利润上涨后 东方甄选再迎付费会员考题

Core Viewpoint - Oriental Selection has shown significant profit and gross margin growth in its mid-term financial results for the fiscal year 2026, despite facing challenges in e-commerce orders and paid member growth [1][2]. Financial Performance - Total revenue for the mid-term period reached 2.3 billion yuan, marking a year-on-year increase of 5.7%. Revenue from the app grew from 500 million yuan to 600 million yuan [1]. - The company achieved a net profit of 239 million yuan, a substantial improvement from a net loss of 96.5 million yuan in the same period last year. Gross profit increased by 14.5% to 840 million yuan, with the gross margin rising from 33.6% to 36.4% [1][2]. Product Development - Oriental Selection has expanded its self-operated product matrix, launching a total of 801 self-operated products, an increase of 201 compared to the previous year. The product categories now include high-value items such as seafood, personal care, and home cleaning products [2]. - Self-operated products accounted for over 50% of total GMV during the reporting period [2]. Cost Management - The company reduced its workforce by 360 employees, leading to a 34.9% decrease in total salary expenses. Administrative expenses also saw a significant reduction of 78.6%, dropping from 392 million yuan to 83.9 million yuan [2]. Membership and Growth Challenges - The total GMV for the reporting period was 4.1 billion yuan, with a year-on-year growth of 16.4% when excluding revenue from previous collaborations. However, this represents a decline compared to 4.8 billion yuan and 5.7 billion yuan in the same periods of the previous fiscal years [3]. - The number of paid members increased to 240,100, but the growth rate of new paid members has significantly declined [4]. Strategic Initiatives - The company is exploring new channels for member acquisition, particularly through partnerships with New Oriental, which could leverage its existing student base as a potential customer pool [5]. - Oriental Selection plans to open its first offline store in Beijing, aiming to provide a comprehensive shopping experience and meet community consumption needs [4][5]. Market Competition - The company is expanding its presence in the Douyin live-streaming space and plans to hire more hosts to enhance its team. However, it faces stiff competition in the offline retail market, particularly in areas where established players already operate [6].