Core Insights - Shanghai's live retail sales are projected to reach approximately 493.7 billion yuan in 2024, marking a year-on-year growth of 12.9%, ranking first among cities nationwide [1] - The Shanghai government is actively promoting the development of the live economy through initiatives such as the "Three-Year Action Plan for High-Quality Development of the Live Economy (2024-2026)" [2][4] Group 1: Industry Development - The live economy in Shanghai is supported by a robust infrastructure, including the Rongmomo Live Center, which features over 150 standard live streaming rooms serving more than 120 international mid-to-high-end brands [1][3] - The Rongmomo Digital Technology Company has developed a comprehensive service system that includes live e-commerce, content creation, short video production, and integrated marketing planning [1][3] Group 2: Technological Innovation - Rongmomo has created a proprietary live operation management system that utilizes big data and AI algorithms to enhance the precision of host training and audience analysis [3] - The monthly sales conversion rate in Rongmomo's live streaming rooms is currently between 10% and 15%, indicating effective audience engagement and sales strategies [3] Group 3: Government Initiatives - The Shanghai government aims to maintain its international leadership in the live economy, targeting a retail sales goal of 600 billion yuan by 2026 and the establishment of ten leading live streaming platforms with international competitiveness [4] - The Longjing District has launched a three-year action plan focusing on platform economy, fashion consumption, and live talent to enhance the live economy ecosystem [3][4]

Core Insights - In 2024, Shanghai aims to establish four distinct live commerce clusters and create a total of 20 influential live e-commerce bases, leading the nation in live retail sales with an estimated revenue of approximately 493.7 billion yuan, reflecting a year-on-year growth of 12.9% [1][5] Group 1: Industry Development - The Shanghai government has launched a three-year action plan (2024-2026) to promote high-quality development in the live commerce sector, focusing on accelerating the cultivation of key players and supporting the innovation and expansion of live platforms [5][6] - The Changning District has introduced its own three-year action plan emphasizing platform economy, fashion consumption, and live talent, with the goal of maintaining Shanghai's international leadership in live commerce by 2026 [6] Group 2: Company Initiatives - Rongmomo Live Center, located in Changning District, operates 150 standard live streaming rooms for over 120 international mid-to-high-end brands, providing comprehensive live operation services [3] - Rongmomo Digital Technology Co., Ltd. has developed a full-service ecosystem covering live e-commerce, content creation, short video production, and integrated marketing, focusing on enhancing brand sales performance [3][5] - The company has trained over 300 full-time hosts through a scientific system, achieving significant sales results, such as helping a luxury bag brand reach the top of the luxury sales list during the Double Eleven shopping festival with over 100% year-on-year growth in GMV [3] Group 3: Technological Integration - Rongmomo has developed a live operation management system that utilizes big data and AI algorithms to generate key metrics for host performance and audience analysis, achieving a monthly sales conversion rate of 10% to 15% in their live rooms [5]

图 片来源：界面图库 智通财经记者 | 宋佳楠 8月22日晚，东方甄选（01797.HK）发布截至2025年5月31日的2025财年财报。数据显示，本财年东方 甄选营收为43.92亿元，较上年同期的65.26亿元下降32.7%；持续经营业务净溢利为619.1万元，较上年 同期的2.49亿元大幅下降97.5%。 从业务板块来看，东方甄选来自应用程序的总营收由2024财年的9亿元提升至2025财年的11亿元。若剔 除与辉同行直播间产生的总营收金额，持续经营业务的总营收由上一财年的61亿元减少30.9%，至2025 财年的42亿元。 东方甄选在财报中表示，营收下降主要是由于直播电商行业竞争加剧，以及公司在业务战略上的调整。 过去一年，公司将更多资源投入到自营产品的研发和供应链建设上。 对于净利润大幅下滑，该公司解释称，主要是由于报告期内出售与辉同行所致。不过，若剔除出售与辉 同行的财务影响，持续经营业务的净溢利为1.354亿元，同比增加30%。 去年7月，东方甄选宣布将旗下与辉同行（北京）科技有限公司100%股权出售给董宇辉，交易价格为 7658.55万元。 | | 2025 财年 | | | | 2024財年 | ...

