Core Viewpoint - The new brand strategy of the company is not merely a cost-intensive investment but a strategic reuse and upgrade of its existing core capabilities, including IP resources, marketing, and live streaming [1] Group 1 - The company aims to leverage its strong IP resources, event marketing capabilities, and live streaming abilities to brand high-quality supply chain white-label products [1] - There will be a deep integration of online sales with the brands, providing services such as live streaming, e-commerce shelf space, private domain sales, and content slicing [1] - The strategy is expected to enhance the overall live streaming duration, frequency, and efficiency of the company [1] Group 2 - The company plans to connect the brands with offline channels, establishing a multi-dimensional sales system through instant retail and traditional supermarkets [1]

此外，近日新东方发布25财年第四季度业绩，据华西证券根据业绩公告与业绩会推算，东方甄选25财年 第四季度收入1.5亿美元，同比下滑约30%，下滑幅度环比收窄；Non-GAAP营业利润约0.79亿元人民 币，对应的营业利润率约7%，环比提升。该行表示，公司在经历剥离与辉同行、头部主播顿顿离职风 波后，盈利能力持续改善。该行建议关注公司由主播驱动向产品驱动的转型。 本文源自：智通财经网 智通财经获悉，东方甄选(01797)回落逾6%，7月初至今股价已实现翻倍。截至发稿，跌5.16%，报26.08 港元，成交额7.93亿港元。 消息面上，近期，由于商品调整的结果与消费者的预期有异，山姆在社交媒体上被部分用户声讨。此 外，盒马会员店将全部停业，这意味着盒马彻底剥离了号称对标Costco的会员店业务。天风证券此前指 出，东方甄选目前具备货架电商属性及社交电商能力，公司希望打造成为线上山姆店有望借助变局二次 成长。浙商证券则表示，东方甄选和胖东来、山姆在产品开发上类似，都是以消费者为中心，精选高品 质、高性价比产品满足健康需求，驱动稳定复购。 ...

Group 1 - The core viewpoint is that the live e-commerce sector in China is experiencing significant growth, with a GMV of 1.98 trillion yuan in the first nine months of the year, representing a year-on-year increase of 60.6% [1] - The live e-commerce accounted for 18.3% of the total online retail sales of 10.8 trillion yuan and 21.9% of the physical online retail sales of 904.35 billion yuan [1] - The growth rate of live e-commerce GMV is expected to be around 35-40% for the year, driven by emerging channels such as short video feeds, shelves, and search, rather than solely by live streaming [1][5] Group 2 - Kuaishou's GMV for the first half of 2023 was 490.2 billion yuan, with a year-on-year growth rate of 33.8%, and the GMV from live streaming is projected to grow at a rate of 15-20% for the year [3][5] - The growth of live e-commerce is anticipated to normalize, with the live streaming channel's growth rate expected to decline to around 10% as platforms shift focus to brand self-broadcasting [5][6] - The broader live e-commerce market, including shelf models, is expected to increase its market share to 30% over the next 3-5 years, with a potential market size of approximately 7 trillion yuan [5][6] Group 3 - The live e-commerce model is characterized by high operational costs, making it less favorable for small and medium-sized businesses, while the shelf model is seen as more accommodating for these merchants [7] - Instant retail, although not included in physical online retail statistics, is identified as a significant growth market for the next seven years [7]