董宇辉“分手费”披露终结版

Core Insights - Oriental Selection (1797.HK) reported a significant decline in net revenue and gross merchandise volume (GMV) for the fiscal year 2025, reflecting challenges faced during its business transformation [1][2] Financial Performance - The net revenue from continuing operations decreased by 32.7% year-on-year to 4.4 billion RMB, down from 6.5 billion RMB [1] - The net profit turned positive at 0.062 billion RMB, compared to a loss in the first half of the fiscal year, but down from 2.491 billion RMB in the previous fiscal year [1] - Adjusted net profit, excluding one-time expenses and profits from the sale of a subsidiary, increased by 30% year-on-year to 1.354 billion RMB [1] - GMV fell by 39.2% year-on-year to 8.7 billion RMB, down from 14.3 billion RMB [1] - Total revenue cost decreased by 38.2% year-on-year to 3 billion RMB, while gross profit decreased by 17% to 1.4 billion RMB [1] - Gross margin improved from 25.9% to 32% due to healthy development in self-operated products and live e-commerce [1] Administrative Expenses - Administrative expenses for continuing operations increased by 22.5% year-on-year to 484.8 million RMB, primarily due to the distribution of remaining profits from a subsidiary [2] - The payment of 140 million RMB to former CEO Dong Yuhui was included in the administrative expenses for the fiscal year [2] Business Strategy and Developments - The company emphasized the importance of self-operated products as a long-term strategy, with the number of self-operated products increasing from 488 to 732 [2] - A new cold chain warehouse, "Oriental Selection Central China No. 1 Warehouse," has been put into operation to enhance the delivery service system [2] - The company announced a framework agreement with New Oriental to sell its own brand products, with historical transaction amounts set for the fiscal years 2023 to 2025 [3] - The maximum transaction amount for the fiscal year 2026 is set at 100 million RMB, with internal controls established to ensure compliance [3]