Core Viewpoint - The company is undergoing a strategic adjustment to focus on quality growth by reducing low-margin advertising business and enhancing its core segments such as live e-commerce and brand incubation [2][5]. Financial Performance - For the first half of 2025, the company reported revenue of 1.896 billion yuan and a net loss of 253 million yuan, primarily due to phase-out amortization costs, reduced government subsidies, and changes in tax policies [2]. - Despite the short-term financial pressure, the company maintained a positive operating cash flow of 31.21 million yuan, indicating good cash recovery capability [2]. Business Strategy - The company is actively shrinking low-margin advertising operations and reallocating resources to core areas, achieving substantial progress in AI efficiency and new brand incubation [2][5]. - In the live e-commerce sector, the company continues to leverage its competitive edge by deepening "IP diversification management" and innovating content-driven live streaming [2]. Market Expansion - The company has shown strong growth momentum in overseas markets, with the North American live event "Deals For Your Days" generating sales of 2.74 million USD and over 120,000 orders [3]. - The company is replicating its successful domestic model in international markets, with a focus on enhancing global GMV [3]. Brand Development - The company successfully launched the personal care brand "Duo Wei," achieving total sales of 125 million yuan within a short period and ranking first in its category on Douyin [3]. - The brand's high-quality and cost-effective positioning has gained widespread market recognition [3]. Operational Efficiency - The company is negotiating partnerships with multiple quality ODM factories to expand into high-potential sectors such as beverages and beauty [4]. - Personnel-related expenses decreased by 28.39% year-on-year, with an increased proportion of frontline staff, leading to improved organizational efficiency [4]. Technological Innovation - The company is investing in AI and other technological innovations to enhance production efficiency, including the establishment of the first post-doctoral workstation in the live e-commerce industry [4]. - The internally developed AI product "V5chat" is expected to be fully implemented within the year, with explorations into using AIGC technology for content innovation [4]. Future Outlook - The company is in a critical phase of strategic adjustment, with a clear direction towards brand incubation and AI application, indicating the emergence of a second growth curve [5]. - As the footwear business reduces impairment pressure and new brands like Duo Wei are incubated, the company is expected to see a performance turning point starting in the second half of 2025 [5].

财报显示，这家以直播电商起家的公司，正在用一场主动"减法"换取更具质量的增长空间。基于业务优 势，遥望科技主动收缩低毛利广告业务，将资源聚焦于直播电商、品牌孵化等核心板块，持续推进"IP 多元化"和"轻资产运营"，尤其在AI提效、新品牌孵化等方面取得实质性进展。尽管短期业绩承压，但 公司经营性现金流净值达3121.07万元，持续为正，展现较好的现金回笼能力。 8月25日，佛山遥望科技股份有限公司(证券简称：遥望科技，股票代码：002291)正式发布2025年半年 度业绩报告。报告期内，公司实现营业收入18.96亿元，归属于上市公司股东的净利润为-2.53亿元。报 告期内，公司亏损主要受阶段性摊销费用(如装修租金等)、政府补助减少及所得税政策调整等多因素影 响。 尽管短期业绩承压，遥望科技正处于战略调整与业务换挡的关键阶段。公司主动剥离低效业务、加码品 牌孵化与AI应用的战略方向清晰，第二增长曲线已初具形态。随着鞋履业务逐步减轻减值压力、朵薇 类品牌陆续孵化、AI全面赋能人效提升，公司有望自2025年下半年起迎来业绩拐点。 在核心业务直播电商领域，遥望科技继续保持突出的竞争力。公司围绕领先的IP矩阵深化"IP多 ...

