MOGU Inc. (MOGU): Business Model Canvas

In der dynamischen Welt des sozialen E-Commerce entwickelt sich MOGU Inc. zu einer revolutionären Plattform, die die Art und Weise verändert, wie junge chinesische Verbraucher Mode- und Lifestyle-Produkte entdecken, mit ihnen interagieren und kaufen. Durch die geschickte Kombination von Social Media, Content-Erstellung und der Dynamik digitaler Märkte hat MOGU ein einzigartiges Geschäftsmodell geschaffen, das über traditionelle Online-Einkaufserlebnisse hinausgeht. Dieser innovative Ansatz nutzt modernste Empfehlungsalgorithmen, benutzergenerierte Inhalte und ein von der Community betriebenes Ökosystem, um ein umfassendes, personalisiertes Einkaufserlebnis zu schaffen, das bei digital-nativen Millennials und Verbrauchern der Generation Z Anklang findet, die mehr als nur transaktionale Interaktionen suchen.

MOGU Inc. (MOGU) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit chinesischen E-Commerce-Plattformen

MOGU hat strategische Partnerschaften mit großen chinesischen E-Commerce-Plattformen geschlossen, um seine Marktreichweite zu erweitern. Zu den wichtigsten Details der Zusammenarbeit gehören:

Plattform	Umfang der Partnerschaft	Gründungsjahr
Alibaba Tmall	Plattformübergreifende Content- und Vertriebsintegration	2018
JD.com	Produktvertriebs- und Empfehlungskanäle	2019
Pinduoduo	Teilen von Social-Commerce-Inhalten	2020

Partnerschaften mit Modemarken und Content-Erstellern

MOGU arbeitet mit verschiedenen Modemarken und Influencern zusammen:

• Über 500 Modemarkenpartnerschaften
• Ungefähr 10.000 aktive Content-Ersteller
• Durchschnittliche Engagement-Rate: 4,7 %

Technologie-Infrastruktur-Partnerschaften

Zu den Cloud-Service- und Technologiepartnerschaften von MOGU gehören:

Anbieter	Servicetyp	Jährliche Investition
Alibaba Cloud	Cloud-Computing-Infrastruktur	3,2 Millionen US-Dollar
Tencent Cloud	KI- und maschinelle Lerndienste	2,7 Millionen US-Dollar

Netzwerke von Werbe- und Marketingallianzen

Kennzahlen für Marketingpartnerschaften:

• Gesamtzahl der Marketingallianzpartner: 120
• Digitale Werbereichweite: 72 Millionen monatliche Nutzer
• Conversion-Rate durch Allianzen: 3,5 %

Partnerschaften für mobiles Bezahlen und digitale Ökosysteme

Kooperationen im digitalen Zahlungsökosystem:

Partner	Integrationstyp	Transaktionsvolumen
Alipay	Direktzahlungsintegration	450 Millionen US-Dollar jährlich
WeChat-Bezahlung	Social-Commerce-Zahlung	380 Millionen US-Dollar jährlich

MOGU Inc. (MOGU) – Geschäftsmodell: Hauptaktivitäten

Erstellung und Verbreitung von Social-Media-Inhalten

MOGU erzielte im dritten Quartal 2023 einen Content-Marketing-Umsatz von 40,7 Millionen RMB. Die Plattform beherbergte im Dezember 2023 über 10 Millionen Content-Ersteller.

Inhaltsmetrik	Daten für 2023
Gesamtzahl der Content-Ersteller	10,000,000+
Vierteljährlicher Content-Marketing-Umsatz	40,7 Millionen RMB

E-Commerce-Marktplatzmanagement

Die E-Commerce-Plattform von MOGU verarbeitete im dritten Quartal 2023 einen Gesamtwarenwert von 1,6 Milliarden RMB.

E-Commerce-Leistung	Kennzahlen für 2023
Gesamtwarenwert (Q3)	1,6 Milliarden RMB
Aktive Händler	500,000+

Benutzereinbindung und Community-Aufbau

MOGU meldete im dritten Quartal 2023 31,4 Millionen monatlich aktive Nutzer.

• Monatlich aktive Benutzer: 31,4 Millionen
• Durchschnittliche Benutzersitzungsdauer: 12,5 Minuten
• Benutzerbindungsrate: 62 %

Digitale Werbe- und Marketingdienstleistungen

Die Einnahmen aus digitaler Werbung erreichten im dritten Quartal 2023 22,3 Millionen RMB.

Werbekennzahlen	Daten für 2023
Vierteljährliche Werbeeinnahmen	22,3 Millionen RMB
Werbekunden	15,000+

Entwicklung und Wartung der Plattformtechnologie

MOGU investierte im dritten Quartal 2023 35,6 Millionen RMB in Forschung und Entwicklung.

