MOGU Inc. (MOGU): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del comercio electrónico social, Mogu Inc. surge como una plataforma revolucionaria que transforma cómo los jóvenes consumidores chinos descubren, interactúan y compran productos de moda y estilo de vida. Al combinar ingeniosamente las redes sociales, la creación de contenido y la dinámica del mercado digital, Mogu ha creado un modelo de negocio único que va más allá de las experiencias tradicionales de compra en línea. Este enfoque innovador aprovecha los algoritmos de recomendación de vanguardia, el contenido generado por los usuarios y un ecosistema impulsado por la comunidad para crear un viaje de compra inmersivo y personalizado que resuene con los millennials nativos digitales y los consumidores de la Generación Z que buscan más que solo interacciones transaccionales.

MOGU Inc. (MOGU) - Modelo de negocio: asociaciones clave

Colaboración estratégica con plataformas de comercio electrónico chino

MOGU ha establecido asociaciones estratégicas con las principales plataformas de comercio electrónico chinas para expandir su alcance del mercado. Los detalles de la colaboración clave incluyen:

Plataforma	Alcance de la asociación	Año establecido
Alibaba Tmall	Contenido multiplataforma e integración de ventas	2018
Jd.com	Canales de distribución y recomendación de productos	2019
Pinduoduo	Compartir contenido de comercio social	2020

Asociaciones con marcas de moda y creadores de contenido

Mogu colabora con diversas marcas de moda y influencers:

• Más de 500 asociaciones de marca de moda
• Aproximadamente 10,000 creadores de contenido activo
• Tasa de compromiso promedio: 4.7%

Asociaciones de infraestructura tecnológica

Las asociaciones de servicio y tecnología en la nube de Mogu incluyen:

Proveedor	Tipo de servicio	Inversión anual
Nube de alibaba	Infraestructura de computación en la nube	$ 3.2 millones
Nube de tencent	AI y servicios de aprendizaje automático	$ 2.7 millones

Redes de publicidad y marketing Alliance

Métricas de asociación de marketing:

• Total Marketing Alliance Partners: 120
• Alcance de publicidad digital: 72 millones de usuarios mensuales
• Tasa de conversión a través de alianzas: 3.5%

Pago móvil y asociaciones de ecosistemas digitales

Colaboraciones del ecosistema de pago digital:

Pareja	Tipo de integración	Volumen de transacción
Alipay	Integración de pago directo	$ 450 millones anuales
Paga de WeChat	Pago de comercio social	$ 380 millones anuales

MOGU Inc. (MOGU) - Modelo de negocio: actividades clave

Creación y distribución de contenido de las redes sociales

MOGU generó 40.7 millones de RMB en ingresos por marketing de contenido en el tercer trimestre de 2023. La plataforma aloja a más de 10 millones de creadores de contenido a diciembre de 2023.

Métrico de contenido	2023 datos
Creadores de contenido total	10,000,000+
Ingresos trimestrales de marketing de contenido	40.7 millones de RMB

Gestión del mercado de comercio electrónico

La plataforma de comercio electrónico de Mogu procesó 1.600 millones de RMB en el valor total de la mercancía durante el tercer trimestre de 2023.

Rendimiento de comercio electrónico	2023 métricas
Valor total de mercancías (Q3)	1.600 millones de RMB
Comerciantes activos	500,000+

Participación del usuario y construcción de la comunidad

MOGU reportó 31.4 millones de usuarios activos mensuales en el tercer trimestre de 2023.

• Usuarios activos mensuales: 31.4 millones
• Duración promedio de la sesión del usuario: 12.5 minutos
• Tasa de retención de usuarios: 62%

Servicios de publicidad y marketing digital

Los ingresos por publicidad digital alcanzaron 22.3 millones de RMB en el tercer trimestre de 2023.

Métricas de publicidad	2023 datos
Ingresos publicitarios trimestrales	22.3 millones de RMB
Clientes publicitarios	15,000+

Desarrollo y mantenimiento de la tecnología de plataforma

Mogu invirtió 35.6 millones de RMB en investigación y desarrollo durante el tercer trimestre de 2023.

