Core Viewpoint - The company reported a revenue increase of 9.8% year-on-year for the six months ending June 30, 2025, despite facing challenges in the macroeconomic environment and industry fluctuations [1] Financial Performance - Revenue from continuing operations reached 619 million RMB, reflecting a 9.8% increase compared to the previous year [1] - Gross profit amounted to 271 million RMB [1] - Shareholders' profit was 57.37 million RMB, with basic earnings per share of 4.24 cents [1] - Net profit was approximately 55.40 million RMB, representing a decline of about 37.4% year-on-year [1] Business Segments - The new media services segment generated approximately 620 million RMB in revenue, marking a 9.8% increase year-on-year, driven by the growth of matrix live streaming and effective multi-platform deployment [1] - The decline in net profit was primarily attributed to increased costs related to platform traffic acquisition and ongoing investments in the "Friend Cloud" intelligent system [1] Strategic Initiatives - The company is enhancing the competitiveness of its matrix live streaming content and expanding its vertical business through multiple channels [1] - Internal resource integration is being deepened, with a focus on optimizing operational efficiency through automation tools and controlling unnecessary expenditures [1] - Management aims to leverage technology-driven and refined operational strategies to drive business resilience and seize structural opportunities amid industry reshaping [1]

Core Viewpoint - The company reported a revenue of 619 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 9.8%, despite facing challenges in the macroeconomic environment and industry fluctuations [1] Financial Performance - Revenue from continuing operations reached 619 million RMB, up 9.8% year-on-year [1] - Gross profit was 271 million RMB, with a net profit of approximately 55.4 million RMB, reflecting a decline of about 37.4% compared to the previous year [1] - Basic earnings per share were 4.24 cents [1] Business Segments - The new media services segment generated approximately 620 million RMB in revenue, marking a 9.8% increase year-on-year, driven by the growth of matrix live streaming and multi-platform deployment [1] - The decline in net profit was primarily due to increased costs associated with platform traffic acquisition and ongoing investments in the "Friend Cloud" intelligent system [1] Strategic Response - The company is enhancing the competitiveness of its matrix live streaming content and expanding its vertical business through multiple channels [1] - Internal resource integration is being deepened, with a focus on optimizing operational efficiency through automation tools and controlling unnecessary expenditures [1] - Management aims to maintain a dual strategy of technology-driven and refined operations to innovate and seize structural opportunities amid industry reshaping [1]

Core Viewpoint - Zhongzhen Group (Hong Kong) Limited has officially listed on the Hong Kong stock market, marking a significant milestone in its development and signaling the start of a new journey in collaborative development between industry and finance [2][12]. Group 1: Listing Celebration - The listing celebration took place on August 26, 2025, at the Shangri-La Hotel in Shenzhen, attended by over 200 important guests, including government leaders, representatives from partner brokerage firms, core shareholders, mainstream media reporters, and industry opinion leaders [7]. - The event highlighted the market's recognition of Zhongzhen Group's achievements and showcased its strong foundation in resource integration and ecological collaboration within its industry chain [7]. Group 2: Strategic Focus Post-Listing - Following the listing, Zhongzhen Group will focus on three strategic directions to strengthen its core competitiveness: 1. Enhancing technology empowerment, particularly through the development and launch of the AI stock selection platform "ricecracker" by 2026, aimed at improving efficiency and accuracy in financial operations [10]. 2. Deepening its presence in the real economy by accelerating the large-scale development of short drama intellectual property and building a live-streaming e-commerce supply chain to tap into growth potential in content ecology and consumer markets [10]. 3. Expanding its international business footprint, with a focus on Southeast Asian financial services and health product markets, to promote an upgrade in global operations [10]. Group 3: Dual-Track Strategy - The company’s listing signifies the advancement of its dual-track strategy, which combines breakthroughs in Hong Kong operations with a focus on domestic business, creating a unique "long-term moat" and offering a new development paradigm for the financial industry [12][14]. - Zhongzhen Group is positioned as a diversified industrial group that spans both finance and the real economy, initiating a new chapter of strategic upgrades and high-quality growth [14].

Core Viewpoint - Oriental Selection reported a significant decline in net revenue and profit for the fiscal year 2025, but showed signs of recovery in its core business after adjusting for one-time expenses related to the "With Huixing" sale [1] Group 1: Financial Performance - For the fiscal year 2025, the total net revenue from continuing operations was 4.4 billion yuan, a year-on-year decrease of 32.7% [1] - The net profit from continuing operations was 6.19 million yuan, down 97.5% year-on-year, but showed a recovery from losses in the first half of the fiscal year [1] - Excluding one-time expenses, the net profit from continuing operations was 140 million yuan, representing a year-on-year growth of 30% [1] Group 2: Business Strategy and Growth - The company's self-operated product expansion strategy has taken shape, 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-operated product revenue was about 3.5 billion yuan, making up 80% of total revenue, with a significant increase in the number of self-operated products launched [2] - The gross margin improved from 25.9% in fiscal year 2024 to 32.0% in fiscal year 2025, an increase of 6 percentage points [2] Group 3: APP Development and Membership Growth - The company's self-owned APP channel achieved steady growth, with APP revenue of approximately 1.1 billion yuan, a year-on-year increase of 22%, accounting for 25% of total revenue [3] - The GMV from the APP channel increased from 16.3% in fiscal year 2024 to 28.8% in fiscal year 2025 [3] - The number of paid APP members reached 264,000, a year-on-year growth of 33%, with high user satisfaction at 98.7% [3]

