Core Viewpoint - Dongfang Zhenxuan (01797) has experienced a significant decline in stock price, dropping over 9% and currently trading at 29 HKD, with a transaction volume of 1.555 billion HKD [1] Financial Performance - For the fiscal year ending May 31, 2025, Dongfang Zhenxuan reported total revenue of approximately 4.392 billion RMB, a year-on-year decrease of 37.9% [1] - The profit attributable to the company's owners was 5.735 million RMB, reflecting a substantial year-on-year decline of 99.67% [1] - Earnings per share stood at 0.01 RMB [1] Operational Insights - Excluding the financial impact from the sale of Yuhui Tongxing, the net profit from continuing operations is projected to increase by 30% from 10.4 million RMB in fiscal year 2024 to 13.54 million RMB in fiscal year 2025 [1] - Goldman Sachs reported mixed results for Dongfang Zhenxuan's performance for the second half of the fiscal year ending May, with the Gross Merchandise Volume (GMV) declining by 55% to 3.9 billion RMB, which is 15% lower than the bank's expectations [1] - Despite the decline in GMV, the company managed to exceed earnings per share expectations through operational cost control [1] Analyst Rating - Goldman Sachs maintains a "Sell" rating on Dongfang Zhenxuan due to ongoing weak fundamentals and high valuation concerns [1]

Core Viewpoint - Oriental Selection is struggling to recover from the impact of the departure of its key figure, Dong Yuhui, with significant declines in revenue and profit reported in the latest financial results [2][3]. Financial Performance - For the fiscal year 2025, Oriental Selection reported a 32.7% decrease in total revenue from continuing operations, amounting to 4.392 billion yuan [3][6]. - The net profit for the year was 6.2 million yuan, a staggering decline of 97.5% compared to the previous year [3][6]. - Despite the overall decline, the company managed to turn a loss of 96.5 million yuan in the first half of the fiscal year into a profit, with a net profit of 135.4 million yuan when excluding the financial impact of the sale of "With Hui Together" [3][6]. - The gross profit margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025 [3][6]. Business Challenges - The transition to an "online Sam's Club" model is facing multiple challenges, including supply chain issues, channel dependency, and slowing membership growth [2][3]. - The total GMV from all sales channels decreased from 14.3 billion yuan to 8.7 billion yuan year-on-year, with a significant drop in paid orders from Douyin [3][6]. - The number of paid members increased from 198,600 to 264,300, representing a net increase of only 65,700 members, indicating weak growth in the membership system [6]. User Engagement and Market Position - The follower count for the "With Hui Together" Douyin account has surpassed that of Oriental Selection's main account, indicating a shift in user engagement [4]. - Oriental Selection's main account has struggled to maintain a strong presence in Douyin's monthly sales rankings, with only four entries in the top ten over the past year [4]. - The departure of key hosts has raised concerns about the company's ability to retain core talent, despite previous efforts to reduce reliance on individual hosts [4][5]. Strategic Initiatives - To mitigate reliance on single hosts, the company has initiated a clear transformation strategy to develop an "online version of Sam's Club" [5]. - The company launched its self-operated app in August 2022, promoting self-operated products and introducing a paid membership system [5]. - The GMV from self-operated products reached 3.81 billion yuan in fiscal year 2025, accounting for approximately 43.8% of total GMV, with a notable increase in the number of self-operated products launched [6].

Core Viewpoint - Oriental Selection is facing significant challenges in its business operations following the departure of key figure Dong Yuhui, with a notable decline in revenue and profit margins reported in the latest financial results [1][3]. Financial Performance - For the fiscal year 2025, Oriental Selection reported a total revenue of 4.392 billion yuan, a decrease of 32.7% compared to the previous fiscal year [4]. - The net profit for the same period was 6.2 million yuan, down 97.5% from 250 million yuan in the previous year [4]. - Excluding the financial impact of the separation from "With Hui Together," the net profit was 135.4 million yuan, reflecting a 30% increase year-on-year [4]. Business Challenges - The transition to an "online Sam's Club" model is hindered by supply chain issues, channel dependency, and slowing membership growth [2]. - The gross merchandise volume (GMV) from all sales channels dropped from 14.3 billion yuan to 8.7 billion yuan, with a significant decline in orders from Douyin [4]. User Engagement and Talent Retention - The follower count for the "With Hui Together" Douyin account has surpassed that of Oriental Selection's main account, indicating a shift in user engagement [5]. - The company has experienced turnover among key hosts, raising concerns about retaining core talent [5]. Membership Growth - The number of paid members increased from 198,600 to 264,300, with a net addition of only 65,700 members over the year [7]. - The company plans to enhance its membership system through increased marketing efforts and direct engagement from leadership [7]. Self-Operated Products - The GMV for self-operated products reached 3.81 billion yuan, accounting for approximately 43.8% of total GMV [6]. - The proportion of self-operated products in total GMV increased from 16.3% to 28.8% [6].

