unclezm的个人主页 - 老虎社区

unclezm

unclezm

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08-27

你以为这个比继续与辉同行苦吗？俞老师未必觉得

“与辉离别”的苦，俞敏洪尝到了

08-19

空军着急了

@如果健达没有巧克力:$东方甄选(01797)$ 为什么一路急跌不熔断？

2022-09-27

真是新东方出来的。难道转型只能学新东方吗？懒

抱歉，原内容已删除

2022-08-26

这种拆分，算不算欺骗了市场和新韭菜？

抱歉，原内容已删除

2022-06-15

仅仅理解成英语卖货，小瞧那些激动的大妈们了‌[微笑] ‌一句“原来你也在这里”的杀伤力，远超“Original cut”

@晓宇哦哦:$新东方在线(01797)$这流量是暂时的百分百会跌回去用英语卖货不可持续吸引的只是一部分对英语感兴趣的也就是为情怀买单不一定是真的需要这个产品。

2021-05-29

$Sundial Growers Inc.(SNDL)$ 默默守着年前5刀的美梦

2021-05-18

$中国生物制药(01177)$ 这次要挺住了！

2021-03-04

$中国生物制药(01177)$ 怎么每次要爆发，都赶上大市暴跌，命不好

2021-02-26

$中国生物制药(01177)$ 股市的希望

2021-02-24

$Sypris Solutions(SYPR)$空不上？

2021-02-24

$中国生物制药(01177)$加油

2021-02-24

$中船防务(00317)$加油

2021-02-22

$Reto Eco-solutions Inc.(RETO)$ 居然不让做空了

2021-02-10

$快手-W(01024)$ 挂398出，结果尾盘只站了一小会儿，没轮到我。

2021-02-10

$康希诺生物-B(06185)$ 为啥最后半小时停牌了？

2020-10-20

$中国生物制药(01177)$ 董事增持后，应该开始涨了吧？

去老虎APP查看更多动态

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俞老师未必觉得","listText":"你以为这个比继续与辉同行苦吗？ 俞老师未必觉得","text":"你以为这个比继续与辉同行苦吗？ 俞老师未必觉得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/471975915561400","repostId":"2562732008","repostType":2,"repost":{"id":"2562732008","kind":"news","pubTimestamp":1756213383,"share":"https://www.laohu8.com/m/news/2562732008?lang=&edition=full","pubTime":"2025-08-26 21:03","market":"hk","language":"zh","title":"“与辉离别”的苦，俞敏洪尝到了","url":"https://stock-news.laohu8.com/highlight/detail?id=2562732008","media":"雷达Finance","summary":"身家较峰值缩水超六成，俞敏洪“线上山姆”之路道阻且长东方甄选业绩承压之际，身为公司实际控制人的俞敏洪，同样面临着个人财富波动的考验。在不久前揭晓的《2025新财富杂志500创富榜》中，俞敏洪以96.7亿元的身家位列第353位，但较2021年253.8亿元的高点财富减少157.1亿元，身家缩水超六成。面对东方甄选的发展困境，俞敏洪自2025财年起启动了一系列战略调整，试图打造“线上山姆”来打破对单一主播的依赖。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20250826220253289v152mnlxoikkd82\"/><p>雷达财经出品 文|彭程 编|孟帅</p><p>8月22日晚，<a href=\"https://laohu8.com/S/01797\">东方甄选</a>（01797.HK）公布了截至2025年5月31日止（2025财年）的年度业绩。</p><p>财报显示，2025财年，东方甄选持续经营业务（自营产品及直播电商业务）的总营收达44亿元，较2024财年的65亿元下滑32.7%；持续经营业务的净溢利为620万元，较2024财年的2.49亿元显著减少。</p><p>东方甄选表示，营收下降主要是由于直播电商行业竞争加剧，以及公司在业务战略上的调整。过去一年，公司将更多资源投入到自营产品的研发和供应链建设上。而净溢利大幅下滑，主要是由于报告期内出售与辉同行所致。</p><p>事实上，从财报来看，在这一年的时间里，董宇辉的离职对东方甄选造成的影响清晰可见。</p><p>东方甄选在财报中提到，若剔除出售与辉同行的财务影响（即与辉同行所产生的一次性开支及溢利），其持续经营业务的净溢利由2024财年的1.04亿元增加30%至2025财年的1.35亿元。