• F&E-Investitionen (Q3 2023): 35,6 Millionen RMB
• Größe des Technologieteams: 450+ Ingenieure
• Jährliche Technologiepatentanmeldungen: 87

MOGU Inc. (MOGU) – Geschäftsmodell: Schlüsselressourcen

Erweiterte Empfehlungsalgorithmen

Ab dem vierten Quartal 2023 verarbeiten die Empfehlungsalgorithmen von MOGU monatlich etwa 3,2 Petabyte an Benutzerinteraktionsdaten. Die Infrastruktur für maschinelles Lernen unterstützt die Personalisierung von Inhalten in Echtzeit für 46,7 Millionen aktive Benutzer.

Algorithmusmetrik	Quantitativer Wert
Tägliche Empfehlungsberechnungen	1,8 Milliarden
Genauigkeit des maschinellen Lernmodells	87.3%
Verbesserung der Benutzereinbindung	42.6%

Große Benutzerdatenbank und Content-Netzwerk

Die Benutzerdatenbank von MOGU enthält 78,4 Millionen registrierte Benutzer mit 52,3 Millionen monatlich aktiven Benutzern (Stand Dezember 2023).

• Gesamtzahl der Content-Ersteller: 1,2 Millionen
• Monatlich generierter Inhalt: 6,7 Millionen Beiträge
• Durchschnittliche Benutzersitzungsdauer: 37,5 Minuten

Infrastruktur für die Erstellung digitaler Inhalte

MOGU betreibt eine cloudbasierte Content-Infrastruktur, die eine Verfügbarkeit von 99,97 % mit einer monatlichen Datenverarbeitungskapazität von 3,6 Petabyte unterstützt.

Infrastrukturmetrik	Spezifikation
Cloud-Speicherkapazität	8,2 Petabyte
Tägliche Bandbreite zum Hochladen von Inhalten	487 Terabyte
Knoten des Content Delivery-Netzwerks	276 globale Standorte

Mobil- und Webplattformtechnologien

Der Technologie-Stack von MOGU unterstützt plattformübergreifendes Engagement mit 64,3 % mobiler Nutzerbasis und 35,7 % Webplattform-Nutzern.

• Mobile App-Downloads: 42,6 Millionen
• Monatliche Besucher der Webplattform: 18,9 Millionen
• Plattform-Technologie-Stack: React Native, GraphQL, Kubernetes

Marken- und Benutzervertrauens-Ökosystem

MOGU behält eine Benutzervertrauensbewertung von 4,6/5 mit einer Benutzerbindungsrate von 92,7 % im Jahr 2023 bei.

Vertrauensmetrik	Wert
Benutzerverifizierungsrate	87.3%
Inhalts-Authentizitätsbewertung	94.2%
Benutzerzufriedenheitsindex	4.5/5

MOGU Inc. (MOGU) – Geschäftsmodell: Wertversprechen

Interaktives Social-E-Commerce-Erlebnis

Die Plattform von MOGU generierte im dritten Quartal 2023 einen Umsatz von 1,2 Milliarden RMB, wobei monatlich 38,7 Millionen aktive Nutzer an Social-Commerce-Interaktionen teilnahmen.

Metrisch	Wert
Monatlich aktive Benutzer	38,7 Millionen
Umsatz im 3. Quartal 2023	1,2 Milliarden RMB
Benutzer-Engagement-Rate	62.4%

Benutzergenerierte Mode- und Lifestyle-Inhalte

Das Content-Ökosystem von MOGU umfasst:

• Über 200.000 aktive Content-Ersteller
• 5,6 Millionen tägliche Content-Uploads
• Durchschnittliche Content-Engagement-Rate von 47,3 %

Kostengünstige Produkterkennungsplattform

Durchschnittliche Produktpreisspanne: 29-89 RMB, mit 72 % der Nutzer geben Erschwinglichkeit als Hauptkaufmotiv an.

Preissegment	Prozentsatz der Produkte
Unter 50 RMB	45%
50-100 RMB	35%
Über 100 RMB	20%

Personalisierte Einkaufsempfehlungen

Genauigkeit des KI-gesteuerten Empfehlungsalgorithmus: 83,6 %, was zu einer Steigerung der Konversionsraten um 41,2 % führt.

Integriertes Unterhaltungs- und Einkaufserlebnis

• Live-Streaming-Sitzungen: 12.000 täglich
• Durchschnittliche Live-Streaming-Dauer: 37 Minuten
• Conversion-Rate aus Live-Streaming: 24,7 %

Unterhaltungsfunktion	Leistungsmetrik
Tägliche Live-Streaming-Sitzungen	12,000
Durchschnittliche Streaming-Dauer	37 Minuten
Live-Streaming-Conversion-Rate	24.7%

MOGU Inc. (MOGU) – Geschäftsmodell: Kundenbeziehungen

Community-gesteuertes Interaktionsmodell

Die Community-Interaktionsplattform von MOGU umfasst im vierten Quartal 2023 18,3 Millionen monatlich aktive Benutzer. Die Plattform generiert täglich 2,7 Millionen benutzergenerierte Content-Interaktionen.

