东方甄选的故事迎来了新篇章。 12月24日，有消息称新东方教育科技集团副总裁、广州学校校长孙进，将出任东方甄选执行总裁。东方甄选方面随后向《每日经济新闻》记者确认这 一任命属实。孙进，这位2006年加入新东方、从一线教师成长起来的19年"老将"，正式接过了这家明星公司的指挥棒。 过去的一年多时间里，曾塑造了东方甄选辉煌的董宇辉、孙东旭两位核心人物已相继离开。而当流量光环褪去，业绩压力成为东方甄选"下半场"无可 回避的首要问题。 据东方甄选2025财年（2024年6月1日至2025年5月31日）财报显示，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，相较上 一财年减少32.7%。总GMV（商品交易总额）为87亿元，上一财年则为143亿元，缩水了39.2%。 棋至中盘，俞敏洪选择孙进执掌东方甄选，这本身已为公司的下一阶段发展奠定了基调。事实上，孙进并非来自典型的互联网或零售领域，其在新东 方的履历长期扎根于教学与学校运营一线。如今，一道更为紧迫的考题正摆在他的面前：在"后顶流时代"，如何为东方甄选重新构建一个真正可持续 的增长引擎？ "老将"能否稳住新航向？ 如何打赢下半场？ 眼下，孙进所面对 ...

Core Insights - The article highlights the transformation of Dongfang Zhenxuan as it pivots towards instant retail, indicating a strategic shift in response to challenges in the live-streaming e-commerce sector [2][6][19] Company Developments - Dongfang Zhenxuan has updated its business scope to include restaurant management and delivery services, signaling plans for future instant retail expansion [2] - The company is reportedly hiring a store manager for its first flagship store in Beijing, offering a monthly salary of 15,000 to 30,000 yuan, with specific experience requirements [2] - The departure of key personnel, including co-founder Sun Dongxu, has led to a significant leadership change, with founder Yu Minhong taking over operational control [3][6] Financial Performance - The company's GMV dropped from 14.3 billion yuan to 8.7 billion yuan, a decline of 32.7%, indicating struggles in the live-streaming business [6] - Orders on Douyin halved from 180 million to 91.6 million, reflecting the impact of losing top streamers [6] Market Trends - The instant retail market is projected to grow significantly, with estimates suggesting it could exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030 [11] - The shift in consumer behavior towards instant retail is driven by increased living standards and changing consumption habits, particularly among younger demographics [12] Competitive Landscape - The instant retail sector is becoming increasingly competitive, with major players like Meituan and JD.com already established in the market [19] - Dongfang Zhenxuan's strategy includes leveraging its brand influence and loyal customer base to compete effectively in this space [16] Strategic Advantages - The company has a strong supply chain and quality control experience, which are crucial for success in the food and beverage sector [16] - Utilizing existing educational resources from New Oriental for store locations could reduce costs and enhance customer traffic [17] Challenges Ahead - Operating a hybrid retail and dining model presents management and operational challenges that need to be addressed for successful nationwide expansion [19] - The need for improved logistics and supply chain integration remains a critical hurdle for Dongfang Zhenxuan as it enters the instant retail market [19][24]

天眼查信息显示，东方甄选近期发生工商变更，原法定代表人、执行董事、经理孙东旭卸任相关职务，由新东方创始人俞敏洪接任法定代表人、经理。 值得关注的是，东方甄选的业绩尚未完全走出剥离"与辉同行"的影响，2025财年（2024年6月1日-2025年5月31日）财报数据尽显压力。8月22日发布的财报 显示，2025财年，东方甄选总营收为43.9亿元，同比下降32.7%，若剔除与辉同行直播间产生的营收金额，东方甄选持续经营业务的总营收由2024财年的61 亿元减少30.9%至2025财年的42亿元。 更为关键的是，尽管自营产品已成为东方甄选对抗流量下滑的"重要护城河"，但过度依赖自营也带来新的业务隐患。据财报披露，东方甄选已累计推出732 款自营产品（2024财年为488款），品类从最初的生鲜、零食扩展至营养保健、宠物食品、服饰等领域。2025财年自营产品占东方甄选总GMV的43.8%，较 2024财年的40%、2023财年的30%持续提升，还推动综合毛利率从2024财年的25.9%提升至32%。 东方甄选自营产品占比提升的另一面，是第三方商品占比的大幅压缩。在东方甄选抖音直播间日常直播中，除品牌专场外，大部分均为自营 ...

