Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's performance, leading to a decline in GMV and revenue, while the company is shifting focus towards self-operated products and diversifying its sales channels [1][3][4]. Financial Performance - In the fiscal year 2025, Dongfang Zhenxuan reported a net revenue of 4.392 billion yuan, a year-on-year decrease of 32.7% [3] - The net profit for the year was 6.19 million yuan, down from 24.9 million yuan in the previous year [3] - Excluding the financial impact from the sale of Huixing, the net profit from continuing operations was 135.4 million yuan, a 30% increase year-on-year [3] - The comprehensive gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025 [3] Sales Channel Performance - The total GMV from all sales channels, including Douyin and Taobao, decreased from 14.3 billion yuan to 8.7 billion yuan [3] - The number of paid orders from the Douyin channel dropped from 180 million to 91.6 million [3] - The proportion of GMV from the Dongfang Zhenxuan app increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [7] Strategic Shift - Dongfang Zhenxuan is focusing on self-operated products, having launched 732 self-operated products in fiscal year 2025, up from 488 the previous year [8] - Self-operated products accounted for approximately 43.8% of total GMV [8] - The company is also expanding its membership system to enhance customer loyalty and build a private traffic pool [7] Competitive Landscape - The departure of key influencers like Dong Yuhui has led to increased competition, with his new platform gaining more followers than Dongfang Zhenxuan's main account [4] - Dongfang Zhenxuan's strategy of reducing reliance on top influencers is seen as a long-term approach to stabilize its business [6][10] Operational Developments - The company has initiated a cold chain warehouse in Zhengzhou to improve logistics and delivery services [9] - Dongfang Zhenxuan is enhancing user engagement through community forums and personalized services to increase customer retention [10][11]
告别董宇辉一年 东方甄选尚未走出阵痛期