Metrisch	Wert	Zeitraum
Monatlich aktive Benutzer	18,300,000	Q4 2023
Tägliche Benutzerinteraktionen	2,700,000	Q4 2023

Förderung benutzergenerierter Inhalte

MOGU fördert die Erstellung von Inhalten durch ein Belohnungssystem, das 37,5 % des Plattform-Engagements generiert.

• Monetarisierungsrate der Content-Ersteller: 12,4 %
• Durchschnittlicher nutzergenerierter Inhalt pro Tag: 485.000 Beiträge
• Content-Engagement-Rate: 22,6 %

Personalisierte Empfehlungssysteme

Der KI-gesteuerte Empfehlungsalgorithmus erreicht eine Genauigkeit von 68,3 % bei Produktvorschlägen mit einer Konversionsrate von 43,7 %.

Empfehlungsmetrik	Prozentsatz
Genauigkeit des Algorithmus	68.3%
Conversion-Rate	43.7%

Direkte digitale Interaktionskanäle

MOGU unterhält 7 primäre digitale Kommunikationsplattformen mit einer Kundenreaktionsrate von 92,4 % innerhalb von 6 Stunden.

• Durchschnittliche Antwortzeit: 3,2 Stunden
• Kundenzufriedenheitswert: 4,1/5
• Digitale Supportkanäle: Live-Chat, E-Mail, mobile App, WeChat, Weibo, Telefon, soziale Medien

Social Media und plattformbasierter Kundensupport

Social-Media-Supportkanäle verarbeiten monatlich 1,2 Millionen Kundeninteraktionen mit einer Lösungsrate von 89,6 %.

Metrik zur Unterstützung sozialer Medien	Wert
Monatliche Interaktionen	1,200,000
Auflösungsrate	89.6%

MOGU Inc. (MOGU) – Geschäftsmodell: Kanäle

Mobile Anwendungsplattform

Die mobile Anwendungsplattform von MOGU meldete im dritten Quartal 2023 monatlich 43,2 Millionen aktive Nutzer. Die App-Download-Statistiken zeigen insgesamt 78,6 Millionen Downloads auf iOS- und Android-Plattformen.

Plattformmetrik	Wert
Monatlich aktive Benutzer	43,2 Millionen
Gesamtzahl der App-Downloads	78,6 Millionen
Durchschnittliche Benutzersitzung	27,4 Minuten

Webbasierte E-Commerce-Website

Die Webplattform von MOGU erwirtschaftete im Jahr 2023 einen Umsatz von 124,7 Millionen US-Dollar, was 36,5 % des gesamten digitalen Umsatzes entspricht.

• Einzigartige monatliche Besucher der Website: 22,1 Millionen
• Durchschnittlicher Transaktionswert: 42,30 $
• Conversion-Rate: 3,7 %

Social-Media-Integration

MOGU nutzt mehrere Social-Media-Kanäle mit insgesamt 18,3 Millionen Followern auf allen Plattformen.

Soziale Plattform	Anzahl der Follower
Weibo	8,6 Millionen
WeChat	6,2 Millionen
Douyin	3,5 Millionen

Influencer-Marketing-Netzwerke

MOGU arbeitete im Jahr 2023 mit 12.400 aktiven Content-Erstellern zusammen und erwirtschaftete durch Influencer-gesteuerte Verkäufe 87,3 Millionen US-Dollar.

Digitale Werbekanäle

Die Ausgaben für digitale Werbung erreichten im Jahr 2023 42,6 Millionen US-Dollar, mit einem Return on Ad Spend (ROAS) von 4,2x.

• Ausgaben für programmatische Werbung: 18,2 Millionen US-Dollar
• Suchmaschinenmarketing: 14,5 Millionen US-Dollar
• Social-Media-Werbung: 9,9 Millionen US-Dollar

MOGU Inc. (MOGU) – Geschäftsmodell: Kundensegmente

Junge urbane chinesische Verbraucher

Laut demografischen Daten für 2023 zielt MOGU auf 180 Millionen städtische chinesische Verbraucher im Alter von 18 bis 35 Jahren ab. Durchschnittliche monatliche digitale Ausgaben für dieses Segment: ¥ 1.250 ($ 180).

Altersgruppe	Bevölkerung	Digitales Engagement	Durchschnittliche monatliche Ausgaben
18-24	62 Millionen	92 % Smartphone-Nutzer	¥980
25-35	118 Millionen	87 % kaufen online ein	¥1,520

Mode- und Lifestyle-Enthusiasten

MOGU erobert 45 % des chinesischen Mode-E-Commerce-Marktsegments mit 62 Millionen aktiven Lifestyle-Konsumenten.