Core Viewpoint - The live e-commerce industry in China is experiencing rapid growth, contributing positively to consumer potential, domestic circulation, employment, industrial transformation, rural revitalization, and high-quality consumption supply systems. A comprehensive analysis report covering 34 provinces, 130 cities, and various dimensions of the live e-commerce ecosystem is being launched by the Internet Economy Research Center [1]. Group 1: Industry Growth and Trends - The live e-commerce GMV in Jiangsu Province is expected to exceed 200 billion yuan by 2025, ranking among the top in the country, driven by the "live + industrial belt" model [10][41]. - Jiangsu's live e-commerce market is characterized by a "multi-point blooming and regional collaboration" approach, with major cities like Suzhou, Nantong, and Changshu leading in retail sales [11][41]. - The "live + industrial belt" model is the core development strategy, integrating local advantages to achieve digital transformation and brand upgrades [16][41]. Group 2: Key Industry Players and Performance - Jiangsu Province has a diverse composition of live e-commerce entities, including MCN institutions, live broadcasting bases, brand self-broadcast teams, and individual hosts, with over 32,000 hosts by the end of 2024 [15][41]. - The Nantong home textile industry has seen sales growth exceeding 60% through live e-commerce, while Changshu's clothing industry achieved a live transaction volume of 77.23 billion yuan in 2024, a year-on-year increase of 17.73% [14][41]. - The live e-commerce sales in the seafood industry in Qidong accounted for 50% of total sales, showcasing the effectiveness of the model [19][41]. Group 3: Technological Innovation and Support - AI and IoT technologies are deeply integrated into live e-commerce, enhancing production efficiency and product innovation, with examples like the AIGC technology in Changshu's clothing industry improving design efficiency by tenfold [18][41]. - Jiangsu's government has introduced various policies to support the high-quality development of cross-border e-commerce, aiming to establish over 30 characteristic industrial belts by 2025 [34][41]. Group 4: Challenges and Recommendations - The live e-commerce industry faces significant talent shortages, particularly in composite talents, with a projected gap of 1941.5 million talents by 2025 [24][41]. - There are operational difficulties and regional imbalances, with the southern regions like Suzhou and Wuxi leading in development while northern regions lag behind [28][41]. - Recommendations include strengthening talent cultivation, improving live base construction, enhancing supply chain adaptability, and establishing a robust regulatory framework [42][45].

Core Insights - After the release of its fiscal year 2025 results, the company's stock price dropped significantly, closing down 11% at 28.08 HKD, with a market capitalization falling below 30 billion HKD [1] - The company reported a total revenue of 4.4 billion HKD for its continuing operations, with a net profit of 6.2 million HKD, marking a turnaround from a net loss of 96.5 million HKD in the first half of fiscal year 2025 [1] - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, driven by the healthy development of self-operated products and live e-commerce [1] Financial Performance - The total GMV for self-operated products and live e-commerce in fiscal year 2025 reached 8.7 billion HKD, with self-operated products accounting for approximately 43.8% of total GMV [1] - The company’s net profit for continuing operations, excluding the financial impact of the sale of Huixing, increased by 30% year-on-year to 135.4 million HKD [1] Product Development - The CFO stated that the company has launched a total of 732 self-operated products, expanding its product range beyond fresh food and snacks to include health and nutrition products, pet food, and clothing [2] - Self-operated products have become the main growth driver for the company [2] Market Reactions - Goldman Sachs downgraded the company's GMV forecast for fiscal years 2026 to 2027 by 1% to 3%, while raising revenue forecasts by up to 10% due to the contribution from self-branded products [2] - The target price was adjusted to 9 HKD, but the firm maintained a sell rating due to ongoing weak fundamentals and high valuations [2] Management and Market Sentiment - Prior to the earnings report, rumors about the departure of the former CEO sparked public interest, but the company clarified that he was on leave and had not left [3] - The departure of a key anchor and the ongoing transition period may have affected investor confidence, as trust between the company and investors is still being established [3]

Group 1 - The core viewpoint of the articles emphasizes the transformation of e-commerce through user feedback and interaction, particularly in the context of live streaming platforms like Douyin [3][4][19] - Douyin merchants are increasingly adopting a "listening" approach to product design, responding to user preferences for colors and styles, which enhances customer satisfaction and sales [1][5] - The live streaming e-commerce market is experiencing steady growth, with a projected transaction scale of 53,256 billion yuan in 2024, reflecting an 8.31% year-on-year increase [5] Group 2 - Live streaming e-commerce offers unique advantages over traditional e-commerce, such as real-time interaction and immersive shopping experiences, which are driving its popularity [6][19] - The number of live streaming e-commerce enterprises has surged to 76,000, marking a 216.66% increase, while the user base has reached 620 million, growing by 14.81% [5] - Douyin's initiatives, such as the "Heart Discovery Plan" and the 2025 User Experience Month, highlight the platform's commitment to enhancing service experiences for both merchants and consumers [3][5] Group 3 - Successful merchants on Douyin leverage user-generated content and feedback to refine their product offerings, creating a cycle of demand-driven customization [10][19] - The platform's focus on quality content and user engagement has led to the emergence of high-quality content merchants, exemplified by the case of the umbrella manufacturer who adapted designs based on user comments [9][10] - Douyin's e-commerce ecosystem is evolving to prioritize user experience, integrating logistics, customer service, and product quality to build trust and satisfaction among consumers [14][19]

