Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's performance, leading to substantial declines in revenue, GMV, and net profit in the 2025 fiscal year [3][5][15] Financial Performance - In the 2025 fiscal year, Dongfang Zhenxuan's revenue from continuing operations was 4.4 billion yuan, a year-on-year decline of 32.7% [3][5] - The GMV for the same period was 8.7 billion yuan, down 39% year-on-year, with both metrics showing a further decline compared to the mid-year results [3][5] - The net profit from continuing operations was 6.2 million yuan, a staggering drop of 97.5% year-on-year [3][5] - Employee count decreased by approximately 25%, with 482 fewer employees compared to the previous year [7][15] Market Position and Competition - Dongfang Zhenxuan's main account has fallen out of the top ten in sales rankings multiple times, with a lowest ranking of 22nd in October last year [3][8] - In contrast, the independent account "Yuhui Tongxing" has consistently maintained a top-three position, achieving the number one spot since November last year [3][8] Strategic Challenges - The company is facing challenges in its transformation to an "online Sam's Club," struggling with supply chain management, channel dependency, and slow membership growth [3][10][11] - The GMV from the company's own app accounted for 15.7% of total GMV, up from 8.4% the previous year, indicating a shift towards self-operated channels [13][14] - Membership growth has slowed, with only 65,700 new paid members added in the 2025 fiscal year, compared to 74,800 in the second half of the previous fiscal year [14][15] Operational Adjustments - The company has implemented cost-cutting measures, reducing total salary expenses by 17.6% to 1.2 billion yuan [7][15] - The gross margin for continuing operations improved from 25.9% to 32% due to increased self-operated product sales, which now account for 43.8% of total GMV [7][15] Brand and Management Issues - The departure of key influencers has led to a decline in user engagement, with the main account losing approximately 186,200 followers [8][9] - Management has acknowledged existing issues, with CEO Yu Minhong admitting to management vulnerabilities following public controversies [4][10]
净利暴跌九成！ 后董宇辉时代，东方甄选依旧很难过