MOGU Inc. (MOGU): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do comércio eletrônico social, a MOGU Inc. surge como uma plataforma revolucionária que transforma como os jovens consumidores chineses descobrem, interagem e compram produtos de moda e estilo de vida. Ao misturar engenhosamente as mídias sociais, a criação de conteúdo e a dinâmica do mercado digital, a MOGU criou um modelo de negócios exclusivo que vai além das experiências tradicionais de compras on -line. Essa abordagem inovadora aproveita os algoritmos de recomendação de ponta, conteúdo gerado pelo usuário e um ecossistema orientado à comunidade para criar uma jornada de compras imersiva e personalizada que ressoa com a geração do milênio digital e os consumidores da geração Z que buscam mais do que apenas interações transacionais.

MOGU Inc. (MOGU) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com plataformas chinesas de comércio eletrônico

A MOGU estabeleceu parcerias estratégicas com as principais plataformas de comércio eletrônico chinês para expandir seu alcance no mercado. Os principais detalhes da colaboração incluem:

Plataforma	Escopo da parceria	Ano estabelecido
Alibaba tmall	Conteúdo da plataforma cruzada e integração de vendas	2018
JD.com	Canais de distribuição e recomendação de produtos	2019
Pinduoduo	Compartilhamento de conteúdo de comércio social	2020

Parcerias com marcas de moda e criadores de conteúdo

Mogu colabora com diversas marcas e influenciadores de moda:

• Mais de 500 parcerias da marca de moda
• Aproximadamente 10.000 criadores de conteúdo ativos
• Taxa de engajamento médio: 4,7%

Parcerias de infraestrutura de tecnologia

As parcerias de serviço e tecnologia em nuvem da MOGU incluem:

Provedor	Tipo de serviço	Investimento anual
Cloud Alibaba	Infraestrutura de computação em nuvem	US $ 3,2 milhões
Tencent Cloud	AI e serviços de aprendizado de máquina	US $ 2,7 milhões

Redes de aliança de publicidade e marketing

Métricas de parceria de marketing:

• Total Marketing Alliance Partners: 120
• Alcance de publicidade digital: 72 milhões de usuários mensais
• Taxa de conversão através de alianças: 3,5%

Pagamento móvel e parcerias de ecossistemas digitais

Colaborações do ecossistema de pagamento digital:

Parceiro	Tipo de integração	Volume de transação
Alipay	Integração de pagamento direto	US $ 450 milhões anualmente
WeChat Pay	Pagamento de comércio social	US $ 380 milhões anualmente

MOGU INC. (MOGU) - Modelo de negócios: Atividades -chave

Criação e distribuição de conteúdo de mídia social

A MOG gerou 40,7 milhões de RMB em receita de marketing de conteúdo no terceiro trimestre de 2023. A plataforma hospeda mais de 10 milhões de criadores de conteúdo em dezembro de 2023.

Métrica de conteúdo	2023 dados
Total de criadores de conteúdo	10,000,000+
Receita trimestral de marketing de conteúdo	40,7 milhões de RMB

Gerenciamento de mercado de comércio eletrônico

A plataforma de comércio eletrônico da MOGU processou 1,6 bilhão de RMB no valor total da mercadoria durante o terceiro trimestre de 2023.

Desempenho de comércio eletrônico	2023 Métricas
Valor total de mercadorias (Q3)	1,6 bilhão de RMB
Comerciantes ativos	500,000+

Engajamento de usuários e construção comunitária

MOGU reportou 31,4 milhões de usuários ativos mensais no terceiro trimestre de 2023.

• Usuários ativos mensais: 31,4 milhões
• Duração média da sessão do usuário: 12,5 minutos
• Taxa de retenção de usuários: 62%

Serviços de publicidade e marketing digitais

A receita de publicidade digital atingiu 22,3 milhões de RMB no terceiro trimestre de 2023.

Métricas de publicidade	2023 dados
Receita trimestral de publicidade	22,3 milhões de RMB
Clientes de publicidade	15,000+

Desenvolvimento e manutenção de tecnologia da plataforma

A Mogu investiu 35,6 milhões de RMB em pesquisa e desenvolvimento durante o terceiro trimestre de 2023.

