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 ...

Core Viewpoint - The State Administration for Market Regulation (SAMR) is drafting a new regulation aimed at strengthening the supervision of live e-commerce, addressing issues such as false marketing and ensuring consumer rights [1][2]. Group 1: Regulatory Framework - The new regulation, titled "Live E-commerce Supervision Management Measures (Draft for Comments)," aims to clarify the legal responsibilities of various stakeholders in the live e-commerce ecosystem, including platform operators, live streamers, and marketing personnel [1][2]. - The regulation emphasizes a balanced approach between regulatory compliance and promoting industry development, focusing on problem-oriented measures to address existing issues in the live e-commerce sector [2][3]. Group 2: Responsibilities of Platform Operators - The regulation outlines specific responsibilities for platform operators, including compliance with verification, information reporting, and training mechanisms, to enhance accountability and consumer protection [3][4]. - It aims to establish a collaborative governance model that includes not only platform operators but also live streamers and service agencies, addressing the complexities and risks associated with the live e-commerce model [3]. Group 3: Implementation and Impact - The SAMR assures that the new regulation will not impose additional burdens on stakeholders, as it aligns with existing laws such as the E-commerce Law and Consumer Rights Protection Law [4]. - The regulation will incorporate a blacklist system for non-compliant entities, which is already a common practice among live e-commerce platforms [4][5].

核心阅读 《直播电商监督管理办法（征求意见稿）》细化了直播电商平台经营者的责任和义务，明确直播电 商平台经营者在违规处置、资质核验、信息报送、培训机制、分级管理、动态管控、信息公示等方面的 责任。 为加强直播电商监督管理，维护广大消费者和经营者合法权益，促进直播电商健康发展，近日，国 家市场监督管理总局会同国家互联网信息办公室研究起草了《直播电商监督管理办法（征求意见稿）》 （以下简称《征求意见稿》），向社会公开征求意见。 《征求意见稿》细化了直播电商平台经营者的责任和义务，明确直播电商平台经营者在违规处置、 资质核验、信息报送、培训机制、分级管理、动态管控、信息公示等方面的责任。要求平台经营者建立 健全平台协议规则，加强对直播间运营者、直播营销人员服务机构、直播营销人员的身份认证和资质审 核，强化对违法违规行为的处置，依法依规报送数据信息，积极协助消费者维权，进一步压实平台企业 的主体责任。 监管规范与促进发展并重 近年来，直播电商行业发展迅速，在促进消费、扩大就业等方面发挥了积极作用。在直播电商行业 快速发展的同时，虚假营销、假冒伪劣等乱象逐渐显现，这些问题主要表现在：直播电商行业相关主体 责任落实不到位 ...

本报记者 卢 岳 □ 王 儒 一块航空级7075铝合金打造的露营装备、一尾在专业海缸中游弋的稀有观赏鱼、一件融合非遗技法的景德镇瓷器…… 这些曾深藏于地方产业带、囿于小众圈层的"小兴趣"，如今在抖音电商平台上正迸发出百亿级商业能量。 7月31日，抖音电商发布的《2025抖音电商兴趣产业带数据报告》（以下简称"报告"）显示：全国已有5个市兴趣产业 带年支付商品交易总额（以下称为"GMV"）突破百亿元，57个迈入亿元门槛，65个跨越千万元大关，更有6.7万名产 业带商家实现店播业绩翻倍增长。 当"小兴趣"遇上"大平台"，一场由内容驱动、平台赋能的实体经济深度变革正在加速推进。 图为抖音电商相关负责人介绍过去一年兴趣产业带在平台上的发展情况。 冷门生意热起来 兴趣"破圈"激活百亿元市场 "十多年前，我因为喜欢鱼，一头扎进海水圈，踩过的坑正好是新手最需要了解的。" 2022年，来自广州的水产商家海 大叔在抖音"@前海水族"账号分享养鱼经验时意外走红。他将新手看不见的问题拍成视频，单条播放量破200万次。 通过抖音直播，海大叔此前80平方米起步的小店已扩展到3000平方米，生意突破地域限制，"新疆、内蒙古的订单都 能次 ...

