董宇辉离开一年后，东方甄选实现扭亏为盈

Core Viewpoint - Oriental Selection's financial performance for the fiscal year 2025 shows a significant decline in total revenue and GMV, but a positive shift in net profit for its continuing operations, indicating a mixed outlook for the company moving forward [1][2]. Financial Performance - For the fiscal year 2025, Oriental Selection's total revenue from continuing operations (self-operated products and live e-commerce) was 4.4 billion yuan, a decrease of 32.7% from 6.5 billion yuan in fiscal year 2024 [1]. - The net profit for continuing operations turned from a loss of 96.5 million yuan in the first half of fiscal year 2025 to a profit of 6.2 million yuan for the entire year [1]. - Excluding the financial impact of the sale of Huixing, the net profit for continuing operations was 135.4 million yuan, an increase of 30% year-on-year [1]. - The gross margin for continuing operations improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, attributed to the healthy development of self-operated products and live e-commerce [1]. Business Segments - The total GMV for self-operated products and live e-commerce in fiscal year 2025 was 8.7 billion yuan, a significant drop from 14.3 billion yuan in fiscal year 2024 [1]. - The total cost of revenue for continuing operations decreased from 4.8 billion yuan in fiscal year 2024 to 3 billion yuan in fiscal year 2025, a decline of 38.2%, primarily due to the decrease in GMV leading to lower inventory and logistics costs [1]. Product Development and Market Position - The GMV from Douyin still accounted for a large portion of total sales, while the GMV from the Oriental Selection App increased its share from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [2]. - The number of paid subscribers for the Oriental Selection App reached 264,300 in fiscal year 2025 [2]. - Self-operated products accounted for approximately 43.8% of total GMV in fiscal year 2025, up from 40% in fiscal year 2024 [2]. - The company has launched a total of 732 self-operated products, an increase from 488 in fiscal year 2024, indicating a focus on expanding its product offerings [2]. Stock Performance and Market Sentiment - Since July, Oriental Selection's stock price has increased by over 200% [2]. - The company faced recent controversies and rumors regarding its CEO, which have led to stock price fluctuations [4].