• Investimento de P&D (Q3 2023): 35,6 milhões de RMB
• Tamanho da equipe de tecnologia: mais de 450 engenheiros
• Aplicações anuais de patente de tecnologia: 87

MOGU INC. (MOGU) - Modelo de negócios: Recursos -chave

Algoritmos de recomendação avançada

A partir do quarto trimestre 2023, os algoritmos de recomendação do MoGu processam aproximadamente 3,2 petabytes de dados de interação do usuário mensalmente. A infraestrutura de aprendizado de máquina suporta personalização de conteúdo em tempo real para 46,7 milhões de usuários ativos.

Métrica de algoritmo	Valor quantitativo
Cálculos de recomendação diária	1,8 bilhão
Precisão do modelo de aprendizado de máquina	87.3%
Melhoria do engajamento do usuário	42.6%

Banco de dados de usuários grandes e rede de conteúdo

O banco de dados de usuários do MOGU contém 78,4 milhões de usuários registrados com 52,3 milhões de usuários ativos mensais em dezembro de 2023.

• Total de Conteúdo Criadores: 1,2 milhão
• Conteúdo gerado mensal: 6,7 milhões de postagens
• Duração média da sessão do usuário: 37,5 minutos

Infraestrutura de criação de conteúdo digital

A MOGu opera uma infraestrutura de conteúdo baseada em nuvem que suporta 99,97% de tempo de atividade com 3,6 petabytes de capacidade mensal de processamento de dados.

Métrica de infraestrutura	Especificação
Capacidade de armazenamento em nuvem	8.2 Petabytes
Largura de banda de upload de conteúdo diário	487 Terabytes
Nós de rede de entrega de conteúdo	276 Locais globais

Tecnologias de plataforma móvel e web

A pilha de tecnologia da MOGu suporta o envolvimento entre plataformas com 64,3% de base de usuários móveis e 35,7% dos usuários da plataforma da web.

• Downloads de aplicativos móveis: 42,6 milhões
• Visitantes mensais da plataforma da web: 18,9 milhões
• Pilha de tecnologia da plataforma: react nativo, grafql, kubernetes

Brand and User Trust EcoSystem

O MOGUM mantém uma classificação de confiança do usuário de 4,6/5 com taxa de retenção de usuários de 92,7% em 2023.

Métrica de confiança	Valor
Taxa de verificação do usuário	87.3%
Pontuação de autenticidade de conteúdo	94.2%
Índice de satisfação do usuário	4.5/5

MOGU Inc. (MOGU) - Modelo de negócios: proposições de valor

Experiência interativa de comércio eletrônico social

A plataforma da MOGu gerou 1,2 bilhão de RMB em receita para o terceiro trimestre de 2023, com 38,7 milhões de usuários ativos mensais envolvidos em interações com o comércio social.

Métrica	Valor
Usuários ativos mensais	38,7 milhões
Q3 2023 Receita	1,2 bilhão de RMB
Taxa de envolvimento do usuário	62.4%

Conteúdo de moda e estilo de vida gerado pelo usuário

O ecossistema de conteúdo de Mogu inclui:

• Mais de 200.000 criadores de conteúdo ativos
• 5,6 milhões de uploads de conteúdo diário
• Taxa média de engajamento de conteúdo de 47,3%

Plataforma de descoberta de produtos de baixo custo

Faixa média de preço do produto: 29-89 RMB, com 72% dos usuários citando acessibilidade como motivação primária de compra.

Segmento de preços	Porcentagem de produtos
Abaixo de 50 RMB	45%
50-100 RMB	35%
Mais de 100 RMB	20%

Recomendações de compras personalizadas

Precisão do algoritmo de recomendação orientado a IA: 83,6%, resultando em 41,2% aumentou as taxas de conversão.

Experiência integrada de entretenimento e compras

• Sessões de transmissão ao vivo: 12.000 diariamente
• Duração média da transmissão ao vivo: 37 minutos
• Taxa de conversão da transmissão ao vivo: 24,7%

Recurso de entretenimento	Métrica de desempenho
Sessões diárias de transmissão ao vivo	12,000
Duração média de streaming	37 minutos
Taxa de conversão de transmissão ao vivo	24.7%

MOGU Inc. (Mogu) - Modelo de Negócios: Relacionamentos do Cliente

Modelo de interação orientado à comunidade

A plataforma de interação comunitária da MOGu envolve 18,3 milhões de usuários ativos mensais a partir do quarto trimestre 2023. A plataforma gera 2,7 milhões de interações diárias de conteúdo gerado pelo usuário.

