Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's performance, leading to a substantial decline in revenue and profit for the 2025 fiscal year [1][4][18]. Financial Performance - For the 2025 fiscal year, Dongfang Zhenxuan's revenue from continuing operations was 4.4 billion yuan, and GMV was 8.7 billion yuan, representing year-on-year declines of 32.7% and 39% respectively [1][4]. - The net profit from continuing operations was 6.2 million yuan, a staggering year-on-year drop of 97.5% [1][4]. - Employee count decreased by approximately 25%, with a reduction of 482 employees compared to the previous year [6][7]. Market Position and Competition - Dongfang Zhenxuan's main account has fallen out of the top ten in sales rankings multiple times, with its lowest ranking at 22nd in October of the previous year [2][9]. - In contrast, the account "With Hui" has consistently maintained a top-three position, remaining at the top since November of the previous year [2][10]. Membership and App Performance - The GMV from Dongfang Zhenxuan's self-owned app accounted for 15.7% of total GMV, up from 8.4% the previous year [16]. - The number of paid members increased by only 65,700 in the 2025 fiscal year, a slowdown compared to the 74,800 increase in the second half of the previous fiscal year [2][18]. Operational Challenges - The company is facing multiple challenges in its transformation to an "online Sam's Club," including supply chain management issues and reliance on a single sales channel [2][16]. - The self-operated product's GMV proportion increased from 40% to 43.8%, with total revenue from self-operated products reaching 3.5 billion yuan [6][16]. Management and Strategic Changes - Following Dong Yuhui's departure, the company has acknowledged management issues and is undergoing a recovery phase [4][12]. - The company has implemented cost-cutting measures, resulting in a 17.6% reduction in total salary expenses [6][7].
净利暴跌九成：后董宇辉时代，东方甄选依旧很难过