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 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 - 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].

Investment Rating - Industry rating: Recommended [4] Core Insights - The introduction of the national childcare subsidy policy is expected to benefit the maternal and infant industry chain, with a subsidy of 3,600 yuan per child per year for families with children under three years old, potentially impacting over 20 million families annually [1][2] - New Oriental's FY2025Q4 performance shows a revenue of 150 million USD, a year-on-year decline of approximately 30%, but with a sequential improvement in operating profit margin from 3% in FY25Q3 to 7% in FY25Q4 [3] - The company is transitioning from a host-driven model to a product-driven model, with significant sales in sanitary products and self-branded items [3] Summary by Sections 1. Industry Overview - The report highlights the positive impact of the national childcare subsidy on birth rates, particularly in lower-tier markets, citing examples from cities like Panzhihua and Tianmen where similar policies led to increased birth rates [2] 2. Company Performance - New Oriental's recent performance indicates a recovery in profit margins despite a decline in revenue, with key products like sanitary napkins and self-branded food items performing well in sales [3] 3. Investment Recommendations - The report suggests five investment themes, including the continuous upgrade of AI technology, the emotional value consumers place on purchases, the recovery of cyclical sectors, the potential of domestic brands going global, and the revival of traditional retail formats [6]

Core Viewpoint - Oriental Selection (01797.HK) saw a closing increase of 12.78% on July 18, reaching a new high since January, driven by the upcoming launch of its second self-operated sanitary napkin product on July 19 [1]. Product Launch and Market Response - The company will launch its second self-operated sanitary napkin, "Lightweight Quick Absorb Sanitary Napkin," on its app [1]. - The first self-operated sanitary napkin, "Cotton Surface Sanitary Napkin," sold out quickly in June and received widespread consumer praise [1]. - The Zhejiang Merchants Consumer Team noted that sanitary napkin products address strong consumer pain points, and Oriental Selection's product, made from 100% pure Xinjiang cotton and exceeding national standards, has the potential to stand out in the market [1]. Consumer-Centric Approach - Oriental Selection's product development strategy is similar to that of other companies like Pang Donglai and Sam's Club, focusing on high-quality, cost-effective products that meet health needs and drive stable repurchase rates [1]. Safety and Transparency Initiatives - The company announced its commitment to safety by ensuring that its sanitary napkins are produced with "zero additives" and using traceable raw materials [4][6]. - In March, Oriental Selection revealed plans for sanitary napkin products and a transparent factory initiative to control sales channels and prevent illegal distribution of second-hand sanitary napkins [3]. Industry Context - The entry of Oriental Selection into the sanitary napkin market coincides with increased consumer awareness regarding product safety, particularly following the exposure of refurbished sanitary napkins during the "3.15" gala [6]. - Other brands, including Free Point and All Cotton Era, have also entered the market, indicating a growing competition in the sanitary napkin sector [6].

Market Overview - The market is experiencing an upward trend without negative news, with Hong Kong stocks jumping 1.33% today [1] - Insurance companies are adjusting product pricing in response to market interest rates, leading to a decrease in liability costs and an increase in equity allocation [1] - Regulatory changes allow insurance companies more flexibility in asset allocation, boosting their profitability [1] Securities Sector - The approval of the U.S. Stablecoin Innovation Act is expected to catalyze the securities sector, with Tether's USDT market cap surpassing $160 billion [2] - The anticipated signing of an executive order by President Trump could allow significant investments in alternative assets, including stablecoins [3] AI and Technology - The upcoming World Artificial Intelligence Conference (WAIC) will showcase advancements in AI infrastructure, including Huawei's new AI computing technology [7] - The launch of the H20 chip for sale in China is expected to boost demand for AI applications, with companies like Tencent and ByteDance placing orders [4] Performance of Specific Companies - China Life and China Pacific Insurance saw stock increases of over 5% due to favorable market conditions [1] - Companies like JD Health and Ant Group are planning to apply for stablecoin licenses in Hong Kong, indicating a shift towards digital currency [2] - Goldwind Technology reported a 35.72% increase in revenue for Q1 2025, driven by strong order growth and international expansion [9] Industry Trends - The rare earth sector is experiencing significant profit growth, with companies like Huahong Technology and Northern Rare Earth projecting substantial increases in net profit [4] - The wind energy market is expected to see high growth, with Goldwind's international business expanding across six continents [10]