优化包装材料降低成本。云仓的智能包装系统根据商品尺寸自动选择最合适的包装方案，减少填充材料 使用。某电子产品商家使用云仓后，包装材料成本降低30%，同时运输费用因体积优化下降25%。 直播电商在快速发展的同时，也面临着成本高企、效率低下的挑战。云仓通过集约化运营和智能化管 理，帮助商家显著降低运营成本，提升整体效率，实现可持续发展。 规模效应是云仓降本的首要途径。某中小服装企业通过接入云仓网络，无需自建仓库和物流体系，就将 仓储成本降低了60%。云仓通过集中多个商家的订单，实现规模化操作，大幅降低单位成本。其智能仓 储系统每小时可处理数万件商品，人效是传统仓库的3倍以上。 智能库存管理带来资金效率提升。某化妆品品牌借助云仓的预测系统，将库存周转率提高了一倍，减少 资金占用2000万元。系统通过分析销售数据、季节因素、促销活动等，给出精准的补货建议，避免断货 和积压两种情况。 多平台整合减少运营复杂度。云仓通过统一接口对接各大电商平台，商家无需分别管理多个平台的库存 和订单。某家居品牌接入云仓后，运营人员从10人减少到3人，错误率反而降低70%。 未来，随着技术的不断进步，云仓将通过更多创新方式帮助直播电商降本 ...

当在线教育机构新东方在线2023年1月转型为直播电商公司时，新更名的 东方甄选控股有限公司 转型初期，东方甄选势头强劲，截至2023年5月的财年录得45亿元（6.28亿美元）营收及9.71亿元净利润的 创纪录表现，扭转了之前财年亏损困境。次年，这家公司业绩更为亮眼，营收跃升至70亿元，净利润达17 亿元。 （1797.HK）前景似乎一片光明。这家教培巨头 新东方 （EDU.US; 9901.HK）旗下的原在线业务子公司， 在2021年"双减" 政策 出台后，完成了非常规转型。 ▶ 东方甄选在上个财年呈现营收、利润及GMV同步下滑 ▶ 公司在财年下半段开始恢复盈利，增强投资者对其最新商业模式的信心 Key takeaways: 不过，据上周五发布的最新年报显示，公司复苏势头在刚过去的财年突遇波折。因卷入与头部主播的高调 纠纷，截至今年5月的财年，营收、利润及商品交易总额（GMV）均大幅下滑。 这家由教育机构转型的直播电商公司，正通过自营产品业务，试图打造线上的山姆 财报显示，东方甄选最新财年持续经营业务营收同比骤降32.7%至44亿元，上一财年大额利润几乎化为乌 有，全年净利润仅录得570万元。核心电商及自营产 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company reported a total net revenue of 4.4 billion yuan for the fiscal year 2025, a year-on-year decline of 32.7%, but achieved a net profit of 6.19 million yuan, recovering from losses in the first half of the fiscal year [1]. - The company's self-operated product strategy has matured, becoming a core growth engine, with self-operated product GMV reaching approximately 3.81 billion yuan, accounting for 43.8% of total GMV [2]. - The self-built APP channel has shown steady growth, with APP revenue of about 1.1 billion yuan, representing a year-on-year increase of 22% and accounting for 25% of total revenue [3]. - The company has adjusted its profit forecasts for fiscal years 2026 and 2027, reducing the expected net profit to 270 million yuan and 340 million yuan respectively, while introducing a new forecast for fiscal year 2028 at 400 million yuan [4]. Summary by Sections Financial Performance - For fiscal year 2025, the company reported a total net revenue of 4.4 billion yuan, a decrease of 32.7% year-on-year, while the net profit from continuing operations was 6.19 million yuan, down 97.5% year-on-year [1]. - The self-operated product GMV was approximately 3.81 billion yuan, which is 43.8% of total GMV, and the self-operated product revenue was about 3.5 billion yuan, making up 80% of total revenue [2]. APP Development and Membership Growth - The self-built APP channel achieved revenue of approximately 1.1 billion yuan, a 22% increase year-on-year, and accounted for 25% of total revenue [3]. - The number of paid APP members reached 264,000, reflecting a growth of 33% year-on-year, with a user satisfaction rate of 98.7% [3]. Profit Forecast and Valuation - The company has adjusted its profit forecasts for fiscal years 2026 and 2027, with expected net profits of 270 million yuan and 340 million yuan respectively, and a new forecast for fiscal year 2028 at 400 million yuan [4].

