洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 以下文章来源于盐财经 ，作者辰夕 盐财经 . 作者： 辰夕 来源：盐财经 罗永浩点燃了舆论风暴。2025年8月16日，他转发了一条有关"董宇辉走后东方甄选股价暴涨 229%"的微博，并评论称， 董宇辉自立门户一年收入二三十亿，而在东方甄选时北京买房还要 ---------------------------------- 借钱交首付 。"与辉同行"方面随后回应，这信息不属实，但舆论已经开始发酵。 罗永浩 评论称董宇辉自立门户一年收入二三十亿 过去一周，东方甄选的股价像坐过山车一样，先是暴涨超过20%，接着又急跌20%，全天振幅超 过40%，市场一片哗然。 从2023年12月的"小作文风波"，到董宇辉的离开，再到孙东旭逐渐淡出前台，每一次人事震荡 都会牵动东方甄选的股价。很多人开始怀疑，这家公司究竟靠什么才能稳住脚跟，是继续依赖明 星主播，还是把重心放在自营产品和独立App？ 俞敏洪在财报后的电话会议上说，他感到自己置身"暴风骤雨"之中。 这个比喻一点不夸张。 东方甄选的故事不仅仅是一家公司的起伏。它折射出直播电商行业的竞争，也牵连着俞敏洪、董 宇辉、罗永浩这几 ...

Core Viewpoint - Oriental Selection is actively seeking new growth strategies amidst significant challenges following the departure of key figures like Dong Yuhui, which has led to fluctuations in stock prices and operational performance [4][6][11]. Financial Summary - For the fiscal year 2025, Oriental Selection reported a revenue of 4.439 billion RMB, down 32.7% from 6.525 billion RMB in the previous year [7][11]. - The total GMV decreased from 14.3 billion RMB to 8.7 billion RMB, with paid orders on Douyin dropping from 1.81 billion to 916 million [12][11]. - Despite a net profit of only 6.19 million RMB, the company showed signs of recovery with a net profit of 135.4 million RMB when excluding the financial impact of the sale of "With Hui Together" [11][12]. Operational Changes - The company increased its self-operated product GMV share to 43.8%, launching 732 new self-operated products, a nearly 50% increase from the previous year [12][11]. - Total operating costs decreased from 4.8 billion RMB to 3 billion RMB, a reduction of over 38%, indicating effective cost control measures [12][11]. Market Reactions - The stock price experienced significant volatility, with fluctuations exceeding 40% in a short period, reflecting investor uncertainty [6][11]. - Following the financial report, CEO Yu Minhong described the situation as being in a "storm," highlighting the ongoing challenges the company faces [8][17]. Strategic Direction - Yu Minhong emphasized the need for Oriental Selection to transition from a reliance on live-streaming to establishing a robust product and supply chain management capability [32][34]. - The company aims to enhance its own app and membership system, with paid membership numbers growing to 264,300, although the growth rate has slowed [13][34]. Industry Context - The challenges faced by Oriental Selection mirror broader issues within the live-streaming e-commerce industry, particularly regarding the dependency on key influencers and the sustainability of personal brands [30][40]. - The departure of major influencers like Dong Yuhui raises questions about the future viability of the company's business model, which heavily relies on individual personalities [30][40].

