东方甄选 20250506 摘要 • 东方甄选采取多平台策略，抖音平台贡献约 80%的 GMV，为公司基本盘。 同时，公司积极拓展淘宝、京东、小红书、拼多多等货架电商渠道，通过 口碑传播实现增长，未进行付费推广。 • 公司计划通过新东方教育机构的自动售卖机进行品牌曝光，并将在新东方 举办家庭公益讲座，分享产品开发理念和品牌故事，以覆盖更多潜在用户 群体。 • 东方甄选 APP 以自营品为主，涵盖日常生活所需，自营品 30 天复购率达 50%。公司目标是增加 APP 下载量和付费会员，通过营销活动提升活跃度， 并可能邀请歌手举办线上演唱会吸引用户。 • 公司拥有 600 款 SKU 的自营产品，常年在售 300 款，食品类目丰富。通 过大数据了解消费群体需求，引入新品并迭代老品，同时参考行业友商优 势，不断提升产品力。 • 公司采取多层次质检措施确保自营产品品质，自营产品逐渐赢得消费者信 任。自营产品选择原则包括绿色、健康、美味及高性价比，未来将加强与 外界合作，将自营产品推广至其他平台或直播间销售。 Q&A 请介绍一下东方甄选公司在 2025 财年的整体战略和业务发展情况。 东方甄选在 2025 财年继续沿着 ...

Core Viewpoint - New Oriental's Q3 FY2025 financial results show a revenue decline due to the underperformance of its Oriental Selection business, but the education and cultural tourism segments have demonstrated strong growth, indicating stability in the core education business [1][3]. Financial Performance - New Oriental reported a revenue of $1.183 billion for the quarter, a year-on-year decrease of 2.0%. Excluding Oriental Selection, revenue from education and cultural tourism was $1.038 billion, reflecting a year-on-year increase of 21.2% [1][3]. - Operating profit for the quarter was $125 million, up 9.8% year-on-year, while the operating profit excluding Oriental Selection's losses was $126 million, a 5% increase [3]. - Net profit attributable to shareholders rose by 0.1% to $87.3 million [3]. Business Segment Performance - The overseas exam preparation and consulting businesses grew by 7.1% and 21.4% year-on-year, respectively, while domestic exam preparation for adults and college students saw a growth of approximately 17.0% [4]. - The growth rate for overseas exam preparation was the lowest since 2023, indicating a slowdown in this segment due to geopolitical uncertainties [6]. Market Conditions - The geopolitical climate, particularly the uncertainty surrounding the potential re-election of Donald Trump, has negatively impacted New Oriental's overseas study-related businesses [6]. - The company anticipates continued slow growth in overseas-related business, projecting an 8% revenue increase in the next quarter and a 5% to 10% growth for the next fiscal year in overseas exam preparation [6]. New Business Growth - New Oriental's new education business segment experienced robust growth, with revenue increasing by 34.5% year-on-year. Non-subject tutoring courses had 408,000 enrollments, a 14.9% increase, while active paying users for smart learning systems grew by 64.4% to 309,000 [4][8]. - The company expanded its offline teaching centers significantly, increasing from 748 at the beginning of the fiscal year to 1,089 by the end of Q1 FY2025 [8]. Strategic Expansion - New Oriental plans to expand its offline capacity by over 20% in FY2025 and by 10% to 15% in FY2026, focusing on expanding within existing cities rather than entering new markets [8]. - The learning machine market is rapidly developing, with a 29.4% year-on-year increase in sales volume for learning tablets in Q1 FY2025, which supports New Oriental's smart learning systems and devices business [8].

Core Insights - The article discusses the growth potential of the international grape industry, highlighting a projected increase in market size by 10-13% [1] Industry Summary - The international grape market is expected to expand significantly, driven by rising consumer demand and increased production capabilities [1] - Key factors contributing to this growth include advancements in agricultural technology and improved supply chain logistics [1] Company Summary - Various companies within the grape industry are positioning themselves to capitalize on this growth, focusing on strategic partnerships and franchise opportunities [1] - The article emphasizes the importance of brand recognition and quality in attracting consumers to grape-related products [1]