Core Viewpoint - Oriental Selection's financial performance for the fiscal year 2025 shows a significant decline in revenue and GMV, indicating challenges following the departure of key personnel and a shift in business strategy towards self-operated products [1][3][10]. Financial Performance - Total revenue from continuing operations for fiscal year 2025 was 4.4 billion yuan, a decrease of 32.7% compared to 6.5 billion yuan in the previous fiscal year [1]. - Adjusted net profit increased by 30% year-on-year to 135.4 million yuan, but this still represents a 46% decline compared to the previous year's net profit of 250 million yuan [3]. - Total GMV for fiscal year 2025 was 8.7 billion yuan, down 39.2% from 14.3 billion yuan in the previous fiscal year [3][7]. Business Strategy - The self-operated product strategy has deepened, with self-operated products accounting for 43.8% of total GMV, becoming the core business engine [4][5]. - The company launched 732 self-operated products, expanding from initial categories to include health and wellness products, pet food, and apparel [5][6]. - The establishment of a cold chain warehouse has improved logistics efficiency, and the integration of AI and big data is enhancing supply chain management [6]. Market Challenges - The overall decline in the live e-commerce market and increased consumer scrutiny on product quality are impacting the company's performance [7]. - The departure of key figure Dong Yuhui has led to a significant drop in GMV and order volume on platforms like Douyin [7][8]. User Engagement and Platform Development - The number of paid subscribers on the Oriental Selection app reached 264,300, with a user satisfaction rate of 98.7% [8]. - The app's contribution to GMV increased from 8.4% to 15.7% year-on-year, indicating a shift towards building a proprietary platform [8]. Leadership and Future Outlook - The company is undergoing a transformation phase, focusing on maintaining GMV while developing its app ecosystem and expanding self-operated product categories [10][12]. - CEO Yu Minhong emphasized the importance of connecting upstream supply chains with downstream consumers to provide quality products [9].

8月22日，抖音电商在北京举办"服务体验开放日"，系统发布其在商品治理、内容建设与服务保障等方 面的多项进展。数据显示，今年以来平台已拦截劣质商品56万件，处置违规直播间超28万个，用户满意 度提升40%，并通过九大扶商政策累计为商家减负超165亿元。这一系列动作，不仅体现出平台对消费 者与商家的双向负责，更彰显着其打造健康平台生态，助力直播电商产业长远发展的决心。 作为直播电商领域的重要参与者，抖音电商此次开放日聚焦"服务体验"，并非偶然。在电商行业竞争日 趋白热化的背景下，单纯依赖自身优势已难以构筑可持续的护城河。如何通过健全生态机制，实现消费 者、商家以及平台的共赢，成为直播电商能否行稳致远的关键。 在这方面，抖音电商探索出了一条囊括商品供给、内容建设、服务保障于一体的生态建设系统，三个环 节环环相扣、协同发力，既通过严选商品供给守住品质底线，又借助优质内容建设激活消费需求，更以 完善服务保障化解交易顾虑，最终形成一个三者相互赋能、共同成长的良性闭环。 在"好商品"层面，抖音电商展现出坚决的治理决心。通过技术模型与审核机制的前置，平台从源头上拦 截劣质商品，并联合相关部门打击制假售假团伙。这不仅是对消费 ...

Core Viewpoint - The article discusses the recent turmoil surrounding Dong Yuhui's departure from Dongfang Zhenxuan and its impact on the company's stock price and financial performance, highlighting the challenges and strategic shifts the company faces in the live e-commerce industry [2][4][6]. Financial Performance - Dongfang Zhenxuan's revenue for the fiscal year 2025 was 4.4 billion RMB, down 32.7% from 6.5 billion RMB in the previous year [5][8]. - The company's total GMV decreased from 143 billion RMB to 87 billion RMB, with paid orders on Douyin dropping from 1.81 billion to 916 million [9][8]. - Despite a net profit of only 6.2 million RMB, the company showed signs of recovery by turning a profit in the second half of the year after a loss of 96.5 million RMB in the first half [8][10]. Strategic Shifts - The company is increasing its focus on self-operated products, with self-operated GMV accounting for 43.8% of total sales, up 3.8 percentage points from the previous year [9][10]. - Dongfang Zhenxuan launched 732 self-operated products, a nearly 50% increase from 488 the previous year, expanding its product categories [9][10]. - The company aims to reduce its reliance on Douyin, with 60-70% of sales currently dependent on the platform, and is investing in its own app to enhance membership and customer engagement [28][29]. Market Reactions and Challenges - The stock price of Dongfang Zhenxuan experienced significant volatility, with fluctuations exceeding 40% in a short period due to market rumors and uncertainties surrounding management changes [4][13]. - The departure of key figures like Dong Yuhui has raised questions about the company's ability to maintain its competitive edge in a market heavily reliant on individual influencers [21][36]. - The administrative expenses increased by 22.5% to 484.8 million RMB, partly due to profit distribution related to Dong Yuhui's exit [12][13]. Industry Context - The article positions Dongfang Zhenxuan's struggles as reflective of broader challenges in the live e-commerce sector, where the relationship between influencers and companies is increasingly complex [25][36]. - The company is attempting to transition from a reliance on live streaming to a more sustainable business model focused on product quality and supply chain management [26][28]. - The success of competing platforms like "Yuhui's Journey" demonstrates the potential for personal brands to thrive independently, posing a challenge for Dongfang Zhenxuan to redefine its strategy [30][34].

