Core Viewpoint - The financial report of Dongfang Zhenxuan signifies more than just financial numbers, reflecting the company's resilience and strategic shift towards self-operated products amidst challenges [1]. Financial Performance - For the six months ending November 30, 2025, Dongfang Zhenxuan reported total revenue of 2.311629 billion RMB, a year-on-year increase of 5.7%. Excluding revenue from the previously spun-off business, the actual growth rate was 17% [2][4]. - The net profit reached 239.041 million RMB, a significant turnaround from a net loss of 96.503 million RMB in the same period last year, marking a 347.7% increase [2][5]. - Gross profit was 841.639 million RMB, up 14.5% year-on-year, with the gross margin improving from 33.6% to 36.4% [5]. Strategic Shift - The company has shifted its focus to self-operated products, which now account for approximately 52.8% of total GMV, marking a significant milestone [3][5]. - This strategic pivot was accelerated by the departure of a key influencer and the subsequent need to reduce reliance on single IP models, as stated by the company's leadership [4][5]. Cost Management - Operating costs have decreased, with a 26% reduction in employee numbers and a 35% drop in total compensation. Administrative expenses fell by 78.6% due to reduced profit distributions from the previous fiscal year [5]. Channel Diversification - Despite the success in self-operated products, a significant portion of GMV still comes from Douyin, indicating a continued reliance on external platforms for customer acquisition [7]. - The company is exploring multiple channels, including the reactivation of WeChat video accounts and the establishment of new accounts on Douyin to capture diverse user interests [7][8]. Offline Expansion - Dongfang Zhenxuan has initiated offline strategies, including the deployment of over 40 vending machines and plans to open its first offline experience store in Beijing by March-April [8]. - Collaborations with New Oriental Group are being deepened to leverage B2B sales opportunities and enhance brand exposure [8]. Long-term Investment - The ongoing investments in various channels, including vertical accounts, self-operated apps, and offline stores, are seen as necessary for long-term growth, although they are still in early stages and require time and resources to yield results [9].

Core Viewpoint - The financial report of Dongfang Zhenxuan signifies more than just financial numbers, especially after experiencing executive turmoil and changes in its business model [2] Financial Performance - For the fiscal year 2026, Dongfang Zhenxuan reported total revenue of 2.3 billion yuan, a year-on-year increase of 5.7%. Excluding revenue from the previous year's split business, the actual growth rate is 17% [4][5] - The net profit reached 239 million yuan, a significant turnaround from a net loss of 96.5 million yuan in the same period last year, marking a year-on-year increase of 347.7% [2][4] - Gross profit for the period was 841.6 million yuan, up 14.5% year-on-year, with the gross margin improving from 33.6% to 36.4% [4][5] Business Strategy - The self-operated product's total gross merchandise volume (GMV) accounted for approximately 52.8%, surpassing half for the first time, indicating a successful shift in strategy [3][5] - The company has launched a total of 801 self-operated products across various categories, including fresh food, snacks, nutrition and health products, pet food, and clothing [5] - The self-operated model allows for higher pricing power and profit margins compared to third-party platforms, which is essential for improving profitability [5] Cost Management - The company reduced its workforce by 26%, leading to a 35% decrease in total salary expenses. Administrative expenses dropped by 78.6% to 80 million yuan, primarily due to profit distributions related to the previous fiscal year [5][6] Channel Diversification - Despite the success in self-operated products, a significant portion of GMV still relies on Douyin, indicating a need for diversified customer acquisition channels [6] - The app's GMV contribution is only 18.5%, with a decline in paid membership numbers, highlighting the need for growth in private channels [6] - Dongfang Zhenxuan has restarted live streaming on WeChat and rebranded its Douyin account, aiming to create a matrix of accounts to better engage different consumer segments [6][7] Offline Expansion - The company has deployed over 40 vending machines in various locations, with plans for further expansion, including the opening of its first offline experience store in Beijing [7] - Collaboration with New Oriental Group is deepening, with plans to offer Dongfang Zhenxuan products as gifts during recruitment and employee welfare programs [7]

