东方甄选披露董宇辉“分手费”终结版

Core Viewpoint - The article discusses the financial performance of Dongfang Zhenxuan (1797.HK) for the fiscal year 2025, highlighting significant declines in revenue and GMV, alongside a shift towards self-operated products as a growth strategy [3][4]. Financial Performance Summary - For the fiscal year 2025, Dongfang Zhenxuan reported a net revenue of 4.4 billion RMB, a decrease of 32.7% compared to 6.5 billion RMB in the previous fiscal year [3]. - The company's GMV fell by 39.2% from 14.3 billion RMB in fiscal year 2024 to 8.7 billion RMB in fiscal year 2025 [4]. - The net profit turned positive at 0.062 billion RMB, recovering from a loss in the first half of the fiscal year, but down from a net profit of 2.491 billion RMB in fiscal year 2024 [3][4]. Cost and Margin Analysis - Total revenue costs decreased by 38.2% to 3 billion RMB, driven by lower inventory and logistics costs due to reduced GMV [4]. - Gross profit declined from 1.7 billion RMB to 1.4 billion RMB, with the gross margin improving from 25.9% to 32% due to healthy operations in self-operated products and live e-commerce [4][5]. Strategic Developments - The company emphasized the importance of self-operated products, increasing the number from 488 in fiscal year 2024 to 732 in fiscal year 2025, which is seen as a key growth driver [5]. - A new cold chain warehouse, "Dongfang Zhenxuan Central China No. 1 Warehouse," has been launched to enhance the delivery service system [5]. - Dongfang Zhenxuan has entered into a framework agreement with New Oriental, its controlling shareholder, to sell self-branded products, with historical transaction amounts increasing from 0.15 billion RMB to a projected 1 billion RMB by fiscal year 2026 [5].