8月22日，东方甄选披露了和董宇辉"分手"后的最新业绩。 截至5月31日，东方甄选2025财年实现总营收43.92亿元，同比下滑32.7%；持续经营业务（即自营产品及直播电商业务）净溢利从2025财年上半年的亏损转 正，实现净溢利620万元，而2024财年则为净溢利2.49亿元。 俞敏洪坦言："大家如果身处在我这个位置，就能明白我身处多少暴风骤雨之中，今天这个来之不易的局面，希望能够特别珍惜。" 东方甄选披露董宇辉"分手费"终结版 董宇辉的出走在业务层面也产生了影响。财报显示，该财年，东方甄选GMV由上个财年的143亿元同比降低39.2%至87亿元。GMV降低带动自营产品存货成 本与物流成本降低，使该财年总营收成本同比减少38.2%至30亿元，同时毛利也从17亿元同比减少17%至14亿元。得益于自营产品与直播电商业务健康开 展，毛利率由25.9%提升至32%。 值得注意的是，此前支付给董宇辉的1.4亿元体现在本财年财报行政开支部分。财报显示，东方甄选2025财年持续经营业务的行政开支由2024财年的3.956亿 元增加22.5%至4.848亿元，主要由于公司在2024年7月25日分派与辉同行所有剩余未分派溢利 ...

Core Insights - Oriental Selection (1797.HK) reported a significant decline in net revenue and gross merchandise volume (GMV) for the fiscal year 2025, reflecting challenges faced during its business transformation [1][2] Financial Performance - The net revenue from continuing operations decreased by 32.7% year-on-year to 4.4 billion RMB, down from 6.5 billion RMB [1] - The net profit turned positive at 0.062 billion RMB, compared to a loss in the first half of the fiscal year, but down from 2.491 billion RMB in the previous fiscal year [1] - Adjusted net profit, excluding one-time expenses and profits from the sale of a subsidiary, increased by 30% year-on-year to 1.354 billion RMB [1] - GMV fell by 39.2% year-on-year to 8.7 billion RMB, down from 14.3 billion RMB [1] - Total revenue cost decreased by 38.2% year-on-year to 3 billion RMB, while gross profit decreased by 17% to 1.4 billion RMB [1] - Gross margin improved from 25.9% to 32% due to healthy development in self-operated products and live e-commerce [1] Administrative Expenses - Administrative expenses for continuing operations increased by 22.5% year-on-year to 484.8 million RMB, primarily due to the distribution of remaining profits from a subsidiary [2] - The payment of 140 million RMB to former CEO Dong Yuhui was included in the administrative expenses for the fiscal year [2] Business Strategy and Developments - The company emphasized the importance of self-operated products as a long-term strategy, with the number of self-operated products increasing from 488 to 732 [2] - A new cold chain warehouse, "Oriental Selection Central China No. 1 Warehouse," has been put into operation to enhance the delivery service system [2] - The company announced a framework agreement with New Oriental to sell its own brand products, with historical transaction amounts set for the fiscal years 2023 to 2025 [3] - The maximum transaction amount for the fiscal year 2026 is set at 100 million RMB, with internal controls established to ensure compliance [3]

2025.08.22 由于报告期间内出售与辉同行，若剔除与辉同行所产生的一次性开支及溢利，经调整净溢利由1.042亿 元同比增加30%至1.354亿元。 董宇辉的出走在业务层面也产生了影响。财报显示，该财年，东方甄选GMV由上个财年的143亿元同比 降低39.2%至87亿元。GMV降低带动自营产品存货成本与物流成本降低，使该财年总营收成本同比减少 38.2%至30亿元，同时毛利也从17亿元同比减少17%至14亿元。得益于自营产品与直播电商业务健康开 展，毛利率由25.9%提升至32%。 值得注意的是，此前支付给董宇辉的1.4亿元体现在本财年财报行政开支部分。财报显示，东方甄选 2025财年持续经营业务的行政开支由2024财年的3.956亿元增加22.5%至4.848亿元，主要由于公司在 2024年7月25日分派与辉同行所有剩余未分派溢利所致。 此前在东方甄选股东沟通会上，东方甄选行政总裁俞敏洪表示，董宇辉离职可以得到与辉同行净利润的 50%。分配后，与辉同行账面仍剩1.41亿元。彼时俞敏洪表示，剩下的1.41亿元也将分配给董宇辉，并 将在财年报告中体现出来。 本文字数：1303，阅读时长大约2分钟 作者 |第 ...

2025.08. 22 本文字数：1303，阅读时长大约2分钟 作者 | 第一财经 吕倩 | | 2025財年 | 2024財年 | | --- | --- | --- | | 主要經營數據 | | | | GMV(人民幣10億元)(1) | 8.7 | 14.3 | | 抖音上已付訂單數量(百萬) | 91.6 | 181.1 | | 東方甄選應用程序上已付費會員訂閱數量(千人) | 264.3 | 198.6 | 8月22日晚间，再陷舆论漩涡的东方甄选（1797.HK）发布2025财年年度业绩公告。 东方甄选方面表示，公司业务转型三年来，遭遇了无数始料未及的困难，对公司意义重大的2025财 年，持续经营业务（即自营产品及直播电商业务）净营收由65亿元人民币同比减少32.7%至44亿 元；净溢利由2025财年上半年的亏损转正，实现净溢利0.062亿元，但2024财年净溢利2.491亿元。 由于报告期间内出售与辉同行，若剔除与辉同行所产生的一次性开支及溢利，经调整净溢利由1.042 亿元同比增加30%至1.354亿元。 董宇辉的出走在业务层面也产生了影响。财报显示，该财年，东方甄选GMV由上个财年的143亿元 ...

Core Insights - Oriental Selection reported a significant decline in net revenue for the fiscal year 2025, with a 32.7% decrease from 6.5 billion RMB to 4.4 billion RMB, while net profit turned positive at 0.062 billion RMB compared to a loss in the first half of the fiscal year 2025 [2][3] Group 1: Financial Performance - The adjusted net profit, excluding one-time expenses and profits from the sale of a subsidiary, increased by 30% year-on-year to 0.1354 billion RMB [3] - The Gross Merchandise Volume (GMV) dropped by 39.2% from 14.3 billion RMB to 8.7 billion RMB, leading to a reduction in total revenue costs by 38.2% to 3 billion RMB [3] - The gross profit decreased by 17% from 1.7 billion RMB to 1.4 billion RMB, but the gross margin improved from 25.9% to 32% due to healthy development in self-operated products and live e-commerce [3] Group 2: Operational Changes - The company emphasized the importance of self-operated products, which increased from 488 to 732 SKUs, becoming a key growth driver [4] - The administrative expenses for the ongoing business rose by 22.5% to 0.4848 billion RMB, primarily due to the distribution of remaining profits from a subsidiary [3][4] - The company announced a framework agreement with New Oriental to sell its own brand products, with historical transaction amounts increasing from 0.15 billion RMB in fiscal year 2023 to a projected 1 billion RMB in fiscal year 2026 [4]