<p>这家电子商务公司的举措是其逐步转型为在线版 Costco 和 Sam's Club 的最新进展。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/30063407/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-1-2026_143242_thebambooworks.com_-1024x686.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/30063407/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-1-2026_143242_thebambooworks.com_-1024x686.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>东方甄选正在其前十大市场建立当日送达能力，并计划在北京、上海和广州试点即时零售履约能力。\n- 在宣布这些举措后，该公司的股票上涨了 14%，其最新财报显示其在财年的上半年恢复了盈利。</li>
</ul>
<p>就在中国新兴即时商业领域的价格战似乎要缓和之际，又一家主要参与者即将进入这一领域。这一新挑战来自 <strong>东方甄选控股有限公司</strong>（1797.HK），该公司在周三发布的 最新财报 中披露了这一举措，财报涵盖了截至去年 11 月的财年上半年。</p>
<p>该计划将使东方甄选卷入行业巨头 <strong>阿里巴巴</strong> (NYSE: BABA) (9988.HK)、<strong>京东</strong> (NASDAQ: JD) (9618.HK) 和 <strong>美团</strong> (3690.HK) 之间正在进行的领土争夺战，后者在客户下单后尽可能在一小时内送达商品。</p>
<p>虽然东方甄选对一些人来说可能不如其他互联网巨头那么熟悉，但该公司作为 <strong>新东方教育</strong> (NYSE: EDU) (9901.HK) 的前在线部门，拥有强大的背景，新东方开创了中国课外辅导行业，成为一个巨大的盈利机器，但在 2021 年遭遇政府打压后被迫转型。新东方在打压后转向仍被允许的教育领域，如留学咨询服务，而东方甄选则完全转向了电子商务。</p>
<p>这两家公司都是俞敏洪的创意结晶，俞敏洪是中国最被忽视的超级企业家之一，他亲自拿起麦克风，成为东方甄选转型为电子商务时的首批直播主持人之一。</p>
<p>即时商业计划是东方甄选在转型为成功的 <strong>Costco</strong> (NASDAQ: COST) 和 <strong>沃尔玛</strong> (NASDAQ: WMT) Sam's Club 的最新一步，这些公司依赖于通过会员制度销售的自有品牌产品。</p>
<p>东方甄选目前正在其前十大订单量城市建立当日送达能力，该公司在截至去年 11 月的最新财报中披露，这意味着在这些城市中，早上 10:30 之前下单的客户可以期待当日送达，而在此之后至晚上 11 点下单的订单可以在第二天下午 3 点前送达。</p>
<p>与此同时，该公司表示计划在北京、上海和广州等一线城市试点即时零售履约能力。它补充说，目前正在建立一个庞大的仓库系统来支持即时商业的推进，包括去年投入使用的两个仓库和目前正在建设的两个仓库。东方甄选还计划利用新东方在中国的庞大线下学习中心网络，并表示已在全国部署了 40 多台自动售货机，并在一些城市通过这一举措实现了盈利。</p>
<p>&#34;我们计划逐步推出这一业务，并将在包括办公楼、住宅社区和学习中心在内的不同场景中进一步扩大其覆盖范围，以补充我们的线下曝光，&#34;该公司表示。</p>
<p>东方甄选没有具体说明是否会使用自己的司机来配送即时商业商品，或者是否会使用其他公司的司机。中国主要城市的街道上，快递员的数量越来越多，包括来自美团、京东、阿里巴巴的淘宝和在线杂货商 <strong>叮咚</strong> (NYSE: DDL) 的司机。增加拥堵的还有来自大约半打主要物流公司的另一批快递员。</p>
<h4><strong>投资者欢呼</strong></h4>
<p>投资者对东方甄选的最新报告感到非常兴奋，该报告还包括在六个月期间恢复盈利。报告发布后，该股在周四上涨了 14.2%，在周五上午的交易中又上涨了 8%。过去 52 周，该股上涨了约 50%，目前的市销率（P/S）为 5.4，约为阿里巴巴的两倍，几乎是 Costco 的 4 倍。</p>
<p>该公司确实值得称赞，因为在 2021 年教育打压后从如此严重的打击中恢复过来。它还经历了另一个重大挫折，因为它与其明星直播主持人董宇辉发生了重大冲突，董宇辉于 2024 年离开公司，带走了东方甄选的一大部分业务。</p>
<p>自那时以来，俞敏洪吸取了过于依赖个别直播主持人的教训，而这些主持人在中国的电子商务领域正如火如荼。他还从中国的 Sam's Club 和 Costco 中吸取了教训，后者在许多其他实体超市和零售商挣扎时依然蓬勃发展。</p>
<p>尽管有很多炒作，但公司的实际财务状况稍显逊色。截止到 11 月的六个月内，其收入同比仅增长 5.7%，达到 23.1 亿元人民币（3.32 亿美元），不过如果不考虑来自董宇辉项目的去年同期贡献，这一增长将达到 17%。</p>
<p>公司还指出，其私有品牌业务的增长，作为未来的主要关注点，在最新的六个月内增长了 18.1%，从去年的 17 亿元人民币增至 20 亿元人民币。东方甄选表示，该业务在六个月内贡献了公司约 53% 的总商品交易额（GMV），高于 6 月时的约 40%，后者数据来源于飞瓜。</p>
<p>公司的其他大多数指标显示出盈利能力的改善，因为它在精细化和扩大私有品牌业务的同时，也降低了成本，走出了董宇辉冲突的阴影。这一切都反映在其毛利率上，最新六个月的毛利率从去年的 33.6% 上升至 36.4%。这些因素帮助公司在最新期间实现了 2.39 亿元人民币的盈利，扭转了去年同期 9700 万元的亏损。</p>
<p>东方甄选的整体方向看起来相当积极，尽管它正面临挑战阿里巴巴、京东和美团等巨头的艰难 terrain。股票本身在公司复苏和俞敏洪的明星效应的炒作下也显得有些高估，这可能限制其短期的上涨潜力。</p>
<p><em>要订阅 Bamboo Works 的免费周刊，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

东方甄选

<p>东方甄选正在进入中国的即时商业领域，旨在在其主要市场建立当日送达能力，并在主要城市试点即时零售履约。在最新的财报发布后，该公司显示出恢复盈利，股价上涨了 14%。东方甄选正逐步演变为在线版的好市多和山姆会员店，计划利用其广泛的学习中心网络，并已在全国范围内部署了自动售货机。投资者对其前景持乐观态度，过去一年股价上涨了 50%，反映出对其复苏和增长战略的信心</p>

<p><em>The e-commerce company's move is the latest development in its gradual transformation into an online version of Costco and Sam's Club</em></p>
