Core Viewpoint - The company has entered a stable development phase with a clear strategy, focusing on enriching its product lines and building a product matrix centered around self-operated products [1][2] Product Development - The company has expanded its self-operated product categories from fresh food to include nutritional health products, pet food, clothing, and home goods, resulting in a more diversified product structure. As of May 31, 2025, the company has launched a total of 732 self-operated SPUs [1] - Self-operated products have become a significant growth engine, with the GMV of self-operated products accounting for approximately 43.8% of total GMV in FY25, an increase of about 3.8 percentage points year-on-year. The management aims to increase the self-operated product GMV share to over 60% in FY26 without affecting third-party GMV [1] Multi-Channel Strategy - The company is deepening its online and offline multi-channel strategy. Online, it has expanded beyond Douyin to platforms like WeChat Mini Programs, Tmall, JD.com, Pinduoduo, and Xiaohongshu. The Oriental Selection APP, as a strategic core, contributed 15.7% to GMV as of May 31, 2025, a year-on-year increase of 7.3 percentage points, with paid APP memberships growing to 264,000, up 33.1% year-on-year [2] - Offline, the company leverages New Oriental Group's learning center network and explores various methods such as vending machines and display stands to enhance brand awareness. It has also opened small shops to pilot sales of ready-to-eat foods and household essentials, gradually expanding its offline presence [2] Financial Forecast and Valuation - Due to better-than-expected performance in live streaming, the company has raised its FY26 revenue forecast by 11.6% to 5.03 billion yuan. Adjusted net profit for FY26 is also increased by 49.5% to 339 million yuan. FY27 revenue is projected at 5.63 billion yuan, with adjusted net profit of 407 million yuan [2] - The target price has been raised by 20% to 24.0 HKD, reflecting a more optimistic growth outlook. The GMV forecast for FY26 has been adjusted from 7.80 billion yuan to 9.85 billion yuan, corresponding to a 4.5 times FY26 price-to-sales ratio. The company is currently trading at 3.4 times FY26 price-to-sales ratio, indicating a 30% upside potential [2]

吴东美介绍，今年以来，市场监管总局坚持问题导向，聚焦社会各方反映强烈的直播虚假营销、假 冒伪劣等问题，组织开展直播电商突出问题专项整治，依法严厉查处各类违法违规行为。前期，市场监 管总局已集中发布了三批23件直播电商典型案例，今天继续发布第四批7件典型案例，目的就是持续释 放严打违法、保护合法的鲜明信号，充分发挥以查促改、以案促治的震慑作用，维护公平、有序、诚信 的直播电商市场环境。 对于下一步市场监管部门在创新直播电商领域监管机制方面的部署，吴东美称，直播电商监管涉及 直播电商平台、直播间运营者、直播营销人员及其服务机构等多方主体，人、货、场分离，交易链条 长，涉及区域广，参与主体的法律关系复杂，给监管工作带来重大挑战。市场监管部门将进一步加强系 统化监管、跨区域监管、穿透式监管，着力提升直播电商行业治理能力和水平。 一是强化分层分级层级对应监管。二是强化跨区域指挥调度。三是强化穿透式监管。针对直播电商 行业人、货、场分离的特点，总局将继续加强对跨区域重大案件的指挥调度，强化信息共享和协同配 合，建立健全"线上发现、线下追查，线下发现、线上管控"的直播电商一体化监管机制，推动全链条打 击，实现源头治理。市场 ...

市场监管总局网监司副司长吴东美。封面新闻记者 戴云 摄 一是强化分层分级层级对应监管。针对电商平台跨域跨界经营的特点，市场监管部门将进一步合理划分平台监管职责，统筹运用提级管辖、指定管辖等机 制，进一步加大监管执法力度。总局将坚决依法查处具有全国影响的直播电商重大案件，支持省级市场监管部门特别是直播电商主体较为集中地区监管部 门积极主动作为，形成治理合力，确保直播电商行业整治取得可感可及的标志性成果。 二是强化跨区域指挥调度。针对直播电商行业人、货、场分离的特点，总局将继续加强对跨区域重大案件的指挥调度，强化信息共享和协同配合，建立健 全"线上发现、线下追查，线下发现、线上管控"的直播电商一体化监管机制，推动全链条打击，实现源头治理。 封面新闻记者 戴云 11月28日，市场监管总局召开直播电商监管专题新闻发布会，网监司副司长吴东美在会上表示，直播电商监管涉及直播电商平台、直播间运营者、直播营 销人员及其服务机构等多方主体，人、货、场分离，交易链条长，涉及区域广，参与主体的法律关系复杂，给监管工作带来重大挑战。市场监管部门将进 一步加强系统化监管、跨区域监管、穿透式监管，着力提升直播电商行业治理能力和水平。 三 ...