• Inversión de I + D (tercer trimestre 2023): 35.6 millones de RMB
• Tamaño del equipo de tecnología: más de 450 ingenieros
• Aplicaciones de patentes de tecnología anual: 87

MOGU Inc. (MOGU) - Modelo de negocio: recursos clave

Algoritmos de recomendación avanzada

A partir del cuarto trimestre de 2023, los algoritmos de recomendación de MOGU procesan aproximadamente 3.2 petabytes de datos de interacción del usuario mensualmente. La infraestructura de aprendizaje automático admite la personalización de contenido en tiempo real para 46.7 millones de usuarios activos.

Métrico de algoritmo	Valor cuantitativo
Cálculos de recomendación diaria	1.800 millones
Precisión del modelo de aprendizaje automático	87.3%
Mejora del compromiso del usuario	42.6%

Red de base de datos y contenido de grandes usuarios

La base de datos de usuarios de MOGU contiene 78.4 millones de usuarios registrados con 52.3 millones de usuarios activos mensuales a diciembre de 2023.

• Creadores de contenido total: 1.2 millones
• Contenido generado mensualmente: 6.7 millones de publicaciones
• Duración promedio de la sesión del usuario: 37.5 minutos

Infraestructura de creación de contenido digital

MOGU opera una infraestructura de contenido basada en la nube que admite un tiempo de actividad del 99.97% con 3.6 petabytes de capacidad mensual de procesamiento de datos.

Infraestructura métrica	Especificación
Capacidad de almacenamiento en la nube	8.2 petabytes
Contenido diario Subir el ancho de banda	487 terabytes
Nodos de red de entrega de contenido	276 ubicaciones globales

Tecnologías de plataformas móviles y de plataforma web

La pila de tecnología de Mogu admite la participación multiplataforma con 64.3% de base de usuarios móviles y 35.7% de usuarios de plataformas web.

• Descargas de aplicaciones móviles: 42.6 millones
• Plataforma web Visitantes mensuales: 18.9 millones
• Pila de tecnología de plataforma: React Native, GraphQL, Kubernetes

Ecosistema de fideicomiso de marca y usuarios

MOGU mantiene una calificación de fideicomiso de usuario de 4.6/5 con una tasa de retención de usuarios de 92.7% en 2023.

Métrica de confianza	Valor
Tasa de verificación de usuario	87.3%
Puntuación de autenticidad de contenido	94.2%
Índice de satisfacción del usuario	4.5/5

MOGU Inc. (MOGU) - Modelo de negocio: propuestas de valor

Experiencia interactiva de comercio electrónico social

La plataforma de Mogu generó 1,2 mil millones de RMB en ingresos para el tercer trimestre de 2023, con 38,7 millones de usuarios activos mensuales que participan en interacciones de comercio social.

Métrico	Valor
Usuarios activos mensuales	38.7 millones
T3 2023 Ingresos	1.200 millones de RMB
Tasa de participación del usuario	62.4%

Contenido de moda y estilo de vida generado por el usuario

El ecosistema de contenido de Mogu incluye:

• Más de 200,000 creadores de contenido activo
• 5.6 millones de cargas de contenido diario
• Tasa promedio de compromiso de contenido del 47.3%

Plataforma de descubrimiento de productos de bajo costo

Rango promedio de precios del producto: 29-89 RMB, con El 72% de los usuarios citan la asequibilidad como motivación de compra principal.

Segmento de precios	Porcentaje de productos
Menos de 50 RMB	45%
50-100 RMB	35%
Más de 100 RMB	20%

Recomendaciones de compras personalizadas

Precisión del algoritmo de recomendación impulsado por la IA: 83.6%, lo que resulta en un 41.2% un aumento en las tasas de conversión.

Experiencia integrada de entretenimiento y compra

• Sesiones de transmisión en vivo: 12,000 diarios
• Duración promedio de transmisión en vivo: 37 minutos
• Tasa de conversión de la transmisión en vivo: 24.7%

Característica de entretenimiento	Métrico de rendimiento
Sesiones de transmisión en vivo diarias	12,000
Duración promedio de transmisión	37 minutos
Tasa de conversión de transmisión en vivo	24.7%

MOGU Inc. (MOGU) - Modelo de negocios: relaciones con los clientes

Modelo de interacción impulsado por la comunidad

La plataforma de interacción comunitaria de Mogu involucra 18.3 millones de usuarios activos mensuales a partir del cuarto trimestre de 2023. La plataforma genera 2.7 millones de interacciones diarias de contenido generadas por el usuario.