在北京市商务局4月18日举办的"外贸优品网上行"出口转内销对接会上，京东集团、淘天集团、盒马、 美团、东方甄选等多家电商企业，提出"真金白银"助力外贸企业出口转内销举措。 其中，京东集团推出包括2000亿元出口转内销产品专项采购资金、专属招商团队全程陪跑、外贸专区打 造、新入驻POP商家扶持、0元质保金入驻等在内的支持举措，助力外贸优品拓展国内市场。 淘天集团启动"外贸精选"专项，开通外贸入淘绿色通道、提供"产业半托管"服务、小二本地化指导、流 量和佣金激励扶持、开展外贸营销专场等，助力外贸商家快速"外转内"。 盒马面向外贸企业开放24小时绿色通道，搭建"云享会"入驻专区，联合开发自有品牌创新商品，并匹配 高效物流供应链支撑，助力中国优质外贸企业开拓国内市场。 美团发布外贸转内销专项扶持计划，通过小象超市、美团优选、美团闪购等业务板块协同发力，为优质 外贸企业开辟入驻绿色通道，提供从商家入驻、经营扶持到品牌打造等全链路支持，打造"内外贸一体 化"生态体系。 东方甄选充分发挥直播电商新场景作用，开放自营产品合作通道，简化入驻流程，缩短认证周期，还将 开展"透明工厂"源头直播活动，向国内消费者展示优质外贸企业的供 ...

Group 1 - Companies such as Meituan, Wumart, Dingdong Maicai, Dongfang Zhenxuan, and Mingming Hen Mang have introduced support plans to counter the impact of U.S. tariff adjustments [1] - Meituan has established a green channel for "merchant onboarding, operational support, and brand building" [1] - Wumart plans to create a "Cloud Super Green Channel" for transitioning [1] Group 2 - Dingdong Maicai will release procurement needs for packaging, warehousing equipment, and other items [1] - Dongfang Zhenxuan has launched a special initiative for "foreign trade quality products onboarding" [1] - Mingming Hen Mang has set up a "special docking channel" [1]

1 美豁免从中国进口的部分产品关税 当地时间4月11日深夜，美国海关与边境保护局发布公告称，智能手机、路由器以及部分电脑和笔记本等产品将不再被纳入此前针对中国进口商品实施的 125%所谓"对等关税"范围内。目前尚不清楚这些产品是否仍将适用不属于"对等关税"框架的20%税率。美国国际贸易委员会尚未就相关询问作出回应，白 宫方面也未立即置评。（CCTV国际时讯） 2 金砖国家召开经贸联络组第二次会议，强调共同维护多边贸易体制，反对单边主义和贸易保护主义 据商务部网站4月12日消息，4月10~11日，2025年金砖国家经贸联络组第二次会议以视频形式举行。会上，金砖成员专门就美"对等关税"政策深入交换意 见，对相关措施引发的贸易紧张局势表示严正关切，并呼吁共同反对单边主义和贸易保护主义。各方将继续在经贸渠道就应对美"对等关税"问题深入交换意 见，加强立场协调，坚守和维护以规则为基础的多边贸易体制，共同应对当前全球贸易紧张局势。 3 9家大宗商品行业协会：坚决反对关税霸凌，共同维护大宗商品市场公平秩序 4月12日，中国物流与采购联合会大宗商品流通分会联合中国物资储运协会、中国物资再生协会、中国金属材料流通协会、中国化工 ...

4月12日，东方甄选在微博发文称，为了更好地帮助优秀外贸企业快速拓展国内大市场，为扩大内需战略注入新动能，东方甄选即日起正式启动"外贸优品 入驻"专项行动，让更多优质外贸产品走进直播间，服务国内消费者。 东方甄选将提供专业的选品和服务能力，助力优秀外贸企业拓展国内电商渠道，并将长期在直播间、东方甄选APP和各个电商渠道，为优质外贸产品提供展 示和销售渠道，帮助外贸企业在国内销售产品和推广品牌。 针对优秀生产制造型外贸企业，东方甄选开放自营产品合作通道。我们还将甄选部分优秀外贸企业，开展"透明工厂"溯源直播，向国内消费者展示中国优秀 外贸企业的供应链能力和科技水平。 目前，东方甄选已经开通专门的外贸企业招商渠道，诚邀广大外贸企业携优秀产品入驻，产品包括但不限于农产品、健康食品和家庭生活用品。 每经编辑 张锦河 继京东、盒马、永辉等多家平台出手助力外贸企业扩宽内销渠道后，百度、东方甄选也跟进了。 为简化外贸企业入驻流程，缩短认证周期，提高对接效率，东方甄选将面向外贸企业提供专人加急审核服务，相关审核将在一个工作日内完成。 据证券时报，4月12日，百度宣布将利用AI技术和平台流量优先扶持100万家企业出口转内销，开 ...

