Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's financial performance, leading to a notable decline in revenue and profit, but the company is making adjustments to its business model and focusing on self-operated products and live-streaming e-commerce as a long-term strategy [1][3][9]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, a decrease of 32.7% from 6.5 billion yuan in fiscal year 2024 [1][3]. - The net profit for fiscal year 2025 was 6.2 million yuan, a significant drop from 250 million yuan in the previous year [1][3]. - In the first half of fiscal year 2025, the company experienced a net loss of 96.5 million yuan, but by the end of the fiscal year, it achieved profitability [1][3]. Business Strategy - Dongfang Zhenxuan is shifting from reliance on individual influencers to building supply chain capabilities, which is seen as essential for long-term growth [2][9]. - The company has focused on self-operated products, achieving a GMV of 3.81 billion yuan for self-operated products in fiscal year 2025, accounting for approximately 43.8% of total GMV [5][6]. - The number of self-operated products launched increased to 732 in fiscal year 2025, up from 488 in the previous year [5][6]. Market Challenges - The company faces challenges in replicating the success of past star influencers, as the current mid-tier influencers do not have the same level of audience engagement [7][9]. - Dongfang Zhenxuan's membership revenue is still low compared to competitors like Sam's Club, which relies heavily on membership fees for profitability [7][9]. - The company continues to depend on public traffic from platforms like Douyin, with only 1.37 billion yuan in GMV generated from its app, representing 15.7% of total GMV [8]. Future Outlook - The company plans to enhance its app's user engagement and membership numbers, recognizing the importance of building a loyal customer base [8]. - Dongfang Zhenxuan aims to strengthen its brand and product offerings to create a sustainable competitive advantage in the evolving live-streaming e-commerce landscape [9][10].
没有董宇辉的东方甄选，走出来了吗？