MOGU Inc. (MOGU): Business Model Canvas [Dec-2025 Updated]

You're digging into the Business Model Canvas for MOGU Inc. (MOGU), and let me tell you, what you're seeing is the roadmap for a defintely challenging pivot: shifting from a pure fashion e-commerce site to a diversified, KOL-driven live streaming and technology service provider in China. As an analyst who's seen plenty of these turnarounds, the key is watching how they balance the old model with new revenue streams like tech services, which pulled in RMB30.5 million in the second half of FY2025. With a war chest of RMB380.1 million in cash and short-term investments on March 31, 2025, they have runway, but the success hinges on their Key Partnerships with influencers and their ability to monetize that network effectively. Keep reading; we map out every block so you see the precise risks and opportunities in this new structure.

MOGU Inc. (MOGU) - Canvas Business Model: Key Partnerships

You're looking at the structure MOGU Inc. (MOGU) uses to keep its social commerce engine running, and the partnerships are where the real action is, especially with the recent pivot toward digital assets.

The foundation of MOGU Inc.'s ecosystem relies on a network of external entities that fuel its content, supply its marketplace, and now, potentially its future technology stack. These relationships are critical for maintaining its position as a KOL-driven online fashion and lifestyle destination in China.

Here's a breakdown of the key external players MOGU Inc. relies on as of late 2025:

• Fashion merchants and brand partners for product supply.
• Key Opinion Leaders (KOLs) and fashion influencers for content creation.
• Live-streaming management partnerships with external brands.
• Technology partners for next-generation AI products (implied).
• Digital currency exchanges for asset allocation up to US$20 million.

The platform explicitly functions by connecting merchants, KOLs, and users, positioning itself as a valuable marketing channel for merchants. However, the core revenue from this channel, commission revenues, saw a significant contraction, decreasing by 31.9% to RMB74.7 million (US$10.3 million) for the six months ended March 31, 2025.

The focus on content creators is intense. MOGU Inc. has successfully signed dozens of fashion KOLs from other social e-commerce platforms, quickly becoming a high-performing live streaming service provider on those external platforms. This incubator role for KOLs is a core resource.

The shift toward external service provision is clear in the revenue mix. MOGU Inc. formed live-streaming management partnerships with some brands to help them establish a stable business model. This is reflected in the growth of other revenue streams:

The most significant external financial commitment relates to the treasury strategy. In September 2025, the board approved a strategic allocation of up to US$20 million of corporate assets to digital currencies, including Bitcoin, Ethereum, and Solana. This move is explicitly tied to diversifying treasury holdings and enhancing operational capabilities essential for next-generation AI products and services, suggesting partnerships or dependencies with the digital asset ecosystem. This forward-looking tech investment is supported by a substantial internal spend; R&D expenses for the six months ended March 31, 2025, hit US$2.4 million (RMB17.6 million), a 37.3% year-over-year increase.

The platform's structure is built on these external connections. It's defintely a hybrid model now, balancing core marketplace functions with new service offerings.

Finance: draft 13-week cash view by Friday.

MOGU Inc. (MOGU) - Canvas Business Model: Key Activities

You're looking at the core engine of MOGU Inc. (MOGU) right now, which is all about moving product through Key Opinion Leaders (KOLs) and building out the tech backbone. It's a high-touch operation, and the numbers from the first half of fiscal year 2025 tell a clear story about where the pressure points are.

Operating and maintaining the KOL-driven online fashion platform

The main activity centers on running the KOL-driven online fashion and lifestyle destination. This involves connecting merchants, KOLs, and users to facilitate transactions. However, the platform faced headwinds in the first six months ended March 31, 2025, largely due to challenges with the lifecycle of those key opinion leaders.

The resulting Gross Merchandise Value (GMV) reflects this pressure. For the six months ended March 31, 2025, the Live Video Broadcast (LVB) associated GMV was RMB2,096 million (US$288.8 million), which was a 28.9% decrease period-over-period. Total GMV for that same six-month period was RMB2,154 million (US$296.8 million), marking a 29.1% drop year-over-year.

Providing live streaming services on other social e-commerce platforms

MOGU Inc. is actively expanding its reach by acting as a service provider on external social e-commerce platforms. This involves signing KOLs from elsewhere and deploying them to generate revenue streams outside the core platform. The company noted it successfully signed dozens of fashion KOLs from other platforms and quickly became a high-performing live streaming service provider there, viewing this new segment as presenting growth potential. Other revenues, which include service revenue from providing advertising and promotion services through KOLs to brands on social media platforms, increased by 71.4% to RMB5.4 million (US$0.7 million) for the six months ended March 31, 2025.

