东方甄选披露董宇辉“分手费”终结版，俞敏洪回应诸多传闻

Core Viewpoint - Dongfang Zhenxuan reported its latest performance following the departure of Dong Yuhui, revealing significant revenue decline and changes in operational dynamics [3][4]. Financial Performance - For the fiscal year ending May 31, 2025, Dongfang Zhenxuan achieved total revenue of 4.392 billion yuan, a year-on-year decrease of 32.7% [3]. - The net profit from continuing operations turned positive at 6.2 million yuan, compared to a loss in the first half of the previous fiscal year, while the net profit for the fiscal year 2024 was 249 million yuan [3]. - Adjusted net profit, excluding one-time expenses related to Dong Yuhui, increased by 30% year-on-year to 135.4 million yuan [3][4]. Business Dynamics - The Gross Merchandise Volume (GMV) for the fiscal year dropped by 39.2% to 8.7 billion yuan from 14.3 billion yuan in the previous fiscal year [4]. - The total cost of revenue decreased by 38.2% to 3 billion yuan, while gross profit fell by 17% to 1.4 billion yuan [4]. - The gross margin improved from 25.9% to 32% due to healthy development in self-operated products and live e-commerce [4]. Strategic Developments - Self-operated products have become a key growth driver, with the number of self-operated products increasing from 488 to 732 [5]. - The company has launched its first self-operated cold chain warehouse, enhancing its distribution service system [5]. - Self-operated products accounted for approximately 43.8% of total GMV for the fiscal year [7]. Personnel and Management - CEO Yu Minhong addressed rumors regarding staff departures, clarifying that Sun Dongxu is on an approved long vacation and not leaving the company [4][6]. - The total number of employees in the self-operated products and live e-commerce team reached 1,401, with 1,070 full-time and 331 part-time staff [7]. Partnership and Agreements - Dongfang Zhenxuan renewed its transaction framework agreement with New Oriental, continuing to sell its own brand products [8]. - The receivables from transactions with New Oriental are projected to increase from 15.05 million yuan in fiscal year 2023 to 61.73 million yuan in fiscal year 2025, with a cap of approximately 100 million yuan for fiscal year 2026 [9]. Market Performance - Despite recent stock price fluctuations, Dongfang Zhenxuan's stock has seen significant growth, rising from around 11 HKD per share in early July to a peak of 53.7 HKD, with a current price of 36.3 HKD, reflecting a cumulative increase of over 200% [12].