Blue Whale News, August 24 (Reporter Lu Pengpeng) Yesterday evening, Oriental Selection released its results for the 2024 fiscal year (June 1, 2023 to May 31, 2024). In addition to the company's performance, the financial report also mentioned the fees allocated to Dong Yuhui. At present, the sky-high "breakup fee" promised by Yu Minhong to Dong Yuhui has been fully paid.
In fiscal year 2024, GMV reached 14.3 billion yuan.
Oriental Selection is still highly dependent on Douyin.
The financial report showed that the company’s total revenue was 7.072 billion yuan, a year-on-year increase of 56.8%; the company’s adjusted net profit from continuing operations and discontinued operations was 21.81 billion, a year-on-year increase of 100%, which was 1.089 billion yuan in the same period last year.
The revenue growth was mainly due to the good performance of self-operated products and live broadcast e-commerce business. The total revenue of this business reached 6.5 billion yuan, an increase of 68.1% compared with 3.9 billion yuan in fiscal year 2023. The growth in net profit was mainly due to the company's successful spin-off of the education business during the reporting period, which brought an after-tax profit of up to 1.3 billion yuan.
The financial report shows that Oriental Selection’s GMV in fiscal year 2024 reached 14.3 billion yuan, a year-on-year increase of 43%. Among them, GMVs from Douyin accounted for the majority of the total GMVs, and GMVs from applications accounted for 8.4% of the company's total GMVs.
During the reporting period, the total number of paid orders on Oriental Selection Douyin reached 181.1 million, a significant increase from the 136.3 million orders in fiscal year 2023. In addition, in terms of live broadcast channels, the GMV of the Douyin account of "Oriental Selection Self-operated Products" has exceeded 100 million yuan for several consecutive months.
In addition, in order to support the development of new business, Oriental Selection has improved its business team. As of May 31, 2024, the total number of self-operated products and live broadcast e-commerce teams of Oriental Selection reached 1,883 people, including 1,318 full-time people and 565 part-time people. people. The company's supply chain and product team has 830 people, including 565 full-time people and 265 part-time people.
Yu Minhong, chairman and CEO of Oriental Selection, said: "Oriental Selection's business has achieved rapid development in just two years, and has also encountered very big twists and challenges. I am very confident in the future development of Oriental Selection. We GMV and total revenue achieved strong growth at the end of fiscal year 2024, which proves the resilience of our business model and the potential of our self-operated products and live broadcast e-commerce business.” All 358 million yuan of "breakup fees" were paid into the account
It is worth noting that this financial report also mentioned the expenses allocated to Dong Yuhui.
’s financial report shows that after friendly discussions between the company and Dong Yuhui, Dong Yuhui resigned and did not work in the company. He also resigned as an employee and senior management member of Beijing New Oriental Xuncheng Network Technology Co., Ltd.
Company CEO Yu Minhong has obtained the approval of the board of directors and the remuneration committee to allocate the undistributed profits of Hefei Peer to Dong Yuhui to reward Dong Yuhui for his significant contribution to the success of Hefei Peer.
financial report data shows that the unaudited net profit of Hehui Peer is approximately RMB 141 million, of which approximately RMB 129 million can be distributed to Dong Yuhui. In accordance with applicable Chinese law, the difference of approximately RMB 12 million will be retained by the target company and Hui Peer.
On July 25 this year, Dong Yuhui, a well-known anchor of Oriental Selection, officially announced his resignation. Oriental Selection also announced that it would sell 100% equity of its subsidiary Hehui Peering to Dong Yuhui for a price of RMB 76.585 million.
’s company announcement at the time showed that in more than six months from its establishment on December 22, 2023 to June 30, 2024, the net profit of Hehui Peer was 141.414 million yuan.
Subsequently, Yu Minhong issued an article stating that the remaining 140 million yuan in net profit of Traveling with Hui was after allocating 50% to Dong Yuhui as agreed. The remaining 140 million yuan should have been the net profit of Oriental Selection. Oriental Selection’s net profit of 140 million yuan will also be awarded to Dong Yuhui.
Yu Minhong also said that he arranged the money for Dong Yuhui to buy the trip with Hui, and the company gave it to Dong Yuhui.
According to this calculation, the "breakup fee" paid by Yu Minhong for Dong Yuhui's solo career this time is as high as 358 million yuan. This fee includes the 141 million yuan already paid to Dong Yuhui's account, the 141 million yuan net profit and the 76.58 million yuan purchased with Hui. Yuan, excluding Dong Yuhui’s half-year salary.
