离开头部主播这一年，东方甄选财报扭亏

Core Viewpoint - The financial report released by Dongfang Zhenxuan signifies more than just financial numbers, especially after the company faced executive turmoil, changes in hosts, and scrutiny of its business model. The report indicates a recovery and resilience in operations, laying a solid foundation for sustainable long-term development [1]. Financial Performance - For the six months ending November 30, 2025, Dongfang Zhenxuan reported total revenue of 2.31 billion RMB, a year-on-year increase of 5.7%. Excluding revenue from the previous year's split business, the actual growth rate was 17% [2][4]. - The net profit for the reporting period reached 239 million RMB, a significant turnaround from a net loss of 96.5 million RMB in the same period last year, marking a year-on-year increase of 347.7% [2][4]. - Gross profit for the period was 841.6 million RMB, up 14.5% year-on-year, with the gross margin improving from 33.6% to 36.4% [4]. Business Strategy and Product Development - The total gross merchandise volume (GMV) from self-operated products accounted for approximately 52.8% of total sales, marking a significant milestone as it surpassed half of the total sales for the first time [1][4]. - The company has launched a total of 801 self-operated products, expanding from fresh food and snacks to include nutrition and health products, pet food, and clothing [4]. - The self-operated model allows for better pricing power and profit margins compared to third-party platforms, contributing to the improvement in profitability [4]. Cost Management - The company reduced its workforce by 26%, leading to a 35% decrease in total salary expenses. Administrative expenses also dropped by 78.6% to 80 million RMB, primarily due to reduced profit distribution related to the previous year's split business [4]. Channel Diversification - Despite the success in self-operated products, a significant portion of GMV still relies on Douyin (TikTok), indicating a need for continued dependence on external traffic sources [5]. - The company has initiated a multi-channel strategy, including the relaunch of WeChat video accounts and the establishment of new accounts on Douyin to target different consumer segments [5]. - Dongfang Zhenxuan is also exploring offline channels, with plans to open its first offline experience store in Beijing and has already deployed over 40 vending machines in various locations [5][6]. Collaboration with New Oriental Group - The company is deepening its collaboration with New Oriental Group, planning to offer self-operated products as gifts during student recruitment and distribute gift cards as employee benefits, which could enhance B2B sales and brand exposure [6].