Financial Performance - In the fiscal year 2025, the company reported a revenue of 4.392 billion yuan, down 32.7% from 6.5 billion yuan in the same period last year [1] - The net profit for the fiscal year was 6.2 million yuan, while the net profit from continuing operations, excluding the impact of asset sales, 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 [1] Sales Channels - The total paid GMV from all sales channels, including Douyin, Taobao, and the company's own app, decreased from 14.3 billion yuan to 8.7 billion yuan [1] - The proportion of GMV from the company's app increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [1] - The number of paid members grew to 264,300, up from 198,600 in the same period last year [1] Product Performance - Self-operated products accounted for approximately 43.8% of total GMV in fiscal year 2025 [2] - The company has launched a total of 732 self-operated products, up from 488 in fiscal year 2024, expanding its product range beyond fresh food and snacks to include health supplements, pet food, and clothing [2] - Self-operated products have become the main growth driver for the company [2]