<div class="lb-trans"><p>这家电子商务公司的举措是其逐步转型为在线版 Costco 和 Sam's Club 的最新进展。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/30063407/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-1-2026_143242_thebambooworks.com_-1024x686.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/30063407/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-1-2026_143242_thebambooworks.com_-1024x686.jpeg"/></p>
<p><em>Image: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>East Buy is building up same-day delivery capabilities in its top 10 markets, and plans to trial instant retail fulfillment capabilities in Beijing, Shanghai and Guangzhou</li>
<li>The company's stock rallied 14% after it announced the moves, contained in its latest financial report that showed it returned to profitability in the first half of its fiscal year</li>
</ul>
<div class="lb-trans"><ul>
<li>东方甄选正在其前十大市场建立当日送达能力，并计划在北京、上海和广州试点即时零售履约能力。\n- 在宣布这些举措后，该公司的股票上涨了 14%，其最新财报显示其在财年的上半年恢复了盈利。</li>
</ul>
</div><p>Just when the price war in China's emerging instant commerce sector looked set to ease, yet another major player looks set to enter the space. That new challenge is coming from <strong>East Buy Holding Ltd.</strong> (1797.HK), which disclosed the initiative in its latest financial report on Wednesday for the first half of its fiscal year through last November.</p>
<div class="lb-trans"><p>就在中国新兴即时商业领域的价格战似乎要缓和之际，又一家主要参与者即将进入这一领域。这一新挑战来自 <strong>东方甄选控股有限公司</strong>（1797.HK），该公司在周三发布的 最新财报 中披露了这一举措，财报涵盖了截至去年 11 月的财年上半年。</p>
</div><p>The plan would throw East Buy into the thick of an ongoing turf battle between industry giants <strong>Alibaba</strong> (NYSE: BABA) (9988.HK), <strong>JD.com</strong> (NASDAQ: JD) 9618.HK) and <strong>Meituan</strong> (3690.HK) in the business of delivering goods to customers within as little as an hour of placing orders online.</p>
<div class="lb-trans"><p>该计划将使东方甄选卷入行业巨头 <strong>阿里巴巴</strong> (NYSE: BABA) (9988.HK)、<strong>京东</strong> (NASDAQ: JD) (9618.HK) 和 <strong>美团</strong> (3690.HK) 之间正在进行的领土争夺战，后者在客户下单后尽可能在一小时内送达商品。</p>
</div><p>While East Buy may not be as familiar to some as the other internet giants, the company has a strong pedigree as the former online arm of <strong>New Oriental Education</strong> (NYSE: EDU) (9901.HK), which pioneered a Chinese after-school tutoring sector that became a huge money-spinning machine before being snuffed out in a government clampdown in 2021. While New Oriental shifted to education areas still allowed after the crackdown, such as study abroad consulting services, East Buy charted a completely new direction into e-commerce.</p>
<div class="lb-trans"><p>虽然东方甄选对一些人来说可能不如其他互联网巨头那么熟悉，但该公司作为 <strong>新东方教育</strong> (NYSE: EDU) (9901.HK) 的前在线部门，拥有强大的背景，新东方开创了中国课外辅导行业，成为一个巨大的盈利机器，但在 2021 年遭遇政府打压后被迫转型。新东方在打压后转向仍被允许的教育领域，如留学咨询服务，而东方甄选则完全转向了电子商务。</p>
</div><p>Both companies are the brainchildren of Yu Minhong, one of China's most overlooked superstar entrepreneurs, who personally took the microphone and went before the cameras as one of East Buy's first livestreaming hosts when it made its e-commerce shift.</p>
<div class="lb-trans"><p>这两家公司都是俞敏洪的创意结晶，俞敏洪是中国最被忽视的超级企业家之一，他亲自拿起麦克风，成为东方甄选转型为电子商务时的首批直播主持人之一。</p>
</div><p>The instant commerce initiative is the latest step in a long march for East Buy as it transforms into an online version of the hugely successful <strong>Costco</strong> (NASDAQ: COST) and <strong>Walmart's</strong> (NASDAQ: WMT) Sam's Club, which rely on private label products sold through a membership system.</p>
