<p>這家電子商務公司的舉措是其逐步轉型為在線版 Costco 和 Sam's Club 的最新進展。</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>東方甄選正在其前十大市場建立當日送達能力，並計劃在北京、上海和廣州試點即時零售履約能力。\n- 在宣佈這些舉措後，該公司的股票上漲了 14%，其最新財報顯示其在財年的上半年恢復了盈利。</li>
</ul>
<p>就在中國新興即時商業領域的價格戰似乎要緩和之際，又一家主要參與者即將進入這一領域。這一新挑戰來自 <strong>東方甄選控股有限公司</strong>（1797.HK），該公司在週三發佈的 最新財報 中披露了這一舉措，財報涵蓋了截至去年 11 月的財年上半年。</p>
<p>該計劃將使東方甄選捲入行業巨頭 <strong>阿里巴巴</strong> (NYSE: BABA) (9988.HK)、<strong>京東</strong> (NASDAQ: JD) (9618.HK) 和 <strong>美團</strong> (3690.HK) 之間正在進行的領土爭奪戰，後者在客户下單後儘可能在一小時內送達商品。</p>
<p>雖然東方甄選對一些人來説可能不如其他互聯網巨頭那麼熟悉，但該公司作為 <strong>新東方教育</strong> (NYSE: EDU) (9901.HK) 的前在線部門，擁有強大的背景，新東方開創了中國課外輔導行業，成為一個巨大的盈利機器，但在 2021 年遭遇政府打壓後被迫轉型。新東方在打壓後轉向仍被允許的教育領域，如留學諮詢服務，而東方甄選則完全轉向了電子商務。</p>
<p>這兩家公司都是俞敏洪的創意結晶，俞敏洪是中國最被忽視的超級企業家之一，他親自拿起麥克風，成為東方甄選轉型為電子商務時的首批直播主持人之一。</p>
<p>即時商業計劃是東方甄選在轉型為成功的 <strong>Costco</strong> (NASDAQ: COST) 和 <strong>沃爾瑪</strong> (NASDAQ: WMT) Sam's Club 的最新一步，這些公司依賴於通過會員制度銷售的自有品牌產品。</p>
<p>東方甄選目前正在其前十大訂單量城市建立當日送達能力，該公司在截至去年 11 月的最新財報中披露，這意味着在這些城市中，早上 10:30 之前下單的客户可以期待當日送達，而在此之後至晚上 11 點下單的訂單可以在第二天下午 3 點前送達。</p>
<p>與此同時，該公司表示計劃在北京、上海和廣州等一線城市試點即時零售履約能力。它補充説，目前正在建立一個龐大的倉庫系統來支持即時商業的推進，包括去年投入使用的兩個倉庫和目前正在建設的兩個倉庫。東方甄選還計劃利用新東方在中國的龐大線下學習中心網絡，並表示已在全國部署了 40 多台自動售貨機，並在一些城市通過這一舉措實現了盈利。</p>
<p>&#34;我們計劃逐步推出這一業務，並將在包括辦公樓、住宅社區和學習中心在內的不同場景中進一步擴大其覆蓋範圍，以補充我們的線下曝光，&#34;該公司表示。</p>
<p>東方甄選沒有具體説明是否會使用自己的司機來配送即時商業商品，或者是否會使用其他公司的司機。中國主要城市的街道上，快遞員的數量越來越多，包括來自美團、京東、阿里巴巴的淘寶和在線雜貨商 <strong>叮咚</strong> (NYSE: DDL) 的司機。增加擁堵的還有來自大約半打主要物流公司的另一批快遞員。</p>
<h4><strong>投資者歡呼</strong></h4>
<p>投資者對東方甄選的最新報告感到非常興奮，該報告還包括在六個月期間恢復盈利。報告發布後，該股在週四上漲了 14.2%，在週五上午的交易中又上漲了 8%。過去 52 周，該股上漲了約 50%，目前的市銷率（P/S）為 5.4，約為阿里巴巴的兩倍，幾乎是 Costco 的 4 倍。</p>
<p>該公司確實值得稱讚，因為在 2021 年教育打壓後從如此嚴重的打擊中恢復過來。它還經歷了另一個重大挫折，因為它與其明星直播主持人董宇輝發生了重大沖突，董宇輝於 2024 年離開公司，帶走了東方甄選的一大部分業務。</p>
<p>自那時以來，俞敏洪吸取了過於依賴個別直播主持人的教訓，而這些主持人在中國的電子商務領域正如火如荼。他還從中國的 Sam's Club 和 Costco 中吸取了教訓，後者在許多其他實體超市和零售商掙扎時依然蓬勃發展。</p>
<p>儘管有很多炒作，但公司的實際財務狀況稍顯遜色。截止到 11 月的六個月內，其收入同比僅增長 5.7%，達到 23.1 億元人民幣（3.32 億美元），不過如果不考慮來自董宇輝項目的去年同期貢獻，這一增長將達到 17%。</p>