Core Viewpoint - The article discusses the challenges and transformations faced by Dongfang Zhenxuan after the departure of its key figure, Dong Yuhui, highlighting the volatility in the live commerce industry and the company's efforts to adapt and find new growth avenues [5][9][23]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported a revenue of 4.4 billion RMB, a decline of 32.7% from 6.5 billion RMB in the previous fiscal year [6][9]. - The total GMV dropped from 14.3 billion RMB to 8.7 billion RMB, with paid orders on Douyin halving from 1.81 billion to 916 million [10][11]. - Despite a net profit of only 6.2 million RMB, the company showed signs of recovery with a net profit of 135.4 million RMB when excluding the financial impact of the sale of "With Hui Together" [10][11]. Operational Changes - The company increased its self-operated product GMV share to 43.8%, launching 732 new self-operated products, a nearly 50% increase from the previous year [11][25]. - Total operating costs decreased from 4.8 billion RMB to 3 billion RMB, a reduction of over 38%, with significant cuts in inventory and logistics costs [13][11]. Market Reactions - The stock price of Dongfang Zhenxuan experienced significant fluctuations, with a 20% increase followed by a 20% drop, reflecting investor uncertainty [5][17]. - The company faced ongoing scrutiny and speculation regarding leadership changes and operational strategies, particularly after the departure of key personnel [5][22]. Strategic Direction - The company aims to transition from a reliance on live streaming to establishing a robust product and supply chain management capability, with a focus on brand strength [25][26]. - Dongfang Zhenxuan is also working to reduce its dependency on Douyin, which currently accounts for 60-70% of its sales, by enhancing its own app and membership system [25][26]. Industry Context - The challenges faced by Dongfang Zhenxuan reflect broader issues within the live commerce industry, where the relationship between influencers and companies is critical [23][25]. - The departure of key influencers like Dong Yuhui raises questions about the sustainability of business models heavily reliant on personal brands [27][28].

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 - The financial performance of Dongfang Zhenxuan (1797.HK) has significantly declined in the 2025 fiscal year, with total revenue dropping by 32.7% to 4.4 billion RMB compared to 6.5 billion RMB in 2024, and net profit plummeting to 6.2 million RMB from 250 million RMB in the previous year [1][3][4]. Financial Performance - In the 2025 fiscal year, the total revenue from ongoing operations (self-operated products and live e-commerce) was 4.4 billion RMB, a decrease of 32.7% from 6.5 billion RMB in 2024 [1][3]. - The net profit for 2025 was 6.2 million RMB, a significant drop from 250 million RMB in 2024 [1][3]. - The gross merchandise volume (GMV) for ongoing operations was 8.7 billion RMB, down 39.1% year-on-year [4][9]. - The adjusted net profit, excluding the financial impact of the separation from Hui Tong, increased by 30% to 1.35 billion RMB compared to 1.04 billion RMB in 2024 [4][9]. Strategic Adjustments - The company has shifted its focus towards self-operated products, achieving a GMV of 3.81 billion RMB from self-operated products, accounting for approximately 43.8% of total GMV [10]. - A total of 732 self-operated products were launched in the 2025 fiscal year, up from 488 in 2024 [10]. - The gross margin for ongoing operations improved from 25.9% in 2024 to 32% in 2025, attributed to the healthy development of self-operated products and live e-commerce [9]. Market Challenges - The departure of key figure Dong Yuhui has led to a significant drop in stock price and market confidence, with a 23% decline on the day of his announcement [7]. - The company faces challenges in replicating the past success driven by star hosts, as the departure of top influencers has weakened the appeal of mid-tier hosts [14]. - The transition to a "Sam's Club" model is still in its infancy, with membership revenue not yet reaching significant levels compared to competitors [14]. Future Outlook - The CEO, Yu Minhong, emphasized the need to develop more self-operated product hits and enhance app engagement and membership numbers [15]. - The company plans to increase offline promotional efforts to raise awareness of its products among potential customers [16]. - The transition from "trust in people" to "trust in products" in the live e-commerce industry will be crucial for the company's long-term success [16].

