Core Viewpoint - After more than a year since the departure of Dong Yuhui, the stock price of Dongfang Zhenxuan has seemingly emerged from a low period, with significant increases observed in recent months [1][3]. Stock Performance - As of August 15, Dongfang Zhenxuan's stock price surged by 17.9%, with a total market capitalization exceeding 43 billion HKD. Since July, the stock has accumulated a rise of nearly 248%, and from the low point of 8.92 HKD per share after Dong Yuhui's exit, the increase has reached 357% [3][4]. - The stock's recent performance is closely tied to market expectations of a recovery in its financial performance, with the upcoming quarterly report set to be disclosed on August 22 [6]. Financial Performance - The performance report from New Oriental for the period from March to May 2025 indicates an estimated revenue of approximately 150 million USD for the fourth quarter, reflecting a year-on-year decline of about 30%, although the decline is narrowing compared to previous quarters. The non-GAAP operating profit is estimated at around 79 million RMB, corresponding to an operating profit margin of about 7%, showing a quarter-on-quarter improvement [6][14]. - In the first half of 2025, Dongfang Zhenxuan's self-operated product gross margin improved significantly from 10% in the second half of 2024 to 21% in the first half of 2025, with operating profit margin rising from 3% to 7% [14]. Business Strategy - Following the departure of key hosts, Dongfang Zhenxuan has shifted its business strategy to reduce reliance on individual hosts, focusing on self-operated products and a membership system as the two main drivers of its new business model [9]. - The company has launched a variety of self-operated products, achieving impressive sales figures, such as over 36,000 units of coconut water sold in a single day and cumulative sales of over 2.6 billion self-operated sausages [9][13]. Membership Growth - Dongfang Zhenxuan introduced a paid membership system in October 2023, becoming the first live-streaming platform to implement such a model. As of the mid-2025 financial report, the number of paid members reached 228,000, nearly doubling year-on-year, with member repurchase rates significantly higher than non-members [14]. Institutional Investment Trends - Throughout 2023, institutional investors have been cautious, with a notable reduction in holdings. By the end of the first quarter, the total number of shares held by mainland public funds decreased by 40.19%, with significant reductions from major funds [16][20]. - The mid-2025 financial report revealed a net loss of approximately 96.5 million RMB for the core business, a stark contrast to a profit of 160 million RMB in the same period the previous year, which may have contributed to the cautious stance of institutional investors [20][21]. Market Outlook - Analysts from various securities firms have expressed optimism regarding Dongfang Zhenxuan's recovery, highlighting the company's transition from a host-driven model to a product-driven approach as a key factor for future growth [21][22].

Core Viewpoint - After more than a year since the departure of Dong Yuhui, the stock price of Dongfang Zhenxuan has seemingly emerged from a low period, with significant increases observed recently [1][2]. Stock Performance - As of August 15, Dongfang Zhenxuan's stock surged by 17.9%, with a total market capitalization exceeding 43 billion HKD. Since July, the stock has accumulated a rise of nearly 248%, and from the low point of 8.92 HKD per share after Dong Yuhui's exit, the total increase has reached 357% [3][5][7]. Recent Market Trends - The recent surge in stock price is closely related to market expectations of performance recovery, with the upcoming quarterly financial report set to be disclosed on August 22. The performance report from New Oriental indicated a projected revenue of approximately 150 million USD for the fourth quarter of the 2025 fiscal year, reflecting a year-on-year decline of about 30%, but with a narrowing decline compared to the previous quarter [9]. Business Strategy Shift - Following the departure of key hosts like Dong Yuhui, Dongfang Zhenxuan has shifted its business strategy to reduce reliance on individual hosts. The new business model focuses on "self-operated products" and a "membership system" [11]. - The company has successfully launched self-operated products, with notable sales figures such as over 3.6 million units of coconut water sold in a single day and cumulative sales of over 2.6 billion units of self-operated sausages [13]. Membership Growth - Dongfang Zhenxuan introduced a paid membership system in October 2023, becoming the first live-streaming organization to do so. As of the mid-2025 fiscal year, the number of paid members reached 228,000, nearly doubling year-on-year. The repurchase rate of members is significantly higher than that of non-members, at 2.7 times [13][14]. Institutional Investment Trends - Throughout 2023, institutional investors have frequently reduced their holdings in Dongfang Zhenxuan. By the end of the first quarter, the total number of shares held by public funds had decreased by 40.19%, with significant reductions noted in major funds [15][18][21]. Financial Performance - The mid-2025 fiscal year report indicated a net loss of approximately 96.5 million CNY for the core business, a stark contrast to a profit of 160 million CNY in the same period the previous year. This marked the company's first performance report following the departure of Dong Yuhui [21]. Market Outlook - Analysts express optimism regarding Dongfang Zhenxuan's recovery, citing the company's evolving business model and the successful development of self-operated products as key factors for future growth. The market is currently awaiting the upcoming financial report to assess the company's performance [22].

