Core Viewpoint - Oriental Selection is facing significant challenges in its business operations following the departure of key figure Dong Yuhui, with a notable decline in revenue and profit margins reported in the latest financial results [1][3]. Financial Performance - For the fiscal year 2025, Oriental Selection reported a total revenue of 4.392 billion yuan, a decrease of 32.7% compared to the previous fiscal year [4]. - The net profit for the same period was 6.2 million yuan, down 97.5% from 250 million yuan in the previous year [4]. - Excluding the financial impact of the separation from "With Hui Together," the net profit was 135.4 million yuan, reflecting a 30% increase year-on-year [4]. Business Challenges - The transition to an "online Sam's Club" model is hindered by supply chain issues, channel dependency, and slowing membership growth [2]. - The gross merchandise volume (GMV) from all sales channels dropped from 14.3 billion yuan to 8.7 billion yuan, with a significant decline in orders from Douyin [4]. User Engagement and Talent Retention - 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 [5]. - The company has experienced turnover among key hosts, raising concerns about retaining core talent [5]. Membership Growth - The number of paid members increased from 198,600 to 264,300, with a net addition of only 65,700 members over the year [7]. - The company plans to enhance its membership system through increased marketing efforts and direct engagement from leadership [7]. Self-Operated Products - The GMV for self-operated products reached 3.81 billion yuan, accounting for approximately 43.8% of total GMV [6]. - The proportion of self-operated products in total GMV increased from 16.3% to 28.8% [6].
董宇辉“单飞”阵痛未消，东方甄选2025财年总营收下滑三成