继京东、盒马等多家平台出手助力外贸企业扩宽内销渠道后，百度、东方甄选也跟进了。 百度推出外贸企业AI扶持计划 据人民财讯消息，4月12日，百度宣布将利用AI技术和平台流量优先扶持100万家企业出口转内销，开拓国内市场。 在数字人直播层面，百度慧播星数字人计划助力100万家企业免费数字人直播，同时安排专业技术和交付团队助力各外贸商家在各大平台低门槛实现直播 带货。 在电商商家运营层面，针对外贸商家再加码佣金补贴为外贸商家减负；增设亿级流量池助力商家在百度快速冷启与成长等四大专项政策。 东方甄选启动"外贸优品入驻"专项行动 据东方甄选消息，为了更好地帮助优秀外贸企业快速拓展国内大市场，扩大内需战略注入新动能，东方甄选即日起正式启动"外贸优品入驻"专项行动，让 更多优质外贸产品走进直播间，服务国内消费者。 东方甄选表示，将提供专业的选品和服务能力，助力优秀外贸企业拓展国内电商渠道，并将长期在直播间、东方甄选App和各个电商渠道，为优质外贸产 品提供展示和销售渠道，帮助外贸企业在国内销售产品和推广品牌。 东方甄选将提供专业的选品和服务能力,助力 优秀外贸企业拓展国内电商渠道,并将长期在直播 间、东方甄选APP和各个电 ...

其实在直播带货江湖中，头部主播和平台之间的关系一直都非常微妙。平台方既看中头部主播的影响 力，又不希望头部主播尾大不掉。而头部主播则担心平台会用算法压制自身建设私域的能力， 此前在3月23日，停播198天之后，疯狂小杨哥的合肥三只羊网络科技有限公司（下文将简称为三只羊） 拿到了"复出许可"。时隔半个月，三只羊终于打响了回归的第一枪，在多个应用商店上线了自营电商平 台"小杨臻选"App。 事实上，小杨臻选是疯狂小杨哥在2023年年初推出的自营电商品牌，根据三只羊官网的介绍显示，小杨 臻选秉承"好东西，用得起"的品牌理念，以严谨审慎的态度把控生产工艺，不断提升品牌与消费者的交 互体验，坚持以高颜值、高品质的产品和贴心、暖心的服务，让更多人享受高性价比的优质好物。 据悉，小杨臻选App目前采取的是会员制，年费为99元，提供了包含会员配套专属优惠、优先服务，并 承诺"省不够包退差额"。 三只羊相关负责人在回复媒体采访时表示，小杨臻选App是公司落实"产品品牌化、品质化"发展路径的 关键部署，通过建立自主可控的供应链体系，企业可以深度参与产品研发、生产、质检等全流程管理。 而且小杨臻选APP的上线，并不意味着三只羊会放 ...