</p><p>与董宇辉“和平分手”一年多的东方甄选，如今还面临大主播接连出走、GMV大幅下滑、App付费会员增长放缓等多重挑战。</p><p>雷达财经注意到，作为从教培行业转型直播电商的代表性人物，东方甄选掌舵者俞敏洪近年来的财富波动明显。</p><p>据《新财富杂志500创富榜》，俞敏洪今年在该榜单上的财富为96.7亿元，相较2021年的253.8亿元缩水157.1亿元。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250826220258799v1527i4sts149mf\"/><p>GMV下滑近四成，会员增长面临瓶颈</p><p>2025财年，东方甄选持续经营业务的净营收为44亿元，相较于2024财年的65亿元大幅下降32.7%。</p><p>即便剔除与辉同行直播间产生的总营收金额，公司来自持续经营业务的总营收相较2024财年的61亿元也减少30.9%至42亿元。</p><p>利润方面，2025财年，东方甄选持续经营业务的净溢利为620万元，相较2024财年的2.49亿元大幅下滑。</p><p>不过，若剔除出售与辉同行的财务影响，公司持续经营业务的净溢利由2024财年的1.04亿元增加30%至2025财年的1.35亿元。</p><p>2025财年，东方甄选来自抖音、淘宝及自有应用程序等所有销售渠道的已付GMV为87亿元，较上一财年的143亿元下降近四成。</p><p>作为东方甄选当前的核心销售平台，尽管抖音仍为公司贡献了绝大部分的GMV，但公司来自抖音平台的已付订单数量从去年同期的1.81亿单降至0.92亿单，订单量近乎“腰斩”。</p><p>与此同时，东方甄选应用程序上自营产品占全部自营产品总GMV的比例，则从2024财年的16.3%增长至2025财年的28.8%。</p><p>雷达财经了解到，截至5月31日，东方甄选累计推出732款自营产品，而去年同期为488款。2025财年，公司自营品占总GMV的比例约为43.8%。</p><p>尽管公司持续经营业务的<span>毛利</span>由2024财年的17亿元减少17.0%至2025财年的14亿元，但受益于自营产品及直播电商业务的健康发展，东方甄选持续经营业务的毛利率由2024财年的25.9%增加至2025财年的32.0%。</p><p>然而，会员体系作为东方甄选打造“线上山姆”模式的关键抓手，2025财年却面临一定的增长瓶颈。</p><p>自2023年10月推出199元/年的付费会员制度以来，东方甄选App付费会员的规模曾保持较快增长。截至2025年5月31日，东方甄选App付费会员订阅数量达26.43万人。</p><p>然而，进一步拆解可知，东方甄选App付费会员的增长速度明显放缓。2025财年，东方甄选App付费会员全年增加6.57万人，而2024财年仅下半年就增加了7.48万人。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250826220259158v152huph1v82vnz\"/><p>大主播接连出走，自营产品曾遭质疑</p><p>东方甄选近来的业绩波动，并非单纯受市场环境影响，人气主播的接连流失，同样成为其发展道路上不可忽视的现实阻力。</p><p>天眼查显示，2023年12月，与辉同行（北京）科技有限公司正式成立。2024年7月，董宇辉正式离职，直播账号与辉同行随之也独立运营。</p><p>受此影响，东方甄选的品牌影响力与流量基础一度遭受重创，资本市场对公司未来发展的担忧也随之显现。前述消息公布次日，东方甄选的股价暴跌23%，单日市值蒸发近30亿港元。</p><p>据媒体报道，2024年7月，东方甄选主账号的粉丝数<span>跌破</span>3000万。截至8月26日，该账号的粉丝数为2817.5万，仍没有涨回到3000万+的水准。</p><p>可以作为参照的是，目前与辉同行账号的粉丝数约3093.4万，领先东方甄选近300万。</p><p>值得一提的是，自2024年敬文、董宇辉等人气主播先后离开后，今年6月，被外界视作东方甄选“新一哥”的明星主播顿顿也宣布离职。</p><p>8月23日至24日，“单飞”后的顿顿连续开启两场个人带货直播。第三方平台数据显示，顿顿个人首场带货直播共上架商品55个，直播时长为4小时17分54秒，观看人数为350.1w，销售额为500w-750w。其两场直播销售总额近1250万元，总观看人次超500万。</p><p>前主播们开启事业新篇章的同时，东方甄选的带货成绩却出现了明显的下滑。</p><p>据蝉妈妈数据显示，自去年8月至今年7月，东方甄选主账号仅4次进入抖音带货月榜前十，最好成绩为第7名，最低排名则位列第22名。</p><p>相比之下，与辉同行的表现更为突出，不仅从未跌出过前三，其更是自去年11月起持续稳居抖音带货月榜榜首。</p><p>对于大主播出走的问题，俞敏洪曾回应称，“在我可见的范围之内，东方甄选应该不可能再出现某个主播独立成立一个平台”，这也意味着东方甄选不会再去培养下一个“董宇辉”。</p><p>事实上，早在董宇辉离职前，东方甄选就开始推行主播轮动制和垂类专营号的策略，开设了生鲜、服饰、美妆等细分直播间，并在董宇辉离职后加大了运营力度。</p><p>除了人气主播的接连出走，东方甄选还面临其他挑战。