中经记者 许礼清 北京报道 "董宇辉自立门户后，一年的收入是二三十个亿。"近日，罗永浩在微博爆出猛料。同时，他还提及董宇 辉在东方甄选任职期间"在北京买房需借钱交首付"。 罗永浩的"仗义执言"一语激起千层浪，尽管与辉同行随即向媒体表示："该信息不属实"，但如此鲜明的 对比和巨大的财富差距，瞬间点燃舆论场，董宇辉和与辉同行的赚钱能力也再次被放到聚光灯下审视。 财富跃迁：借钱买房到年入数十亿元？ 近日，罗永浩在微博的一则言论，引发全网对头部主播收入的又一轮惊叹与质疑。记者梳理发现，起初 是一位网友发文称："当初觉得东方甄选没有董宇辉就完了，你看倒闭了吗？"随后，罗永浩转发该微博 并发文表示："董宇辉自立门户后，一年的收入是二三十个亿，跟着铁公鸡的时候，北京买房还要借钱 交首付。" 随后与辉同行向媒体否认，但董宇辉强大的号召力有目共睹，他也不是第一次被卷入天价收入风波。此 前网上传出一张"主播收入排行榜"截图，董宇辉以年收入28.541亿元位列榜首。董宇辉曾在直播间惊 呼"自己都吓一跳"，直言"造谣一张嘴，辟谣跑断腿"。 回溯到2024年7月，东方甄选公告以7658.55万元将与辉同行100%股权出售给董宇辉，俞敏 ...

2025.08.22 由于报告期间内出售与辉同行，若剔除与辉同行所产生的一次性开支及溢利，经调整净溢利由1.042亿 元同比增加30%至1.354亿元。 董宇辉的出走在业务层面也产生了影响。财报显示，该财年，东方甄选GMV由上个财年的143亿元同比 降低39.2%至87亿元。GMV降低带动自营产品存货成本与物流成本降低，使该财年总营收成本同比减少 38.2%至30亿元，同时毛利也从17亿元同比减少17%至14亿元。得益于自营产品与直播电商业务健康开 展，毛利率由25.9%提升至32%。 值得注意的是，此前支付给董宇辉的1.4亿元体现在本财年财报行政开支部分。财报显示，东方甄选 2025财年持续经营业务的行政开支由2024财年的3.956亿元增加22.5%至4.848亿元，主要由于公司在 2024年7月25日分派与辉同行所有剩余未分派溢利所致。 此前在东方甄选股东沟通会上，东方甄选行政总裁俞敏洪表示，董宇辉离职可以得到与辉同行净利润的 50%。分配后，与辉同行账面仍剩1.41亿元。彼时俞敏洪表示，剩下的1.41亿元也将分配给董宇辉，并 将在财年报告中体现出来。 本文字数：1303，阅读时长大约2分钟 作者 |第 ...

2025.08. 22 本文字数：1303，阅读时长大约2分钟 作者 | 第一财经 吕倩 | | 2025財年 | 2024財年 | | --- | --- | --- | | 主要經營數據 | | | | GMV(人民幣10億元)(1) | 8.7 | 14.3 | | 抖音上已付訂單數量(百萬) | 91.6 | 181.1 | | 東方甄選應用程序上已付費會員訂閱數量(千人) | 264.3 | 198.6 | 8月22日晚间，再陷舆论漩涡的东方甄选（1797.HK）发布2025财年年度业绩公告。 东方甄选方面表示，公司业务转型三年来，遭遇了无数始料未及的困难，对公司意义重大的2025财 年，持续经营业务（即自营产品及直播电商业务）净营收由65亿元人民币同比减少32.7%至44亿 元；净溢利由2025财年上半年的亏损转正，实现净溢利0.062亿元，但2024财年净溢利2.491亿元。 由于报告期间内出售与辉同行，若剔除与辉同行所产生的一次性开支及溢利，经调整净溢利由1.042 亿元同比增加30%至1.354亿元。 董宇辉的出走在业务层面也产生了影响。财报显示，该财年，东方甄选GMV由上个财年的143亿元 ...