Core Viewpoint - The financial report released by Dongfang Zhenxuan signifies more than just financial numbers, especially after the company faced executive turmoil, changes in hosts, and scrutiny of its business model. The report indicates a recovery and resilience in operations, laying a solid foundation for sustainable long-term development [1]. Financial Performance - For the six months ending November 30, 2025, Dongfang Zhenxuan reported total revenue of 2.31 billion RMB, a year-on-year increase of 5.7%. Excluding revenue from the previous year's split business, the actual growth rate was 17% [2][4]. - The net profit for the reporting period reached 239 million RMB, a significant turnaround from a net loss of 96.5 million RMB in the same period last year, marking a year-on-year increase of 347.7% [2][4]. - Gross profit for the period was 841.6 million RMB, up 14.5% year-on-year, with the gross margin improving from 33.6% to 36.4% [4]. Business Strategy and Product Development - The total gross merchandise volume (GMV) from self-operated products accounted for approximately 52.8% of total sales, marking a significant milestone as it surpassed half of the total sales for the first time [1][4]. - The company has launched a total of 801 self-operated products, expanding from fresh food and snacks to include nutrition and health products, pet food, and clothing [4]. - The self-operated model allows for better pricing power and profit margins compared to third-party platforms, contributing to the improvement in profitability [4]. Cost Management - The company reduced its workforce by 26%, leading to a 35% decrease in total salary expenses. Administrative expenses also dropped by 78.6% to 80 million RMB, primarily due to reduced profit distribution related to the previous year's split business [4]. Channel Diversification - Despite the success in self-operated products, a significant portion of GMV still relies on Douyin (TikTok), indicating a need for continued dependence on external traffic sources [5]. - The company has initiated a multi-channel strategy, including the relaunch of WeChat video accounts and the establishment of new accounts on Douyin to target different consumer segments [5]. - Dongfang Zhenxuan is also exploring offline channels, with plans to open its first offline experience store in Beijing and has already deployed over 40 vending machines in various locations [5][6]. Collaboration with New Oriental Group - The company is deepening its collaboration with New Oriental Group, planning to offer self-operated products as gifts during student recruitment and distribute gift cards as employee benefits, which could enhance B2B sales and brand exposure [6].

这是东方甄选"董宇辉出走风波"后的首次扭亏为盈。1月29日开盘，东方甄选涨幅一度高达15.8%，成交额快速攀升超10亿港元，较前一日成交规模大幅放 量。 截至当日收盘，东方甄选股价报25.24港元/股，上涨14.21%，总市值约266亿港元，股价与成交额迎来双升。有股民在交流平台称，"市场的反应超过预期， 说明'手术成功，康复良好'。" 东方甄选正在加速"去董化"。 | 0.16 | 813.4314 | | | | | --- | --- | --- | --- | --- | | 0.00 | 36.40 | 4.324 | | | | 3.85 | 0.00 | 5,750 | 3.63 G | 0.000 | | 0.95 | 6400 | | | | | 28.64Z | 0.000 | 0.00 | 10.500 | | | 414.31 亿 | 0.000 | 5,470 | 0.00 | | | 0.000 | 0,380 - | 0:42 | 68.10亿 | | | 0.020 | 14,410 | 0.49 | 10.871Z | | | 0.010 | 6.080 | -136.67 ...

2026.01. 29 此次电话会，公司高层强调了东方甄选与新东方的协同方向，据孙进透露，许多新东方地方学校已在 校园显著位置铺设东方甄选自动售货机，推广东方甄选自营产品，部分实现盈利，未来计划进一步扩 大布局范围，覆盖包括写字楼、社区、学习中心等场景。 本文字数：1164，阅读时长大约2分钟 作者 | 第一财 经 吕倩 1月29日，港股收盘，东方甄选(1797.HK)股价涨14.21%至25.24港元，总市值266亿港元。 东方甄选近一年股价走势 消息面上，东方甄选2026财年中期财报显示，公司2026财年上半年营收23.116亿元，同比增长 5.7%；期内溢利2.39亿元，上年同期亏损9650.3万元。 财报电话会上，东方甄选董事长俞敏洪、东方甄选执行总裁孙进、东方甄选CFO尹强回应公司目前 业务情况。 去年12月，俞敏洪确认，由新东方教育科技集团副总裁孙进担任东方甄选执行总裁。此次电话会 上，俞敏洪对孙进充分肯定。他称，孙进在新东方工作近二十年，是解决问题的高手，曾带动新东方 华南区整体年收入从不足10亿元增至近40亿元。选择孙进接手东方甄选，看重的是他推动业务增长 的潜力，以及对他文化与价值观的高度认 ...

东方甄选股价近一年整体上涨但剧烈震荡。 1月29日，港股收盘，东方甄选(1797.HK)股价涨14.21%至25.24港元，总市值266亿港元。 消息面上，东方甄选2026财年中期财报显示，公司2026财年上半年营收23.116亿元，同比增长5.7%；期内溢利2.39亿元，上年同期亏损9650.3万元。 财报电话会上，东方甄选董事长俞敏洪、东方甄选执行总裁孙进、东方甄选CFO尹强回应公司目前业务情况。 去年12月，俞敏洪确认，由新东方教育科技集团副总裁孙进担任东方甄选执行总裁。此次电话会上，俞敏洪对孙进充分肯定。他称，孙进在新东方工作近二 十年，是解决问题的高手，曾带动新东方华南区整体年收入从不足10亿元增至近40亿元。选择孙进接手东方甄选，看重的是他推动业务增长的潜力，以及对 他文化与价值观的高度认同。 此番首次亮相的新任执行总裁，同样是从新东方集团内部提拔任用。在可预见的一段时间内，东方甄选身上的新东方文化烙印，仍将持续留存。 财报显示，该财季东方甄选自营产品及直播电商业务总GMV为41亿元，上年同期为48亿元。其中来自抖音的GMV占大部分，来自东方甄选APP的GMV约 18.5%。董宇辉离开后，东方甄选 ...