<p>公司還指出，其私有品牌業務的增長，作為未來的主要關注點，在最新的六個月內增長了 18.1%，從去年的 17 億元人民幣增至 20 億元人民幣。東方甄選表示，該業務在六個月內貢獻了公司約 53% 的總商品交易額（GMV），高於 6 月時的約 40%，後者數據來源於飛瓜。</p>
<p>公司的其他大多數指標顯示出盈利能力的改善，因為它在精細化和擴大私有品牌業務的同時，也降低了成本，走出了董宇輝衝突的陰影。這一切都反映在其毛利率上，最新六個月的毛利率從去年的 33.6% 上升至 36.4%。這些因素幫助公司在最新期間實現了 2.39 億元人民幣的盈利，扭轉了去年同期 9700 萬元的虧損。</p>
<p>東方甄選的整體方向看起來相當積極，儘管它正面臨挑戰阿里巴巴、京東和美團等巨頭的艱難 terrain。股票本身在公司復甦和俞敏洪的明星效應的炒作下也顯得有些高估，這可能限制其短期的上漲潛力。</p>
<p><em>要訂閲 Bamboo Works 的免費週刊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

東方甄選

<p>東方甄選正在進入中國的即時商業領域，旨在在其主要市場建立當日送達能力，並在主要城市試點即時零售履約。在最新的財報發佈後，該公司顯示出恢復盈利，股價上漲了 14%。東方甄選正逐步演變為在線版的好市多和山姆會員店，計劃利用其廣泛的學習中心網絡，並已在全國範圍內部署了自動售貨機。投資者對其前景持樂觀態度，過去一年股價上漲了 50%，反映出對其復甦和增長戰略的信心</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>這家電子商務公司的舉措是其逐步轉型為在線版 Costco 和 Sam's Club 的最新進展。</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>東方甄選正在其前十大市場建立當日送達能力，並計劃在北京、上海和廣州試點即時零售履約能力。\n- 在宣佈這些舉措後，該公司的股票上漲了 14%，其最新財報顯示其在財年的上半年恢復了盈利。</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>就在中國新興即時商業領域的價格戰似乎要緩和之際，又一家主要參與者即將進入這一領域。這一新挑戰來自 <strong>東方甄選控股有限公司</strong>（1797.HK），該公司在週三發佈的 最新財報 中披露了這一舉措，財報涵蓋了截至去年 11 月的財年上半年。</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>該計劃將使東方甄選捲入行業巨頭 <strong>阿里巴巴</strong> (NYSE: BABA) (9988.HK)、<strong>京東</strong> (NASDAQ: JD) (9618.HK) 和 <strong>美團</strong> (3690.HK) 之間正在進行的領土爭奪戰，後者在客户下單後儘可能在一小時內送達商品。</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>雖然東方甄選對一些人來説可能不如其他互聯網巨頭那麼熟悉，但該公司作為 <strong>新東方教育</strong> (NYSE: EDU) (9901.HK) 的前在線部門，擁有強大的背景，新東方開創了中國課外輔導行業，成為一個巨大的盈利機器，但在 2021 年遭遇政府打壓後被迫轉型。新東方在打壓後轉向仍被允許的教育領域，如留學諮詢服務，而東方甄選則完全轉向了電子商務。</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>這兩家公司都是俞敏洪的創意結晶，俞敏洪是中國最被忽視的超級企業家之一，他親自拿起麥克風，成為東方甄選轉型為電子商務時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>即時商業計劃是東方甄選在轉型為成功的 <strong>Costco</strong> (NASDAQ: COST) 和 <strong>沃爾瑪</strong> (NASDAQ: WMT) Sam's Club 的最新一步，這些公司依賴於通過會員制度銷售的自有品牌產品。</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>東方甄選目前正在其前十大訂單量城市建立當日送達能力，該公司在截至去年 11 月的最新財報中披露，這意味着在這些城市中，早上 10:30 之前下單的客户可以期待當日送達，而在此之後至晚上 11 點下單的訂單可以在第二天下午 3 點前送達。