Core Viewpoint - Oriental Selection (1797.HK) reported a significant turnaround in its financial performance for the fiscal year 2025, achieving a net profit of 6.2 million yuan after a loss in the previous half-year, driven by the growth of its self-operated products and live e-commerce business [1][2]. Financial Performance - Total revenue from continuing operations for fiscal year 2025 reached 4.4 billion yuan, with a net profit of 6.2 million yuan, compared to a net loss of 96.5 million yuan in the first half of 2025 [1]. - The net profit from continuing operations, excluding the financial impact of the sale of a subsidiary, was 135.4 million yuan, representing 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 Growth Drivers - Self-operated products became a major growth driver, contributing approximately 43.8% to the total GMV (Gross Merchandise Volume) of 8.7 billion yuan for fiscal year 2025 [2][3]. - The GMV from Douyin accounted for a significant portion, while the contribution from the Oriental Selection App increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2]. - A total of 91.6 million paid orders were recorded for self-operated and third-party products on Douyin in fiscal year 2025 [2]. Product Development and Service Enhancement - The company launched 732 self-operated products in fiscal year 2025, up from 488 in the previous year, expanding its product categories to include health foods, pet products, and apparel [3]. - To enhance service experience, the first cold chain warehouse, "Oriental Selection Central China No. 1 Warehouse," was put into operation, effectively reducing logistics time [3]. - The integration of AI models and big data platforms has been emphasized for improving data management and resource allocation, supporting future development and innovation [3]. Membership and User Engagement - The number of paid subscribers for the Oriental Selection App reached 264,300, with user satisfaction hitting a record high of 98.7% [4]. - The company has improved its membership system by offering renewal benefits, introducing "friend cards," and providing exclusive promotions for members [4]. - The app has also established community forums and book clubs to enhance user interaction and engagement [4]. Future Outlook - The company aims to continue expanding its user base for the Oriental Selection App and increase monthly active users (MAU) and registered members [4][5]. - Plans to optimize the membership system and expand product offerings by introducing more quality domestic and international brands are in place [5]. - The commitment to providing high-quality products and services remains a core focus for the company's future growth [5].

Core Viewpoint - The article discusses the recent challenges faced by Dongfang Zhenxuan, particularly the impact of rumors and personnel changes on its stock performance and financial results, highlighting the company's ongoing transformation and strategic direction. Group 1: Rumors and Market Reaction - Dongfang Zhenxuan faced a barrage of rumors just before its financial report release, including false claims about key personnel changes, which CEO Yu Minhong publicly denied [2][4][11] - The stock price experienced significant volatility, rising to 53.7 yuan before plummeting to 34 yuan within an hour, reflecting the market's sensitivity to the rumors [5][11] - Yu Minhong attributed the stock fluctuations to the rumors and emphasized the importance of public perception on the company's market performance [7][11] Group 2: Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported a net revenue of 4.4 billion yuan, a 32.7% decrease from 6.5 billion yuan in 2024, with a net loss of 96.5 million yuan in the first half of the fiscal year [5][18] - The company's core GMV dropped from 6.5 billion yuan in 2024 to 4.4 billion yuan in 2025, contributing to an overall GMV decline from 14.3 billion yuan to 8.7 billion yuan [15][18] - Despite the challenges, the company showed signs of improvement, with a real net profit close to 140 million yuan when excluding certain financial impacts, indicating a 30% increase from the previous year [20] Group 3: Strategic Transformation - Dongfang Zhenxuan is undergoing a transformation to reduce reliance on key influencers, with a focus on developing its own product lines and enhancing its supply chain [20][26] - The company aims to establish itself as an "online Sam's Club," emphasizing self-operated products and a diversified SKU range, which increased from 488 to 732 items [20][21] - The shift in business strategy is evident as the company seeks to build a more sustainable model, moving away from dependence on individual influencers like Dong Yuhui [21][26] Group 4: Competitive Landscape - The article suggests that the recent rumors may have been strategically timed to manipulate stock prices, indicating potential involvement from short-selling entities [11][12] - Dongfang Zhenxuan's competitors and media outlets may be hesitant to engage in similar tactics due to the legal and reputational risks associated with spreading false information [11] - The company faces ongoing challenges in replicating the unique appeal and traffic generated by former star hosts, which could impact its future growth [21][26]

