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。 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。 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 ...

本报（chinatimes.net.cn）记者于玉金 北京报道 最近频频处于舆论风波中的东方甄选交出了新一年财报。虽然2025财年，其收入与净利润下滑，但是头 部主播出走对业绩的负面影响逐渐消退：当期它的持续经营业务净溢利相较上半财年扭亏。今年6月另 一名人气主播顿顿离职时，也未再引发轩然大波。 东方甄选发展模式已不再单纯依赖网红效应。事实上，东方甄选在2025年年初公布的"聚焦家庭需求， 打造基于用户信任的在线超市"发展思路正在落地。在外界看来，东方甄选将要讲述的是供应链提升 和"线上山姆"的故事。 东方甄选行政总裁俞敏洪在财报中表示："2025财年我们所经历的挑战，进一步巩固和强化了东方甄选 的核心商业模式。我们以挑选优质产品的直播平台为中心，并以自营产品作为长期定位，进行了全面的 布局。" "去董化"阴影渐消 8月22日晚间，东方甄选公布了2025财年业绩，其持续经营业务（自营产品及直播电商业务）营收由 2024财年的65亿元减少32.7%至2025财年的44亿元；持续经营业务实现净溢利从2024财年的2.49亿元下 滑至620万元。若剔除出售与辉同行的财务影响（即出售与辉同行所产生的一次性开支及溢利） ...

在与辉同行分拆后的首个业绩会上，俞敏洪曾坦言，"经历了巨大不确定性后，东方甄选需要有一个恢 复期。近半年以来，我个人也投入了大量的精力和时间，重新定位和推动东方甄选的稳步发展。" 而从营收和GMV角度看，东方甄选仍未完全走出董宇辉离职后的阴霾。2025财年全年，东方甄选持续 经营业务收入44亿元，同比下滑32.7%，GMV为87亿元，同比下滑39%，两项指标跌幅均分别较2025财 年中期的跌幅进一步扩大。 8月22日晚间，东方甄选发布2025财年年报（2024年6月—2025年5月），这也是董宇辉"单飞"后东方甄 选的首份年报。从业绩数据可以看到，董宇辉的离开对东方甄选的影响仍在持续。 2025财年全年，东方甄选持续经营业务收入44亿元，GMV为87亿元，同比分别下滑32.7%和39%，跌幅 均较2025财年中期进一步扩大。其持续经营业务净利润为620万元，同比暴跌97.5%。值得注意的是， 2025财年，东方甄选员工数量较上年同期减少了1/4。 《BUG》栏目统计发现，自去年8月至今年7月，东方甄选主账号多次跌出带货月榜前十，最低排名为 去年10月的第22位。相比之下，与辉同行却一直保持前三位置，且从去年1 ...

Core Insights - In the fiscal year 2025, Oriental Selection reported total revenue of 4.4 billion yuan from its ongoing business, which includes self-operated products and live e-commerce [1] - The net profit for the ongoing business was 6.2 million yuan, but adjusted for the sale of "With Glory," the net profit increased to 13.5 million yuan, representing a 30% year-on-year growth [1] - The gross margin for ongoing business improved from 25.9% in fiscal year 2024 to 32% in fiscal year 2025, primarily due to the growth in self-operated products and live e-commerce [1] Revenue Breakdown - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce in fiscal year 2025 reached 8.7 billion yuan [1] - A significant portion of the GMV came from Douyin, while the contribution from the Oriental Selection App increased from 8.4% in fiscal year 2024 to 15.7% in fiscal year 2025 [1] - Self-operated products accounted for approximately 43.8% of the total GMV in fiscal year 2025 [1] Product Development - The company launched a total of 732 self-operated products in fiscal year 2025, up from 488 in fiscal year 2024 [1] - The product categories have diversified beyond fresh food and snacks to include nutritional and health products, pet food, and clothing [1] - Self-operated products have become the main growth driver for Oriental Selection [1] Customer Engagement - The number of paid subscribers for the Oriental Selection App reached 264,300 in fiscal year 2025 [1] - User satisfaction for the Oriental Selection App achieved a historical high of 98.7% [1] Strategic Positioning - The CEO of Oriental Selection, Yu Minhong, stated that the challenges faced in fiscal year 2025 further solidified and strengthened the company's core business model [2] - The company focuses on a live platform centered around selecting quality products, with self-operated products as a long-term positioning strategy [2]