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's financial performance, leading to a notable decline in revenue and profit for the fiscal year 2025 compared to the previous year [1][4][8]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan's total revenue from continuing operations was 4.4 billion RMB, a decrease of 32.7% from 6.5 billion RMB in fiscal year 2024 [1][8]. - The net profit for fiscal year 2025 was 6.2 million RMB, a substantial drop from 249 million RMB in the previous year [1][8]. - The company reported a net loss of 96.5 million RMB in the first half of fiscal year 2025, but managed to turn a profit by the end of the fiscal year [4][8]. Strategic Adjustments - CEO Yu Minhong stated that the challenges faced during fiscal year 2025 have strengthened Dongfang Zhenxuan's core business model, focusing on high-quality product selection and self-operated products [4][8]. - The company has launched 732 self-operated products in fiscal year 2025, up from 488 in the previous year, indicating a commitment to enhancing its product offerings [9]. Market Position and Challenges - The company experienced a significant stock price drop of 23% following Dong Yuhui's departure, leading to a market value loss of nearly 3 billion HKD [7]. - Dongfang Zhenxuan's gross merchandise volume (GMV) for self-operated products reached 3.81 billion RMB, accounting for approximately 43.8% of total GMV [9]. - Despite progress in self-operated products, the company still faces challenges in replicating the success of past star hosts and building a robust membership model akin to Sam's Club [11][14]. Future Outlook - Yu Minhong emphasized the need to enhance the app's user engagement and membership growth, as current app-generated GMV was only 1.37 billion RMB, representing 15.7% of total GMV [14]. - The company plans to invest more in offline marketing to increase brand awareness among potential customers, particularly leveraging the existing New Oriental education network [14].

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's financial performance, leading to a notable decline in revenue and profit, but the company is making adjustments to its business model and focusing on self-operated products and live-streaming e-commerce for long-term growth [2][3][4]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, a decrease of 32.7% from 6.5 billion yuan in fiscal year 2024 [2][4]. - The net profit for fiscal year 2025 was 6.2 million yuan, a significant drop from 250 million yuan in the previous year [2][4]. - In the first half of fiscal year 2025, the company experienced a net loss of 96.5 million yuan, but by the end of the fiscal year, it turned a profit of 6.2 million yuan [3][4]. Business Strategy - Dongfang Zhenxuan is shifting its focus from reliance on individual influencers to building supply chain capabilities, which is seen as essential for long-term development [3][4][7]. - The company aims to enhance its self-operated product offerings, with a total GMV of 8.7 billion yuan for fiscal year 2025, where self-operated products accounted for approximately 43.8% of total GMV [3][5]. Product Development - The company has launched 732 self-operated products in fiscal year 2025, up from 488 in the previous year, indicating a strong commitment to product development [5][6]. - Notable product successes include a cotton sanitary napkin that sold 180,000 units in two days and a frozen shrimp product that generated over 21 million yuan in sales [6]. Market Challenges - Despite progress in self-operated products, Dongfang Zhenxuan faces challenges in replicating the success of past star influencers, as the current mid-tier influencers lack the same level of audience engagement [7][8]. - The company is also working to develop its app and increase user engagement, with app-generated GMV at 1.37 billion yuan, accounting for 15.7% of total GMV [8][9]. Future Outlook - The company plans to enhance its marketing efforts, particularly offline, to increase brand awareness and customer acquisition, as many potential customers are still unaware of its product offerings [9]. - Dongfang Zhenxuan's transition to a model akin to "online Sam's Club" is still in development, and its success will depend on building a strong product and brand foundation [8][9].

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's financial performance, leading to a notable decline in revenue and profit, but the company is making adjustments to its business model and focusing on self-operated products and live-streaming e-commerce as a long-term strategy [1][3][9]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, a decrease of 32.7% from 6.5 billion yuan in fiscal year 2024 [1][3]. - The net profit for fiscal year 2025 was 6.2 million yuan, a significant drop from 250 million yuan in the previous year [1][3]. - In the first half of fiscal year 2025, the company experienced a net loss of 96.5 million yuan, but by the end of the fiscal year, it achieved profitability [1][3]. Business Strategy - Dongfang Zhenxuan is shifting from reliance on individual influencers to building supply chain capabilities, which is seen as essential for long-term growth [2][9]. - The company has focused on self-operated products, achieving a GMV of 3.81 billion yuan for self-operated products in fiscal year 2025, accounting for approximately 43.8% of total GMV [5][6]. - The number of self-operated products launched increased to 732 in fiscal year 2025, up from 488 in the previous year [5][6]. Market Challenges - The company faces challenges in replicating the success of past star influencers, as the current mid-tier influencers do not have the same level of audience engagement [7][9]. - Dongfang Zhenxuan's membership revenue is still low compared to competitors like Sam's Club, which relies heavily on membership fees for profitability [7][9]. - The company continues to depend on public traffic from platforms like Douyin, with only 1.37 billion yuan in GMV generated from its app, representing 15.7% of total GMV [8]. Future Outlook - The company plans to enhance its app's user engagement and membership numbers, recognizing the importance of building a loyal customer base [8]. - Dongfang Zhenxuan aims to strengthen its brand and product offerings to create a sustainable competitive advantage in the evolving live-streaming e-commerce landscape [9][10].