随着自营产品在公司业务结构中的占比不断提升，东方甄选在供应链管理与产品品控方面存在的不足，也为其埋下一定的隐忧。</p><p>2024年初，东方甄选自营五常大米与厄瓜多尔南美白虾，相继遭到知名打假人王海“打假”。王海质疑五常大米“产地不符”、南美白虾“检测指标异常”，相关言论在社交媒体引发广泛讨论。</p><p>尽管东方甄选迅速出示第三方检测报告自证合规，并表示将通过法律手段维护权益，但仍有部分用户对其产品质量产生疑虑。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250826220259705v152kzknzyzmxyb\"/><p>身家较峰值缩水超六成，俞敏洪“线上山姆”之路道阻且长</p><p>东方甄选业绩承压之际，身为公司实际控制人的俞敏洪，同样面临着个人财富波动的考验。</p><p>在不久前揭晓的《2025新财富杂志500创富榜》中，俞敏洪以96.7亿元的身家位列第353位，但较2021年253.8亿元的高点财富减少157.1亿元，身家缩水超六成。</p><p>面对东方甄选的发展困境，俞敏洪自2025财年起启动了一系列战略调整，试图打造“线上山姆”来打破对单一主播的依赖。</p><p>俞敏洪表示，在东方甄选的初创阶段，他便确立了“三角战略”，涵盖自营产品、自有App和主播培养三大板块。其中，App发展被视为战略支柱，而产品体系的建设及会员制的发展则构成了核心要素。</p><p>凭借对客户需求的深刻理解，东方甄选通过统一的供应链管理及与不同第三方的多元化合作，为客户选择优质农业及其他产品。2025财年，东方甄选提供的产品已从最初的生鲜食品及零食扩展到更多元化的产品系列。</p><p>东方甄选透露，相比过去关注于流量导向需求，公司当前更加关注家庭的实际需要，将集中资源于那些访问频率高、需求稳定的业务领域，如日常消费品、食品和家居用品等。</p><p>在会员制发展上，俞敏洪坚持“长期主义”，公司将通过对会员系统进行改进与完善、扩大会员的福利与特权（包括提供会员续费礼遇、引入“亲友卡”作为赠品、允许在微信小店下单享有会员福利、于结账时启动一键成为会员功能及推出会员专属限时抢购等）进行会员权益升级，以提升会员体验。</p><p>对于自营App，俞敏洪坦言，大多数网红都是依托于现有直播平台，东方甄选App尽管没有形成爆发性的增长，但未来可能会有这个机会，不过这个机会需要等待和努力。</p><p>俞敏洪何时能等到其所说的这个机会？雷达财经将持续关注。</p><p><strong>欢迎点击关注我们，记得</strong>“标星”<strong>哦！</strong></p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“与辉离别”的苦，俞敏洪尝到了\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-26 21:03 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250826220313a4a052c4&s=b><strong>雷达Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>雷达财经出品 文|彭程 编|孟帅8月22日晚，东方甄选（01797.HK）公布了截至2025年5月31日止（2025财年）的年度业绩。财报显示，2025财年，东方甄选持续经营业务（自营产品及直播电商业务）的总营收达44亿元，较2024财年的65亿元下滑32.7%；持续经营业务的净溢利为620万元，较2024财年的2.49亿元显著减少。东方甄选表示，营收下降主要是由于直播电商行业竞争加剧，以及公司在...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250826220313a4a052c4&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","01797":"东方甄选","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","LU2517655291.USD":"WELLINGTON NEXT GENERATION EDUCATION \"A\" (USD) ACC","LU2517655374.HKD":"WELLINGTON NEXT GENERATION EDUCATION \"A\" (HKD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) 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ACC","BK1516":"腾讯概念","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250826220313a4a052c4&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2562732008","content_text":"雷达财经出品 文|彭程 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target=\"_blank\" href=\"https://laohu8.com/S/RETO\">$Reto Eco-solutions Inc.