花旗发研报称，给予东方甄选目标价33港元，评级"买入"。该行指出，虽然因业务分拆，导致商品交易 总额(GMV)下降14.6%至41亿元人民币，但剔除"与辉同行"影响后，核心收入增长17%至23.1亿元人民 币，受产品组合扩张及App表现强劲所支持。同时，通过严格的营运管控，员工人数削减26%及总薪酬 下降35%，盈利能力进一步巩固。 消息面上，东方甄选日前发布截至2025年11月30日止6个月业绩，该集团期内取得总营收23.12亿元人民 币，同比增加5.7%；公司拥有人应占溢利2.39亿元，同比扭亏为盈。同期毛利达8.416亿元，同比增长 14.5%，超过了营收增速，毛利率从33.6%提升至36.4%。 东方甄选(01797)再涨超4%，昨日大涨超14%。截至发稿，涨4.2%，报26.3港元，成交额3.62亿港元。 ...

消息面上，东方甄选日前发布截至2025年11月30日止6个月业绩，该集团期内取得总营收23.12亿元人民 币，同比增加5.7%；公司拥有人应占溢利2.39亿元，同比扭亏为盈。同期毛利达8.416亿元，同比增长 14.5%，超过了营收增速，毛利率从33.6%提升至36.4%。 花旗发研报称，给予东方甄选目标价33港元，评级"买入"。该行指出，虽然因业务分拆，导致商品交易 总额(GMV)下降14.6%至41亿元人民币，但剔除"与辉同行"影响后，核心收入增长17%至23.1亿元人民 币，受产品组合扩张及App表现强劲所支持。同时，通过严格的营运管控，员工人数削减26%及总薪酬 下降35%，盈利能力进一步巩固。 智通财经APP获悉，东方甄选(01797)再涨超4%，昨日大涨超14%。截至发稿，涨4.2%，报26.3港元，成 交额3.62亿港元。 ...

新浪科技讯 1月28日晚间消息，东方甄选公布2026财年中期业绩。2025年6月1日至11月30日，公司总营 收23亿元，同比增长5.7%。若剔除2025财年上半年分拆前产生的部分收入，东方甄选报告期内的总营 收同比增加17%。报告期内，东方甄选净溢利达2.39亿元，毛利为8.416亿元，同比增长14.5%。 截至2025年11月30日，东方甄选已累计推出801款的自营产品。得益于品类扩充和升级迭代，自营产品 GMV在报告期内占总GMV约52.8%，有效带动了整体销售与利润的长期增长。 俞敏洪表示："2026财年上半年，东方甄选在复杂多变的环境下展现出强劲的经营韧性，恢复了总营收 与净溢利的同比双增长，为公司长期可持续发展奠定了坚实基础。在产品战略上，我们坚持'健康、高 品质、高质价比'的产品原则，持续拓展自营产品品类，同时严格筛选高品质外链产品，共同构建可信 赖的商品体系。在渠道布局上，我们坚持推进多渠道战略和矩阵化运营。在北京首家线下体验店之外， 东方甄选还计划开设新的矩阵直播账号并招募新主播，全方位提升公司的品牌影响力。" 责任编辑：刘万里 SF014 俞敏洪表示："2026财年上半年，东方甄选在复杂多 ...

Core Viewpoint - The article discusses the dramatic fluctuations in the stock price of Dongfang Zhenxuan, highlighting the complexities of the market's reaction to the company's strategic shift away from "top-tier hosts" and the appointment of a new CEO, Sun Jin, who is seen as a strong leader [2][3][4]. Group 1: CEO Appointment and Background - Sun Jin has been appointed as the new CEO of Dongfang Zhenxuan, marking the end of the previous era under Sun Dongxu [6][7]. - Sun Jin, born in 1983, has a law degree and has worked his way up through New Oriental, gaining extensive management experience [7][10]. - His leadership style is characterized by strict discipline and high standards, which has led to both admiration and concern among employees [12][13]. Group 2: Company Performance and Challenges - Dongfang Zhenxuan's stock price has experienced a maximum fluctuation of over 242% in the past year, reflecting mixed market sentiments about its transformation strategy [3][22]. - The company reported a revenue of 4.4 billion yuan for the 2025 fiscal year, a decline of 32.7% year-on-year, with GMV dropping to 8.7 billion yuan, down 39% [22]. - The company is facing significant challenges, including a decline in orders on the Douyin platform and public scrutiny of its leadership [22][26]. Group 3: Strategic Focus and Future Plans - Sun Jin is expected to prioritize building a content system that does not rely on individual hosts, aiming for sustainable and scalable content output [26][27]. - The company plans to diversify its revenue streams by introducing knowledge-based courses and expanding into offline retail, with a focus on creating brand experience centers [27][28]. - Dongfang Zhenxuan is actively recruiting for key positions to enhance its membership and service strategies, indicating a shift towards a more structured operational model [28][29].