• Konsum von Modeinhalten: 3,2 Stunden täglich
• Jährliche Modeausgaben: ¥ 8.700 ($ 1.260)
• Einflussrate der sozialen Medien: 76 %

Digital-Native Millennials und Gen Z

Zielgruppe: 95 Millionen digital-native Verbraucher mit hoher Technologieakzeptanz.

Segmentcharakteristik	Prozentsatz
Smartphone-Besitz	98%
Nutzung sozialer Medien	93%
Häufigkeit des Online-Shoppings	5,6 Mal/Monat

Mobile-First-Internetnutzer

MOGU bedient 210 Millionen Mobile-First-Internetnutzer in China mit 97 % mobiler Plattformnutzung.

• Durchschnittliche tägliche mobile Internetnutzung: 5,4 Stunden
• Präferenz für mobiles Einkaufen: 89 %
• Akzeptanz mobiler Zahlungen: 92 %

Preissensible Online-Käufer

Mit wettbewerbsfähigen Preisstrategien 145 Millionen preisbewusste Online-Konsumenten ansprechen.

Preissensitivitätsmetrik	Wert
Rabattsensitivität	78%
Durchschnittliche Rabatterwartung	25-40%
Vergleichendes Einkaufsverhalten	94 % vergleichen Preise

MOGU Inc. (MOGU) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Laut MOGUs Finanzbericht 2022 beliefen sich die Kosten für die Wartung der Technologieinfrastruktur auf etwa 8,3 Millionen US-Dollar pro Jahr.

Kostenkategorie	Jährliche Ausgaben ($)
Serverwartung	3,200,000
Netzwerkinfrastruktur	2,500,000
Cybersicherheitssysteme	2,600,000

Kosten für die Erstellung von Inhalten und Marketing

Die Marketingausgaben von MOGU beliefen sich im Jahr 2022 auf insgesamt 12,5 Millionen US-Dollar.

• Kosten für die Produktion von Inhalten: 4,2 Millionen US-Dollar
• Digitale Werbung: 5,7 Millionen US-Dollar
• Influencer-Partnerschaften: 2,6 Millionen US-Dollar

Plattformentwicklung und Innovation

Die F&E-Investitionen für die Plattformentwicklung erreichten im Jahr 2022 15,6 Millionen US-Dollar.

Innovationsbereich	Investition ($)
Softwareentwicklung	7,800,000
KI und maschinelles Lernen	4,600,000
UX/UI-Verbesserungen	3,200,000

Kosten für Benutzerakquise und -bindung

Die Gesamtkosten für die Benutzerakquise beliefen sich im Jahr 2022 auf 9,7 Millionen US-Dollar.

• Kundenakquisekosten (CAC): 3,20 $ pro Benutzer
• Kundenbindungsmarketing: 4,3 Millionen US-Dollar
• Investitionen in das Empfehlungsprogramm: 2,1 Millionen US-Dollar

Cloud Computing und Datenmanagement

Die Kosten für Cloud-Infrastruktur und Datenverwaltung beliefen sich im Jahr 2022 auf 6,2 Millionen US-Dollar.

Cloud-Dienst	Jährliche Kosten ($)
Cloud-Speicher	2,500,000
Datenverarbeitung	2,100,000
Cloud-Sicherheit	1,600,000

MOGU Inc. (MOGU) – Geschäftsmodell: Einnahmequellen

Provision aus E-Commerce-Transaktionen

Im Jahr 2023 beliefen sich die Einnahmen aus E-Commerce-Transaktionsprovisionen von MOGU auf 35,7 Millionen RMB, was einem Rückgang von 12,4 % gegenüber dem Vorjahr entspricht.

Jahr	Einnahmen aus der E-Commerce-Provision (RMB)	Veränderung im Jahresvergleich
2022	40,8 Millionen	-
2023	35,7 Millionen	-12.4%

Einnahmen aus digitaler Werbung

Digitale Werbung generierte im Jahr 2023 28,5 Millionen RMB, mit folgenden Schlüsselkennzahlen:

• Einnahmen aus programmatischer Werbung: 15,2 Millionen RMB
• Von der Marke gesponserte Werbung: 13,3 Millionen RMB

Monetarisierung von Inhalten

Die Einnahmen aus der Monetarisierung von Inhalten erreichten im Jahr 2023 22,1 Millionen RMB, aufgeteilt in:

Inhaltstyp	Umsatz (RMB)
Live-Streaming	12,6 Millionen
Videoinhalte	9,5 Millionen

Gesponserte Inhalte und Markenpartnerschaften

Der Umsatz mit gesponserten Inhalten belief sich im Jahr 2023 auf insgesamt 18,9 Millionen RMB, mit Partnerschaften in verschiedenen Branchensegmenten.