业内观察认为，此次动作是其沉寂后的复出尝试，但如果仅靠"情感牌"回避核心责任问题，复出之路恐难平坦，甚至可能面临 二次"塌房"风险。 据湖北经视《经视直播》栏目微博，8月11日，本溪满族自治县互联网信息办公室工作人员回应称，东北雨姐的抖音账号将于今 年10月解封，整改到位后理论上可继续从事直播带货。但必须遵守相关规定，网信办及市场监督部门也将对其进行持续监管。 全文共745字，阅读大约需要2分钟 本溪满族自治县互联网信息办公室工作人员回应称，东北雨姐的抖音账号将于今年10月解封，整改到位后理论上可继续从事直 播带货。 8月9日，曾因虚假宣传被处罚的网红@东北雨姐 沉寂近一年后在微博更新动态。此前，另有博主"金玉满堂"发布与东北雨姐合 拍的视频，文案称"东北雨姐本人真的很好，大家莫要喷她，生活不易，讨生活而已"，疑似为其复出铺垫。值得注意的是，东 北雨姐这条复出试探性的微博在发布几小时后已被删除。 据了解，东北雨姐曾凭借展现东北农村生活的系列视频在抖音积累千万粉丝，其人设憨厚爽朗，深受网友喜爱。然而，2024 年，有打假博主曝光其直播间售卖的红薯粉条实为木薯淀粉制作，不含红薯成分，引发信任危机。官方随后介入调查 ...

Core Insights - The stock price of Dongfang Zhenxuan has increased by over 130% since July, doubling within a month [1] - The company appears to have moved past the challenges posed by the departure of key influencer Dong Yuhui over a year ago [2] - Despite the recent surge, there are concerns about the sustainability of this growth, as similar patterns have occurred in the past [5] Financial Performance - Dongfang Zhenxuan reported an estimated revenue of approximately $150 million for the period from March to May 2025, reflecting a year-on-year decline of about 30%, although the rate of decline has narrowed compared to previous periods [9] - The operating profit for the same period was around 79 million yuan, with an operating profit margin of approximately 7%, which is a 3 percentage point increase from the previous quarter [10] - In June 2025, the Gross Merchandise Value (GMV) grew by about 28% year-on-year, reaching 880 million yuan, indicating a gradual recovery in revenue [11][12] Business Strategy and Product Development - Dongfang Zhenxuan has successfully launched new products, including a cotton sanitary napkin that sold 180,000 units in two days, generating over 19 million yuan in total sales [13] - The company has expanded its product categories beyond food to include high-margin daily necessities, with its self-owned brand gross margin increasing from 10% to 21% [14] - The membership model has attracted 228,300 paid members, with a high repurchase rate of 86% and a satisfaction rate of 99.3%, indicating strong customer loyalty [15] Competitive Landscape - Dongfang Zhenxuan is being compared to Sam's Club, especially in light of recent trust issues faced by Sam's China, positioning Dongfang Zhenxuan as a potential alternative [6][15] - The company operates on a flexible model compared to the high maintenance costs associated with Sam's physical stores, which may provide a competitive advantage [18] Operational Challenges - Despite recent successes, Dongfang Zhenxuan still relies heavily on a traditional selection and outsourcing model for logistics, which complicates cost control and inventory management [19][21] - The company faces ongoing challenges related to inventory costs and transportation expenses, which have been cited as reasons for not achieving profit growth despite increased revenue [21] - As the company expands its product offerings, it must enhance its brand management to avoid potential damage to its reputation, similar to issues faced by Sam's Club [22][24] Future Outlook - The recent stock price surge reflects a revaluation of Dongfang Zhenxuan's strategy to move away from influencer dependency and focus on supply chain management [26] - Continued success in launching popular products and maintaining GMV growth could support the elevated valuation [26] - The company must navigate a competitive market characterized by price competition and challenges in customer acquisition to sustain its growth trajectory [26]

东方甄选的K线图一路上扬，创始人俞敏洪和他的"俞你同行"正在内蒙古游山玩水。 | 除税前溢利 | 188.554 | | --- | --- | | 純利 | 141,414 | 面对全网热议，俞敏洪当时发文表示，与辉同行所剩的1.4亿元净利润，是在按约定向董宇辉分配了50%后剩下来了1.4亿元。分配到董宇辉身上的，已经 放到他个人账上了。除此之外，董宇辉还有每个月比较不错的薪酬及公司授予的股权，已经是很好的待遇了。 俞敏洪还表示，董宇辉购买与辉同行的钱他安排了，公司是送给董宇辉的。 此次"俞你同行"走进内蒙古行程丰富且极具挑战性。俞敏洪将率领"俞你同行"团队，从呼伦贝尔大草原出发，一路探访包括额尔古纳湿地、满洲里口岸、 乌兰哈达火山群、阿拉善戈壁等在内的标志性自然景观与历史文化遗产。 现在岁月静好的样子，和去年此时处于争议漩涡中的东方甄选不可同日而语。 回想2024年7月，东方甄选与董宇辉正式分家，消息公布后首个交易日（7月26日），公司股价大跌超过23%，蒸发30亿港元，盘中还创下8.92港元的低 点。当时的市场普遍预测：失去超级主播的直播机构，注定走向衰落。 彼时的公司公告显示，与辉同行自2023年12 ...