<div class="lb-trans"><p>即时商业计划是东方甄选在转型为成功的 <strong>Costco</strong> (NASDAQ: COST) 和 <strong>沃尔玛</strong> (NASDAQ: WMT) Sam's Club 的最新一步，这些公司依赖于通过会员制度销售的自有品牌产品。</p>
</div><p>East Buy is currently building up same-day delivery capabilities in its top 10 cities by order volumes, it disclosed in its latest financial report for the six months through last November, the first half of its fiscal year. That means customers in those cities who place orders before 10:30 a.m. can expect same-day delivery, while orders placed after that through 11 p.m. can receive their products by 3 p.m. the next day.</p>
<div class="lb-trans"><p>东方甄选目前正在其前十大订单量城市建立当日送达能力，该公司在截至去年 11 月的最新财报中披露，这意味着在这些城市中，早上 10:30 之前下单的客户可以期待当日送达，而在此之后至晚上 11 点下单的订单可以在第二天下午 3 点前送达。</p>
</div><p>At the same time, the company said it plans to trial instant retail fulfillment capabilities in the top-tier cities of Beijing, Shanghai and Guangzhou. It added that it is currently building up a system of massive warehouses to underpin the instant commerce drive, including two commissioned last year and two more currently under construction. East Buy also plans to leverage New Oriental's huge network of brick-and-mortar learning centers across China, and said it has deployed more than 40 vending machines nationwide and already achieved profitability from that initiative in some cities.</p>
<div class="lb-trans"><p>与此同时，该公司表示计划在北京、上海和广州等一线城市试点即时零售履约能力。它补充说，目前正在建立一个庞大的仓库系统来支持即时商业的推进，包括去年投入使用的两个仓库和目前正在建设的两个仓库。东方甄选还计划利用新东方在中国的庞大线下学习中心网络，并表示已在全国部署了 40 多台自动售货机，并在一些城市通过这一举措实现了盈利。</p>
</div><p>&#34;We plan to gradually roll out this business, and will further expand its coverage in different scenarios including office buildings, residential communities and learning centers, so as to complement our offline exposure,&#34; the company said.</p>
<div class="lb-trans"><p>&#34;我们计划逐步推出这一业务，并将在包括办公楼、住宅社区和学习中心在内的不同场景中进一步扩大其覆盖范围，以补充我们的线下曝光，&#34;该公司表示。</p>
</div><p>East Buy didn't specify if it would use its own drivers to deliver its instant commerce goods, or whether it might use one of the other companies. Streets of major Chinese cities have become increasingly congested with such deliverymen, including drivers from Meituan, JD.com, Alibaba's Taobao and online grocer <strong>Dingdong</strong> (NYSE: DDL). Adding to the congestion are another cohort of deliverymen from about a half dozen major logistics companies.</p>
<div class="lb-trans"><p>东方甄选没有具体说明是否会使用自己的司机来配送即时商业商品，或者是否会使用其他公司的司机。中国主要城市的街道上，快递员的数量越来越多，包括来自美团、京东、阿里巴巴的淘宝和在线杂货商 <strong>叮咚</strong> (NYSE: DDL) 的司机。增加拥堵的还有来自大约半打主要物流公司的另一批快递员。</p>
</div><h4><strong>Investors applaud</strong></h4>
<div class="lb-trans"><h4><strong>投资者欢呼</strong></h4>
</div><p>Investors were quite excited about East Buy's latest report, which also included a return to profitability for the six-month period. The stock shot up 14.2% on Thursday after the report's release, and rose another 8% in the Friday morning session. The shares are up about 50% over the last 52 weeks, and now trade at a rich price-to-sales (P/S) ratio of 5.4, roughly double the figure for Alibaba, and nearly quadruple the 1.52 for Costco.</p>
<div class="lb-trans"><p>投资者对东方甄选的最新报告感到非常兴奋，该报告还包括在六个月期间恢复盈利。报告发布后，该股在周四上涨了 14.2%，在周五上午的交易中又上涨了 8%。过去 52 周，该股上涨了约 50%，目前的市销率（P/S）为 5.4，约为阿里巴巴的两倍，几乎是 Costco 的 4 倍。</p>