Métrico	Valor	Período
Usuarios activos mensuales	18,300,000	P4 2023
Interacciones diarias del usuario	2,700,000	P4 2023

Aliento de contenido generado por el usuario

MOGU incentiva la creación de contenido a través de un sistema de recompensas que genera el 37.5% de la participación de la plataforma.

• Tasa de monetización del creador de contenido: 12.4%
• Contenido promedio generado por el usuario por día: 485,000 publicaciones
• Tasa de compromiso de contenido: 22.6%

Sistemas de recomendación personalizados

El algoritmo de recomendación impulsado por IA alcanza el 68.3% de precisión en las sugerencias de productos con una tasa de conversión del 43.7%.

Métrica de recomendación	Porcentaje
Precisión del algoritmo	68.3%
Tasa de conversión	43.7%

Canales de participación digital directa

MOGU mantiene 7 plataformas de comunicación digital primarias con una tasa de respuesta del cliente 92.4% dentro de las 6 horas.

• Tiempo de respuesta promedio: 3.2 horas
• Puntuación de satisfacción del cliente: 4.1/5
• Canales de soporte digital: chat en vivo, correo electrónico, aplicación móvil, wechat, weibo, teléfono, redes sociales

Atención al cliente basada en las redes sociales y la plataforma

Los canales de soporte de las redes sociales manejan 1.2 millones de interacciones de los clientes mensualmente con una tasa de resolución del 89.6%.

Métrica de apoyo a las redes sociales	Valor
Interacciones mensuales	1,200,000
Tasa de resolución	89.6%

MOGU Inc. (MOGU) - Modelo de negocio: canales

Plataforma de aplicación móvil

La plataforma de aplicaciones móviles de Mogu reportó 43.2 millones de usuarios activos mensuales a partir del tercer trimestre de 2023. Las estadísticas de descarga de la aplicación muestran 78.6 millones de descargas totales en las plataformas de iOS y Android.

Métrica de plataforma	Valor
Usuarios activos mensuales	43.2 millones
Descargas totales de aplicaciones	78.6 millones
Sesión de usuario promedio	27.4 minutos

Sitio web de comercio electrónico basado en la web

La plataforma web de Mogu generó $ 124.7 millones en ingresos durante 2023, lo que representa el 36.5% de las ventas digitales totales.

• Sitio web Visitantes mensuales únicos: 22.1 millones
• Valor de transacción promedio: $ 42.30
• Tasa de conversión: 3.7%

Integración de redes sociales

Mogu aprovecha múltiples canales de redes sociales con 18.3 millones de seguidores combinados en todas las plataformas.

Plataforma social	Recuento de seguidores
Weibo	8.6 millones
Veloz	6.2 millones
Douyin	3.5 millones

Redes de marketing de influencia

Mogu colaboró ​​con 12,400 creadores de contenido activo en 2023, generando $ 87.3 millones a través de ventas basadas en influencers.

Canales de publicidad digital

El gasto de publicidad digital alcanzó los $ 42.6 millones en 2023, con un retorno del gasto publicitario (ROA) de 4.2x.

• Gasto de publicidad programática: $ 18.2 millones
• Marketing de motores de búsqueda: $ 14.5 millones
• Publicidad en las redes sociales: $ 9.9 millones

MOGU Inc. (MOGU) - Modelo de negocio: segmentos de clientes

Jóvenes consumidores chinos urbanos

Según los datos demográficos de 2023, Mogu apunta a 180 millones de consumidores chinos urbanos de entre 18 y 35 años. Gasto digital mensual promedio para este segmento: ¥ 1,250 ($ 180).

Grupo de edad	Población	Compromiso digital	Gasto mensual promedio
18-24	62 millones	92% usuarios de teléfonos inteligentes	¥980
25-35	118 millones	87% de compras en línea	¥1,520

Los entusiastas de la moda y el estilo de vida

MOGU captura el 45% del segmento del mercado de comercio electrónico de moda china, con 62 millones de consumidores de estilo de vida activos.

