半泽直树

“董宇辉们”出走后 东方甄选薪酬少发了4个亿_我的网站

一 |     　　8月24日，港股收盘东方甄选（01797.HK）股价逆势大涨7.72%，报21.78港元，盘中一度冲高涨近9%，最新市值229亿港元，全天成交5.99亿港元。　　股价上涨背后，是东方甄选亮眼的业绩表现。

二 | 8月21日晚间，东方甄选发布截至2026年5月31日的2026财年年度业绩报告。

三 | 数据显示，公司全年实现总营收57.01亿元，同比增长29.8%；归母净利润5.44亿元，同比大幅增长9377.8%。东方甄选2026财年业绩　　在业绩显著修复的同时，一组有关薪酬开支的数据值得关注。    Karachi, Oct 15 (UNI) Foreign Minister Bilawal Bhutto-Zardari on Saturday said Pakistan has decided to summon the US ambassador to the Foreign Office to give him a demarche over President Joe Biden’s statement regarding the country’s nuclear capability.

“We know how to safeguard our nuclear arsenal and they meet each and every international standard in accordance with the IAEA (International Atomic Energy Agency) as far as security and safety is concerned,” Bilawal said.

“Pakistan is adamant about ensuring its integrity and safety. Security questions, if any, should be raised on the nuclear weapons of India that recently fired a missile into Pakistani territory by accident.", according to media reports.

Bilawal said he had discussed President Biden's statement with the Prime Minister in detail and hoped this incident would not affect the Pakistan-US relations negatively, Geo news reports.

“This is not only irresponsible and unsafe but raises genuine and serious concerns about the safety of nuclear-capable countries. I am surprised by the remarks of President Biden. I believe this is exactly the sort of misunderstanding that is created when there is a lack of engagement,” the foreign minister said.

"We will make sure our engagements with the US continue in the right direction," Bilawal said.

Bilawal, however, added that he did not think it was an official function and it wasn’t an address to the parliament or an interview.

However, he warned that at the same time the nation should avoid churning out conspiracy theories.

United States President Joe Biden on Saturday said Pakistan may be “one of the most dangerous nations in the world” as the country has “nuclear weapons without any cohesion”.

The US president made the comments while addressing a Democratic congressional campaign committee reception on Thursday.

Biden’s remarks were made with regard to the changing geopolitical situation globally, as he highlighted that the world was changing rapidly, and countries were rethinking their alliances.

“And the truth of the matter is — I genuinely believe this — that the world is looking to us. Not a joke.

"Even our enemies are looking at us to figure out how we figure this out, what we do,” he added.

UNI GNK SY SHK1757。

四 | 报告期内东方甄选薪酬开支总额从12亿元降至8亿元，同比减少约4亿元。东方甄选员工成本　　拆解来看，薪酬下降并非源于整体裁员，相反公司员工总量净增411人至1812人，人员扩张主要集中在自营产品研发、品控、供应链管理等岗位，其中过去半年品控人员数量增长70%至80%，产品经理人数已实现翻倍。　　人员结构的调整是薪酬总额下降的主要原因，东方甄选过去两年的组织变化剧烈。2024年7月，董宇辉以7658.55万元从东方甄选手中买下“与辉同行”100%股权，正式独立；2025年顿顿离开；2025年12月，新东方19年老将孙进出任执行总裁，开启从“MCN化”到“零售公司化”的深度组织重塑；2026年4月，明明、天权、中灿、林林四位初代核心主播在两天内相继宣布离职，6月志胜也宣布离开。一个曾被数个超级IP定义的直播间，几乎被清空重启。　　孙进在业绩会上表示，所有新开直播账号都提前测算盈亏平衡点，并且全部实现了盈利，以前是先给头部主播天价年薪和分成、再赌GMV，现在是先算好账号的盈亏平衡点，主播薪酬跟产出强绑定。　　此前市场普遍估算，单名顶级主播的年薪及相关分成可达数亿元规模，核心主播团队的集体离场，直接带动整体薪酬开支大幅下行。　　除人员结构变化外，组织瘦身与降本增效也是薪酬及费用下降的重要原因。报告期内公司行政开支从3.96亿元大幅降至1.89亿元，研发开支也从1.32亿元小幅缩减至1.08亿元。老将孙进出任执行总裁后，启动了组织架构调整，剥离冗余职能、优化管理层级，管理团队的更替伴随着中层人员的优化，整体人效显著提升。　　从人均薪酬角度测算，东方甄选2025财年人均薪酬约85.6万元，2026财年降至约44.2万元，近乎减半。　　从业绩基本面来看，2026财年是东方甄选经历重大人事与战略调整后交出的首份完整财年答卷。营收端57.01亿元的规模，若剔除上一财年与辉同行相关业务的基数影响，实际同比增幅达到36.3%，下半财年营收突破33亿元，同比增速超过50%。而利润端的爆发式增长存在一定基数效应，2025财年公司因向董宇辉出售与辉同行100%股权产生约7658.55万元一次性开支，导致当年归母净利润仅573.5万元，基数极低。　　更能反映真实经营能力的经调整净利润为6.29亿元，同比增长262.2%；经营利润则从上年亏损1.10亿元转为盈利6.63亿元，盈利能力实现实质性修复。不过拉长周期看，东方甄选当前盈利水平尚未回到巅峰时期，与2023财年、2024财年的净利润9.71亿元和17.2亿元相比，仍有较大差距。东方甄选主要经营数据　　值得一提的是，东方甄选除了薪酬减少转化来的利润，公司自营业务的快速崛起成为业绩新支柱。2026财年东方甄选自营产品GMV达54亿元，占总GMV比例约52.6%，较上一财年的43.8%显著提升，首次超过第三方代销产品占比。自营产品矩阵持续扩充，累计推出801款SKU，覆盖生鲜食品、休闲零食、日用个护、营养保健等多个品类，自营产品占比提升直接带动整体毛利率从33.6%提升至36.4%，成为利润修复的核心驱动力。　　目前，为了降低对单一平台的依赖。

五 | 东方甄选抖音端已从单个主直播间拆分为果蔬、女装、家居等多个垂直矩阵账号；自有App GMV占比提升至18.5%，付费会员体系逐步完善，用户复购率稳步上升；线下渠道方面，郑州、北京等地体验店陆续开业，公司正在通过多账号、多平台、多场景的矩阵式运营承接用户需求。

六 | 　　不过，也有市场观点认为，东方甄选短期人员结构调整带来的费用节约直接转化为利润，推动了业绩的快速修复；但长期来看，公司能否真正建立起不依赖个人IP的品牌力与供应链能力，才是决定其价值的核心变量。

七 | 告别了明星主播的光环，东方甄选需要用持续的产品力与运营效率证明自己。后续随着自营品类持续扩充、全渠道布局深化，公司能否重回利润巅峰，仍有待市场进一步检验。（文章来源：界面新闻）。

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Published on:04:39:59