(RETO)$</a> 居然不让做空了","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/RETO\">$Reto Eco-solutions Inc.(RETO)$</a> 居然不让做空了","text":"$Reto Eco-solutions Inc.(RETO)$ 居然不让做空了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369313091","isVote":1,"tweetType":1,"viewCount":2019,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":471975915561400,"gmtCreate":1756260668614,"gmtModify":1756260670523,"author":{"id":"3515706966605164","authorId":"3515706966605164","name":"unclezm","avatar":"https://static.tigerbbs.com/bdb8f2dc6cba00e8fd2660ef89805111","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3515706966605164","authorIdStr":"3515706966605164"},"themes":[],"htmlText":"你以为这个比继续与辉同行苦吗？ 俞老师未必觉得","listText":"你以为这个比继续与辉同行苦吗？ 俞老师未必觉得","text":"你以为这个比继续与辉同行苦吗？ 俞老师未必觉得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/471975915561400","repostId":"2562732008","repostType":2,"repost":{"id":"2562732008","kind":"news","pubTimestamp":1756213383,"share":"https://www.laohu8.com/m/news/2562732008?lang=&edition=full","pubTime":"2025-08-26 21:03","market":"hk","language":"zh","title":"“与辉离别”的苦，俞敏洪尝到了","url":"https://stock-news.laohu8.com/highlight/detail?id=2562732008","media":"雷达Finance","summary":"身家较峰值缩水超六成，俞敏洪“线上山姆”之路道阻且长东方甄选业绩承压之际，身为公司实际控制人的俞敏洪，同样面临着个人财富波动的考验。在不久前揭晓的《2025新财富杂志500创富榜》中，俞敏洪以96.7亿元的身家位列第353位，但较2021年253.8亿元的高点财富减少157.1亿元，身家缩水超六成。面对东方甄选的发展困境，俞敏洪自2025财年起启动了一系列战略调整，试图打造“线上山姆”来打破对单一主播的依赖。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20250826220253289v152mnlxoikkd82\"/><p>雷达财经出品 文|彭程 编|孟帅</p><p>8月22日晚，<a href=\"https://laohu8.com/S/01797\">东方甄选</a>（01797.HK）公布了截至2025年5月31日止（2025财年）的年度业绩。</p><p>财报显示，2025财年，东方甄选持续经营业务（自营产品及直播电商业务）的总营收达44亿元，较2024财年的65亿元下滑32.7%；持续经营业务的净溢利为620万元，较2024财年的2.49亿元显著减少。</p><p>东方甄选表示，营收下降主要是由于直播电商行业竞争加剧，以及公司在业务战略上的调整。过去一年，公司将更多资源投入到自营产品的研发和供应链建设上。而净溢利大幅下滑，主要是由于报告期内出售与辉同行所致。</p><p>事实上，从财报来看，在这一年的时间里，董宇辉的离职对东方甄选造成的影响清晰可见。</p><p>东方甄选在财报中提到，若剔除出售与辉同行的财务影响（即与辉同行所产生的一次性开支及溢利），其持续经营业务的净溢利由2024财年的1.04亿元增加30%至2025财年的1.35亿元。</p><p>与董宇辉“和平分手”一年多的东方甄选，如今还面临大主播接连出走、GMV大幅下滑、App付费会员增长放缓等多重挑战。</p><p>雷达财经注意到，作为从教培行业转型直播电商的代表性人物，东方甄选掌舵者俞敏洪近年来的财富波动明显。</p><p>据《新财富杂志500创富榜》，俞敏洪今年在该榜单上的财富为96.7亿元，相较2021年的253.8亿元缩水157.1亿元。