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With the release of Oriental Selection’s financial report data, this also means that Dong Yuhui’s 358 million “breakup fee” has been fully paid. Blue Whale News, August 24 (Reporter Lu Pengpeng) Yesterday evening, Oriental Selection released its results for the 2024 fiscal year (June 1, 2023 to May 31, 2024). In addition to the company's performance, the financial report also mentioned the fees allocated to Dong Yuhui. At present, the sky-high "breakup fee" promised by Yu Minhong to Dong Yuhui has been fully paid. In fiscal year 2024, GMV reached 14.3 billion yuan. Oriental Selection is still highly dependent on Douyin. The financial report showed that the company’s total revenue was 7.072 billion yuan, a year-on-year increase of 56.8%; the company’s adjusted net profit from continuing operations and discontinued operations was 21.81 billion, a year-on-year increase of 100%, which was 1.089 billion yuan in the same period last year. The revenue growth was mainly due to the good performance of self-operated products and live broadcast e-commerce business. The total revenue of this business reached 6.5 billion yuan, an increase of 68.1% compared with 3.9 billion yuan in fiscal year 2023. The growth in net profit was mainly due to the company's successful spin-off of the education business during the reporting period, which brought an after-tax profit of up to 1.3 billion yuan. The financial report shows that Oriental Selection’s GMV in fiscal year 2024 reached 14.3 billion yuan, a year-on-year increase of 43%. Among them, GMVs from Douyin accounted for the majority of the total GMVs, and GMVs from applications accounted for 8.4% of the company's total GMVs. During the reporting period, the total number of paid orders on Oriental Selection Douyin reached 181.1 million, a significant increase from the 136.3 million orders in fiscal year 2023. In addition, in terms of live broadcast channels, the GMV of the Douyin account of "Oriental Selection Self-operated Products" has exceeded 100 million yuan for several consecutive months. In addition, in order to support the development of new business, Oriental Selection has improved its business team. As of May 31, 2024, the total number of self-operated products and live broadcast e-commerce teams of Oriental Selection reached 1,883 people, including 1,318 full-time people and 565 part-time people. people. The company's supply chain and product team has 830 people, including 565 full-time people and 265 part-time people. Yu Minhong, chairman and CEO of Oriental Selection, said: "Oriental Selection's business has achieved rapid development in just two years, and has also encountered very big twists and challenges. I am very confident in the future development of Oriental Selection. We GMV and total revenue achieved strong growth at the end of fiscal year 2024, which proves the resilience of our business model and the potential of our self-operated products and live broadcast e-commerce business.” All 358 million yuan of "breakup fees" were paid into the account It is worth noting that this financial report also mentioned the expenses allocated to Dong Yuhui. ’s financial report shows that after friendly discussions between the company and Dong Yuhui, Dong Yuhui resigned and did not work in the company. He also resigned as an employee and senior management member of Beijing New Oriental Xuncheng Network Technology Co., Ltd. Company CEO Yu Minhong has obtained the approval of the board of directors and the remuneration committee to allocate the undistributed profits of Hefei Peer to Dong Yuhui to reward Dong Yuhui for his significant contribution to the success of Hefei Peer. financial report data shows that the unaudited net profit of Hehui Peer is approximately RMB 141 million, of which approximately RMB 129 million can be distributed to Dong Yuhui. In accordance with applicable Chinese law, the difference of approximately RMB 12 million will be retained by the target company and Hui Peer. On July 25 this year, Dong Yuhui, a well-known anchor of Oriental Selection, officially announced his resignation. Oriental Selection also announced that it would sell 100% equity of its subsidiary Hehui Peering to Dong Yuhui for a price of RMB 76.585 million. ’s company announcement at the time showed that in more than six months from its establishment on December 22, 2023 to June 30, 2024, the net profit of Hehui Peer was 141.414 million yuan. Subsequently, Yu Minhong issued an article stating that the remaining 140 million yuan in net profit of Traveling with Hui was after allocating 50% to Dong Yuhui as agreed. The remaining 140 million yuan should have been the net profit of Oriental Selection. Oriental Selection’s net profit of 140 million yuan will also be awarded to Dong Yuhui. Yu Minhong also said that he arranged the money for Dong Yuhui to buy the trip with Hui, and the company gave it to Dong Yuhui. According to this calculation, the "breakup fee" paid by Yu Minhong for Dong Yuhui's solo career this time is as high as 358 million yuan. This fee includes the 141 million yuan already paid to Dong Yuhui's account, the 141 million yuan net profit and the 76.58 million yuan purchased with Hui. Yuan, excluding Dong Yuhui’s half-year salary. Blue Whale News Chart With the release of Oriental Selection’s financial report data, this also means that Dong Yuhui’s 358 million “breakup fee” has been fully paid.
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