Core Viewpoint - Oriental Selection's financial performance for the fiscal year 2025 shows a significant decline in revenue and GMV, indicating challenges following the departure of key personnel and a shift in business strategy towards self-operated products [1][3][10]. Financial Performance - Total revenue from continuing operations for fiscal year 2025 was 4.4 billion yuan, a decrease of 32.7% compared to 6.5 billion yuan in the previous fiscal year [1]. - Adjusted net profit increased by 30% year-on-year to 135.4 million yuan, but this still represents a 46% decline compared to the previous year's net profit of 250 million yuan [3]. - Total GMV for fiscal year 2025 was 8.7 billion yuan, down 39.2% from 14.3 billion yuan in the previous fiscal year [3][7]. Business Strategy - The self-operated product strategy has deepened, with self-operated products accounting for 43.8% of total GMV, becoming the core business engine [4][5]. - The company launched 732 self-operated products, expanding from initial categories to include health and wellness products, pet food, and apparel [5][6]. - The establishment of a cold chain warehouse has improved logistics efficiency, and the integration of AI and big data is enhancing supply chain management [6]. Market Challenges - The overall decline in the live e-commerce market and increased consumer scrutiny on product quality are impacting the company's performance [7]. - The departure of key figure Dong Yuhui has led to a significant drop in GMV and order volume on platforms like Douyin [7][8]. User Engagement and Platform Development - The number of paid subscribers on the Oriental Selection app reached 264,300, with a user satisfaction rate of 98.7% [8]. - The app's contribution to GMV increased from 8.4% to 15.7% year-on-year, indicating a shift towards building a proprietary platform [8]. Leadership and Future Outlook - The company is undergoing a transformation phase, focusing on maintaining GMV while developing its app ecosystem and expanding self-operated product categories [10][12]. - CEO Yu Minhong emphasized the importance of connecting upstream supply chains with downstream consumers to provide quality products [9].
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？