</div><p>The company certainly deserves kudos for coming back from such a devastating blow after the education crackdown of 2021. It also survived another major setback after it became embroiled in a major clash with its star livestreaming host, Dong Yuhui, who left the company in 2024, taking a big chunk of East Buy's business with him.</p>
<div class="lb-trans"><p>该公司确实值得称赞，因为在 2021 年教育打压后从如此严重的打击中恢复过来。它还经历了另一个重大挫折，因为它与其明星直播主持人董宇辉发生了重大冲突，董宇辉于 2024 年离开公司，带走了东方甄选的一大部分业务。</p>
</div><p>Since then, Yu Minhong has learned the lessons of relying too heavily on individual livestreaming hosts, which are all the rage on China's e-commerce scene right now. He has also learned a lesson from Sam's Club and Costco in China, which have thrived even as many other brick-and-mortar supermarkets and other retailers are struggling.</p>
<div class="lb-trans"><p>自那时以来，俞敏洪吸取了过于依赖个别直播主持人的教训，而这些主持人在中国的电子商务领域正如火如荼。他还从中国的 Sam's Club 和 Costco 中吸取了教训，后者在许多其他实体超市和零售商挣扎时依然蓬勃发展。</p>
</div><p>Despite all the hype, the company's actual financials were a bit less impressive. Its revenue for the six months to November rose just 5.7% year-on-year to 2.31 billion yuan ($332 million), though the rise would have been 17% excluding year-ago contributions from Dong Yuhui's program.</p>
<div class="lb-trans"><p>尽管有很多炒作，但公司的实际财务状况稍显逊色。截止到 11 月的六个月内，其收入同比仅增长 5.7%，达到 23.1 亿元人民币（3.32 亿美元），不过如果不考虑来自董宇辉项目的去年同期贡献，这一增长将达到 17%。</p>
</div><p>The company also pointed out that growth for its private label business, which it sees as its primary focus going forward, rose 18.1% in the latest six-month period to 2 billion yuan from 1.7 billion yuan a year earlier. East Buy said that business provided about 53% of the company's gross merchandise value (GMV) in the six months, up from around 40% in June, the latter figure based on data from Feigua.</p>
<div class="lb-trans"><p>公司还指出，其私有品牌业务的增长，作为未来的主要关注点，在最新的六个月内增长了 18.1%，从去年的 17 亿元人民币增至 20 亿元人民币。东方甄选表示，该业务在六个月内贡献了公司约 53% 的总商品交易额（GMV），高于 6 月时的约 40%，后者数据来源于飞瓜。</p>
</div><p>Most of the company's other metrics tell a story of improving profitability as it refines and scales up its private label business, and also lowers its costs as it moves past the Dong Yuhui conflict. All of that is reflected in its gross margin, which rose to 36.4% in the latest six-month period from 33.6% a year earlier. Those factors helped the company return to the black with a profit of 239 million yuan for the latest period, reversing a 97 million yuan loss a year earlier.</p>
<div class="lb-trans"><p>公司的其他大多数指标显示出盈利能力的改善，因为它在精细化和扩大私有品牌业务的同时，也降低了成本，走出了董宇辉冲突的阴影。这一切都反映在其毛利率上，最新六个月的毛利率从去年的 33.6% 上升至 36.4%。这些因素帮助公司在最新期间实现了 2.39 亿元人民币的盈利，扭转了去年同期 9700 万元的亏损。</p>
</div><p>East Buy's general direction looks quite positive, though it's heading into tough terrain with its plan to challenge such giants as Alibaba, JD.com and Meituan in instant commerce. The stock itself also looks a bit overvalued on the hype about the company's comeback and Yu Minhong's star power, which could limit its near-term upside potential.</p>
<div class="lb-trans"><p>东方甄选的整体方向看起来相当积极，尽管它正面临挑战阿里巴巴、京东和美团等巨头的艰难 terrain。股票本身在公司复苏和俞敏洪的明星效应的炒作下也显得有些高估，这可能限制其短期的上涨潜力。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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东方甄选进入中国即时商业的战区