Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's performance, leading to a substantial decline in revenue and profit for the 2025 fiscal year [2][5][10]. Financial Performance - For the 2025 fiscal year, Dongfang Zhenxuan's revenue from continuing operations was 4.4 billion yuan, and GMV was 8.7 billion yuan, representing year-on-year declines of 32.7% and 39%, respectively [2][5]. - The net profit for the continuing operations was 6.2 million yuan, a staggering drop of 97.5% year-on-year [6][8]. - The number of employees decreased by approximately 25%, with a reduction of 482 employees compared to the previous year [8]. Market Position and Competition - Dongfang Zhenxuan's main account has frequently fallen out of the top ten in the Douyin sales rankings, with the lowest ranking being 22nd in October of the previous year [3][11]. - In contrast, the account "With Hui" has consistently maintained a top-three position, remaining at the top since November of the previous year [3][11]. Challenges in Transformation - Dongfang Zhenxuan's transition to an "online Sam's Club" model faces multiple challenges, including supply chain management, channel dependency, and slowing membership growth [3][19]. - The GMV from the company's own app accounted for 15.7% of total GMV, with revenue from the app increasing from 900 million yuan to 1.1 billion yuan [19][20]. Membership Growth - The growth of paid membership has slowed, with only 65,700 new members added in the 2025 fiscal year, compared to 74,800 in the second half of the 2024 fiscal year [20][21]. - The total number of paid members reached 264,300 by the end of the 2025 fiscal year, indicating a deceleration in membership growth [20]. Impact of Key Personnel Changes - The departure of key figures, including Dong Yuhui, has led to a decline in user engagement and brand loyalty, as evidenced by a drop in followers for Dongfang Zhenxuan's main account [10][12]. - The company has acknowledged management issues and is working on restructuring to stabilize its operations [5][14].
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