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250826220258799v1527i4sts149mf\"/><p>GMV下滑近四成，会员增长面临瓶颈</p><p>2025财年，东方甄选持续经营业务的净营收为44亿元，相较于2024财年的65亿元大幅下降32.7%。</p><p>即便剔除与辉同行直播间产生的总营收金额，公司来自持续经营业务的总营收相较2024财年的61亿元也减少30.9%至42亿元。</p><p>利润方面，2025财年，东方甄选持续经营业务的净溢利为620万元，相较2024财年的2.49亿元大幅下滑。</p><p>不过，若剔除出售与辉同行的财务影响，公司持续经营业务的净溢利由2024财年的1.04亿元增加30%至2025财年的1.35亿元。</p><p>2025财年，东方甄选来自抖音、淘宝及自有应用程序等所有销售渠道的已付GMV为87亿元，较上一财年的143亿元下降近四成。</p><p>作为东方甄选当前的核心销售平台，尽管抖音仍为公司贡献了绝大部分的GMV，但公司来自抖音平台的已付订单数量从去年同期的1.81亿单降至0.92亿单，订单量近乎“腰斩”。</p><p>与此同时，东方甄选应用程序上自营产品占全部自营产品总GMV的比例，则从2024财年的16.3%增长至2025财年的28.8%。</p><p>雷达财经了解到，截至5月31日，东方甄选累计推出732款自营产品，而去年同期为488款。2025财年，公司自营品占总GMV的比例约为43.8%。</p><p>尽管公司持续经营业务的<span>毛利</span>由2024财年的17亿元减少17.0%至2025财年的14亿元，但受益于自营产品及直播电商业务的健康发展，东方甄选持续经营业务的毛利率由2024财年的25.9%增加至2025财年的32.0%。</p><p>然而，会员体系作为东方甄选打造“线上山姆”模式的关键抓手，2025财年却面临一定的增长瓶颈。</p><p>自2023年10月推出199元/年的付费会员制度以来，东方甄选App付费会员的规模曾保持较快增长。截至2025年5月31日，东方甄选App付费会员订阅数量达26.43万人。</p><p>然而，进一步拆解可知，东方甄选App付费会员的增长速度明显放缓。2025财年，东方甄选App付费会员全年增加6.57万人，而2024财年仅下半年就增加了7.48万人。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250826220259158v152huph1v82vnz\"/><p>大主播接连出走，自营产品曾遭质疑</p><p>东方甄选近来的业绩波动，并非单纯受市场环境影响，人气主播的接连流失，同样成为其发展道路上不可忽视的现实阻力。</p><p>天眼查显示，2023年12月，与辉同行（北京）科技有限公司正式成立。2024年7月，董宇辉正式离职，直播账号与辉同行随之也独立运营。</p><p>受此影响，东方甄选的品牌影响力与流量基础一度遭受重创，资本市场对公司未来发展的担忧也随之显现。前述消息公布次日，东方甄选的股价暴跌23%，单日市值蒸发近30亿港元。</p><p>据媒体报道，2024年7月，东方甄选主账号的粉丝数<span>跌破</span>3000万。截至8月26日，该账号的粉丝数为2817.5万，仍没有涨回到3000万+的水准。</p><p>可以作为参照的是，目前与辉同行账号的粉丝数约3093.4万，领先东方甄选近300万。</p><p>值得一提的是，自2024年敬文、董宇辉等人气主播先后离开后，今年6月，被外界视作东方甄选“新一哥”的明星主播顿顿也宣布离职。</p><p>8月23日至24日，“单飞”后的顿顿连续开启两场个人带货直播。第三方平台数据显示，顿顿个人首场带货直播共上架商品55个，直播时长为4小时17分54秒，观看人数为350.1w，销售额为500w-750w。其两场直播销售总额近1250万元，总观看人次超500万。</p><p>前主播们开启事业新篇章的同时，东方甄选的带货成绩却出现了明显的下滑。</p><p>据蝉妈妈数据显示，自去年8月至今年7月，东方甄选主账号仅4次进入抖音带货月榜前十，最好成绩为第7名，最低排名则位列第22名。</p><p>相比之下，与辉同行的表现更为突出，不仅从未跌出过前三，其更是自去年11月起持续稳居抖音带货月榜榜首。</p><p>对于大主播出走的问题，俞敏洪曾回应称，“在我可见的范围之内，东方甄选应该不可能再出现某个主播独立成立一个平台”，这也意味着东方甄选不会再去培养下一个“董宇辉”。</p><p>事实上，早在董宇辉离职前，东方甄选就开始推行主播轮动制和垂类专营号的策略，开设了生鲜、服饰、美妆等细分直播间，并在董宇辉离职后加大了运营力度。</p><p>除了人气主播的接连出走，东方甄选还面临其他挑战。随着自营产品在公司业务结构中的占比不断提升，东方甄选在供应链管理与产品品控方面存在的不足，也为其埋下一定的隐忧。</p><p>2024年初，东方甄选自营五常大米与厄瓜多尔南美白虾，相继遭到知名打假人王海“打假”。王海质疑五常大米“产地不符”、南美白虾“检测指标异常”，相关言论在社交媒体引发广泛讨论。</p><p>尽管东方甄选迅速出示第三方检测报告自证合规，并表示将通过法律手段维护权益，但仍有部分用户对其产品质量产生疑虑。