Core Insights - Shanghai's live streaming economy is leading the nation with a projected retail sales of approximately 493.7 billion yuan in 2024, reflecting a year-on-year growth of 12.9% [1] - The city's unique "quality" and "brand" advantages are key factors in its top ranking among Chinese cities in live streaming retail [1] Group 1: Industry Development - The "容么么直播中心" in Changning District features 150 professional live streaming rooms, emphasizing a commitment to high-quality content creation [4] - The center operates with a large team of 20 to 40 people supporting each live stream, focusing on empowering brand growth rather than individual influencer branding [4] Group 2: Technological Innovation - The "容么么数智化直播管理平台" monitors live streams in real-time, ensuring compliance and quality through AI technology [6] - The "天权" monitoring system collaborates with local regulatory bodies to enhance non-intrusive oversight of live streaming activities [6] - A comprehensive digital management system, including "魁星系统," "瑶光系统," and "天枢系统," optimizes the training and management of live streamers [6] Group 3: Government and Enterprise Collaboration - Shanghai has established itself as a pioneer in promoting high-quality live streaming through dedicated action plans and regulatory frameworks [8] - The city has created 20 unique live streaming e-commerce bases, with "容么么" being a prominent example of successful industry growth [8] - Changning District's action plan focuses on integrating live streaming with various sectors, while also supporting industry standards and talent development [10]

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's financial performance, leading to a notable decline in revenue and profit, but the company is making adjustments to its business model and focusing on self-operated products and live-streaming e-commerce for long-term growth [2][3][4]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, a decrease of 32.7% from 6.5 billion yuan in fiscal year 2024 [2][4]. - The net profit for fiscal year 2025 was 6.2 million yuan, a significant drop from 250 million yuan in the previous year [2][4]. - In the first half of fiscal year 2025, the company experienced a net loss of 96.5 million yuan, but by the end of the fiscal year, it turned a profit of 6.2 million yuan [3][4]. Business Strategy - Dongfang Zhenxuan is shifting its focus from reliance on individual influencers to building supply chain capabilities, which is seen as essential for long-term development [3][4][7]. - The company aims to enhance its self-operated product offerings, with a total GMV of 8.7 billion yuan for fiscal year 2025, where self-operated products accounted for approximately 43.8% of total GMV [3][5]. Product Development - The company has launched 732 self-operated products in fiscal year 2025, up from 488 in the previous year, indicating a strong commitment to product development [5][6]. - Notable product successes include a cotton sanitary napkin that sold 180,000 units in two days and a frozen shrimp product that generated over 21 million yuan in sales [6]. Market Challenges - Despite progress in self-operated products, Dongfang Zhenxuan faces challenges in replicating the success of past star influencers, as the current mid-tier influencers lack the same level of audience engagement [7][8]. - The company is also working to develop its app and increase user engagement, with app-generated GMV at 1.37 billion yuan, accounting for 15.7% of total GMV [8][9]. Future Outlook - The company plans to enhance its marketing efforts, particularly offline, to increase brand awareness and customer acquisition, as many potential customers are still unaware of its product offerings [9]. - Dongfang Zhenxuan's transition to a model akin to "online Sam's Club" is still in development, and its success will depend on building a strong product and brand foundation [8][9].

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's financial performance, leading to a notable decline in revenue and profit, but the company is making adjustments to its business model and focusing on self-operated products and live-streaming e-commerce as a long-term strategy [1][3][9]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, a decrease of 32.7% from 6.5 billion yuan in fiscal year 2024 [1][3]. - The net profit for fiscal year 2025 was 6.2 million yuan, a significant drop from 250 million yuan in the previous year [1][3]. - In the first half of fiscal year 2025, the company experienced a net loss of 96.5 million yuan, but by the end of the fiscal year, it achieved profitability [1][3]. Business Strategy - Dongfang Zhenxuan is shifting from reliance on individual influencers to building supply chain capabilities, which is seen as essential for long-term growth [2][9]. - The company has focused on self-operated products, achieving a GMV of 3.81 billion yuan for self-operated products in fiscal year 2025, accounting for approximately 43.8% of total GMV [5][6]. - The number of self-operated products launched increased to 732 in fiscal year 2025, up from 488 in the previous year [5][6]. Market Challenges - The company faces challenges in replicating the success of past star influencers, as the current mid-tier influencers do not have the same level of audience engagement [7][9]. - Dongfang Zhenxuan's membership revenue is still low compared to competitors like Sam's Club, which relies heavily on membership fees for profitability [7][9]. - The company continues to depend on public traffic from platforms like Douyin, with only 1.37 billion yuan in GMV generated from its app, representing 15.7% of total GMV [8]. Future Outlook - The company plans to enhance its app's user engagement and membership numbers, recognizing the importance of building a loyal customer base [8]. - Dongfang Zhenxuan aims to strengthen its brand and product offerings to create a sustainable competitive advantage in the evolving live-streaming e-commerce landscape [9][10].