过去几年，美国直播电商给人以巨大的希望，但又迟迟见不到真正的爆发之势。 就如多数卖家的反馈："目前TikTok Shop美区仍是短视频带货占大头，直播对GMV贡献还小。"由于美国消费者对直播购物的不习惯，直播卖货很难达成 理想效果，从业者们的前路仿佛被迷雾笼罩。 但进入2025年，更多先锋和更多成功案例的出现，让这片混沌天地有了新的起伏：从TikTok直播业务的达播、店播差异化发展，到新兴平台Whatnot的异 军突起；从适合美区直播的潜力产品深挖掘，到更多直播工具的出现和应用…… 首先，多数美国人更熟悉的是在品牌独立站或亚马逊购物。"像Temu是近两三年才快速崛起的，SHEIN虽然进入更早，但它的大规模增长和主流化也是近 几年的事。"Milky提到，美国用户愿意为有调性、可信赖的平台支付溢价，但对于直播电商购物还多有顾虑，很多东西都需要平台花时间去慢慢引导。同 时，中国直播电商善用的"全网最低价"促转化手段在美国也没那么奏效——美国人对价格相对不敏感。 这不禁令人发问：美国直播电商的转机要来了？ 从0到接近20% 直播缓慢渗入美国 "美国（直播电商）市场的成熟仍需时日。比如在TikTok，直播能否成为规模化 ...

Core Viewpoint - The stock price of Dongfang Zhenxuan has surged over 100% in the past month, indicating a significant recovery and transformation within the company [2][5]. Financial Performance - In the second half of FY2025 (December 2024 to May 2025), Dongfang Zhenxuan's revenue is projected to be approximately $299 million (around 2.16 billion RMB), with an operating profit of about $6.2 million (around 44.71 million RMB) [5]. - In the first half of FY2025 (June to November 2024), the company experienced an operating loss of $15.7 million (around 11 million RMB) [5]. - By FY2025 Q4 (March to May 2025), the operating profit is expected to recover to about $7.2 million (around 51.67 million RMB), with a Non-GAAP operating profit of approximately 79 million RMB [5]. - The operating profit margins for FY25 Q1 to Q4 show significant improvement, moving from -8% to 7% [5]. Strategic Transformation - The recent surge in stock price is attributed to the company's shift in strategy following the departure of key figure Dong Yuhui, allowing the company to refocus on its original vision of becoming a product technology enterprise with supply chain management capabilities [6][12]. - Dongfang Zhenxuan has made notable progress in its self-operated business, increasing its SKU count from under 300 to 600 within a year, with further growth expected [8]. - The launch of self-operated products, such as sanitary napkins, has seen impressive sales, with 180,000 orders and an estimated sales revenue of 20 million RMB within two days on Douyin [9][10]. Market Context - The Chinese retail market is undergoing significant changes, with traditional supermarkets struggling and new retail models gaining traction, exemplified by the rapid growth of Sam's Club in China [13][14]. - Dongfang Zhenxuan's strategy of leveraging online traffic and avoiding physical stores allows for cost-effective operations and a quicker path to profitability [16]. - The company aims to build a sustainable business model focused on self-operated products, benefiting from its brand influence and supply chain advantages [17].