二是强化跨区域指挥调度。针对直播电商行业人、货、场分离的特点，总局将继续加强对跨区域重大案 件的指挥调度，强化信息共享和协同配合，建立健全"线上发现、线下追查，线下发现、线上管控"的直 播电商一体化监管机制，推动全链条打击，实现源头治理。 三是强化穿透式监管。针对直播电商参与主体法律关系复杂的特点，指导平台经济活跃地区市场监管部 门开展直播电商穿透式监管试点，加强对主体、客体和行为的监测监管和穿透分析，实现对关联违法主 体的一并追查，对重点风险商品的溯源管理，对关联违法行为的系统查处，推动直播电商监管模式和手 段变革创新。市场监管总局将加强对试点工作的跟踪指导支持，及时总结推广应用行之有效的经验做 法，形成与直播电商特点相适应的制度措施和工作机制。 红星新闻首席记者 吴阳 ▲创意配图 据图虫创意 吴东美介绍，市场监管部门将进一步加强系统化监管、跨区域监管、穿透式监管，着力提升直播电商行 业治理能力和水平。 一是强化分层分级层级对应监管。针对电商平台跨域跨界经营的特点，市场监管部门将进一步合理划分 平台监管职责，统筹运用提级管辖、指定管辖等机制，进一步加大监管执法力度。总局将坚决依法查处 具有全国影响的直播电商 ...

Group 1: Guizhou Moutai Share Buyback - Guizhou Moutai plans to repurchase shares with an amount between RMB 1.5 billion and RMB 3 billion, using its own funds through centralized bidding [1] - The maximum repurchase price is set at RMB 1,887.63 per share, with an estimated repurchase quantity of approximately 794,647 to 1,589,294 shares, representing about 0.0635% to 0.1269% of the total issued share capital [1] Group 2: Battery Industry Regulation - The Ministry of Industry and Information Technology (MIIT) is accelerating the regulation of the power and energy storage battery industry to improve competition order and promote high-quality development [2] - The MIIT emphasizes the need for effective monitoring and regulation of production capacity to prevent irrational competition in the battery sector [2] - Analysts are optimistic about the future demand for batteries, driven by increased electrification and higher battery capacity per vehicle [2] Group 3: Tianfeng Securities Investigation - Tianfeng Securities is under investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations related to the previous major shareholder's fund occupation [3] - The occupied funds and interest were fully repaid by the end of 2022, which may mitigate long-term uncertainties for the company [3] Group 4: Commercial Real Estate Investment Trusts - The CSRC is drafting a proposal for a pilot program for commercial real estate investment trusts (REITs) to enhance the quality of the REITs market and support new real estate development models [4] Group 5: State-Owned Enterprises Profit Decline - From January to October, the total profit of state-owned enterprises reached RMB 34,214.4 million, reflecting a year-on-year decline of 3% [5] Group 6: Lifan Technology Penalties - The CSRC has imposed penalties on Lifan Technology for falsely reporting financial data, resulting in a cumulative inflation of revenue by RMB 638 million and costs by RMB 628 million from 2021 to 2023 [6] - The company is facing a potential delisting process due to serious violations of securities laws [6] Group 7: Global Memory Chip Shortage - A global shortage of memory chips is intensifying, with predictions of a 50% price increase by the second quarter of 2026 due to rising demand from AI infrastructure [7] - Major consumer electronics companies are warning of potential price hikes for their products due to chip shortages [7] Group 8: Positive and Negative Announcements - Positive announcements include China Jushi's shareholder plan to increase holdings between RMB 550 million and RMB 1.1 billion [9] - Negative announcements involve investigations into Yongtai Energy and other companies facing regulatory scrutiny [10]

Core Viewpoint - The State Administration for Market Regulation has released typical cases in the live e-commerce sector, highlighting issues such as false advertising, price fraud, trademark infringement, and illegal advertising across various product categories including food, health products, cosmetics, and clothing [1] Group 1: False Advertising and Price Fraud - The live e-commerce sector is experiencing a surge in demand for weight loss products, but some merchants are exaggerating effects and engaging in false marketing [2] - Dongying Rongcan Trading Co., Ltd. was fined 100,000 yuan for using misleading advertising tactics to promote weight loss products, including creating a false sense of urgency and downplaying potential risks [2] - Shanxi Province's "Taiyuan Old Ge," a prominent influencer with over 90 million followers, was fined 5.6 million yuan for a series of false advertising and price fraud cases [2] Group 2: Trademark Infringement - Trademark infringement is prevalent in the live e-commerce sector, with companies using similar trademarks or logos to mislead consumers [3] - Ningbo Hanyang E-commerce Co., Ltd. was fined 1.023 million yuan for selling counterfeit shoes that closely resembled a well-known brand's trademark without authorization [3] Group 3: Facilitating Intellectual Property Infringement - A group selling counterfeit watches collaborated with a live streamer to drive traffic to their sales, resulting in a fine of 100,500 yuan for the streamer [4] - In another case, individuals were penalized for artificially inflating follower counts for e-commerce accounts, leading to a fine of 270,000 yuan [4] Group 4: Targeting Vulnerable Consumers - Shanghai's Lunlun Food Store targeted elderly consumers through private live streams, falsely claiming health benefits for their products, resulting in a fine of 200,000 yuan [5]

