Core Viewpoint - Oriental Selection (01797.HK) reported a significant decline in total revenue for the fiscal year 2025, with a total revenue of 4.4 billion yuan, down 32.7% from the previous year's 6.5 billion yuan, indicating challenges in the wake of key personnel changes [2][6] Financial Performance - The net profit for the continuing operations turned from a loss of 96.5 million yuan in the first half of the fiscal year to a profit of 6.2 million yuan [2] - Adjusted net profit increased by 30% year-on-year to 135.4 million yuan, although this still represents a 46% decline compared to the previous fiscal year's net profit of 250 million yuan [2] - The total GMV for fiscal year 2025 was 8.7 billion yuan, a 39.2% decrease from 14.3 billion yuan in the previous fiscal year [6] Business Strategy and Product Development - Self-operated products accounted for 43.8% of total GMV, becoming the main growth driver for the company [3][4] - The company launched 732 self-operated products, up from 488 in the previous fiscal year, expanding its product range to include health foods, pet foods, and clothing [3] - The company is focusing on enhancing its supply chain and product quality as a core competitive strategy [5][4] Market Position and Challenges - The company is facing challenges in maintaining user engagement and traffic, particularly after the departure of key figure Dong Yuhui, which has impacted GMV and order numbers significantly [6][9] - The company is investing in its own app and membership system, with paid membership subscriptions reaching 264,300 and user satisfaction at 98.7% [7] - Despite the challenges, the company aims to strengthen its core business model by connecting upstream suppliers with downstream consumers [8] Stock Performance and Market Sentiment - The stock price has shown volatility, reflecting a reassessment of the company's value in the market [11] - Recent rumors regarding management changes have contributed to fluctuations in stock performance, indicating ongoing uncertainty within the company [10]
董宇辉出走后GMV缩水近四成 自营产品能否破解东方甄选的增长焦虑？