东方甄选(1797.HK)盘中一度大跌近11%，报28.2港元，截至目前成交超22亿港元。 东方甄选此前公布的财报显示，2025财年(2024年6月-2025年5月)，东方甄选持续经营业务(即自营产品及直播电商业务)净营收由65亿元同比减少32.7%至 44亿元，持续经营业务净溢利619.1万元，较上年同期的2.49亿元大幅下降97.5%。对于净利润大幅下滑，该公司解释称，主要是由于报告期内出售与辉同 行所致。 高盛发表研报指，东方甄选截至今年5月底止下半财年业绩好坏参半，商品交易总额(GMV)同比跌55%至39亿元，较该行预期低15%。 ...

Group 1 - The core viewpoint of the article highlights a significant decline in the financial performance of Dongfang Zhenxuan (1797.HK), with a nearly 11% drop in stock price and a trading volume exceeding 22 billion HKD [1][3]. - For the fiscal year 2025 (June 2024 - May 2025), the net revenue from ongoing operations (self-operated products and live e-commerce) decreased by 32.7% year-on-year from 6.5 billion to 4.4 billion CNY, while the net profit plummeted by 97.5% from 249 million to 6.19 million CNY [3]. - Goldman Sachs reported that Dongfang Zhenxuan's performance for the second half of the fiscal year ending in May showed mixed results, with the gross merchandise volume (GMV) declining by 55% year-on-year to 3.9 billion CNY, which was 15% lower than their expectations [3].

来源：格隆汇APP 格隆汇8月26日｜东方甄选(1797.HK)盘中一度大跌近11%，报28.2港元，截至目前成交超22亿港元。 高盛发表研报指，东方甄选截至今年5月底止下半财年业绩好坏参半，商品交易总额(GMV)同比跌55% 至39亿元，较该行预期低15%。 东方甄选此前公布的财报显示，2025财年(2024年6月-2025年5月)，东方甄选持续经营业务(即自营产品 及直播电商业务)净营收由65亿元同比减少32.7%至44亿元，持续经营业务净溢利619.1万元，较上年同 期的2.49亿元大幅下降97.5%。对于净利润大幅下滑，该公司解释称，主要是由于报告期内出售与辉同 行所致。 ...

8月25日，辛巴妻子初瑞雪在原辛巴账号发视频，回应接手辛巴账号。 此前，辛巴称肺部患严重疾病，宣布退出直播行业，公司由妻子管理。初瑞雪此次谈及辛巴的身体，并 表示："我早就知道这一天迟早会来，他的身体一直就是一个问号。我可能不是那个最适合的人，但一 定是把辛巴的责任当成我自己责任的那个人，这个交接无论结果如何，未来也必定是一段佳话。我是辛 巴老婆，我在，辛选就在。" 8月18日晚，辛巴在直播中表示，"跟大家做个告别，从今天开始辛巴再无能力承载直播这份工作，今天 正式宣布退出直播行业。"此后，由他妻子初瑞雪接管辛选集团管理权。 除了回应外，该账号还开启了直播预约，显示将在8月29日上午10点直播，截至发稿已有60余万人预约 此场直播。 （齐鲁晚报·齐鲁壹点客户端编辑 武秀英 综合辛巴快手账号、蓝鲸新闻） ...