Core Insights - Oriental Selection is planning to open its first flagship store in Beijing, with a recruitment drive for store managers offering salaries between 15,000 to 30,000 yuan, prioritizing candidates with experience in "restaurant + retail" management [1][3] - The flagship store will cover approximately 400 square meters and will offer a variety of products including fresh food, snacks, daily necessities, and a dining area for light meals and coffee [1] - The company aims to leverage offline retail as a new growth avenue, especially after facing challenges in its online business due to the departure of key personnel and declining sales [1][10] Recruitment and Management - The store manager position requires over five years of experience in the retail industry, with a preference for candidates who have managed teams of more than 15 people and have experience in convenience store chains like Convenience Bee, 7-Eleven, and Lawson [3] - The company has recently expanded its business scope to include restaurant management, delivery services, and catering, indicating a strategic shift towards integrating dining services into its retail model [3] Business Model and Strategy - The flagship store is expected to serve as a link between online and offline operations, integrating live streaming, delivery, and in-store experiences [5] - The company previously attempted a "one-hour delivery" service in collaboration with JD.com but faced challenges, leading to the discontinuation of that initiative [6] - Oriental Selection is also exploring the use of smart retail cabinets to increase product exposure and enhance customer engagement [6] Market Context and Competition - The offline retail market is becoming increasingly competitive, with other live-streaming companies like San Zhi Yang and Jiao Ge Peng You also expanding into physical stores [8][9] - The flagship store's location in Beijing's Zhongguancun area places it in direct competition with established brands like Fudi, Hema, and Sam's Club, which will challenge Oriental Selection's product selection and differentiation strategies [9] Financial Performance and Challenges - The company has experienced a significant decline in sales, with GMV dropping from 14.3 billion yuan to 8.7 billion yuan year-over-year, and a notable decrease in orders through its primary sales channels [10][11] - The departure of key figures has negatively impacted the company's brand and market presence, necessitating a strategic pivot to regain consumer trust and market share [10][11] Product Diversification - Oriental Selection is shifting its product mix to include higher-margin items such as smart home products and apparel, moving away from a heavy reliance on low-margin fresh food [11] - The company has launched over 700 self-operated products, expanding its offerings to include health and wellness items, pet food, and clothing [11] Customer Engagement and App Development - The company is focusing on enhancing its app, with the GMV from the app increasing from 8.4% to 15.7% of total sales, and the number of paid members growing significantly [11]

东方甄选CEO、新东方集团董事长俞敏洪构想的东方甄选全国百家门店，将迈出第一步。12月3日，北 京商报记者独家发现，东方甄选正以1.5万—3万元薪资招聘北京首家旗舰店的店长，优先聘用有"餐饮 +零售"复合业态管理经验的人才。据了解，这家旗舰店位于北京中关村，面积在400平方米左右，除了 生鲜、零食、日百等便利店商品，还涵盖简餐和咖啡饮品区。 两年时间内，东方甄选历经头部主播、CEO离职等多重震荡，线下或将是流量另一个增量场。近年来三 只羊、交个朋友、美腕等机构均在加码线下场景，面对完全迥异于线上的经营逻辑，直播机构的线下之 路还有很多功课要做。 3万薪资招店长 东方甄选为线下门店招兵买马。招聘网站显示，东方甄选对店长的资质有较高要求。店长需要有5年以 上零售行业的工作经历，有着管理"餐饮+零售"复合业态的经验。公司会优先考虑便利蜂、7—11、罗森 等连锁便利店从业经验的人士，带过超15人以上的团队。 "未来公司可能会基于发展规划持续探索多元的可能性，相关进展到时以官方公告为主。"上述负责人进 一步表示。 尽管暂不得知东方甄选新增的餐饮、外卖服务是否与旗舰店业务有关，但根据招聘信息，东方甄选打造 的旗舰店模型， ...