Core Viewpoint - The stock price of Dongfang Zhenxuan has experienced dramatic fluctuations, with a maximum amplitude exceeding 242% in 2025, reflecting the market's mixed sentiments towards the company's strategic shift away from "top-tier hosts" [1][17] Group 1: Leadership Changes - On December 25, 2023, Dongfang Zhenxuan appointed Sun Jin as the new CEO, marking the end of the previous era under CEO Sun Dongxu [2][3] - The appointment led to a slight increase in stock price by 0.67% on the announcement day, followed by a further rise of 5.7% on December 29, closing at 18.56 HKD per share, with a total market value of 19.5 billion HKD [2][3] Group 2: New CEO's Background - Sun Jin, born in 1983, has a law degree and has been with New Oriental since 2006, gradually rising through the ranks and gaining significant management experience [3][4] - He has received multiple awards for his management performance, indicating a strong track record within the organization [4][5] Group 3: Challenges Ahead - Dongfang Zhenxuan is facing significant challenges, including a 32.7% year-on-year decline in revenue to 4.4 billion CNY and a 39% drop in GMV to 8.7 billion CNY for the fiscal year 2025 [17][20] - The company is under scrutiny due to public reactions to founder Yu Minhong's statements, which have led to concerns about his empathy and the company's public image [17][20] Group 4: Strategic Focus - Sun Jin is expected to prioritize building a content system that does not rely on individual hosts, aiming to standardize and scale content production [20][21] - The company plans to diversify revenue streams by introducing knowledge-based paid courses and exploring offline retail opportunities, including flagship stores [21][22]

Group 1 - The core point of the article is that Dongfang Zhenxuan (Beijing) Technology Co., Ltd. has made changes to its business scope, adding restaurant management, delivery services, and catering services [1] - The company stated that this adjustment is part of normal business operations and that there is currently no specific information disclosed regarding the new delivery and catering services [1] - The company may explore diverse possibilities based on its development plans, with future updates to be announced officially [1] Group 2 - Dongfang Zhenxuan previously tested the "hourly delivery" service in April last year, launching the "Dongfang Zhenxuan Hourly Delivery" account on Douyin [3] - The "hourly delivery" service initially targeted the Beijing market, collaborating with 17 front warehouses, covering 80% of the area within the Fifth Ring Road of Beijing, with plans to expand to more cities in the future [3] - In November last year, Dongfang Zhenxuan's self-operated cold chain warehouse in East China integrated with Cainiao Express, which handles all-platform, multi-category order deliveries, providing next-day delivery and home delivery services for consumers in East China [3]

Core Viewpoint - The departure of Sun Dongxu, former CEO of Dongfang Zhenxuan, marks a significant shift for the company, which is now entering an uncertain "post-wave" era amid declining performance and flow anxiety [5][9]. Group 1: Leadership Changes - Sun Dongxu has officially left Dongfang Zhenxuan, following a series of events that began with the "small essay" incident in December 2023, which led to his removal as CEO and subsequent transition to a senior advisor role [2][4][7]. - Yu Minhong, the founder of New Oriental and CEO of Dongfang Zhenxuan, expressed support for Sun's decision to leave, emphasizing their good communication and lack of conflict [2][4]. Group 2: Company Performance - Dongfang Zhenxuan's total revenue from continuing operations for the fiscal year 2025 was 4.4 billion yuan, a decrease of 32.7% compared to the previous fiscal year [9]. - The company's total GMV (Gross Merchandise Volume) for the fiscal year 2025 was 8.7 billion yuan, down 39.2% from 14.3 billion yuan in the previous year [9]. Group 3: Strategic Shifts - The departure of key figures like Sun Dongxu and Dong Yuhui has raised concerns about the company's ability to maintain its unique appeal in knowledge-based live streaming, which has been a significant driver of its success [8][12]. - Dongfang Zhenxuan is focusing on building its self-operated product system and supply chain to differentiate itself from other e-commerce platforms, moving away from reliance on individual personalities [11][12]. Group 4: Future Challenges - The company faces challenges in user acquisition and maintaining its flow base, as it transitions to a model that does not depend on individual stars [12]. - The need for a robust system that can sustain the company without relying on key individuals is highlighted as a critical challenge for the future [12].