股价刚经历了"过山车"行情的东方甄选交出新财年成绩单。8月22日晚，东方甄选发布截至2025年5月31日的年度 财报。2025财年总营收为43.9亿元，同比下降32.7%。若剔除出售与辉同行直播间产生的营收，东方甄选持续经营 业务的总营收由2024财年的61亿元减少30.9%至2025财年的42亿元。 2025财年持续经营业务的净利润为620万元，全年扭亏为盈，2025上半财年净亏损9650万元。不过2025财年相比 2024财年2.49亿元的净利润，同比大降97.5%。 若剔除出售与辉同行的财务影响，2025财年持续经营业务净利润为1.354亿元，同比增加30%。持续经营业务的综 合毛利率由2024财年的25.9%提升至2025财年的32%，主要由于自营产品及直播电商业务健康发展。 2024财年已终止经营业务指的是教育业务，已于去年3月1日出售给新东方集团，出售教育业务的除所得税开支后 收益为13亿元。 | | 2025財年 | | 2024財年 | | | | --- | --- | --- | --- | --- | --- | | | 持續經營 已終止 | | 持續經營 已終止(1) | | | | ...

Core Insights - Oriental Selection reported a significant decline in net revenue and GMV for the fiscal year 2025, with net revenue dropping by 32.7% to 4.4 billion RMB and GMV decreasing by 39.2% to 8.7 billion RMB [1][2] - Despite the revenue decline, the company achieved a positive net profit of 0.062 billion RMB, recovering from a loss in the first half of the fiscal year [1] - The gross margin improved from 25.9% to 32% due to a reduction in inventory and logistics costs, which fell by 38.2% to 3 billion RMB [1] Financial Performance - The continuous operating business's net revenue decreased from 6.5 billion RMB to 4.4 billion RMB, reflecting a 32.7% year-on-year decline [1] - The net profit for the fiscal year was reported at 0.062 billion RMB, a recovery from the previous year's loss, while adjusted net profit increased by 30% to 1.354 billion RMB [1] - Administrative expenses rose by 22.5% to 484.8 million RMB, primarily due to the distribution of remaining profits related to the departure of former CEO Dong Yuhui [2] Management Changes - Dong Yuhui's departure had a notable impact on the company's operations and financials, with a significant portion of the administrative expenses attributed to his severance [2] - The company clarified that former CEO Sun Dongxu is on leave and has not officially left the company, while Yu Minhong has taken over as CEO [2]

Core Viewpoint - Oriental Selection has achieved profitability in the fiscal year 2025, with a significant increase in stock price and market capitalization, driven by its self-operated products and live e-commerce business [1][2]. Financial Performance - For the fiscal year 2025, total revenue from continuing operations reached 4.4 billion yuan, with a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [1]. - The net profit from continuing operations, excluding the financial impact of the sale of a subsidiary, was 135.4 million yuan, a year-on-year increase of 30% [1]. - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [1]. Business Strategy - The company focuses on a live platform centered around selecting quality products, with self-operated products as a long-term positioning strategy [2]. - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce in fiscal year 2025 was 8.7 billion yuan, with self-operated products accounting for approximately 43.8% of total GMV [2]. - The number of paid subscribers for the Oriental Selection App reached 264,300, with a user satisfaction rate of 98.7%, marking a historical high [2]. Product Development - Oriental Selection has launched a total of 732 self-operated products in fiscal year 2025, up from 488 in fiscal year 2024, expanding its product categories beyond fresh food and snacks to include health products, pet food, and clothing [2]. - The company aims to enhance its supplier management system and establish a comprehensive quality control system covering all key aspects from raw material selection to sales [3]. Future Outlook - The company is committed to providing high-quality products and services, maintaining high standards in product selection, and continuously innovating to meet consumer expectations [3].

Core Viewpoint - Oriental Selection has successfully turned losses into profits in the fiscal year 2025, with a focus on self-operated products and live e-commerce as key growth drivers [4][5]. Financial Performance - For the fiscal year 2025, Oriental Selection reported total revenue from continuing operations of 4.4 billion yuan, achieving a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [4]. - The gross profit margin for continuing operations increased from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [4]. Growth Drivers - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce reached 8.7 billion yuan in fiscal year 2025, with self-operated products accounting for approximately 43.8% of the total GMV [5]. - The number of paid subscribers for the Oriental Selection App reached 264,300, with a user satisfaction rate of 98.7%, marking a historical high [5][6]. Strategic Initiatives - The company plans to continue enhancing its self-operated product offerings, having launched 732 new products in fiscal year 2025, up from 488 in fiscal year 2024 [5]. - Future strategies include improving the membership system of the Oriental Selection App, expanding product offerings, and maintaining high standards in product quality control [6].