Core Viewpoint - After the release of its fiscal year 2025 results, Dongfang Zhenxuan's stock price has dropped significantly, reflecting investor concerns about the company's performance and leadership changes [1][3]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, with a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [1]. - Excluding the financial impact of the sale of Huixing, the net profit for the continuing operations increased by 30% year-on-year to 135.4 million yuan [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]. Business Development - Dongfang Zhenxuan has launched a total of 732 self-operated products, up from 488 in the previous fiscal year, expanding its product range beyond fresh food and snacks to include health and nutrition products, pet food, and clothing [2]. - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce in fiscal year 2025 reached 8.7 billion yuan, with self-operated products accounting for approximately 43.8% of the total GMV [1]. Market Reaction - Following the earnings report, Dongfang Zhenxuan's stock price fell by 11% to 28.08 HKD, with a market capitalization dropping below 30 billion HKD [1]. - 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 increased contribution from self-branded products [2]. Leadership and Public Perception - There was speculation regarding the departure of former CEO Sun Dongxu, which was clarified by the company as he is currently on leave and has not left the organization [3]. - The relationship between Dongfang Zhenxuan and its investors is fragile, especially after the departure of key figures like popular host Dong Yuhui, which has affected market confidence [3].

Core Viewpoint - Oriental Selection's stock price has dropped significantly following the release of its fiscal year 2025 results, indicating market concerns about its future performance and leadership changes [1][2]. Financial Performance - For the fiscal year 2025, Oriental Selection reported total revenue of 4.4 billion yuan from its continuing operations, with a net profit of 6.2 million yuan, recovering from a net loss of 96.5 million yuan in the first half of the fiscal year [1]. - Excluding the financial impact from the sale of Huixing, the net profit for continuing operations was 135.4 million yuan, a year-on-year increase of 30% [1]. - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [1]. Business Development - Oriental Selection has launched a total of 732 self-operated products in fiscal year 2025, up from 488 in the previous fiscal year, expanding its product range beyond fresh food and snacks to include health products, pet food, and clothing [2]. - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce reached 8.7 billion yuan in fiscal year 2025, with self-operated products accounting for approximately 43.8% of the total GMV [1]. Market Reactions - Goldman Sachs has adjusted its GMV forecast for Oriental Selection for fiscal years 2026 to 2027 down by 1% to 3%, while increasing revenue forecasts by up to 10% due to the contribution from self-branded products [2]. - The target price for Oriental Selection has been raised to 9 HKD, but the firm maintains a sell rating due to ongoing fundamental weaknesses and high valuations [2]. Leadership and Public Perception - Following the departure of former CEO Dong Yuhui, there have been concerns regarding investor trust and market confidence, especially with rumors about leadership changes affecting the company's stability [4]. - The company has faced public scrutiny and media attention regarding its treatment of former key personnel, which may impact its reputation and investor relations [4].

Core Insights - The rapid development of live e-commerce faces challenges such as high costs and low efficiency, while cloud warehouses help merchants significantly reduce operational costs and improve overall efficiency for sustainable development [1][2] Cost Reduction Strategies - Scale effects are the primary means of cost reduction through cloud warehouses, with a small clothing enterprise reducing warehousing costs by 60% by connecting to the cloud warehouse network [1] - Intelligent inventory management enhances capital efficiency, as a cosmetics brand doubled its inventory turnover rate and reduced capital occupation by 20 million yuan using the cloud warehouse's predictive system [1] - Optimizing packaging materials leads to cost savings, with an electronics merchant reducing packaging material costs by 30% and transportation costs by 25% after utilizing the cloud warehouse [1] Efficiency Improvements - Human resource optimization is significant, with a food merchant reducing labor costs by 40% and improving processing efficiency by 50% through the cloud warehouse's intelligent scheduling system [2] - Multi-platform integration reduces operational complexity, allowing a home goods brand to decrease operational staff from 10 to 3 while reducing error rates by 70% [2] Future Innovations - Future advancements in technology will further assist live e-commerce in cost reduction and efficiency enhancement, with applications of drones, autonomous driving, blockchain for supply chain transparency, and artificial intelligence for decision optimization [2]

Core Viewpoint - The company, formerly known as New Oriental Online, has faced significant challenges in its transition to a live e-commerce model, with recent financial results showing a sharp decline in revenue, profit, and GMV, but there are signs of recovery in the latter half of the fiscal year [2][3][4]. Financial Performance - In the latest fiscal year, the company's revenue dropped by 32.7% year-on-year to 4.4 billion yuan (approximately 620 million USD), with net profit plummeting to only 5.7 million yuan [4]. - The GMV from core e-commerce and self-operated products fell by 40% from 14.3 billion yuan to 8.7 billion yuan [4]. - Despite the overall decline, the second half of the fiscal year saw a slight revenue increase compared to the first half, and the company achieved a net profit of 102.4 million yuan, reversing earlier losses [7]. Strategic Shift - The company is attempting to reduce its reliance on top influencers by focusing on self-operated products and a membership system, aiming to create a model similar to Sam's Club [7][9]. - The self-operated products generated 3.5 billion yuan in GMV, accounting for nearly 80% of total revenue, indicating the effectiveness of the new strategy [8][9]. Market Reaction - Following the release of the disappointing financial report, the company's stock price fell by 13% on the first trading day, although it still recorded a 76% increase year-to-date [6]. - Analysts have mixed views on the company's future, with some maintaining a "buy" rating while others have adjusted profit expectations downward [9]. Membership Growth - The company views its membership business as a core future driver, with the number of paid subscribers increasing by 33% to 264,300 [9]. - The GMV from self-operated products through the app increased from 16.3% to 28.8%, reflecting a growing trend in direct sales [9].

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].

Core Viewpoint - Oriental Selection (1797.HK) experienced a significant intraday drop of nearly 11%, trading at 28.2 HKD, with a transaction volume exceeding 22 billion HKD [1] Financial Performance - For the fiscal year 2025 (June 2024 - May 2025), the net revenue from the continuing operations (self-operated products and live e-commerce) decreased by 32.7% year-on-year from 6.5 billion to 4.4 billion HKD [1] - The net profit from continuing operations was 6.191 million HKD, a substantial decline of 97.5% compared to 249 million HKD in the same period last year [1] Market Analysis - Goldman Sachs reported that Oriental Selection's performance for the second half of the fiscal year ending in May showed mixed results, with the gross merchandise volume (GMV) dropping by 55% year-on-year to 3.9 billion HKD, which was 15% lower than the bank's expectations [1]

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].

Group 1 - The core point of the article highlights that Dongfang Zhenxuan (1797.HK) experienced a significant drop in stock price, falling nearly 11% to 28.2 HKD, with trading volume exceeding 2.2 billion HKD [1] - For the fiscal year 2025 (June 2024 - May 2025), the company's net revenue from continuing operations (self-operated products and live e-commerce) decreased by 32.7% year-on-year from 6.5 billion to 4.4 billion CNY, and net profit dropped by 97.5% from 249 million to 6.191 million CNY [1] - Goldman Sachs reported that Dongfang Zhenxuan's performance for the second half of the fiscal year ending in May showed mixed results, with gross merchandise volume (GMV) declining by 55% year-on-year to 3.9 billion CNY, which was 15% lower than the bank's expectations [1]

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].