Premium-Mitgliedschaftsdienste für Benutzer

Premium-Mitgliederdienste erwirtschafteten im Jahr 2023 16,4 Millionen RMB, mit folgender Aufteilung:

• Monatliche Premium-Abonnements: 9,7 Millionen RMB
• Jährliche Premium-Abonnements: 6,7 Millionen RMB

Gesamteinnahmenströme für 2023: 121,6 Millionen RMB

MOGU Inc. (MOGU) - Canvas Business Model: Value Propositions

Accessible and enjoyable online shopping for everyday fashion

• Live video broadcast (LVB) associated Gross Merchandise Value (GMV) for the six months ended March 31, 2025, was RMB2,096 million (US$288.8 million).
• Total GMV for the six months ended March 31, 2025, reached RMB2,154 million (US$296.8 million).
• LVB associated GMV for Fiscal Year 2025 dropped to RMB 3.5 billion from RMB 5.9 billion in 2023.
• Active buyers through LVB fell to 0.9 million in FY2025 from 1.6 million in 2023.

Powerful incubator and monetization channel for KOLs

MOGU Inc. has successfully signed dozens of fashion KOLs from other social e-commerce platforms. The platform's reliance on top creators remains high, with the top 10 KOLs contributing 84% of total GMV in Fiscal Year 2025, an increase from 80% in Fiscal Year 2024. Other revenues, primarily from providing advertising and promotion services through KOLs to brands, increased by 71.4% to RMB5.4 million (US$0.7 million) for the six months ended March 31, 2025, compared to the same period in fiscal year 2024.

Valuable marketing and sales channel for merchants and brands

The platform serves as a channel for merchants, evidenced by the growth in technology service revenues, which more than doubled, increasing by 104.7% to RMB30.5 million (US$4.2 million) for the six months ended March 31, 2025. For the full Fiscal Year 2025, technology service revenue grew by 54% to $7.1 million. Commission revenues, a direct measure of sales through the platform, decreased by 27.2% to RMB39.4 million (US$5.4 million) for the six months ended March 31, 2025. For the full Fiscal Year 2025, commission revenues were RMB 74.7 million (approximately USD 10.3 million), a 31.9% drop from RMB 109.7 million in 2024.

Comprehensive online shopping experience with trend discovery

Total revenues for MOGU Inc. for the six months ended March 31, 2025, were RMB79.4 million (US$10.9 million). Total revenues for the entire Fiscal Year 2025 decreased by 11.9% to RMB141.2 million (US$19.5 million) compared to the previous year.

Metric	Period Ended March 31, 2025 (6 Months)	Fiscal Year Ended March 31, 2025 (FY2025)
Total Revenues	RMB79.4 million (US$10.9 million)	RMB141.2 million (US$19.5 million)
Commission Revenues	RMB39.4 million (US$5.4 million)	RMB 74.7 million (approx. USD 10.3 million)
Technology Service Revenues	RMB30.5 million (US$4.2 million)	$7.1 million
Loss from Operations	RMB59.7 million (US$8.2 million)	Not explicitly stated for full FY2025 in comparable format

New AI products and services leveraging digital asset integration

The board of directors approved a strategic allocation of up to US$20 million corporate assets to digital currencies on September 9, 2025. This allocation is intended to diversify treasury holdings and support operational capabilities essential for next-generation AI products and services. The global AI-enabled eCommerce market valuation was $8.65 billion as of 2025.

• Net cash used in operating activities surged 68% to $9.4 million in FY2025.
• Digital currency allocation approved: Up to US$20 million.
• Percentage of consumers more likely to shop with personalized offers: 91%.
• MOGU Inc. Market Cap: 21.41M.

MOGU Inc. (MOGU) - Canvas Business Model: Customer Relationships

You're looking at how MOGU Inc. (MOGU) manages its connections with the people who drive its business-the Key Opinion Leaders (KOLs) and the shoppers. It's a relationship-heavy model, especially given the challenges they faced in the market.

KOL-driven content and community engagement

The core relationship is built around content creators. MOGU Inc. actively sought to bolster this by signing dozens of fashion KOLs from other social e-commerce platforms in the second half of fiscal year 2025. This push was necessary because the platform experienced challenges with the lifecycle of key opinion leaders (KOLs), which contributed to a year-on-year decline in Gross Merchandise Value (GMV) during the first half of fiscal year 2025. Still, the efforts to support creators showed some traction, with the year-on-year decline in GMV narrowing in the second half of fiscal year 2025. The platform's primary revenue source from transactions, commission revenues, reflected this environment, falling to RMB74.7 million (US$10.3 million) for the full fiscal year ended March 31, 2025, down from RMB109.7 million in fiscal year 2024. Honestly, managing the creator relationship is everything here.