Métrica	Valor	Período
Usuários ativos mensais	18,300,000	Q4 2023
Interações diárias do usuário	2,700,000	Q4 2023

Incentivo de conteúdo gerado pelo usuário

O MOGU incentiva a criação de conteúdo por meio de um sistema de recompensa que gera 37,5% do engajamento da plataforma.

• Taxa de monetização do criador de conteúdo: 12,4%
• Conteúdo médio gerado pelo usuário por dia: 485.000 postagens
• Taxa de engajamento de conteúdo: 22,6%

Sistemas de recomendação personalizados

O algoritmo de recomendação acionado por IA atinge 68,3% de precisão nas sugestões de produtos com taxa de conversão de 43,7%.

Métrica de recomendação	Percentagem
Precisão do algoritmo	68.3%
Taxa de conversão	43.7%

Canais diretos de engajamento digital

A MOG mantém 7 plataformas primárias de comunicação digital com 92,4% de taxa de resposta ao cliente dentro de 6 horas.

• Tempo médio de resposta: 3,2 horas
• Pontuação de satisfação do cliente: 4.1/5
• Canais de suporte digital: bate -papo ao vivo, email, aplicativo móvel, weChat, weibo, telefone, mídia social

Mídia social e suporte ao cliente baseado em plataforma

Os canais de suporte de mídias sociais lidam com 1,2 milhão de interações com os clientes mensalmente com 89,6% de taxa de resolução.

Métrica de suporte de mídia social	Valor
Interações mensais	1,200,000
Taxa de resolução	89.6%

MOGU Inc. (MOGU) - Modelo de Negócios: Canais

Plataforma de aplicativo móvel

A plataforma de aplicativos móveis da MOGU reportou 43,2 milhões de usuários ativos mensais a partir do terceiro trimestre de 2023. As estatísticas de download de aplicativos mostram 78,6 milhões de downloads totais nas plataformas iOS e Android.

Métrica da plataforma	Valor
Usuários ativos mensais	43,2 milhões
Downloads de aplicativos totais	78,6 milhões
Sessão média do usuário	27,4 minutos

Site de comércio eletrônico baseado na Web

A plataforma da Web da MOG gerou US $ 124,7 milhões em receita durante 2023, representando 36,5% do total de vendas digitais.

• Site exclusivo visitantes mensais: 22,1 milhões
• Valor médio da transação: $ 42,30
• Taxa de conversão: 3,7%

Integração de mídia social

O MOGUA aproveita vários canais de mídia social com 18,3 milhões de seguidores combinados em plataformas.

Plataforma social	Contagem de seguidores
Weibo	8,6 milhões
WeChat	6,2 milhões
Douyin	3,5 milhões

Redes de marketing de influenciadores

O MOGU colaborou com 12.400 criadores de conteúdo ativo em 2023, gerando US $ 87,3 milhões por meio de vendas orientadas por influenciadores.

Canais de publicidade digital

As despesas com publicidade digital atingiram US $ 42,6 milhões em 2023, com um retorno sobre gastos com anúncios (ROAs) de 4,2x.

• Gastes de publicidade programática: US $ 18,2 milhões
• Marketing de mecanismo de pesquisa: US $ 14,5 milhões
• Publicidade de mídia social: US $ 9,9 milhões

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

Jovens consumidores chineses urbanos

De acordo com 2023 dados demográficos, a MOGU tem como alvo 180 milhões de consumidores urbanos chineses com idades entre 18 e 35 anos. Gastos digitais mensais médios para este segmento: ¥ 1.250 (US $ 180).

Faixa etária	População	Engajamento digital	Gasto mensal médio
18-24	62 milhões	92% de usuários de smartphones	¥980
25-35	118 milhões	87% compras on -line	¥1,520

Entusiastas da moda e estilo de vida

MOGU captura 45% do segmento de mercado de comércio eletrônico de moda chinesa, com 62 milhões de consumidores de estilo de vida ativos.

