Core Viewpoint - Oriental Selection reported a significant decline in revenue and net profit for the fiscal year ending May 31, 2025, primarily due to intensified competition in the live e-commerce sector and strategic business adjustments [1][4]. Financial Performance - Revenue for the fiscal year 2025 was 4.392 billion RMB, a decrease of 32.7% from 6.526 billion RMB in the previous year [1][3]. - Net profit from continuing operations was 6.191 million RMB, down 97.5% from 249.145 million RMB year-on-year [1][3]. - Excluding the impact of the sale of Huixing Technology, net profit from continuing operations was 135.4 million RMB, reflecting a 30% increase year-on-year [4]. Business Segments - Revenue from the app increased from 900 million RMB in fiscal year 2024 to 1.1 billion RMB in fiscal year 2025 [1]. - Total revenue from continuing operations, excluding Huixing Technology, decreased by 30.9% to 4.2 billion RMB [1]. Strategic Adjustments - The company has shifted focus towards self-operated products, investing more resources in product development and supply chain management [4][7]. - The decision to divest from Huixing Technology was made to concentrate resources and strengthen core competencies, as it was seen as a distraction [7]. Operational Metrics - The total GMV for fiscal year 2025 was 8.7 billion RMB, with a significant portion coming from Douyin [7]. - The app's paid membership subscriptions reached 264,300, indicating a growing membership system [7]. Cost and Profitability - Total cost of revenue for continuing operations decreased by 38.2% to 3 billion RMB, primarily due to reduced inventory and logistics costs [8]. - Gross profit fell from 1.7 billion RMB in fiscal year 2024 to 1.4 billion RMB, but gross margin improved from 25.9% to 32.0% [8]. Team and Management - As of May 31, the total number of employees in the self-operated products and live e-commerce teams was 1,401, with 1,070 full-time and 331 part-time staff [8]. - The company denied rumors regarding the departure of former CEO Sun Dongxu, stating he is on leave and continues to work in an advisory capacity [8].

若剔除出售与辉同行的财务影响，持续经营业务净溢利由2024财年的人民币1.04亿元增加30%至2025财年的人民币1.35亿元。 值得注意的是，东方甄选在财报中表示，自营产品已成为主要增长动力，占总GMV约43.8%，截至2025年5月31日已累计推出732款SPU自营产品。 其中，来自抖音的GMV占东方甄选GMV的大部分，来自应用程序的GMV占东方甄选总GMV的15.7%。2025财年，抖音上第三方产品及自营产品的已付订 单总数已达到约9160万单。 | | 东方甄选[01797] 2025-08-22 16:00 | | | | 5PMA = | 10PMA = 20PMA = 30PMA = | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 58.343 | | | | | | | | | | 51.870 | | | | | | | | | | 45.396 | | | | | | | | | | 38.923 | | | | | | | | | | 32.450 | | | | | | | | | | 25.977 | | ...

Core Viewpoint - Oriental Selection reported a significant decline in total revenue for the fiscal year 2025, with a total revenue of 4.4 billion yuan, down 32.7% from 6.5 billion yuan in fiscal year 2024, but managed to achieve a net profit of 6.2 million yuan after a loss in the first half of the year [1] Group 1: Financial Performance - The net profit for the fiscal year 2025 was 6.2 million yuan, a recovery from a net loss of 96.5 million yuan in the first half of the year [1] - Excluding the financial impact from the sale of Huixing, the net profit for the continuing operations was 135.4 million yuan, an increase of 30% year-on-year [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] Group 2: Business Segments - The total GMV for self-operated products and live e-commerce in fiscal year 2025 was 8.7 billion yuan, a significant decrease from 14.3 billion yuan in fiscal year 2024 [1] - The total cost of revenue for continuing operations decreased from 4.8 billion yuan in fiscal year 2024 to 3 billion yuan in fiscal year 2025, a decline of 38.2%, mainly due to the decrease in GMV leading to lower inventory and logistics costs [1] Group 3: Market Position and Strategy - GMV from the Douyin platform still accounted for a large portion, while GMV from the Oriental Selection App increased its share from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2] - The number of paid subscribers for the Oriental Selection App reached 264,300 in fiscal year 2025 [2] - Self-operated products accounted for approximately 43.8% of total GMV in fiscal year 2025, up from 40% in fiscal year 2024, with a total of 732 self-operated products launched [2] Group 4: Corporate Governance and Market Sentiment - The stock price of Oriental Selection has increased by over 200% since July [2] - There were rumors regarding the CEO of New Oriental Group being investigated for alleged misconduct, which Oriental Selection denied as baseless [2] - The company clarified that its average commission rate is below 20%, contrary to claims of exceeding 30% [2]

北京商报讯（记者 吴其芸）8月22日，东方甄选发布截至2025年5月31日止年度业绩公告，报告期内， 东方甄选实现总营收44亿元，同比减少32.7%，其中，来自应用程序的总营收由2024财年的9亿元提升 至2025财年的11亿元。2025财年，东方甄选的持续经营业务净溢利从2025财年上半年的亏损转正，实现 净溢利620万元。 财报显示，截至2025年5月31日，东方甄选自营产品及直播电商团队总人数达到1401人，其中全职1070 人，兼职331人。供应链及产品团队达到643人，其中全职496人，兼职147人。 ...