Core Viewpoint - The State Administration for Market Regulation (SAMR) has intensified oversight of live e-commerce, highlighting multiple cases of illegal activities such as false advertising and price fraud, with significant penalties imposed on violators [1][2][3] Group 1: Regulatory Actions - The SAMR held a press conference to announce a series of typical cases in live e-commerce, addressing issues like false advertising, price fraud, trademark infringement, and non-compliance by platforms [1] - Shanxi Lao Ge Trading Co., Ltd. was fined a total of 5.6 million yuan for engaging in false advertising and price fraud through a live streaming platform, promoting over 30 products with exaggerated claims [1][2] - The Shanxi Provincial Market Supervision Bureau has established a special task force to monitor and investigate cases related to the popular live streamer "Taiyuan Lao Ge," who has over 90 million followers [2] Group 2: Monitoring and Compliance - The Shanxi Provincial Market Supervision Bureau has developed a new regulatory model for live e-commerce, including the issuance of compliance guidelines that clarify the responsibilities of various stakeholders [3] - The bureau upgraded its online transaction monitoring system to enhance its capabilities, implementing a dual-driven model of "self-inspection + third-party monitoring" to improve oversight [3] - In 2023, the market supervision system in Shanxi has handled 68 cases related to live e-commerce, effectively maintaining market order in the industry [3]

市场监管总局：坚决依法查处具有全国影响的直播电商重大案件 中新网11月28日电(记者 左雨晴) "总局将坚决依法查处具有全国影响的直播电商重大案件，确保直播电 商行业整治取得可感可及的标志性成果。"11月28日，在市场监管总局召开的直播电商监管专题新闻发 布会上，市场监管总局网监司副司长吴东美表示。 今年以来，市场监管总局坚持问题导向，聚焦社会各方反映强烈的直播虚假营销、假冒伪劣等问题，组 织开展直播电商突出问题专项整治，依法严厉查处各类违法违规行为。本次发布会上，市场监管总局集 中发布山西老葛商贸有限公司虚假宣传、价格欺诈系列案，深圳小鹅网络技术有限公司未尽资质审核、 安全保障义务案等7件直播电商典型案例。 11月28日，市场监管总局召开直播电商监管专题新闻发布会。 左雨晴 摄 "本次通报的案例，涵盖虚假宣传、价格欺诈、商标侵权、违法广告、平台不落实法定责任等多类违法 情形，涉及食品、保健品、化妆品、服装饰品等多种商品，这反映出直播电商领域违法行为类型多样， 与人民群众生活密切相关，必须有针对性地加强综合治理。"吴东美说。 她指出，直播电商监管涉及直播电商平台、直播间运营者、直播营销人员及其服务机构等多方主 ...

据介绍，市场监管总局还组织开展直播电商平台服务管理国家标准研制，发挥标准化在统一市场规则、 引领行业发展方面的有效作用，推动直播电商行业服务水平整体提升。 （文章来源：新华社） 记者28日从市场监管总局获悉，市场监管总局会同国家网信办制定《直播电商监督管理办法》，目前已 完成各项审核程序，将于近期正式出台。 市场监管总局网监司副司长吴东美介绍，这一举措旨在适应直播电商行业发展的新特点新趋势，科学界 定直播电商活动各方责任，保护消费者和经营者合法权益，构建经营主体合规、部门监管执法、行业协 同共治的全方位制度体系，为直播电商创新和健康发展保驾护航。 吴东美表示，直播电商监管涉及直播电商平台、直播间运营者、直播营销人员及其服务机构等多方主 体，人、货、场分离，交易链条长，涉及区域广，参与主体的法律关系复杂，给监管工作带来重大挑 战。市场监管部门将进一步加强系统化监管、跨区域监管、穿透式监管，着力提升直播电商行业治理能 力和水平。 ...

Core Viewpoint - The article discusses the release of typical cases in the live e-commerce sector by the State Administration for Market Regulation, highlighting various violations such as false advertising and price fraud by different companies in the industry [1] Group 1: Case Summaries - Shanxi Laoge Trading Co., Ltd. was penalized for false advertising and price fraud, resulting in a total fine of 5.6 million yuan for misleading consumers through exaggerated claims and unproven comparisons during live broadcasts [2] - Shenzhen Xiao'e Network Technology Co., Ltd. faced penalties for failing to conduct proper qualification reviews and safety guarantees, leading to false advertising on its platform, resulting in a fine of 360,000 yuan [3] - Dongying Rongcan Trading Co., Ltd. was fined 100,000 yuan for illegal advertising related to a health product, where misleading claims were made during a live broadcast [4] - A group of individuals involved in West Chong Media Co., Ltd. was penalized for artificially inflating follower counts for e-commerce operators, leading to a fine of 270,000 yuan [5] - Ningbo Hanyang E-commerce Co., Ltd. was fined 1.023 million yuan for trademark infringement and product quality violations, selling counterfeit shoes without proper labeling [6] - A live streamer named Cheng was penalized for facilitating the sale of counterfeit watches, resulting in a fine of 100,500 yuan for promoting infringing products [7] - Shanghai Lunen Food Store was fined 200,000 yuan for false advertising targeting elderly consumers, promoting health products with unsubstantiated claims about disease prevention and treatment [8]