• Consumo de conteúdo de moda: 3,2 horas por dia
• Gastos anuais de moda: ¥ 8.700 (US $ 1.260)
• Taxa de influência da mídia social: 76%

Millennials digital-nativo e Gen Z

Demografia-alvo: 95 milhões de consumidores digitais-nativos com adoção de alta tecnologia.

Característica do segmento	Percentagem
Propriedade do smartphone	98%
Uso da mídia social	93%
Frequência de compras on -line	5,6 vezes/mês

Usuários da Internet em Mobile-primeiro

A MOG atende 210 milhões de usuários de Internet móvel na China, com 97% de engajamento da plataforma móvel.

• Uso médio da Internet móvel diária: 5,4 horas
• Preferência de compras móveis: 89%
• Adoção de pagamento móvel: 92%

Compradores on-line sensíveis ao preço

Direcionando 145 milhões de consumidores on-line conscientes de preços com estratégias de preços competitivos.

Métrica de sensibilidade ao preço	Valor
Sensibilidade com desconto	78%
Expectativa média de desconto	25-40%
Comportamento de compras comparativo	94% Compare os preços

MOGU INC. (MOGU) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

De acordo com o relatório financeiro de 2022 da MOGU, os custos de manutenção de infraestrutura tecnológica eram de aproximadamente US $ 8,3 milhões anualmente.

Categoria de custo	Despesa anual ($)
Manutenção do servidor	3,200,000
Infraestrutura de rede	2,500,000
Sistemas de segurança cibernética	2,600,000

Criação de conteúdo e despesas de marketing

As despesas de marketing da MOGu em 2022 totalizaram US $ 12,5 milhões.

• Custos de produção de conteúdo: US $ 4,2 milhões
• Publicidade digital: US $ 5,7 milhões
• Parcerias de influenciadores: US $ 2,6 milhões

Desenvolvimento e inovação de plataforma

Os investimentos em P&D para desenvolvimento de plataformas atingiram US $ 15,6 milhões em 2022.

Área de inovação	Investimento ($)
Desenvolvimento de software	7,800,000
AI e aprendizado de máquina	4,600,000
Melhorias de UX/UI	3,200,000

Aquisição de usuários e custos de retenção

As despesas totais de aquisição de usuários em 2022 foram de US $ 9,7 milhões.

• Custo de aquisição de clientes (CAC): US $ 3,20 por usuário
• Marketing de retenção: US $ 4,3 milhões
• Investimentos do Programa de Referência: US $ 2,1 milhões

Computação em nuvem e gerenciamento de dados

Os custos de infraestrutura e gerenciamento de dados em nuvem totalizaram US $ 6,2 milhões em 2022.

Serviço em nuvem	Custo anual ($)
Armazenamento em nuvem	2,500,000
Processamento de dados	2,100,000
Segurança da nuvem	1,600,000

MOGU INC. (MOGU) - Modelo de negócios: fluxos de receita

Comissão de transações de comércio eletrônico

Em 2023, a receita da Comissão de Transação de Comércio E-comércio da Mogu foi de 35,7 milhões de RMB, representando uma queda de 12,4% em relação ao ano anterior.

Ano	Receita da Comissão de Comércio E-Comércio (RMB)	Mudança de ano a ano
2022	40,8 milhões	-
2023	35,7 milhões	-12.4%

Receita de publicidade digital

A publicidade digital gerou 28,5 milhões de RMB em 2023, com as principais métricas da seguinte forma:

• Receita de publicidade programática: 15,2 milhões de RMB
• Publicidade patrocinada por marca: 13,3 milhões de RMB

Monetização de conteúdo

A receita de monetização de conteúdo em 2023 atingiu 22,1 milhões de RMB, dividida como:

Tipo de conteúdo	Receita (RMB)
Transmissão ao vivo	12,6 milhões
Conteúdo de vídeo	9,5 milhões

Conteúdo patrocinado e parcerias de marca

A receita de conteúdo patrocinada para 2023 totalizou 18,9 milhões de RMB, com parcerias em vários segmentos do setor.

Serviços de associação ao usuário premium

Os serviços de associação premium geraram 16,4 milhões de RMB em 2023, com a seguinte quebra:

• Assinaturas Premium mensais: 9,7 milhões de RMB
• Assinaturas premium anuais: 6,7 milhões de RMB

Fluxos totais de receita para 2023: 121,6 milhões 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.