Core Viewpoint - Oriental Selection is struggling to recover from the impact of the departure of its key figure, Dong Yuhui, with significant declines in revenue and profit reported in the latest financial results [2][3]. Financial Performance - For the fiscal year 2025, Oriental Selection reported a 32.7% decrease in total revenue from continuing operations, amounting to 4.392 billion yuan [3][6]. - The net profit for the year was 6.2 million yuan, a staggering decline of 97.5% compared to the previous year [3][6]. - Despite the overall decline, the company managed to turn a loss of 96.5 million yuan in the first half of the fiscal year into a profit, with a net profit of 135.4 million yuan when excluding the financial impact of the sale of "With Hui Together" [3][6]. - The gross profit margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025 [3][6]. Business Challenges - The transition to an "online Sam's Club" model is facing multiple challenges, including supply chain issues, channel dependency, and slowing membership growth [2][3]. - The total GMV from all sales channels decreased from 14.3 billion yuan to 8.7 billion yuan year-on-year, with a significant drop in paid orders from Douyin [3][6]. - The number of paid members increased from 198,600 to 264,300, representing a net increase of only 65,700 members, indicating weak growth in the membership system [6]. User Engagement and Market Position - The follower count for the "With Hui Together" Douyin account has surpassed that of Oriental Selection's main account, indicating a shift in user engagement [4]. - Oriental Selection's main account has struggled to maintain a strong presence in Douyin's monthly sales rankings, with only four entries in the top ten over the past year [4]. - The departure of key hosts has raised concerns about the company's ability to retain core talent, despite previous efforts to reduce reliance on individual hosts [4][5]. Strategic Initiatives - To mitigate reliance on single hosts, the company has initiated a clear transformation strategy to develop an "online version of Sam's Club" [5]. - The company launched its self-operated app in August 2022, promoting self-operated products and introducing a paid membership system [5]. - The GMV from self-operated products reached 3.81 billion yuan in fiscal year 2025, accounting for approximately 43.8% of total GMV, with a notable increase in the number of self-operated products launched [6].
董宇辉“单飞”阵痛未消 东方甄选2025财年总营收下滑三成