文 丨《 BUG 》栏目 徐苑蕾 8 月 22 日晚间，东方甄选发布 2025 财年年报（ 2024 年 6 月— 2025 年 5 月），这也 是董 宇辉"单飞"后东方甄选的首份年报。从业绩数据可以看到，董宇辉的离开对东方甄选 的影响仍在持续。 2025 财年全年 ，东方甄选持续经营业务收入 44 亿元， GMV 为 87 亿元，同比分别下滑 32.7% 和 39% ，跌幅均较 2025 财年中期进一步扩大。其持续经营业务净利润为 620 万 元，同比暴跌 97.5% 。值得注意的是， 2025 财年，东方甄选员工数 量较上年同期减 少了 1/4 。 《 BUG 》栏目统计发现，自去年 8 月至今年 7 月，东方甄选主账号多次跌出带货月榜前 十，最低排名为去年 10 月的第 22 位。相比之下，与辉同行却一直保持前三位置，且从去 年 11 月起持续稳居榜首。 在与辉同行分拆后的首个业绩会上，俞敏洪曾坦言，"经历了巨大不确定性后，东方甄选需 要有一个恢复期。近半年以来，我个人也投入了大量的精力和时间，重新定位和推动东方甄 选的稳步发展。" 而从营收和 GMV 角度看，东方甄选仍未完全走出董宇辉离职后的阴霾。 ...

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。 拉动该财年公司毛利率提升的自营品建设被东方甄选高层多次强调。俞敏洪表示，东方甄选以自营产品 作为长期定位。东方甄选首席财务官尹强披露，自营产品已从2024财年的488款增至732款，成为公司主 要增长动力。为强化配送服务体系，首个自营产品冷链仓"东方甄选华中一号仓"已投入运行。 董宇辉出走在财务层面的影响披露至本财年已至终结，但组织架构层面的影响仍在持续。夜间发布公告 后，东方甄选回应前任CEO孙东旭离职传闻称：孙东旭在休假中，并没有离职。2023年12月16日，东方 甄选发布通知称，董事长俞敏洪兼任东方甄选CEO，免去孙东旭东方甄选执行董事、CEO职务。 另在今日，东方甄选公告称，公司与新东方订立新东方框架协议，公司将向新东方集团销售自有品牌产 品等货品，包括农产品、食品及饮料等。2023财年至2025财年历史交易金额分别为0.15亿元、0.37亿元 和0.62亿元，2026财年年度上限设定 ...

Core Viewpoint - The departure of Dong Yuhui has significantly impacted Dongfang Zhenxuan's performance, leading to substantial declines in revenue, GMV, and net profit in the 2025 fiscal year [3][5][15] Financial Performance - In the 2025 fiscal year, Dongfang Zhenxuan's revenue from continuing operations was 4.4 billion yuan, a year-on-year decline of 32.7% [3][5] - The GMV for the same period was 8.7 billion yuan, down 39% year-on-year, with both metrics showing a further decline compared to the mid-year results [3][5] - The net profit from continuing operations was 6.2 million yuan, a staggering drop of 97.5% year-on-year [3][5] - Employee count decreased by approximately 25%, with 482 fewer employees compared to the previous year [7][15] Market Position and Competition - Dongfang Zhenxuan's main account has fallen out of the top ten in sales rankings multiple times, with a lowest ranking of 22nd in October last year [3][8] - In contrast, the independent account "Yuhui Tongxing" has consistently maintained a top-three position, achieving the number one spot since November last year [3][8] Strategic Challenges - The company is facing challenges in its transformation to an "online Sam's Club," struggling with supply chain management, channel dependency, and slow membership growth [3][10][11] - The GMV from the company's own app accounted for 15.7% of total GMV, up from 8.4% the previous year, indicating a shift towards self-operated channels [13][14] - Membership growth has slowed, with only 65,700 new paid members added in the 2025 fiscal year, compared to 74,800 in the second half of the previous fiscal year [14][15] Operational Adjustments - The company has implemented cost-cutting measures, reducing total salary expenses by 17.6% to 1.2 billion yuan [7][15] - The gross margin for continuing operations improved from 25.9% to 32% due to increased self-operated product sales, which now account for 43.8% of total GMV [7][15] Brand and Management Issues - The departure of key influencers has led to a decline in user engagement, with the main account losing approximately 186,200 followers [8][9] - Management has acknowledged existing issues, with CEO Yu Minhong admitting to management vulnerabilities following public controversies [4][10]