利润暴跌98%，市值蒸发近300亿，但俞敏洪看开了 || 关注

Core Viewpoint - The company is experiencing significant challenges following the departure of a key figure, with a notable decline in revenue and profit, leading to a substantial drop in market capitalization [2][3][4]. Financial Performance - For the fiscal year 2025, the company's net revenue was 4.392 billion yuan, a year-on-year decrease of 32.7% [4]. - The total GMV (Gross Merchandise Volume) across all sales channels was 8.7 billion yuan, reflecting a decline of 39% [4]. - The net profit for the fiscal year was only 6.2 million yuan, down 97.5% year-on-year, indicating severe pressure on profitability [7]. Market Reaction - Following the release of the financial report, the company's stock price experienced a significant decline, dropping 12.89% on the first trading day after the announcement, and continued to fall over the next days, resulting in a total market value loss of nearly 30 billion HKD (approximately 27.5 billion yuan) [7][8]. Dependency on Key Platforms - The company remains heavily reliant on the Douyin platform, with the number of paid orders from this channel nearly halving from 181 million to 92 million year-on-year [5]. - The company's main account on Douyin has seen a drastic drop in visibility, only making it into the top ten of the monthly sales rankings four times in the past year [5]. Competitive Landscape - The departure of a prominent host has led to a significant drop in traffic and growth, with the competing account "With Hui" surpassing the company's main account in follower count, reaching 30.975 million compared to 28.164 million [6][7]. - The company's valuation appears to be significantly inflated, with a P/E ratio of 4518, compared to 35 and 55 for competitors like Walmart and Costco [16]. Management Perspective - The CEO expressed a sense of acceptance regarding the current challenges, stating that he has never had a competitive mindset and acknowledging the difficulties faced by the company [11][12]. - Despite the challenges, the company reported a 30% increase in net profit when excluding a significant payout related to the departure of the key figure, indicating some operational resilience [16].