Core Insights - The article discusses the transformation and recovery of Dongfang Zhenxuan after the departure of its prominent host, Dong Yuhui, highlighting the company's strategic shift from a host-driven model to a product-driven approach [3][10][13]. Financial Performance - After the split with Dong Yuhui, Dongfang Zhenxuan's stock price dropped over 23% on the first trading day, losing approximately 3 billion HKD in market value [3][10]. - As of August 11, 2025, the stock price reached 29.38 HKD, with a market capitalization exceeding 30 billion HKD, marking a 190% increase from its lowest point of 10.12 HKD earlier in the year [10][13]. - The company's self-operated product GMV (Gross Merchandise Volume) share increased to 39%, with over 600 product varieties and a cold chain coverage rate of 92% [13][14]. Strategic Shifts - Dongfang Zhenxuan has focused on supply chain integration and self-operated products, moving away from reliance on individual hosts [13][17]. - The launch of a self-operated sanitary napkin product sold out quickly, indicating strong consumer demand and trust in the brand [14][16]. - The company aims to build a membership economy, converting one-time transactions into long-term customer relationships, with over 250,000 paid members and a repurchase rate 2.7 times higher than regular users [19][20]. Market Positioning - Dongfang Zhenxuan is positioning itself as a platform for selecting quality products, emphasizing self-operated agricultural products and cultural dissemination [19][20]. - The company has achieved a significant increase in gross margin for self-operated products, rising from 10% in the second half of 2024 to 21% in the first half of 2025 [19][20].

Core Viewpoint - The article emphasizes the transition of the live e-commerce industry in China into a new phase driven by efficiency, focusing on refined operations in product management, traffic, and marketing strategies to achieve sustainable growth [1][2]. Group 1: Market Overview - The live e-commerce market in China is projected to reach 5.8 trillion yuan in 2024, reflecting a year-on-year growth of 17.7%, indicating a shift from extensive growth to deep operational efficiency [2]. - The industry is facing structural challenges as user growth slows, with user penetration rates in short videos, live broadcasts, and online shopping exceeding 75%, leading to a focus on existing user engagement [5]. Group 2: User Behavior and Demand - User behavior is evolving towards a multi-threaded approach, with consumers actively comparing products across platforms, necessitating a non-linear, dynamic outreach strategy from merchants [8]. - There is a notable shift in consumer demand from "extreme cost-effectiveness" to a dual focus on "price + quality," with 76.9% of consumers prioritizing product quality over price sensitivity [14]. Group 3: Merchant Strategies - Merchants are required to adopt refined strategies for user operations, focusing on "activating existing users, deepening demand, and recreating value" to maximize user lifetime value [5]. - The E-MAX merchant operation framework is introduced, emphasizing full-cycle supply, all-touchpoint penetration, and cross-field marketing to enhance product efficiency and integrate marketing resources [21][60]. Group 4: Operational Methodologies - The full-cycle supply strategy involves enhancing the efficiency of product supply across different stages: incubation, explosion, and deep cultivation, with tailored strategies for each phase [23][61]. - The all-touchpoint penetration strategy aims to connect various traffic channels, including public and private domains, to reach dispersed users effectively [33][36]. Group 5: Marketing Integration - The all-field marketing approach integrates live marketing with brand marketing, creating a resonance effect that enhances both short-term sales and long-term brand positioning [63]. - Merchants are encouraged to leverage platform resources for dynamic marketing strategies that balance promotional bursts with ongoing operational efficiency [19][46]. Group 6: Case Studies and Examples - Successful case studies highlight how brands like UR and vivo have utilized the E-MAX framework to achieve significant sales growth and brand exposure through strategic live broadcasts and marketing campaigns [66][84]. - The article illustrates how high-quality content and differentiated product offerings can drive brand recognition and consumer trust, essential for long-term success in the live e-commerce landscape [78][79].