辟出一条不依附于任何平台的"第二曲线"？ 自营产品与AI新叙事 每经记者｜李宇彤 每经编辑｜余婷婷 东方甄选2026财年上半年 ...

Core Insights - The yoga apparel market in China is experiencing a resurgence, with brands like JU ACTIVE and XEXYMIX rapidly expanding their physical store presence despite a general decline in the leisure sports trend [3][4][19] - The shift from direct-to-consumer (DTC) models to physical retail partnerships is becoming crucial for yoga brands to scale effectively [5][7][9] - There is a significant market gap in the lower-tier cities, presenting opportunities for new entrants to establish themselves as leading brands [19][22] Group 1: Market Dynamics - JU ACTIVE has opened 49 stores since its inception last year, while XEXYMIX has launched 10 stores in 9 cities [3] - The yoga apparel sector, once dominated by lululemon, is seeing new brands emerge to fill the void left by the retreat of established players [3][19] - The demand for yoga apparel in shopping malls is increasing, with brands that are first to enter gaining significant advantages [12][15] Group 2: Strategic Partnerships - Brands are recognizing the importance of aligning with strong offline partners to enhance their market presence and operational capabilities [5][7] - MAIA ACTIVE's acquisition by Anta has allowed it to leverage established supply chains and expand its store count to approximately 55 [7][9] - Companies like JU ACTIVE are utilizing family business networks and strategic partnerships with real estate developers to accelerate their expansion [11][12] Group 3: Consumer Behavior and Market Positioning - The shift in consumer perception has led to yoga pants being accepted as everyday wear, creating a broader market for yoga apparel beyond just fitness enthusiasts [22] - Brands are adjusting their marketing strategies to appeal to a wider audience, focusing on affordability and style rather than just performance [22][24] - The competitive landscape is evolving, with new entrants like SINSIN and MissWiss also targeting the same market segments as yoga brands [22][24]

Core Viewpoint - The essence of education is emotional connection, and AI allows teachers to return to the core of nurturing, which includes learning planning, psychological counseling, and value transmission [1][9]. Financial Performance - In Q1 2025, Gaotu Group reported revenue of 1.49 billion (up 58% year-on-year) and a net profit margin of 9.2%, with cash reserves of 3.5 billion [2]. - The growth is attributed to a dual-driven strategy of "user value + technology empowerment," focusing on efficiency and value [2][4]. - Gaotu's revenue growth has exceeded 50% for three consecutive quarters, with non-subject courses growing over 100% for four quarters [4]. Financial Resilience - The financial growth logic is based on revenue scale enhancement, structural optimization, efficiency improvement, and shareholder value return [4][5]. - The company has optimized its revenue structure post "double reduction" policy by launching programming and comprehensive quality development courses [4]. - Operating expenses grew significantly slower than revenue, enhancing operational leverage [5][6]. AI Empowerment - Gaotu has integrated AI into educational scenarios, employing a "dual-track strategy" to enhance efficiency and innovate user experience [8]. - AI applications have liberated teachers from repetitive tasks, significantly improving personalized tutoring efficiency [8][9]. - The company emphasizes that the essence of educational products lies in the quality of content and teachers, with a focus on building a strong teacher supply chain [9]. Offline Expansion - Gaotu has observed a shift in parental demands towards holistic development, leading to a significant increase in its quality education segment, which achieved triple-digit growth [11][12]. - The company has expanded its offline presence, with enrollment in offline courses growing over threefold, indicating the unique value of physical learning environments [12]. - The success of this strategy is supported by a top-tier management team, integrated research and operational processes, and synchronized online and offline learning experiences [12][13]. Long-term Strategy - The founder's active involvement in operational analysis ensures strategic execution remains aligned with company goals [13]. - Gaotu aims to create differentiated products and ecosystems through AI and localized knowledge transfer, focusing on long-term value creation rather than short-term gains [13].