Core Insights - Oriental Selection reported a significant decline in net revenue for the fiscal year 2025, with a 32.7% decrease from 6.5 billion RMB to 4.4 billion RMB, while net profit turned positive at 0.062 billion RMB compared to a loss in the first half of the fiscal year 2025 [2][3] Group 1: Financial Performance - The adjusted net profit, excluding one-time expenses and profits from the sale of a subsidiary, increased by 30% year-on-year to 0.1354 billion RMB [3] - The Gross Merchandise Volume (GMV) dropped by 39.2% from 14.3 billion RMB to 8.7 billion RMB, leading to a reduction in total revenue costs by 38.2% to 3 billion RMB [3] - The gross profit decreased by 17% from 1.7 billion RMB to 1.4 billion RMB, but the gross margin improved from 25.9% to 32% due to healthy development in self-operated products and live e-commerce [3] Group 2: Operational Changes - The company emphasized the importance of self-operated products, which increased from 488 to 732 SKUs, becoming a key growth driver [4] - The administrative expenses for the ongoing business rose by 22.5% to 0.4848 billion RMB, primarily due to the distribution of remaining profits from a subsidiary [3][4] - The company announced a framework agreement with New Oriental to sell its own brand products, with historical transaction amounts increasing from 0.15 billion RMB in fiscal year 2023 to a projected 1 billion RMB in fiscal year 2026 [4]
董宇辉“分手费”披露终结版，东方甄选GMV下滑但毛利率提升