Core Insights - Oriental Selection (01797) reported an annual performance for the year ending May 31, 2025, with total revenue of approximately 4.392 billion yuan, a decrease of 37.9% year-on-year [1] - The profit attributable to the company's owners was 5.735 million yuan, reflecting a significant decline of 99.67% compared to the previous year [1] - Earnings per share stood at 0.01 yuan [1] Financial Performance - The net profit from continuing operations increased by 30.0% from 104 million yuan in the 2024 fiscal year to 135.4 million yuan in the 2025 fiscal year, excluding the financial impact of the sale of Hui Tong Hang [1] - The financial impact of the sale of Hui Tong Hang included one-time expenses and profits, which affected the overall profit figures [1]

Core Viewpoint - The event "Huang Gu Niang" e-commerce live streaming competition aims to promote local female e-commerce talent and support the national strategy of rural revitalization and digital economy [1] Group 1: Event Overview - The competition and resource docking meeting took place on August 20, 2025, in Hefei High-tech Zone [1] - The event is guided by the Anhui Provincial Women's Federation and co-hosted by several local government departments [1] Group 2: Objectives and Goals - The initiative seeks to cultivate local female e-commerce talent and establish the "Huang Gu Niang" live streaming brand [1] - It aims to help Hefei's unique products reach a national audience [1] Group 3: Support for Women - The Hefei Women's Federation emphasizes the importance of e-commerce live streaming as a platform for female entrepreneurship [1] - The organization plans to continue building platforms and optimizing services to support women's development in the e-commerce sector [1]

Core Viewpoint - The stock of Oriental Selection surged over 14% at one point and is currently up over 11% following the company's statement addressing rumors about its commission rates and management [1] Group 1: Company Response - Oriental Selection issued a statement clarifying that rumors regarding Zhou Chenggang are purely false [1] - The company refuted claims that its commission rate has been consistently over 30%, stating that the actual average commission rate is below 20% [1] - In response to the misinformation, the company has initiated legal action and will pursue the matter thoroughly [1]

Core Viewpoint - The stock of Oriental Selection experienced a significant increase, rising over 10% after the company addressed rumors regarding its commission rates and management [1] Group 1: Company Response - Oriental Selection issued a statement clarifying that rumors about its management, specifically concerning Zhou Chenggang, are unfounded [1] - The company refuted claims that its commission rate exceeds 30%, stating that the actual average commission rate is below 20% [1] - In response to the spread of false information, the company has initiated legal actions and will pursue accountability for these unlawful activities [1] Group 2: Market Reaction - Following the clarification from the company, the stock price of Oriental Selection surged, with an increase of over 14% at one point [1] - The current trading status shows a sustained increase of more than 10% [1]

中新网杭州8月19日电(鲍梦妮 包熠妍)"中国的跨境电商公司从线上直播流中获取用户数据，并针对特定 (国家)市场更新产品，既利用了线下门店，又在线上创造了需求，让人大开眼界。"8月19日，来自尼泊 尔的普拉纳亚(Pranaya Rajbhandari)参观完一家跨境电商直播间后表示。 当日，第五届"一带一路"地方合作委员会跨境电商研修活动在浙江杭州举行，来自"一带一路"地方合作 委员会(BRLC)会员城市(机构)的40余位外籍人士走进阿里巴巴总部、Lazada官方直播间等，了解中国电 商生态与全球化路径。 "我想在这次研修活动中找到理想的商业模式。"普拉纳亚在尼泊尔经营一家线上支付公司。他坦言，近 年来，随着国际电商贸易蓬勃发展，他考虑整合电商业务，探索与中国公司合作开展跨境贸易的路径。 "主播为什么能带这么多货？""录播和直播的区别是什么？""电商直播的变现路径是什么？"互动答疑环 节，不少学员表现出将中国直播电商模式"复制"到自己国家的期望。 中国直播公司"天字直播"负责人陈晨在答疑之余提醒，中国直播电商的策略需要根据海外市场进行调 整。"中国直播卖货的核心首先是产品低价，其次是主播讲解带来的体验感。但我 ...

格隆汇8月19日｜东方甄选(1797.HK)在拉升超23%后高台跳水，目前跌幅进一步扩大至20%，成交额放 大至逾80亿港元，日内振幅达43%。 东方甄选最近两个月股价飙升，在7月份累涨85%后，8月一度再累涨144%。今日盘中股价一度创2023 年2月以来新高。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

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