Financial Performance - Total revenue for the six months ended November 30, 2024, was RMB 2,186.6 million, a decrease of 9.3% from RMB 2,411.3 million for the same period in 2023[10]. - Gross profit for the same period was RMB 735.1 million, down 7.4% from RMB 794.2 million year-on-year[10]. - The company reported a loss before tax of RMB 72.5 million, compared to a profit of RMB 285.6 million in the previous year[10]. - Net loss attributable to owners of the company was RMB 96.8 million, compared to a profit of RMB 160.7 million for the same period last year[10]. - The adjusted net loss for the period was RMB 1.6 million, significantly lower than the adjusted profit of RMB 434.3 million in the previous year[10]. - The net loss from continuing operations for the six months ending November 30, 2024, was RMB 96.5 million, compared to a net profit of RMB 160.7 million for the same period in 2023[19]. - Total revenue for the six months ended November 30, 2024, decreased by 9.3% to RMB 2.2 billion from RMB 2.4 billion for the same period in 2023[40]. - Revenue from self-operated products reached approximately RMB 1.7 billion, contributing to the overall revenue decline of 9.3% in the self-operated products and live e-commerce segment[41]. - The basic loss per share from continuing operations was RMB (0.09), compared to earnings of RMB 0.17 in the previous year[138]. - The total comprehensive income for the period was RMB 249,191 thousand, reflecting the company's performance during the six months[143]. Operational Developments - The company has expanded its self-operated product and live e-commerce business, establishing a well-known online platform for high-quality agricultural products since 2021[13]. - The company has adopted a multi-channel strategy, selling its proprietary brand products across various platforms including Taobao, JD.com, and Pinduoduo[14]. - A membership system was established to offer exclusive services and lower prices on a variety of national and proprietary brand limited products starting from October 2023[14]. - The brand has gained millions of loyal viewers and repeat customers, becoming synonymous with quality, convenience, and cultural lifestyle in China[14]. - The company aims to enhance supply chain efficiency and promote high-quality products that lack sales channels, contributing to rural revitalization[13]. - The GMV for the six months ending November 30, 2024, was RMB 4.8 billion, a decrease of 16.2% from RMB 5.7 billion for the same period in 2023[17]. - The number of paid subscribers on the Dongfang Zhenxuan APP increased significantly to 228,300, up from 123,800 in the previous year[17]. - The average contribution per user is steadily increasing, indicating high user loyalty and engagement[22]. - The company launched 600 SKUs of self-operated products by November 30, 2024, expanding its product line significantly from 488 SKUs in the previous fiscal year[22]. - The GMV from Douyin accounted for the majority of total GMV, with 13.6% coming from the application[27]. Financial Position - Cash and cash equivalents as of November 30, 2024, were RMB 1.7 billion, down from RMB 2.3 billion on May 31, 2024, and RMB 1.3 billion on November 30, 2023[59]. - The asset-liability ratio as of November 30, 2024, was 17.4%, a decrease from 30.3% on November 30, 2023[60]. - Total employee compensation expenses, including share-based payments, amounted to RMB 532.8 million, a decrease of 14.7% compared to RMB 624.8 million for the same period in 2023[69]. - The company’s total liabilities decreased to RMB 1,004,410 from RMB 1,512,899, showing improved financial stability[140]. - The company’s total equity attributable to owners increased to RMB 4,969,621 thousand as of June 1, 2024, from RMB 2,803,808 thousand on June 1, 2023[143]. - The company reported no bank loans or other borrowings during the reporting period, indicating sufficient cash and capital resources for operations and expansion[73]. - As of November 30, 2024, the company had no pledged assets, ensuring full asset availability for operational needs[74]. - The company had no significant contingent liabilities as of November 30, 2024, reflecting a stable financial position[75]. Governance and Compliance - The audit committee reviewed the unaudited consolidated financial statements for the six months ending November 30, 2024, ensuring compliance with financial reporting procedures and internal control systems[113]. - The company has established a nomination committee and a remuneration committee in addition to the audit committee to enhance corporate governance[114]. - The company has complied with all applicable provisions of the corporate governance code during the reporting period, with a commitment to maintaining high standards of corporate governance[111]. - The company’s board believes that having the same individual serve as both chairman and CEO enhances internal leadership consistency and decision-making efficiency[110]. - The company has adopted a standard code to regulate the trading of its securities by directors, confirming compliance during the reporting period[112]. Strategic Initiatives - The company plans to focus on high-quality products and expand its offerings from regions with rich local specialties, such as Xinjiang[29]. - The company plans to adjust its strategies based on market conditions, with a focus on optimizing operational efficiency and exploring new market opportunities[129]. - The company completed the sale of its education business on March 1, 2024, as part of a restructuring plan approved by shareholders[151]. - The company reported a tax expense of RMB 24,022, a decrease of 80.8% from RMB 124,929 in the previous year[163]. - The company recognized share-based payment expenses of RMB 245,722 thousand during the period[143]. Shareholder Information - The company’s major shareholder, New Oriental, holds a beneficial interest of 589,585,500 shares, representing approximately 56.94% of the company's equity[86]. - The company’s directors and senior management collectively own approximately 2.34% of the company’s shares, with significant holdings by key individuals[79]. - The company has adopted three share plans, with no new shares issued under the 2023 plan during the reporting period, indicating a focus on existing equity[87]. - The total number of stock options granted under the pre-IPO plan is 25,940,885, with 7,230,500 options exercised and 18,710,385 options remaining unexercised as of the report date[89]. - The total number of reward shares granted under the 2023 plan is 17,646,330, with 10,000 shares vested during the reporting period[103].