受关联交易和高佣金传言的影响，东方甄选股价涨势出现了回落。 从今年7月开始，东方甄选股价持续上涨。在过去的23个交易日内，东方甄选股价累计上涨212.54％，创2023年3 月以来的新高。 来源：钛媒体 不过，在新东方CEO周成刚或涉关联交易被监管部门立案调查、东方甄选佣金率长期超30%等消息的影响下，当 天股价出现跳水，盘后跌幅高达20.89%。 对此，东方甄选方面表示，关于周成刚的传闻纯属谣言，"东方甄选佣金率长期超30%"的说法严重失实，实际平 均佣金率不到20%，公司已启动报警和司法流程。 这也成为了东方甄选启动自营模式，打造自有品牌的起点。 不过，在切入直播带货之初，东方甄选就更加注重产品与供应链。2022年6月，公司前执行董事、CEO孙东旭曾表 示，"我们不是一家直播公司，也不是造星的MCN机构，而是一家农产品科技公司和文化传播公司。" 经历了此前的一系列争议，再到董宇辉的出走，如今的东方甄选显然已逐步走出低谷。 根据新东方发布的财报，2025财年前三季度，东方甄选的经营利润率分别为-8%、-1%和3%，已逐步实现扭亏为 盈。 有机构预测，东方甄选2025财年（2024年6月1日-2025年5月3 ...

Core Viewpoint - After the departure of key figure Dong Yuhui, Dongfang Zhenxuan's stock price has rebounded significantly, indicating a recovery from previous lows and a shift in business strategy towards self-operated products [2][5]. Group 1: Stock Performance - On August 12, Dongfang Zhenxuan's stock rose by 1.11% to HKD 30.86, with a total market capitalization of HKD 32.3 billion, reflecting a 245% increase from the low of HKD 8.92 at the time of Dong Yuhui's departure [2]. - The stock has also increased over 204% from its year-to-date low of HKD 10.12 [2]. Group 2: Leadership Changes - Dong Yuhui's departure on July 25, 2024, caused a significant impact, with the stock dropping 23.39% in a single day, resulting in a market value loss of over HKD 2.5 billion [3]. - Another prominent host, Duntun, left the company on June 18, 2024, citing contract expiration, although he expressed a desire to continue collaborating with Dongfang Zhenxuan [4]. Group 3: Financial Performance - For the first half of the 2025 fiscal year, Dongfang Zhenxuan reported a net loss of HKD 96.5 million, a stark contrast to a profit of HKD 160 million in the same period the previous year [3]. - Excluding the financial impact of the sale of a subsidiary, the core business achieved a profit of HKD 32.7 million during the reporting period [3]. Group 4: Business Strategy - Dongfang Zhenxuan has shifted its focus towards self-operated products, launching new sanitary products that have seen strong sales, with the first product selling out 180,000 units shortly after launch [5][6]. - The company is adopting a membership model, with 228,300 paid members as of November 2024, indicating potential for growth compared to competitors like Sam's Club, which has 9 million members [6]. Group 5: Market Positioning - The company is positioning itself similarly to high-quality retail brands like Pang Donglai and Sam's Club, focusing on consumer-centric product development and high-quality offerings [6].