随着白银价格持续大涨，"抢银"话题近期持续升温。有消费者反映，部分直播间售卖的所谓"纯银"产品，价格远低于国际银价，收货后却被检测为锌、 镍、黄铜等合金，甚至随货附带的"鉴定证书"也疑点重重。 记者发现，网络上几毛钱甚至一元钱就可以定制一张检测证书。证书内容均可随意修改。图片来源：上海民声直通车 针对此类"挂羊头卖狗肉"的行为，不少网络平台都进行过治理，但相关乱象始终未能绝迹。究其原因，如果处罚只针对账号，而忽略了账号背后的人，相 关不良商家很容易金蝉脱壳、另起炉灶。 不良商家虚假宣传、以次充好、伪造检测证书，这些行为不仅侵犯消费者正当权益，而且涉嫌违反相关法律法规。相比起查封直播间和账号，更应该斩断 这些骗局背后的黑手，而这离不开网络平台的支持和配合。对于网络平台来说，既要加强针对商家的准入审核，也要完善日常开展的动态监管，同时应积 极配合监管部门调查及消费者维权。权益有保障，平台更健康，这是直播电商做大做强的关键所在。 （文章来源：人民网） "白菜价"的"999足银"、"假一赔十"的银条元宝……网络直播间里，各种商品令人眼花缭乱，在主播反复强调"福利价"的诱惑下，一些人往往会"捡漏"下 单。然而，有消费者 ...

上 市 公 司 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2026 年 01 月 28 日 | | --- | --- | | 收盘价（港币） | 22.10 | | 恒生中国企业指数 | 9512.24 | | 52 周最高/最低（港币） | 53.70/10.12 | | H 股市值（亿港币） | 232.89 | | 流通 H 股（百万股） | 1,053.81 | | 汇率（港币/人民币） | 0.8943 | 一年内股价与基准指数对比走势： 2026 年 01 月 29 日 东方甄选 (01797) ——产品组合优化，经营效益大幅提升 公 司 研 究 / 公 司 点 评 社会服务 -37% 63% 163% 263% 01/28 02/28 03/31 04/30 05/31 06/30 07/31 08/31 09/30 10/31 11/30 12/31 HSCEI 东方甄选 资料来源：Bloomberg 相关研究 - 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 投资要点： 东方甄选 1HFY26（2025 年 ...

Core Insights - Oriental Selection (1797.HK) reported a total revenue of 2.3 billion yuan for the first half of fiscal year 2026, representing a year-on-year growth of 5.7%. Excluding revenue from the first half of fiscal year 2025 before the spin-off, the revenue increased by 17% [1] - The net profit reached 239 million yuan, with a gross profit of 841.6 million yuan, reflecting a year-on-year growth of 14.5% [2] Revenue and Profitability - The total GMV for self-operated products and live e-commerce business was 4.1 billion yuan, with a significant portion coming from Douyin, while the GMV from the Oriental Selection App accounted for 18.5%, showing a notable increase compared to the same period last year [3] - Self-operated products accounted for approximately 52.8% of total GMV during the reporting period, driven by category expansion and upgrades [3] Product and Service Strategy - The company has launched over 800 self-operated products and implemented 202 customer experience enhancement initiatives, achieving a customer satisfaction rate of 97.83% [3] - Oriental Selection emphasizes strict quality control for both self-operated and partnered products, planning to establish a bi-weekly/monthly quality inspection report mechanism [4] Channel and Brand Development - The company is set to open its first offline experience store in Beijing and has deployed over 40 vending machines in various regions, with some already achieving profitability [3] - Oriental Selection is expanding its live streaming efforts by launching new accounts and recruiting more hosts to enhance brand influence [5] Innovation and User Engagement - The company is focusing on user feedback through community engagement on its app, utilizing data analysis to optimize product offerings [4] - A long-term recruitment plan is in place to attract skilled hosts and professionals, ensuring they are well-trained in product knowledge and brand culture [6]

记者27日从市场监管总局获悉，2025年全国共查办各类网络不正当竞争案件1932件，罚没金额 7152.94万元。 据介绍，2025年，市场监管总局部署开展整治网络不正当竞争行为专项行动，聚焦直播电商、保健 品、光伏等重点领域行业，对流量劫持、非法获取数据、直播带货中商业诋毁、人工智能领域不正当竞 争等各类违法行为加大查处力度。 ...