Core Viewpoint - The article discusses the challenges and transformations faced by Dongfang Zhenxuan after the departure of its key figure, Dong Yuhui, highlighting the volatility in the live commerce industry and the company's efforts to adapt and find new growth avenues [5][9][23]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported a revenue of 4.4 billion RMB, a decline of 32.7% from 6.5 billion RMB in the previous fiscal year [6][9]. - The total GMV dropped from 14.3 billion RMB to 8.7 billion RMB, with paid orders on Douyin halving from 1.81 billion to 916 million [10][11]. - Despite a net profit of only 6.2 million RMB, the company showed signs of recovery with a net profit of 135.4 million RMB when excluding the financial impact of the sale of "With Hui Together" [10][11]. Operational Changes - The company increased its self-operated product GMV share to 43.8%, launching 732 new self-operated products, a nearly 50% increase from the previous year [11][25]. - Total operating costs decreased from 4.8 billion RMB to 3 billion RMB, a reduction of over 38%, with significant cuts in inventory and logistics costs [13][11]. Market Reactions - The stock price of Dongfang Zhenxuan experienced significant fluctuations, with a 20% increase followed by a 20% drop, reflecting investor uncertainty [5][17]. - The company faced ongoing scrutiny and speculation regarding leadership changes and operational strategies, particularly after the departure of key personnel [5][22]. Strategic Direction - The company aims to transition from a reliance on live streaming to establishing a robust product and supply chain management capability, with a focus on brand strength [25][26]. - Dongfang Zhenxuan is also working to reduce its dependency on Douyin, which currently accounts for 60-70% of its sales, by enhancing its own app and membership system [25][26]. Industry Context - The challenges faced by Dongfang Zhenxuan reflect broader issues within the live commerce industry, where the relationship between influencers and companies is critical [23][25]. - The departure of key influencers like Dong Yuhui raises questions about the sustainability of business models heavily reliant on personal brands [27][28].

在这个信息繁杂、瞬息万变的时代，似乎总有一些声音在不断地撼动着我们的信仰。正如昨夜的星空，闪烁而虚幻，令人目不暇接。8月24日， 自媒体"画卷妈"爆出辛选集团准备进行大规模裁员的消息，令人震惊。透过网友的传闻，此次裁员的比例竟高达五成，然而辛选官方对此尚无 明确回馈。无疑，这犹如一阵风暴，迫使人们重新审视这个曾经风头正劲的直播平台。 而在这一切的闹剧之前，辛巴于8月18日晚间在一次直播中声称，他将要"退网"，理由是医师告知他肺部健康出现了严重问题，仿佛他已年逾九 十，沧桑不堪。自2020年起，辛巴已经五度宣称"退网"，如此反复无常的举动，宛若快手主播们习以为常的"返场首播"之戏，似乎是为了维持一 种观众的期待。然而，这样的举动是否真心实意？或许我们不能一言以蔽之，但这一次辛巴的举动似乎更有底气。 在8月22日，辛巴的账号名称更改为初瑞雪（辛巴818），头像换成了妻子的面容，而实名认证依旧停留在辛巴的名下，这就像是一个关了门的 剧院，似乎昭示着某种告别的仪式，前一日，他更是清空了快手账号中所有作品，显得决绝而坚定。 与此同时，国家市场监督管理总局的邓志勇在"高质量完成'十四五'规划"主题新闻发布会上提到，将强化 ...

证券之星李若菡 近日，东方甄选(01797.HK)披露了与董宇辉"分手"后的首份年报，公司营收和净利润双双下滑。 证券之星注意到，头部主播所带来的流量效应短期内难以替代。虽然公司自有App业务占比有所提高， 但未能扭转业绩颓势，公司GMV和抖音平台已付订单数量也随之走低。同时，公司试图打造的"线上山 姆"的模式尚面临会员规模较低等问题，难以对业绩形成有效支撑。业绩下滑之外，高管变动的传闻让 公司陷入舆论漩涡，公司股价应声下跌。 "去董化"阵痛难消 | | 2025財年 | 2024財年 | | --- | --- | --- | | 主要經營數據 | | | | GMV(人民幣10億元)(1) | 8.7 | 14.3 | | 抖音上已付訂單數量(百萬) | 91.6 | 181.1 | | 東方甄選應用程序上已付費會員訂閱數量(千人) | 264.3 | 198.6 | 不仅如此，头部主播所带来的流量效应短期内难以替代。据《BUG》栏目统计，去年8月至今年7月期 间，东方甄选主账号仅4次进入抖音带货月榜前十，未能延续此前稳居前三的强劲表现。据飞瓜数据显 示，自2024年7月至今，东方甄选主账号粉丝减少数量超 ...