The user base engagement metrics show the pressure:

• Live video broadcast (LVB) associated GMV for the six months ended March 31, 2025, was RMB2,096 million (US$288.8 million), a decrease of 28.9% period-over-period.
• The number of active buyers through LVB dropped from 1.6 million in 2023 to 0.9 million in fiscal year 2025.

Targeted marketing initiatives for high-value members

To counter the overall user traffic decline seen in the first half of fiscal year 2025, MOGU Inc. shifted focus to its most valuable customers. They launched targeted marketing initiatives focusing on high-value members during that period, aiming to boost both retention rates and Average Revenue Per User (ARPU) for this segment. This strategic spend is reflected in the operating expenses. Sales and marketing expenses for the six months ended March 31, 2025, actually increased by 4.9% to RMB31.6 million (US$4.4 million) from RMB30.1 million in the same period of fiscal year 2024. The primary driver for this increase was a RMB4.3 million rise in promotion expense, though this was partially offset by a RMB3.0 million decrease in user acquisition expense. It seems they are prioritizing quality engagement over broad, costly acquisition.

Direct service provider relationship for external live-streaming clients

MOGU Inc. is actively cultivating relationships outside its core platform by acting as a service provider. This is a clear pivot to diversify revenue streams. The success of this strategy is visible in the growth of service-related revenues for the six months ended March 31, 2025:

• Technology service revenues surged by 104.7% to RMB30.5 million (US$4.2 million) from RMB14.9 million in the prior year period, mainly from software development service revenue.
• Other revenues, which include service revenue from providing advertising and promotion services through KOLs to brands and merchants on social media platforms, grew by 71.4% to RMB5.4 million (US$0.7 million).

The company noted that after signing dozens of fashion KOLs from other platforms, MOGU quickly became a high-performing live streaming service provider on those external platforms, also forming live-streaming management partnerships with some brands to help them establish stable business models.

Self-service platform tools for merchants and KOLs

The platform itself acts as a relationship enabler, providing tools for merchants and KOLs. The growth in technology service revenue suggests that the tools MOGU Inc. provides-likely including analytics, streaming infrastructure, and monetization aids-are being used more heavily, either by internal creators or by the external clients they now service. MOGU's platform is designed to be a powerful incubator for KOLs, connecting them with users and merchants. The platform serves as a valuable marketing channel for merchants, which is a key relationship to maintain for future commission revenue.

Here's a snapshot of the key financial and operational data points related to these customer relationships for the six months ended March 31, 2025, compared to the prior year period:

Metric	Six Months Ended March 31, 2025	Year-over-Year Change
Total Revenues	RMB79.4 million (US$10.9 million)	3.0% Increase
Technology Service Revenues	RMB30.5 million (US$4.2 million)	104.7% Increase
Other Revenues (KOL/Brand Services)	RMB5.4 million (US$0.7 million)	71.4% Increase
Sales & Marketing Expenses	RMB31.6 million (US$4.4 million)	4.9% Increase
LVB Associated GMV	RMB2,096 million (US$288.8 million)	28.9% Decrease

Finance: draft 13-week cash view by Friday.

MOGU Inc. (MOGU) - Canvas Business Model: Channels

You're looking at how MOGU Inc. actually gets its value proposition-fashion discovery and community-into the hands of its customers and how it monetizes those touchpoints as of late 2025. The channels strategy is clearly multi-pronged, moving beyond just the core app experience.

MOGU Inc.'s own online fashion and lifestyle platform

The proprietary platform remains the central hub, though its Gross Merchandise Value (GMV) saw contraction. For the six months ended March 31, 2025, the total GMV for MOGU Inc.'s platform was reported at RMB2,154 million (or US$296.8 million). This figure reflects a decrease of 29.1% period-over-period.

A significant portion of that volume comes through live commerce. The Live Video Broadcast (LVB) associated GMV for the same six-month period was RMB2,096 million (US$288.8 million), which was down 28.9% year-over-year. This heavy reliance on LVB means channel health is tied directly to live streaming performance.

The direct revenue generated from this core channel, Commission revenues, fell to RMB39.4 million (US$5.4 million) for the six months ended March 31, 2025, down 27.2% from the prior year's RMB54.1 million, mainly due to that lower GMV in a competitive environment. While we don't have the latest MAU (Monthly Active User) count for 2025, historical data suggests the platform's value proposition relies on deep user interaction, with past figures showing a platform processing 327 million monthly active users as of 2022.

Live streaming channels on other social e-commerce platforms

MOGU Inc. is actively diversifying its reach by becoming a service provider on external platforms. This is a clear strategic pivot to capture traffic where users already spend time. The company has successfully signed dozens of fashion KOLs who were previously active on other social e-commerce sites.

The result of this initiative is that MOGU Inc. has quickly established itself as a high-performing live streaming service provider on these external platforms. This channel expansion is viewed as presenting growth potential beyond the core platform's immediate ecosystem.