显而易见，旗舰店业务承担着东方甄选在线下寻找增量同时联动线上业务的使命。 北京商报记者丨何倩 东方甄选CEO、新东方集团董事长俞敏洪构想的东方甄选全国百家门店，将迈出第一步。 12月3日，北京商报记者独家发现，东方甄选正以1.5万—3万元薪资招聘北京首家旗舰店的店长，优先 有"餐饮+零售"复合业态管理经验的人才。据了解，这家旗舰店位于北京中关村，面积在400平方米左 右，除了生鲜、零食、日百等便利店商品，还涵盖简餐和咖啡饮品区。 两年时间内，东方甄选历经头部主播、CEO离职等多重震荡，线下或将是流量另一个增量场。近年来三 只羊、交个朋友、美腕等机构均在加码线下场景，面对完全迥异于线上的经营逻辑，直播机构的线下之 路还有很多功课要做。 3万薪资招店长 东方甄选为线下门店招兵买马。招聘网站显示，东方甄选对店长的资质有较高要求。店长需要有5年以 上零售行业的工作经历，有着管理"餐饮+零售"复合业态的经验。公司会优先考虑便利蜂、711、罗森等 连锁便利店从业经验的人士，带过15人以上的团队。 值得注意的是，据天眼查资料，近日东方甄选（北京）科技有限公司发生工商变更，经营范围新增餐饮 管理、外卖递送服务、餐饮服务业务。 ...

Core Insights - Oriental Selection is planning to open its first flagship store in Beijing, with a recruitment drive for store managers offering salaries between 15,000 to 30,000 yuan, prioritizing candidates with experience in "restaurant + retail" management [1][6] - The flagship store will cover approximately 400 square meters and will offer a variety of products including fresh food, snacks, daily necessities, and a dining area with coffee and light meals [1][6] - The company aims to leverage offline retail as a new growth avenue, especially after facing challenges in its online business due to the departure of key personnel and declining sales [1][13] Recruitment and Management - The store manager position requires over five years of retail experience and management of teams larger than 15 people, with a preference for candidates from convenience store backgrounds [6] - Recent business registration changes indicate that Oriental Selection is expanding its operational scope to include restaurant management and delivery services, although specific details on these services remain undisclosed [6] Business Strategy - The flagship store is part of a broader strategy to integrate online and offline sales channels, potentially enhancing customer experience through services like in-store pickup and immediate delivery [9][10] - The company previously experimented with a "one-hour delivery" service in collaboration with JD.com, but this initiative was ultimately abandoned due to logistical challenges [9] Market Context - The offline retail market is becoming increasingly competitive, with other live-streaming companies also exploring physical store expansions to enhance brand recognition and customer engagement [11][12] - The flagship store's location in Beijing's Zhongguancun area places it in direct competition with established retailers, necessitating a strong product selection and unique selling proposition [12] Financial Performance - The company has experienced a significant decline in sales, with GMV dropping from 14.3 billion yuan to 8.7 billion yuan year-over-year, particularly affected by the loss of key influencers [13][14] - Despite challenges, the company is focusing on diversifying its product offerings, moving towards higher-margin items such as smart home products and apparel [13] App Development - The Oriental Selection app has seen growth, with its GMV contribution increasing from 8.4% to 15.7% in the latest fiscal year, alongside a rise in paid membership numbers [14]

Core Insights - Oriental Selection is planning to open its first flagship store in Beijing, with a focus on hiring a store manager with experience in both food and retail sectors, offering a salary between 15,000 to 30,000 yuan [1][6] - The flagship store will feature a variety of products including fresh food, snacks, daily necessities, and a dining area for quick meals and coffee [1] - The company aims to leverage offline retail as a new growth avenue, especially after facing challenges in its online business due to the departure of key personnel [1][14] Recruitment and Store Management - The store manager position requires over five years of retail experience and management of teams larger than 15 people, with a preference for candidates from convenience store backgrounds [6] - Recent business registration changes indicate that Oriental Selection is expanding its operational scope to include food management and delivery services [6][7] Business Model and Strategy - The flagship store model may draw inspiration from successful convenience store operations, integrating dining and coffee areas [7] - The company is exploring a hybrid online-offline model, utilizing existing New Oriental teaching points to attract foot traffic and convert visitors into members [7][10] Market Context and Competition - The flagship store is positioned to enhance Oriental Selection's offline presence amid increasing competition from other live-streaming and retail brands [11][12] - The company faces significant competition in the offline retail space, particularly in high-traffic areas like Beijing's Zhongguancun, where it will compete with established brands [12][13] Financial Performance and Challenges - The company has experienced a decline in GMV across all sales channels, dropping from 14.3 billion yuan to 8.7 billion yuan year-over-year [14] - The departure of key figures has impacted the company's market presence, with a notable drop in followers and sales volume on major platforms [14][15] Product Diversification and App Development - Oriental Selection is diversifying its product offerings, moving beyond low-margin fresh food to include higher-margin items like smart home products and apparel [14] - The company's app has seen an increase in GMV contribution, rising from 8.4% to 15.7% of total sales, indicating a growing focus on digital sales channels [15]