</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>與此同時，該公司表示計劃在北京、上海和廣州等一線城市試點即時零售履約能力。它補充説，目前正在建立一個龐大的倉庫系統來支持即時商業的推進，包括去年投入使用的兩個倉庫和目前正在建設的兩個倉庫。東方甄選還計劃利用新東方在中國的龐大線下學習中心網絡，並表示已在全國部署了 40 多台自動售貨機，並在一些城市通過這一舉措實現了盈利。</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;我們計劃逐步推出這一業務，並將在包括辦公樓、住宅社區和學習中心在內的不同場景中進一步擴大其覆蓋範圍，以補充我們的線下曝光，&#34;該公司表示。</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>東方甄選沒有具體説明是否會使用自己的司機來配送即時商業商品，或者是否會使用其他公司的司機。中國主要城市的街道上，快遞員的數量越來越多，包括來自美團、京東、阿里巴巴的淘寶和在線雜貨商 <strong>叮咚</strong> (NYSE: DDL) 的司機。增加擁堵的還有來自大約半打主要物流公司的另一批快遞員。</p>
</div><h4><strong>Investors applaud</strong></h4>
<div class="lb-trans"><h4><strong>投資者歡呼</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>投資者對東方甄選的最新報告感到非常興奮，該報告還包括在六個月期間恢復盈利。報告發布後，該股在週四上漲了 14.2%，在週五上午的交易中又上漲了 8%。過去 52 周，該股上漲了約 50%，目前的市銷率（P/S）為 5.4，約為阿里巴巴的兩倍，幾乎是 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>該公司確實值得稱讚，因為在 2021 年教育打壓後從如此嚴重的打擊中恢復過來。它還經歷了另一個重大挫折，因為它與其明星直播主持人董宇輝發生了重大沖突，董宇輝於 2024 年離開公司，帶走了東方甄選的一大部分業務。</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>自那時以來，俞敏洪吸取了過於依賴個別直播主持人的教訓，而這些主持人在中國的電子商務領域正如火如荼。他還從中國的 Sam's Club 和 Costco 中吸取了教訓，後者在許多其他實體超市和零售商掙扎時依然蓬勃發展。</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>儘管有很多炒作，但公司的實際財務狀況稍顯遜色。截止到 11 月的六個月內，其收入同比僅增長 5.7%，達到 23.1 億元人民幣（3.32 億美元），不過如果不考慮來自董宇輝項目的去年同期貢獻，這一增長將達到 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>公司還指出，其私有品牌業務的增長，作為未來的主要關注點，在最新的六個月內增長了 18.1%，從去年的 17 億元人民幣增至 20 億元人民幣。東方甄選表示，該業務在六個月內貢獻了公司約 53% 的總商品交易額（GMV），高於 6 月時的約 40%，後者數據來源於飛瓜。</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>公司的其他大多數指標顯示出盈利能力的改善，因為它在精細化和擴大私有品牌業務的同時，也降低了成本，走出了董宇輝衝突的陰影。這一切都反映在其毛利率上，最新六個月的毛利率從去年的 33.6% 上升至 36.4%。這些因素幫助公司在最新期間實現了 2.39 億元人民幣的盈利，扭轉了去年同期 9700 萬元的虧損。</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>東方甄選的整體方向看起來相當積極，儘管它正面臨挑戰阿里巴巴、京東和美團等巨頭的艱難 terrain。股票本身在公司復甦和俞敏洪的明星效應的炒作下也顯得有些高估，這可能限制其短期的上漲潛力。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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東方甄選進入中國即時商業的戰區