Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [7]. Core Insights - The company reported a total revenue of 2.187 billion RMB for FY25H1, a year-on-year decrease of 21.79%, and a net profit attributable to shareholders of -0.097 billion RMB, down from 0.249 billion RMB in the same period last year. Excluding the financial impact of the sale of "Yuhui Tongxing," the net profit from continuing operations was 0.033 billion RMB [1]. - The company's net revenue from continuing operations (self-operated products and live e-commerce) for FY25H1 was 2.2 billion RMB, a decrease of 9.3% year-on-year, with a GMV of 4.8 billion RMB, down 16.2% year-on-year [2]. - The company has launched 600 SKUs of self-operated products in FY25H1, expanding its product line beyond fresh food and snacks to include health products, pet food, and new-style clothing, with self-operated products accounting for approximately 37% of total GMV [4]. Summary by Sections Financial Performance - FY25H1 total revenue was 2.187 billion RMB, a decrease of 21.79% year-on-year; net profit attributable to shareholders was -0.097 billion RMB, compared to 0.249 billion RMB in the previous year [1]. - The net revenue from continuing operations was 2.2 billion RMB, down 9.3% year-on-year, with a GMV of 4.8 billion RMB, a decline of 16.2% [2]. Product Strategy - The company has developed 600 SKUs of self-operated products, expanding its offerings significantly [4]. - Self-operated products accounted for about 37% of total GMV in FY25H1 [4]. Marketing and Brand Development - The company is implementing a multi-platform strategy to enhance brand awareness, with significant contributions from Douyin and other platforms [2]. - The average contribution per user is steadily increasing, indicating high user loyalty and engagement [3]. Organizational Development - The company has built a comprehensive organizational structure to support rapid business growth, with a total of 1,733 employees in the self-operated products and live e-commerce team [5]. Future Outlook - The company plans to focus on product quality and explore new live streaming formats to tap into untapped markets, particularly in essential household goods [6][11].
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