Developing software and technology services for brand owners

This is a growth area, showing significant acceleration in the first half of fiscal year 2025. The focus here is on providing technology services, specifically software development, directly to brand owners. Technology service revenues for the six months ended March 31, 2025, more than doubled, increasing by 104.7% to RMB30.5 million (US$4.2 million) compared to RMB14.9 million in the same period of fiscal year 2024.

Here's a quick look at how the core revenue-generating activities stacked up for the first half of FY2025:

Strategic allocation of corporate assets to digital currencies

MOGU Inc. made a bold move in September 2025 to diversify its treasury. The board approved a strategic allocation of up to US$20 million in corporate assets to digital currencies. This allocation is primarily targeting Bitcoin, Ethereum, and Solana, including related securities and investment products. The board stated this is intended to diversify treasury holdings and support operational capabilities for next-generation AI products and services. Chairman Chen Qi was authorized to determine the timing and amount of the actual acquisition.

Implementing cost reduction and efficiency enhancement measures

The financial results for the six months ended March 31, 2025, show significant operating pressure, with the loss from operations growing to RMB59.7 million (US$8.2 million) from RMB27.1 million year-over-year. The operating margin stood at -60.77% and the net margin at -44.24%. In response, management indicated a focus on cost reduction and efficiency enhancements.

Key expense line items for the six months ended March 31, 2025, included:

• Sales and marketing expenses rose 4.9% to RMB31.6 million (US$4.4 million).
• Research and development expenses increased 12.1% to RMB30.0 million (US$4.1 million).
• General and administrative expenses increased 2.8% to RMB56.7 million (US$7.8 million).

The company's gross margin was 39.95%. Finance: draft 13-week cash view by Friday.

MOGU Inc. (MOGU) - Canvas Business Model: Key Resources

You're mapping out the core assets MOGU Inc. relies on to execute its strategy in late 2025. Honestly, for a platform business like this, the resources aren't just physical things; they're the digital infrastructure and the human network that drives engagement. Let's break down what MOGU Inc. has locked down as essential for delivering value.

Proprietary online fashion and lifestyle platform technology

The technology itself is the engine. MOGU Inc. operates a KOL-driven online fashion and lifestyle destination in China. This platform is what connects merchants, Key Opinion Leaders (KOLs), and users into one ecosystem. It's designed to offer an accessible and enjoyable shopping experience for everyday fashion, especially as life moves further online. The platform's capability to host dynamic communities for discovering and sharing trends is a critical intellectual asset.

• Platform serves as a valuable marketing channel for merchants.
• Platform acts as a powerful incubator for KOLs.
• Platform provides a vibrant community for users to share trends.

Network of fashion Key Opinion Leaders (KOLs)

The human capital, specifically the KOL network, is arguably the most vital intangible resource. MOGU Inc.'s model hinges on these influencers to attract customers and drive sales. The company has actively worked to secure top talent, even signing dozens of fashion KOLs from competing social e-commerce platforms. This network is now also leveraging MOGU Inc.'s capabilities to become a high-performing live streaming service provider on those external platforms, which shows a flexible use of this key resource.

Supply chain resources and service capabilities

While MOGU Inc. is primarily a platform, its ability to facilitate transactions requires robust underlying support. This includes the resources necessary to manage the flow of goods and services between merchants and consumers. The company's focus on live streaming services suggests specialized capabilities in real-time engagement and transaction processing are key here. Cost of revenues decreased by 7.1% to RMB84.8 million (US\$11.7 million) for the six months ended March 31, 2025, partly due to a decrease in IT-related expenses, which points to optimization within their operational/supply chain tech stack.

Financial Resources

You always need capital to run the show, especially when making strategic shifts like treasury diversification. MOGU Inc.'s financial position as of the last reported period gives you a clear picture of their liquidity base. Here's a snapshot of their holdings as of March 31, 2025, and the recent strategic move announced in September 2025.

The decision to allocate up to US\$20 million to digital assets is a significant move to diversify the treasury holdings and support operational capabilities for next-generation AI products. It's a clear signal about how MOGU Inc. views its financial assets as a resource for future development, not just for current operations. If onboarding those AI capabilities takes longer than expected, that capital deployment timeline could shift, which is a risk to watch.

Finance: draft 13-week cash view by Friday.

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.

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:

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.

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:

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:

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.

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.