作者｜号外工作室 张烨 5月5日，李佳琦直播间"所有爸妈的幸福家"正式开播，吸引超174万次观看量，3个月后观看量断崖式下跌，维持在50、60万左右。 银发直播战场开闸，美腕下注老年直播电商这一"慢生意"。 当3亿老年人开始拿起手机刷直播、点下单，成为直播电商的活跃参与者，这一曾被市场低估的万亿市场终于迎来关键破局。数据显示，2024年，中国银 发经济市场规模已达8.3万亿元，预计到2030年，中国银发经济市场规模将达到25万亿元，增长潜力显著。 直播电商头部企业美腕强势入局，推出"所有爸妈的幸福家"直播间，正式切入银发直播带货领域，用"慢节奏、强信任"的打法，试图复制李佳琦IP在年轻 消费群体中的成功逻辑，抢占银发经济红利。 但银发经济的钱，真的那么好赚吗？5月5日，李佳琦全新直播间"所有爸妈的幸福家"正式开播，期间吸引了超174万次观看量，3个月后直播间的观看量维 持在50、60万左右，最高观看量为93万，观看量出现断崖式下跌，为这场"慢生意"的前景蒙上了一层不确定性。 老年直播带货的"慢"节奏 在老年直播带货赛道，"慢"成为核心关键词，而美腕的"所有爸妈的幸福家"直播间，正是这一逻辑的践行者。但其"慢探 ...

格隆汇8月14日丨遥望科技(002291.SZ)在互动平台表示，公司目前没有涉及游戏和游戏直播的业务。 ...

Core Insights - Li Jiaqi's livestreaming room has successfully transformed from a "transaction space" to a "lifestyle space," enhancing user interaction with brands and creating a new paradigm for the livestream e-commerce IP ecosystem [1][10] Group 1: Offline Activities - The "Double Team Registration" mechanism introduced during the tasting event allows participants to match with tasting partners online, lowering entry barriers for new users and enhancing the sense of belonging for existing users [4][6] - Interactive elements such as sticker voting and games have turned traditional online interactions into tangible offline experiences, while maintaining the humorous style of the livestream [4][6] - The tasting event creates a closed loop of "experience-socialization-dissemination," activating user memories and expanding the influence of Li Jiaqi's IP through social sharing [4][9] Group 2: Original Variety Show - The original variety show "All Girls' Offers" deepens the IP's connotation by revealing the behind-the-scenes of commercial negotiations, enhancing trust through transparency [6][9] - The show features a mechanism allowing audience feedback to influence negotiations, which strengthens the sense of community among users [7][9] - Post-broadcast data shows a 22% increase in conversion rates and an 18% reduction in user repurchase cycles for brands featured in the show [7][9] Group 3: Emotional Connection and Brand Value - The success of both the tasting event and the original variety show lies in their ability to create emotional connections, enriching the IP's emotional connotation and forming an ecological closed loop of "online seeding-offline experience-online dissemination" [9][10] - The commercial value derived from emotional connections is multifaceted, providing brands with credible word-of-mouth, creating shareable content for Li Jiaqi's livestream, and offering users a sense of belonging and enjoyment beyond mere shopping [9][10] Group 4: Future of IP Ecosystem - Li Jiaqi's IP expansion reflects a redefinition of consumption scenarios, shifting from price sensitivity to emotional resonance [10] - The innovative attempts by the team, such as the offline "Naiwa Family Coffee Shop" and the reality show format of "2025 All Girls' Offers," demonstrate a keen sensitivity to content form innovation [10] - The practice of transforming transactions into emotional experiences and personal IP into an ecological system is essential for sustained brand vitality in the attention economy [10]