• Consumo de contenido de moda: 3.2 horas diarias
• Gasto anual de moda: ¥ 8,700 ($ 1,260)
• Tasa de influencia de las redes sociales: 76%

Millennials nativos digitales y la generación Z

Demografía del objetivo: 95 millones de consumidores nativos digitales con adopción de alta tecnología.

Característica de segmento	Porcentaje
Propiedad de teléfonos inteligentes	98%
Uso de las redes sociales	93%
Frecuencia de compra en línea	5.6 veces/mes

Usuarios de Internet móviles

Mogu atiende a 210 millones de usuarios de Internet móviles en China, con un 97% de participación en la plataforma móvil.

• Uso promedio de Internet móvil diario: 5.4 horas
• Preferencia de compra móvil: 89%
• Adopción de pagos móviles: 92%

Compradores en línea sensibles a los precios

Se dirige a 145 millones de consumidores en línea conscientes de los precios con estrategias de precios competitivas.

Métrica de sensibilidad al precio	Valor
Sensibilidad de descuento	78%
Expectativa de descuento promedio	25-40%
Comportamiento comparativo de compra	94% comparar precios

MOGU Inc. (MOGU) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Según el informe financiero 2022 de MOGU, los costos de mantenimiento de la infraestructura tecnológica fueron de aproximadamente $ 8.3 millones anuales.

Categoría de costos	Gasto anual ($)
Mantenimiento del servidor	3,200,000
Infraestructura de red	2,500,000
Sistemas de ciberseguridad	2,600,000

Creación de contenido y gastos de marketing

El gasto de marketing de Mogu en 2022 totalizó $ 12.5 millones.

• Costos de producción de contenido: $ 4.2 millones
• Publicidad digital: $ 5.7 millones
• Asociaciones de influencia: $ 2.6 millones

Desarrollo e innovación de la plataforma

Las inversiones de I + D para el desarrollo de la plataforma alcanzaron $ 15.6 millones en 2022.

Área de innovación	Inversión ($)
Desarrollo de software	7,800,000
AI y aprendizaje automático	4,600,000
Mejoras UX/UI	3,200,000

Costos de adquisición y retención de usuarios

Los gastos de adquisición de usuarios totales en 2022 fueron de $ 9.7 millones.

• Costo de adquisición de clientes (CAC): $ 3.20 por usuario
• Marketing de retención: $ 4.3 millones
• Inversiones del programa de referencia: $ 2.1 millones

Computación en la nube y gestión de datos

La infraestructura en la nube y los costos de gestión de datos ascendieron a $ 6.2 millones en 2022.

Servicio en la nube	Costo anual ($)
Almacenamiento en la nube	2,500,000
Proceso de datos	2,100,000
Seguridad en la nube	1,600,000

MOGU Inc. (MOGU) - Modelo de negocio: flujos de ingresos

Comisión de transacciones de comercio electrónico

En 2023, los ingresos por la Comisión de Transacciones de Comercio electrónico de MOGU fueron de 35.7 millones de RMB, lo que representa una disminución del 12.4% respecto al año anterior.

Año	Ingresos de la Comisión de Comercio electrónico (RMB)	Cambio año tras año
2022	40.8 millones	-
2023	35.7 millones	-12.4%

Ingresos publicitarios digitales

La publicidad digital generó 28.5 millones de RMB en 2023, con métricas clave de la siguiente manera:

• Ingresos publicitarios programáticos: 15.2 millones de RMB
• Publicidad patrocinada por la marca: 13.3 millones de RMB

Monetización de contenido

Los ingresos por monetización de contenido en 2023 alcanzaron 22.1 millones de RMB, desglosados ​​como:

Tipo de contenido	Ingresos (RMB)
Transmisión en vivo	12.6 millones
Contenido de video	9.5 millones

Contenido patrocinado y asociaciones de marca

Los ingresos por contenido patrocinados para 2023 totalizaron 18.9 millones de RMB, con asociaciones en diversos segmentos de la industria.

Servicios de membresía del usuario premium

Los servicios de membresía premium generaron 16.4 millones de RMB en 2023, con el siguiente desglose:

• Suscripciones de primas mensuales: 9.7 millones de RMB
• Suscripciones de primas anuales: 6.7 millones de RMB

Flujos de ingresos totales para 2023: 121.6 millones de 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.