转自：贝壳财经 【#没了董宇辉东方甄选少赚21亿##董宇辉出走后东方甄选营收跌21亿#】8月22日晚，东方甄选公布 2024年6月1日至2025年5月31日的2025财年综合业绩。2025财年，东方甄选持续经营业务（自营产品及 直播电商业务）的总营收为44亿元，较2024财年的65亿元下降32.7%，净利润为620万元，较2024财年 的2.5亿元大幅下降。这一年里，董宇辉的离开给东方甄选造成的影响在财报里显而易见。俞敏洪还在 财报后的电话会议中回应了近期东方甄选的诸多传闻。俞敏洪坦言："大家如果身处在我这个位置，就 能明白我身处多少暴风骤雨之中，今天这个来之不易的局面，希望能够特别珍惜。"（21财经） ...

Group 1 - The former CEO of Dongfang Zhenxuan, Sun Dongxu, is reportedly on leave and has not resigned, as confirmed by the company and Sun himself [1][3] - Yu Minhong, the founder of Dongfang Zhenxuan, stated that Sun has been working as a consultant since December 2023 and is currently on an extended leave approved by him [3] Group 2 - Wang Yan, known for her role as "Qing Ge Ge," generated significant sales during her live streaming sessions, with her first session achieving sales between 10 million to 25 million yuan in just 4 hours [5] - In her second live session, sales exceeded 7.5 million yuan, bringing her total sales from both sessions to over 30 million yuan [5] Group 3 - Former Dongfang Zhenxuan host, Dun Dun, successfully conducted her first solo live streaming session, attracting over 3.5 million viewers and achieving sales between 5 million to 7.5 million yuan [6][7] Group 4 - Douyin E-commerce has cracked down on fraudulent practices in live streaming, penalizing over 40,000 merchants for引流欺诈 (traffic fraud) [7][8] - The platform has implemented measures to protect consumer rights and will continue to enhance risk identification and prevention capabilities [9] Group 5 - Kuaishou E-commerce has launched the "National Subsidy Partner" project, featuring 24 selected streamers with a combined follower count exceeding 390 million and monthly sales over 2 billion yuan [10] - The project aims to promote the "National Subsidy" initiative and enhance the visibility of participating streamers [10] Group 6 - The State Administration for Market Regulation has initiated a pilot program for product quality safety traceability, covering 10 categories of products closely related to consumer safety [11] - This program will be implemented across major e-commerce platforms, ensuring transparency and accountability in product information [12]

Core Viewpoint - The article discusses the impact of rumors on Dongfang Zhenxuan's stock performance and financial results, highlighting the challenges the company faces in the wake of key personnel changes and market speculation [2][3][12]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported a net revenue of 4.4 billion RMB, a decrease of 32.7% from 6.5 billion RMB in 2024 [6][21]. - The company experienced a net loss of 96.5 million RMB in the first half of fiscal 2025, despite a stock price surge to 53.7 RMB before plummeting to 34 RMB shortly after [6][8]. - The overall GMV dropped from 14.3 billion RMB in 2024 to 8.7 billion RMB in 2025, reflecting the adverse effects of losing key influencers [18][21]. Rumor Impact - The timing of the rumors, particularly before the financial report release, suggests a targeted attack likely orchestrated by short-selling entities [12][14]. - CEO Yu Minhong addressed the rumors during a conference call, emphasizing their role in stock price volatility and clarifying that former CEO Sun Dongxu was on an approved leave, not resigning [8][14]. Business Transition - Dongfang Zhenxuan is undergoing a transformation to reduce reliance on key influencers, with a focus on self-operated products and a diversified SKU range increasing from 488 to 732 [23][24]. - The company aims to establish itself as an "online Sam's Club," emphasizing self-operated supply chains and product quality, although it faces challenges in replicating the traffic generated by former star hosts [29][30]. Market Position and Future Outlook - The company’s market capitalization is around 30 billion HKD, which is seen as a critical psychological and technical threshold for investor confidence [16]. - Dongfang Zhenxuan's strategy includes enhancing its membership model, which currently generates limited revenue compared to competitors like Sam's Club [29][30]. - The long-term success of Dongfang Zhenxuan will depend on its ability to build a strong supply chain and find new traffic sources in the absence of prominent influencers [32].