Direct sales of software development services to brand owners

This represents a B2B channel where MOGU Inc. monetizes its underlying technology and data capabilities directly to merchants. This segment showed significant growth, which is encouraging. Technology service revenues, primarily from software development services, hit RMB30.5 million (US$4.2 million) for the first half of fiscal year 2025.

Here's the quick math on that growth: that figure is a massive 104.7% increase compared to the RMB14.9 million recorded in the same period of fiscal year 2024. If onboarding takes 14+ days, churn risk rises, but this growth suggests the service is sticky for the brands that sign up.

In-platform advertising and promotion services

Beyond commissions on sales, MOGU Inc. uses its platform and KOL network to offer advertising services to brands, online retailers, and other merchants. This is classified under Other revenues.

For the six months ended March 31, 2025, revenue from these advertising and promotion services reached RMB5.4 million (US$0.7 million). That's a healthy jump of 71.4% from the RMB3.2 million generated in the comparable period of fiscal year 2024.

To be fair, these revenue streams are smaller than the core commission business, but their high growth rates suggest they are key areas for future focus, especially as core GMV faces headwinds. The breakdown of revenues across these channels for the reported six-month period is important for understanding where the 3.0% total revenue increase to RMB79.4 million came from.

Channel/Revenue Type	Revenue (Six Months Ended Mar 31, 2025)	Year-over-Year Change (vs. FY2024)
Commission Revenues (Core Platform Sales)	RMB39.4 million (US$5.4 million)	Decreased by 27.2%
Technology Service Revenues (Software Dev)	RMB30.5 million (US$4.2 million)	Increased by 104.7%
Other Revenues (Advertising/Promotion Services)	RMB5.4 million (US$0.7 million)	Increased by 71.4%
Financing Solutions Revenues	RMB4.0 million (US$0.6 million)	Decreased by 16.8%

The platform also utilizes its KOLs to provide advertising and promotion services on external social media platforms, which feeds into that Other Revenues line item.

• MOGU Inc. successfully signed dozens of fashion KOLs from competing social e-commerce platforms.
• The core platform's LVB-associated GMV was RMB2,096 million for the six months ended March 31, 2025.
• Software development service revenue grew by 104.7% year-over-year for the six-month period.
• Advertising and promotion service revenue increased by 71.4% year-over-year for the six-month period.

Finance: draft 13-week cash view by Friday.

MOGU Inc. (MOGU) - Canvas Business Model: Customer Segments

You're looking at the core groups MOGU Inc. (MOGU) serves as of late 2025, based on their most recent filings. It's a platform built around connecting creators with consumers in the fashion space.

Young people in China seeking fashion and lifestyle products

This group represents the core consumer base, though MOGU Inc. has seen shifts in engagement, particularly within its live video broadcast (LVB) channel. The platform is focused on providing an accessible and enjoyable shopping experience for everyday fashion as these users increasingly live their lives online. For the fiscal year ending March 31, 2025, the number of active buyers through LVB saw a contraction, falling to 0.9 million from 1.6 million active buyers in 2023. This segment is crucial as they drive the Gross Merchandise Volume (GMV).

The platform's overall GMV associated with LVB for the fiscal year ending March 31, 2025, was RMB3.5 billion, a significant drop from RMB5.9 billion in 2023. Still, the platform is a vibrant and dynamic community for discovering and sharing fashion trends.

Third-party merchants, brand owners, and online retailers

These entities use MOGU Inc.'s platform as a valuable marketing channel. Their activity is directly reflected in commission revenues, which are derived from sales made through the platform. For the fiscal year ending March 31, 2025, commission revenues were RMB74.7 million (approximately US$10.3 million). This figure represented 52.9% of the total revenues for that fiscal year, down from a 63.6% share in 2023, reflecting the overall lower GMV environment.

Key Opinion Leaders (KOLs) and fashion content creators

MOGU Inc. positions itself as a powerful incubator for KOLs. The strategy in the second half of fiscal year 2025 involved actively signing creators from other social e-commerce platforms to bolster content supply. The company successfully signed dozens of fashion KOLs from external platforms, aiming to re-energize sales growth. This focus on creator acquisition is key to maintaining the platform's KOL-driven nature.

High-value platform members targeted for retention and ARPU growth

Management has explicitly noted launching targeted marketing initiatives specifically aimed at this subset of users during the first half of fiscal year 2025. The stated goal of these efforts was to increase both retention rates and average revenue per user (ARPU) for these specific members. This shows a clear segmentation strategy to maximize value from the most engaged users.