【导读】东方甄选连续两日暴跌，股价较上周高点接近"腰斩" 虽然公开辟谣，但近期东方甄选股价仍在持续走低。截至8月26日收盘，东方甄选股价为28.08港元/股，与上周高点相比，接近腰斩。 东方甄选，仍在"跌跌不休"。 8月26日，港股东方甄选开盘走低，临近尾盘跌幅扩大。截至当日收盘，东方甄选股价报28.08港元/股，跌幅为11.2%。 昨日，东方甄选以31.62港元/股收盘，跌幅为12.89%。东方甄选最近两日跌幅近23%，与8月19日高点的53.7港元/股相比，接近腰斩。 东方甄选股价连续大跌 高盛下调GMV预测 此前，东方甄选股价于8月19日创下近期新高，一度涨至53.7港元/股，随后高位跳水，当日收于34.32港元/股，振幅超45%。彼时有"小作文"称，新东方集 团CEO周成刚因关联交易被调查。盘后东方甄选迅速辟谣，并称"已启动报警和司法流程"。 对于近期东方甄选的股价大跌，不少股民表示"有点受伤" 在上周遭遇"绞杀"后，东方甄选近期股价仍未修复。 股价"跌跌不休"之际，东方甄选近期消息不断。 对于此前"小作文"中所言"东方甄选佣金率长期超30%"，东方甄选辟谣称，该说法严重失实，东方甄选实际平均佣金率不 ...

昨日，东方甄选以 31.62 港元 / 股收盘，跌幅为 12.89% 。东方甄选最近两日跌幅近 23% ，与 8 月 19 日高点的 53.7 港元 / 股相比，接近腰斩。 东方甄选股价连续大跌 高盛下调 GMV 预测 【导读】东方甄选连续两日暴跌，股价较上周高点接近 " 腰斩 " 中国基金报记者 晨曦 东方甄选，仍在 " 跌跌不休 " 。 8 月 26 日，港股东方甄选开盘走低，临近尾盘跌幅扩大。截至当日收盘，东方甄选股价报 28.08 港元 / 股，跌幅为 11.2% 。 对于此前 " 小作文 " 中所言 " 东方甄选佣金率长期超 30%" ，东方甄选辟谣称，该说法严 重失实，东方甄选实际平均佣金率不到 20% 。 在上周遭遇 " 绞杀 " 后，东方甄选近期股价仍未修复。 此前，东方甄选股价于 8 月 19 日创下近期新高，一度涨至 53.7 港元 / 股，随后高位跳 水，当日收于 34.32 港元 / 股，振幅超 45% 。彼时有 " 小作文 " 称，新东方集团 CEO 周成刚因关联交易被调查。盘后东方甄选迅速辟谣，并称 " 已启动报警和司法流程 " 。 虽然公开辟谣，但近期东方甄选股价仍在持续走低。截 ...

Core Viewpoint - Oriental Selection is actively seeking new growth strategies amidst significant challenges following the departure of key figures like Dong Yuhui, which has led to fluctuations in stock prices and operational performance [4][6][11]. Financial Summary - For the fiscal year 2025, Oriental Selection reported a revenue of 4.439 billion RMB, down 32.7% from 6.525 billion RMB in the previous year [7][11]. - The total GMV decreased from 14.3 billion RMB to 8.7 billion RMB, with paid orders on Douyin dropping from 1.81 billion to 916 million [12][11]. - Despite a net profit of only 6.19 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" [11][12]. 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 [12][11]. - Total operating costs decreased from 4.8 billion RMB to 3 billion RMB, a reduction of over 38%, indicating effective cost control measures [12][11]. Market Reactions - The stock price experienced significant volatility, with fluctuations exceeding 40% in a short period, reflecting investor uncertainty [6][11]. - Following the financial report, CEO Yu Minhong described the situation as being in a "storm," highlighting the ongoing challenges the company faces [8][17]. Strategic Direction - Yu Minhong emphasized the need for Oriental Selection to transition from a reliance on live-streaming to establishing a robust product and supply chain management capability [32][34]. - The company aims to enhance its own app and membership system, with paid membership numbers growing to 264,300, although the growth rate has slowed [13][34]. Industry Context - The challenges faced by Oriental Selection mirror broader issues within the live-streaming e-commerce industry, particularly regarding the dependency on key influencers and the sustainability of personal brands [30][40]. - The departure of major influencers like Dong Yuhui raises questions about the future viability of the company's business model, which heavily relies on individual personalities [30][40].