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250826220259705v152kzknzyzmxyb\"/><p>身家较峰值缩水超六成，俞敏洪“线上山姆”之路道阻且长</p><p>东方甄选业绩承压之际，身为公司实际控制人的俞敏洪，同样面临着个人财富波动的考验。</p><p>在不久前揭晓的《2025新财富杂志500创富榜》中，俞敏洪以96.7亿元的身家位列第353位，但较2021年253.8亿元的高点财富减少157.1亿元，身家缩水超六成。</p><p>面对东方甄选的发展困境，俞敏洪自2025财年起启动了一系列战略调整，试图打造“线上山姆”来打破对单一主播的依赖。</p><p>俞敏洪表示，在东方甄选的初创阶段，他便确立了“三角战略”，涵盖自营产品、自有App和主播培养三大板块。其中，App发展被视为战略支柱，而产品体系的建设及会员制的发展则构成了核心要素。</p><p>凭借对客户需求的深刻理解，东方甄选通过统一的供应链管理及与不同第三方的多元化合作，为客户选择优质农业及其他产品。2025财年，东方甄选提供的产品已从最初的生鲜食品及零食扩展到更多元化的产品系列。</p><p>东方甄选透露，相比过去关注于流量导向需求，公司当前更加关注家庭的实际需要，将集中资源于那些访问频率高、需求稳定的业务领域，如日常消费品、食品和家居用品等。</p><p>在会员制发展上，俞敏洪坚持“长期主义”，公司将通过对会员系统进行改进与完善、扩大会员的福利与特权（包括提供会员续费礼遇、引入“亲友卡”作为赠品、允许在微信小店下单享有会员福利、于结账时启动一键成为会员功能及推出会员专属限时抢购等）进行会员权益升级，以提升会员体验。</p><p>对于自营App，俞敏洪坦言，大多数网红都是依托于现有直播平台，东方甄选App尽管没有形成爆发性的增长，但未来可能会有这个机会，不过这个机会需要等待和努力。</p><p>俞敏洪何时能等到其所说的这个机会？雷达财经将持续关注。</p><p><strong>欢迎点击关注我们，记得</strong>“标星”<strong>哦！</strong></p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“与辉离别”的苦，俞敏洪尝到了\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-26 21:03 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250826220313a4a052c4&s=b><strong>雷达Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>雷达财经出品 文|彭程 编|孟帅8月22日晚，东方甄选（01797.HK）公布了截至2025年5月31日止（2025财年）的年度业绩。财报显示，2025财年，东方甄选持续经营业务（自营产品及直播电商业务）的总营收达44亿元，较2024财年的65亿元下滑32.7%；持续经营业务的净溢利为620万元，较2024财年的2.49亿元显著减少。东方甄选表示，营收下降主要是由于直播电商行业竞争加剧，以及公司在...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250826220313a4a052c4&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","01797":"东方甄选","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","LU2517655291.USD":"WELLINGTON NEXT GENERATION EDUCATION \"A\" (USD) ACC","LU2517655374.HKD":"WELLINGTON NEXT GENERATION EDUCATION \"A\" (HKD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","BK1596":"K12教育","SG9999002950.SGD":"United Asian Growth Opportunities SGD","BK1132":"食品零售","BK1519":"在线教育","LU0594300419.USD":"富达中国消费基金A","BK1588":"回港中概股","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","BK1228":"教育服务","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","09901":"新东方-S","LU2517655028.SGD":"WELLINGTON NEXT GENERATION EDUCATION \"A\" (SGDHDG) ACC","SG9999001051.SGD":"United Asia Fund SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","BK1556":"内地教育股","LU0650527681.SGD":"Fidelity China Consumer A-SGD","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","BK1516":"腾讯概念","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250826220313a4a052c4&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2562732008","content_text":"雷达财经出品 文|彭程 编|孟帅8月22日晚，东方甄选（01797.HK）公布了截至2025年5月31日止（2025财年）的年度业绩。财报显示，2025财年，东方甄选持续经营业务（自营产品及直播电商业务）的总营收达44亿元，较2024财年的65亿元下滑32.7%；持续经营业务的净溢利为620万元，较2024财年的2.49亿元显著减少。东方甄选表示，营收下降主要是由于直播电商行业竞争加剧，以及公司在业务战略上的调整。过去一年，公司将更多资源投入到自营产品的研发和供应链建设上。而净溢利大幅下滑，主要是由于报告期内出售与辉同行所致。事实上，从财报来看，在这一年的时间里，董宇辉的离职对东方甄选造成的影响清晰可见。东方甄选在财报中提到，若剔除出售与辉同行的财务影响（即与辉同行所产生的一次性开支及溢利），其持续经营业务的净溢利由2024财年的1.04亿元增加30%至2025财年的1.35亿元。与董宇辉“和平分手”一年多的东方甄选，如今还面临大主播接连出走、GMV大幅下滑、App付费会员增长放缓等多重挑战。雷达财经注意到，作为从教培行业转型直播电商的代表性人物，东方甄选掌舵者俞敏洪近年来的财富波动明显。据《新财富杂志500创富榜》，俞敏洪今年在该榜单上的财富为96.7亿元，相较2021年的253.8亿元缩水157.1亿元。GMV下滑近四成，会员增长面临瓶颈2025财年，东方甄选持续经营业务的净营收为44亿元，相较于2024财年的65亿元大幅下降32.7%。即便剔除与辉同行直播间产生的总营收金额，公司来自持续经营业务的总营收相较2024财年的61亿元也减少30.9%至42亿元。利润方面，2025财年，东方甄选持续经营业务的净溢利为620万元，相较2024财年的2.49亿元大幅下滑。不过，若剔除出售与辉同行的财务影响，公司持续经营业务的净溢利由2024财年的1.04亿元增加30%至2025财年的1.35亿元。2025财年，东方甄选来自抖音、淘宝及自有应用程序等所有销售渠道的已付GMV为87亿元，较上一财年的143亿元下降近四成。作为东方甄选当前的核心销售平台，尽管抖音仍为公司贡献了绝大部分的GMV，但公司来自抖音平台的已付订单数量从去年同期的1.81亿单降至0.92亿单，订单量近乎“腰斩”。与此同时，东方甄选应用程序上自营产品占全部自营产品总GMV的比例，则从2024财年的16.3%增长至2025财年的28.8%。雷达财经了解到，截至5月31日，东方甄选累计推出732款自营产品，而去年同期为488款。2025财年，公司自营品占总GMV的比例约为43.8%。尽管公司持续经营业务的毛利由2024财年的17亿元减少17.0%至2025财年的14亿元，但受益于自营产品及直播电商业务的健康发展，东方甄选持续经营业务的毛利率由2024财年的25.9%增加至2025财年的32.0%。然而，会员体系作为东方甄选打造“线上山姆”模式的关键抓手，2025财年却面临一定的增长瓶颈。自2023年10月推出199元/年的付费会员制度以来，东方甄选App付费会员的规模曾保持较快增长。截至2025年5月31日，东方甄选App付费会员订阅数量达26.43万人。然而，进一步拆解可知，东方甄选App付费会员的增长速度明显放缓。2025财年，东方甄选App付费会员全年增加6.57万人，而2024财年仅下半年就增加了7.48万人。大主播接连出走，自营产品曾遭质疑东方甄选近来的业绩波动，并非单纯受市场环境影响，人气主播的接连流失，同样成为其发展道路上不可忽视的现实阻力。天眼查显示，2023年12月，与辉同行（北京）科技有限公司正式成立。2024年7月，董宇辉正式离职，直播账号与辉同行随之也独立运营。受此影响，东方甄选的品牌影响力与流量基础一度遭受重创，资本市场对公司未来发展的担忧也随之显现。前述消息公布次日，东方甄选的股价暴跌23%，单日市值蒸发近30亿港元。据媒体报道，2024年7月，东方甄选主账号的粉丝数跌破3000万。截至8月26日，该账号的粉丝数为2817.5万，仍没有涨回到3000万+的水准。可以作为参照的是，目前与辉同行账号的粉丝数约3093.4万，领先东方甄选近300万。值得一提的是，自2024年敬文、董宇辉等人气主播先后离开后，今年6月，被外界视作东方甄选“新一哥”的明星主播顿顿也宣布离职。8月23日至24日，“单飞”后的顿顿连续开启两场个人带货直播。第三方平台数据显示，顿顿个人首场带货直播共上架商品55个，直播时长为4小时17分54秒，观看人数为350.1w，销售额为500w-750w。其两场直播销售总额近1250万元，总观看人次超500万。前主播们开启事业新篇章的同时，东方甄选的带货成绩却出现了明显的下滑。