Core Viewpoint - The company has entered a stable development phase with a clear strategy, focusing on enriching its product lines and building a product matrix centered around self-operated products [1][2] Product Development - The company has expanded its self-operated product categories from fresh food to include nutritional health products, pet food, clothing, and home goods, resulting in a more diversified product structure. As of May 31, 2025, the company has launched a total of 732 self-operated SPUs [1] - Self-operated products have become a significant growth engine, with the GMV of self-operated products accounting for approximately 43.8% of total GMV in FY25, an increase of about 3.8 percentage points year-on-year. The management aims to increase the self-operated product GMV share to over 60% in FY26 without affecting third-party GMV [1] Multi-Channel Strategy - The company is deepening its online and offline multi-channel strategy. Online, it has expanded beyond Douyin to platforms like WeChat Mini Programs, Tmall, JD.com, Pinduoduo, and Xiaohongshu. The Oriental Selection APP, as a strategic core, contributed 15.7% to GMV as of May 31, 2025, a year-on-year increase of 7.3 percentage points, with paid APP memberships growing to 264,000, up 33.1% year-on-year [2] - Offline, the company leverages New Oriental Group's learning center network and explores various methods such as vending machines and display stands to enhance brand awareness. It has also opened small shops to pilot sales of ready-to-eat foods and household essentials, gradually expanding its offline presence [2] Financial Forecast and Valuation - Due to better-than-expected performance in live streaming, the company has raised its FY26 revenue forecast by 11.6% to 5.03 billion yuan. Adjusted net profit for FY26 is also increased by 49.5% to 339 million yuan. FY27 revenue is projected at 5.63 billion yuan, with adjusted net profit of 407 million yuan [2] - The target price has been raised by 20% to 24.0 HKD, reflecting a more optimistic growth outlook. The GMV forecast for FY26 has been adjusted from 7.80 billion yuan to 9.85 billion yuan, corresponding to a 4.5 times FY26 price-to-sales ratio. The company is currently trading at 3.4 times FY26 price-to-sales ratio, indicating a 30% upside potential [2]

Core Insights - The departure of key figures, including Sun Dongxu and Dong Yuhui, marks a significant transition for Dongfang Zhenxuan, indicating a shift from its initial entrepreneurial phase to a more structured management approach [1][2][3] - The company is focusing on self-operated products and aims to establish itself as an online supermarket, akin to "Sam's Club," to reduce reliance on individual influencers [5][6][7] Leadership Changes - Sun Dongxu, who played a crucial role in the company's growth, has officially left his position, with CEO Yu Minhong acknowledging his contributions [2][3] - The departure of both Sun Dongxu and Dong Yuhui signifies the end of an era for Dongfang Zhenxuan, as both were pivotal in the company's early success [2][3] Strategic Shift - Dongfang Zhenxuan is transitioning from a reliance on influencer-driven sales to a model focused on self-operated products, with plans to enhance its supply chain and user experience [5][6][8] - The company has introduced a paid membership system, which has seen a 33.08% increase in subscribers year-on-year, indicating a growing customer base [5][6] Financial Performance - The company's total revenue from ongoing operations decreased by 32.7% year-on-year to 4.392 billion yuan, while net profit dropped by 97.5% to 6.191 million yuan [6][7] - Excluding the financial impact of the sale of "With Hui Together," total revenue was 4.2 billion yuan, a decrease of 30.9% compared to the previous year [6][7] Market Positioning - Dongfang Zhenxuan aims to provide high-quality products at reasonable prices, aligning with retail industry standards to enhance consumer experience [8][9] - The company is focusing on building a robust supply chain and improving product selection to maintain competitiveness in the market [9]