Core Viewpoint - The company Oriental Selection has shown significant stock price recovery and operational improvement after the departure of its key figure, Dong Yuhui, with a focus on becoming a sustainable e-commerce platform akin to Sam's Club [2][6][12]. Group 1: Stock Performance - Oriental Selection's stock price has increased by approximately 248% since July, and by 357% from the low point of 8.92 HKD per share when Dong Yuhui left [2][4]. - As of August 15, the stock price rose by 17.9%, bringing the total market capitalization to over 43 billion HKD [2]. Group 2: Financial Performance - For the fourth quarter of the 2025 fiscal year, revenue is projected to be around 150 million USD, reflecting a year-on-year decline of about 30%, but with a narrowing decline compared to previous quarters [4]. - The company reported a net loss of 96.5 million RMB for the first half of the 2025 fiscal year, primarily due to the separation from "Hui Tongxing," but if this impact is excluded, the net profit would be 32.7 million RMB [5]. Group 3: Business Strategy and Development - Oriental Selection aims to transform into a membership-based e-commerce platform, similar to Sam's Club, having launched a paid membership service in October 2023 [12][13]. - The number of paid subscribers reached 228,000, nearly doubling year-on-year, indicating a strong potential for customer retention and revenue growth [13]. - The company has been increasing its self-operated product offerings, with self-operated products accounting for 46% of total sales in 2024, and the gross margin for these products rising from 10% to 21% [13][14]. Group 4: Market Position and Future Outlook - The company is focusing on developing "explosive" products, such as a self-operated sanitary napkin that sold 180,000 units in two days, indicating a positive trend in product development [14]. - Despite the optimistic outlook, challenges remain in scaling membership numbers, enhancing product explosiveness, and expanding sales channels beyond live streaming [14].

已经丧失了信任的两方，终于可以不用再拧巴了。 文丨陈晶 编辑丨宋玮 "当不信任的扳机扣动后，很多事情的走向就不受任何一方的控制了。" 一位接近双方的人士如此评价与辉 同行 CEO 董宇辉、东方甄选 CEO 俞敏洪二人的 "分手" 结局。 这种不信任感始于董宇辉在东方甄选做主播期间声名鹊起，在 "小作文" 事件后达到顶峰——去年底一位 东方甄选员工称视频文案为团队而非都是董宇辉个人作品，被董宇辉的粉丝质疑 "抢功劳"。粉丝和东方甄 选员工来回缠斗、股价经历了多轮下跌。 7 个月后，董宇辉、俞敏洪分道扬镳。过去半年，董宇辉分走了与辉同行的一半利润，剩下另一半也被东 方甄选分配给了董宇辉，此外，董宇辉购买与辉同行的 7658 万元也将由新东方支付。 据东方甄选 7 月 25 发布的公告，将与辉同行利润分派给董宇辉，是出于 "俞先生及本集团对董先生所作贡 献的感谢及赞赏"。不少媒体将这笔利润分成总结为 "分手费"。 接近交易的知情人士称，今天的分成方案，是双方半年前就达成的承诺，并非是因 "分手" 给出的补偿。 上述人士说，去年底，有直播机构开出年薪 8 亿元邀请董宇辉加盟，俞敏洪为了留住董宇辉，曾承诺接下 来一年给 ...