据蝉妈妈数据显示，自去年8月至今年7月，东方甄选主账号仅4次进入抖音带货月榜前十，最好成绩为第7名，最低排名则位列第22名。相比之下，与辉同行的表现更为突出，不仅从未跌出过前三，其更是自去年11月起持续稳居抖音带货月榜榜首。对于大主播出走的问题，俞敏洪曾回应称，“在我可见的范围之内，东方甄选应该不可能再出现某个主播独立成立一个平台”，这也意味着东方甄选不会再去培养下一个“董宇辉”。事实上，早在董宇辉离职前，东方甄选就开始推行主播轮动制和垂类专营号的策略，开设了生鲜、服饰、美妆等细分直播间，并在董宇辉离职后加大了运营力度。除了人气主播的接连出走，东方甄选还面临其他挑战。随着自营产品在公司业务结构中的占比不断提升，东方甄选在供应链管理与产品品控方面存在的不足，也为其埋下一定的隐忧。2024年初，东方甄选自营五常大米与厄瓜多尔南美白虾，相继遭到知名打假人王海“打假”。王海质疑五常大米“产地不符”、南美白虾“检测指标异常”，相关言论在社交媒体引发广泛讨论。尽管东方甄选迅速出示第三方检测报告自证合规，并表示将通过法律手段维护权益，但仍有部分用户对其产品质量产生疑虑。身家较峰值缩水超六成，俞敏洪“线上山姆”之路道阻且长东方甄选业绩承压之际，身为公司实际控制人的俞敏洪，同样面临着个人财富波动的考验。在不久前揭晓的《2025新财富杂志500创富榜》中，俞敏洪以96.7亿元的身家位列第353位，但较2021年253.8亿元的高点财富减少157.1亿元，身家缩水超六成。面对东方甄选的发展困境，俞敏洪自2025财年起启动了一系列战略调整，试图打造“线上山姆”来打破对单一主播的依赖。俞敏洪表示，在东方甄选的初创阶段，他便确立了“三角战略”，涵盖自营产品、自有App和主播培养三大板块。其中，App发展被视为战略支柱，而产品体系的建设及会员制的发展则构成了核心要素。凭借对客户需求的深刻理解，东方甄选通过统一的供应链管理及与不同第三方的多元化合作，为客户选择优质农业及其他产品。2025财年，东方甄选提供的产品已从最初的生鲜食品及零食扩展到更多元化的产品系列。东方甄选透露，相比过去关注于流量导向需求，公司当前更加关注家庭的实际需要，将集中资源于那些访问频率高、需求稳定的业务领域，如日常消费品、食品和家居用品等。在会员制发展上，俞敏洪坚持“长期主义”，公司将通过对会员系统进行改进与完善、扩大会员的福利与特权（包括提供会员续费礼遇、引入“亲友卡”作为赠品、允许在微信小店下单享有会员福利、于结账时启动一键成为会员功能及推出会员专属限时抢购等）进行会员权益升级，以提升会员体验。对于自营App，俞敏洪坦言，大多数网红都是依托于现有直播平台，东方甄选App尽管没有形成爆发性的增长，但未来可能会有这个机会，不过这个机会需要等待和努力。俞敏洪何时能等到其所说的这个机会？雷达财经将持续关注。欢迎点击关注我们，记得“标星”哦！","news_type":1,"symbols_score_info":{"01797":1,"09901":1}},"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":469453144449256,"gmtCreate":1755587352418,"gmtModify":1755587354134,"author":{"id":"3515706966605164","authorId":"3515706966605164","name":"unclezm","avatar":"https://static.tigerbbs.com/bdb8f2dc6cba00e8fd2660ef89805111","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3515706966605164","authorIdStr":"3515706966605164"},"themes":[],"htmlText":"空军着急了","listText":"空军着急了","text":"空军着急了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/469453144449256","repostId":"469220146041376","repostType":1,"repost":{"id":469220146041376,"gmtCreate":1755587005019,"gmtModify":1755587006190,"author":{"id":"4120225079878940","authorId":"4120225079878940","name":"如果健达没有巧克力","avatar":"https://static.tigerbbs.com/ea11c94e7d50e7d692c602a675e72880","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4120225079878940","authorIdStr":"4120225079878940"},"themes":[],"htmlText":"<a 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