Investment Rating - The investment rating for the company has been downgraded to Neutral [5] Core Views - The departure of key hosts is expected to lead to a significant decline in GMV, with a projected drop of 54.6% year-on-year to 6.94 billion RMB for the fiscal year 2025 [4] - Despite the decline in GMV, the revenue drop is expected to be controlled due to the increasing proportion of self-operated product sales, with a forecasted revenue of 5.56 billion RMB, a decrease of 19.2% year-on-year [4] - The adjustment in product mix is anticipated to compress gross margins, leading to a projected net profit of 129 million RMB, down 62.9% year-on-year [4][5] Financial Data and Profit Forecast - For FY2025, the company is expected to generate revenue of 5.56 billion RMB, down from the previous estimate of 7.38 billion RMB, reflecting a decrease of 24.6% [8] - The gross profit is projected to be 1.48 billion RMB, a decline of 40% year-on-year, with a gross margin of 26.6%, down 9.4 percentage points [4][8] - The net profit forecast for FY2025 is 129 million RMB, a significant drop from the previous estimate of 487 million RMB, indicating a decrease of 73.5% [8] Key Performance Indicators - The company’s revenue for FY2024 is projected at 6.88 billion RMB, with a year-on-year growth rate of 52.5% [6] - The adjusted net profit for FY2025 is expected to be 282 million RMB, reflecting a decrease of 71.9% compared to previous estimates [8] - The net profit margin is projected to decline to 5.1% for FY2025, down from 12.4% [8][13]
东方甄选：人事调整暂告段落，电商业务重新出发