Group 1 - The digital economy in China is transitioning from the "Internet+" phase to the "AI+" phase, becoming a key driver for social and economic transformation, particularly in enhancing the value of rural ecological products [1] - Rural ecological products encompass traditional resources like agricultural, forestry, and aquatic products, as well as new ecological services such as eco-tourism and cultural creativity [1] - Digital technology is breaking information asymmetry, reducing transaction costs, and expanding value boundaries, facilitating the transformation from "green mountains and clear waters" to "golden mountains and silver mountains" [1] Group 2 - Current challenges for rural ecological products include a lack of unified quantification standards and accounting systems, leading to difficulties in market pricing and property rights ambiguity [2] - Information asymmetry increases transaction costs, making it hard for high-quality agricultural products to achieve premium pricing due to a lack of credible traceability [2] - The rural industrial chain is short with low added value, and the processing rate of primary agricultural products is low, resulting in a low share of income for farmers [2] Group 3 - Digital platforms can optimize supply-demand matching, addressing traditional transaction issues, and promoting green consumption through direct connections between rural producers and urban consumers [2] - Digital governance can facilitate innovative collaboration among stakeholders, reducing institutional transaction costs and enhancing the efficiency of ecological project funding [2] - Enhancing digital literacy among rural talents through training programs can improve their digital operational capabilities and agricultural production efficiency [3]

Core Viewpoint - After the departure of key figure Dong Yuhui, Dongfang Zhenxuan's stock price has rebounded significantly, indicating a recovery from previous lows and a shift in business strategy towards self-operated products [2][5]. Group 1: Stock Performance - On August 12, Dongfang Zhenxuan's stock rose by 1.11% to HKD 30.86, with a total market capitalization of HKD 32.3 billion, reflecting a 245% increase from the low of HKD 8.92 at the time of Dong Yuhui's departure [2]. - The stock has also increased over 204% from its year-to-date low of HKD 10.12 [2]. Group 2: Leadership Changes - Dong Yuhui's departure on July 25, 2024, caused a significant impact, with the stock dropping 23.39% in a single day, resulting in a market value loss of over HKD 2.5 billion [3]. - Another prominent host, Duntun, left the company on June 18, 2024, citing contract expiration, although he expressed a desire to continue collaborating with Dongfang Zhenxuan [4]. Group 3: Financial Performance - For the first half of the 2025 fiscal year, Dongfang Zhenxuan reported a net loss of HKD 96.5 million, a stark contrast to a profit of HKD 160 million in the same period the previous year [3]. - Excluding the financial impact of the sale of a subsidiary, the core business achieved a profit of HKD 32.7 million during the reporting period [3]. Group 4: Business Strategy - Dongfang Zhenxuan has shifted its focus towards self-operated products, launching new sanitary products that have seen strong sales, with the first product selling out 180,000 units shortly after launch [5][6]. - The company is adopting a membership model, with 228,300 paid members as of November 2024, indicating potential for growth compared to competitors like Sam's Club, which has 9 million members [6]. Group 5: Market Positioning - The company is positioning itself similarly to high-quality retail brands like Pang Donglai and Sam's Club, focusing on consumer-centric product development and high-quality offerings [6].

为落实直播电商食品安全主体责任，规范直播电商食品经营行为，维护广大消费者和经营者合法权益，国家市场 监督管理总局牵头组织起草了《直播电商落实食品安全主体责任监督管理规定（征求意见稿）》（以下简称《规 定》），并于近日向社会公开征求意见。 据悉，《规定》明确了适用范围，适用范围包括直播电商平台经营者、直播间运营者、直播营销人员服务机构、 直播营销人员等。 市场监管总局在起草说明中表示，近年来，通过直播电商购买商品已成为消费者一种常态化的购物方式，其中， 食品以高频消费特性占据重要地位。与此同时，虚假宣传、假冒伪劣等乱象逐渐显现，影响了人民群众的食品安 全感，社会反映强烈。为规范直播电商食品经营行为，落实相关主体食品安全责任，市场监管总局依法牵头组织 起草了《规定》。 对于主体责任，《规定》明确，提供食品交易服务的直播电商平台经营者应当建立健全食品安全管理制度，食品 类年营业收入500万元及以上的直播电商平台经营者应配备食品安全总监。 直播电商平台经营者还应当按照《食品生产经营企业落实食品安全主体责任监督管理规定》建立"日管控、周排 查、月调度"工作制度，对平台内食品经营行为进行检查。检查中发现存在违法行为的，应 ...