Core Viewpoint - Oriental Selection (01797.HK) reported a turnaround in its financial performance for the fiscal year 2025, with a total revenue of 4.4 billion yuan and 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] Financial Performance - For the fiscal year 2025, the total revenue from the continuing operations (self-operated products and live e-commerce business) reached 4.4 billion yuan [1] - The net profit for the continuing operations improved significantly, moving from a net loss of 96.5 million yuan in the first half of the fiscal year to a net profit of 6.2 million yuan [1] GMV and Growth Drivers - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce business in fiscal year 2025 was 8.7 billion yuan [1] - Self-operated products accounted for approximately 43.8% of the total GMV in fiscal year 2025, indicating their significant contribution to the company's growth [1] - The Chief Financial Officer, Yin Qiang, stated that self-operated products have become the main growth driver for Oriental Selection [1]

Group 1 - The core viewpoint of the article is that Dongfang Zhenxuan has reported a positive financial performance for the fiscal year 2025, with a total revenue of 4.4 billion yuan from its continuing operations [1] - The net profit from continuing operations turned positive, reaching 6.2 million yuan for the fiscal year 2025, compared to a loss in the first half of the fiscal year [1] - Excluding the financial impact from the sale of Huizhong, the net profit from continuing operations for fiscal year 2025 was 135.4 million yuan, representing a year-on-year increase of 30% [1] Group 2 - The comprehensive gross profit 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 business [1]

Core Insights - Dongfang Zhenxuan (1797.HK) reported a total revenue of 4.4 billion yuan for the fiscal year 2025, with a net profit of 6.2 million yuan. Excluding the financial impact from the sale of Huizhong, the net profit for continuing operations increased by 30% year-on-year to 135.4 million yuan [1][1][1] - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025 [1][1][1] Revenue and Profitability - The total GMV for self-operated products and live e-commerce business reached 8.7 billion yuan in fiscal year 2025, with a significant portion coming from Douyin [1][1][1] - The contribution of GMV from the Dongfang Zhenxuan App increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [1][1][1] User Engagement and Satisfaction - The total number of paid subscribers for the Dongfang Zhenxuan App reached 264,300 in fiscal year 2025 [1][1][1] - User satisfaction for the Dongfang Zhenxuan App hit a record high of 98.7% [1][1][1]

Core Insights - In the fiscal year 2025, the company reported total revenue of 4.4 billion yuan from its continuing operations, with a net profit of 6.2 million yuan, marking a turnaround from a net loss of 96.5 million yuan in the first half of the fiscal year [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] - The total GMV for self-operated products and live e-commerce reached 8.7 billion yuan, with a significant portion coming from Douyin, while the GMV from the company's app increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [1] Business Strategy - The CEO emphasized that the challenges faced in fiscal year 2025 further solidified the company's core business model, focusing on a live platform centered around high-quality product selection and self-operated products [2] - The company is committed to maintaining high standards in product selection, particularly in essential categories that impact people's livelihoods, aiming to become synonymous with quality in the industry [2]

Core Viewpoint - Dongfang Zhenxuan (01797.HK) reported a significant decline in net revenue for its continuing operations, projecting a decrease of 32.7% from RMB 6.5 billion in FY2024 to RMB 4.4 billion in FY2025 [1] Financial Performance - The net profit for continuing operations is expected to turn positive in FY2025, achieving RMB 6.2 million, compared to a net profit of RMB 249.1 million in FY2024 [1] - Excluding the financial impact from the sale of Hui Tong Hang, the net profit for continuing operations is projected to increase by 30.0% from RMB 104.2 million in FY2024 to RMB 135.4 million in FY2025 [1] GMV and Sales Performance - The Gross Merchandise Volume (GMV) for FY2025 is projected to be RMB 8.7 billion, with a significant portion coming from Douyin [1] - GMV from the application accounts for 15.7% of the total GMV, with approximately 9.16 million paid orders for third-party and self-operated products on Douyin in FY2025 [1]

Core Viewpoint - The platform economy in China is undergoing a critical transformation, with digital technology accelerating integration across industries, while facing potential risks such as traffic prioritization, algorithm abuse, and disorderly competition [2] Group 1: Regulatory Framework - The National Market Supervision Administration has established a policy framework to promote orderly competition and innovation in the platform economy, including the introduction of various regulations such as the "Network Transaction Supervision Management Measures" and the "Interim Measures for Network Transaction Law Enforcement Cooperation" [2] - Amendments to the "Anti-Monopoly Law" and the "Anti-Unfair Competition Law" have been completed, along with the issuance of guidelines specifically for the platform economy to clarify competition rules [2] - A national standardization technical committee for platform economy governance has been established to accelerate the formulation of relevant national standards, enhancing industry self-discipline [2] Group 2: Enforcement Actions - The administration has conducted special regulatory actions, resulting in the removal of 4.541 million pieces of illegal product information and the suspension of services for 58,000 online stores [3] - Significant cases in the live e-commerce sector have been addressed, including actions against major violators such as "Three Sheep" and "Northeast Rain Sister" [3] - Online transaction platforms have been urged to eliminate unreasonable restrictions such as "refund only" policies and to enhance the transparency and reasonableness of fees [3] Group 3: Compliance and Support - Guidelines have been issued to encourage platforms to implement compliance management responsibilities, with compliance reminders released during major shopping events [3] - Pilot programs are being introduced to provide platforms with government data comparison services to help intercept and promptly remove non-compliant entities [3] - Ongoing communication with various stakeholders, including platforms, merchants, delivery personnel, and streamers, is being emphasized to ensure regulatory measures are more responsive and supportive [3] Group 4: Future Directions - The National Market Supervision Administration will continue to balance regulatory norms with development promotion, enhancing the regular regulatory system for the platform economy [3] - There will be a focus on improving preventive and penetrating regulatory capabilities to foster the sustainable and healthy development of the platform economy [3]