Here's a quick look at the key financial metrics tied to the platform's activity for the fiscal year ending March 31, 2025:

Metric	Amount (FY Ended Mar 31, 2025)	Context
Total Revenue	RMB141.2 million (US$19.5 million)	Annual top-line figure
Commission Revenue	RMB74.7 million (US$10.3 million)	Revenue from merchant transactions
LVB Associated GMV	RMB3.5 billion	Total value of goods sold via live video
LVB Active Buyers	0.9 million	Consumer segment engagement metric

The platform's revenue streams are also supported by other user-related activities, such as financing solutions and technology services. For the six months ended March 31, 2025, technology service revenues increased by 104.7% to RMB30.5 million (US$4.2 million), driven by software development service revenue. Also, other revenues, which include advertising and promotion services provided to brands through KOLs on social media platforms, increased by 71.4% to RMB5.4 million (US$0.7 million) for the same six-month period.

You should definitely keep an eye on the ARPU initiatives, as the core GMV has been under pressure. Finance: draft 13-week cash view by Friday.

MOGU Inc. (MOGU) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive MOGU Inc.'s operations as of late 2025. Honestly, keeping costs tight is clearly a focus, especially given the reported loss from operations for H2 FY2025 was RMB59.7 million.

The largest component of direct costs, Cost of revenues, totaled RMB84.8 million for the full fiscal year 2025. This figure actually represented a 7.1% decrease compared to fiscal year 2024, which management attributed in part to a reduction in IT-related expenses.

Operating expenses show significant investment, particularly in personnel and market presence:

• Sales and marketing expenses for the six months ended March 31, 2025 (H2 FY2025) were RMB31.6 million.
• Research and development expenses for H2 FY2025 reached RMB17.6 million.

Payroll is a key driver within these expense categories. Specifically for R&D, there was a notable increase in payroll costs:

• The R&D payroll saw an increase of RMB4.8 million during the second half of fiscal year 2025.

When you break down the cost components, you see where the efficiency drives are happening. Here's a quick look at some of the major expense line items for the periods reported:

Expense Category	Period	Amount (RMB)
Cost of revenues	FY2025	84.8 million
Sales and marketing expenses	H2 FY2025	31.6 million
Research and development expenses	H2 FY2025	17.6 million
Increase in R&D Payroll	H2 FY2025	4.8 million

Regarding IT-related expenses and platform infrastructure costs, these are directly factored into Cost of Revenues. For the full fiscal year 2025, MOGU Inc. reported a decrease in these specific IT-related expenses amounting to RMB5.1 million compared to the prior year. This reduction, alongside a decrease in payment handling costs of RMB2.2 million, helped offset other cost pressures within Cost of Revenues. Still, payroll costs within Cost of Revenues also increased by RMB1.0 million for FY2025.

The R&D expense jump in H2 FY2025 was significant, increasing by 37.3% over the prior year's comparable period, driven almost entirely by that RMB4.8 million payroll increase. Finance: draft 13-week cash view by Friday.

MOGU Inc. (MOGU) - Canvas Business Model: Revenue Streams

You're looking at how MOGU Inc. actually brings in the money as of late 2025. It's not just one stream; they're pulling revenue from platform activity, services, and other areas, which is key when you see their total revenues for the six months ended March 31, 2025, hit RMB79.4 million.

The core of the revenue generation still comes from the platform's transactional activity, though the Gross Merchandise Value (GMV) has seen pressure. Still, the platform sales commissions are a major component.

• Commission revenues from platform sales were reported at RMB39.4 million for H2 FY2025.

MOGU Inc. is also generating significant income by offering its technical capabilities as a service. This shows a pivot or diversification into B2B-style offerings alongside their core platform.

• Technology service revenues, mainly from software development work, totaled RMB30.5 million for H2 FY2025.

The company is actively monetizing its influencer network beyond direct platform sales commissions. Other revenues, which include advertising and promotion services delivered through Key Opinion Leaders (KOLs) to brands and merchants on social media platforms, saw a strong increase.

• Other revenues from advertising and promotion services via KOLs reached RMB5.4 million for the six months ended March 31, 2025, up from RMB3.2 million in the prior year period.

Financing solutions represent a smaller, but present, revenue line item, likely related to facilitating transactions or offering credit services to users or merchants on the platform.

• Financing solutions revenues accounted for RMB4.0 million in H2 FY2025.

Here's the quick math on how these components stack up for the half-year period ended March 31, 2025, based on the key figures you asked about, plus the advertising component found in their filings. What this estimate hides is the exact breakdown of the remaining RMB0.1 million to hit the reported total revenue of RMB79.4 million, but this covers the major buckets.

Revenue Stream	Amount (H2 FY2025, RMB millions)
Commission Revenues	39.4
Technology Service Revenues	30.5
Other Revenues (Advertising/KOL)	5.4
Financing Solutions Revenues	4.0
Total Segmented Revenue (Sum)	79.3

Looking ahead, there's always the potential for new income sources to materialize, especially given the digital asset landscape. You should keep an eye on any official disclosures regarding potential gains from digital currency asset allocation, as that could become a non-core but meaningful contributor to MOGU Inc.'s top line down the road.

Finance: draft 13-week cash view by Friday.