Core Points - The departure of Sun Dongxu, former CEO of Dongfang Zhenxuan, marks a significant shift for the company, as both he and Dong Yuhui, key figures in the "small essay" incident, have left the organization [1][3][4] - The company is entering a "post-wave" era filled with uncertainties, facing challenges such as declining performance and flow anxiety [3][8] Company Developments - Sun Dongxu's resignation was officially announced by Yu Minhong, who stated that Sun left for personal reasons after careful consideration [1][5] - The "small essay" incident in December 2023, which involved a controversy over a live broadcast script, significantly impacted Sun's reputation and led to his eventual departure [4][5] - Following the incident, Sun was removed from his CEO position and transitioned to a senior advisor role before ultimately leaving the company [5][8] Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, a decrease of 32.7% from the previous year's 6.5 billion yuan [8][10] - The company's total GMV (Gross Merchandise Volume) for the same period was 8.7 billion yuan, down 39.2% from 14.3 billion yuan in the previous fiscal year [8][10] Strategic Shifts - The company is focusing on building a self-operated product system and supply chain to differentiate itself from other e-commerce platforms, moving away from reliance on individual personalities [11][12] - The self-operated products and the Dongfang Zhenxuan app have become key growth areas, with self-operated products accounting for 43.8% of GMV in the fiscal year 2025 [10][12] Market Outlook - Experts suggest that the departure of key figures like Sun Dongxu may not significantly impact the company, as it aims to establish a robust system independent of individual contributions [11][12] - The ongoing challenge for Dongfang Zhenxuan lies in enhancing its user reach and addressing its flow foundation, which remains a critical area for improvement [11][12]

Core Viewpoint - The live concert event "The Voice of Selection" organized by Dongfang Zhenxuan will take place in Altay, Xinjiang, featuring various renowned artists and will be broadcasted live on Douyin [1] Group 1: Event Details - The concert is scheduled for September 19 at 19:00 and will include performances by famous musicians such as Shui Mu Nian Hua, Sa Ding Ding, Wang Qi, Rong Zhong Er Jia, and Tengger [1] - The event will be streamed live on the Douyin Dongfang Zhenxuan channel, with exclusive behind-the-scenes content available on the Dongfang Zhenxuan App [1] Group 2: Interactive Elements - The concert will not only feature classic song performances but also include live interviews and interactive segments, allowing the audience to gain insights into the personal stories behind the music [1]

Core Viewpoint - New Oriental, the parent company of Dongfang Zhenxuan, has recently navigated a public relations crisis regarding CEO Zhou Chenggang's alleged regulatory investigation, which was quickly refuted by the company and Zhou himself [6][9][11]. Financial Performance - For the fiscal year ending May 31, 2025, New Oriental reported a net revenue of 4.4 billion RMB, a 32.7% decline from 6.5 billion RMB in the previous year [11][12]. - The net profit from continuing operations dropped significantly from 249 million RMB to 6.2 million RMB [11][12]. - Administrative expenses increased by 22.5% to 485 million RMB, largely due to the separation from Hui Tongxing and associated costs [15]. Strategic Transition - The company has undergone a strategic transformation, focusing on self-operated products and supply chain development after separating from Hui Tongxing [14][15]. - The decision to split was driven by the need to concentrate resources on core business areas, reduce reliance on a single top influencer, and mitigate potential public relations risks [14][15]. - Excluding the impact of Hui Tongxing, the net profit from continuing operations actually increased by 30% to 135 million RMB, indicating improved profitability in core business [16]. Market Response - Following the strategic changes, New Oriental's stock price has seen significant recovery, closing at 36.3 HKD per share, a 307% increase from the low of 8.92 HKD when Zhou Chenggang left [17]. Product Strategy - In the fiscal year 2025, the total GMV for self-operated products and live e-commerce reached 8.7 billion RMB, with self-operated products accounting for approximately 43.8% of total GMV [21][22]. - The company has expanded its product offerings from 488 to 732 SKUs, focusing on daily consumer goods and household items, enhancing user engagement and loyalty [22]. - Despite a decrease in total gross profit from 1.7 billion RMB to 1.4 billion RMB, the gross margin improved from 25.9% to 32.0%, indicating a more profitable self-operated product model [25]. Challenges Ahead - New Oriental's core product categories remain primarily agricultural, which typically have lower profit margins and higher spoilage rates, posing challenges to overall profitability [27]. - There is still room for improvement in supply chain efficiency, particularly in regional and front warehouses, as well as in reducing logistics costs for fresh produce [27][28]. - Compared to international membership retail giants like Sam's Club and Costco, New Oriental lacks offline experience and high-end brand development, which are crucial for long-term success [28].