Mushroom Street released its financial report for the first half of fiscal 2022, and live GMV accounted for more than 91.2%

U.S. Stock Research Has Learned that on December 23, Mushroom Street released its unaudited financial results for the first half of fiscal 2022 (April 1, 2021 - September 30, 2021). According to the data, in the first six months of fiscal 2022, the total revenue of Mushroom Street was 169.5 million yuan, of which the commission income was 116.8 million, and the contribution rate of commission income to the total revenue reached 68.9%. The total GMV of the platform was 5.454 billion yuan, of which the live GMV reached 4.972 billion yuan, an increase of 8.5% year-on-year. The share of Mushroom Street Live GMV in the total GMV of the platform has increased to 91.2%.

Chen Qi, founder and CEO of Mushroom Street, said that in the first half of fiscal 2022, the competition in the e-commerce industry has become increasingly fierce, and Mushroom Street will continue to focus on optimizing the product portfolio after completing its own e-commerce infrastructure, live broadcast ecology and supply chain adjustments, providing consumers with more fashionable, more popular and more in line with the aesthetics of young people. At the same time, after the acquisition of Sharp Shark Technology, Mushroom Street will make full use of mushroom street's experience in serving merchants over the years to help brands that want to embrace online but lack technical and operational experience find solutions in different channels to achieve brand value realization and growth.

According to the financial report, in the first half of fiscal 2022, the contribution of GMV of mushroom street live broadcasting business to the total GMV of the platform continued to grow in the case of more than 90%. As of September 2021, the live GMV reached 4.972 billion yuan in the past six months, an increase of 8.5% year-on-year. In the Mushroom Street 2021 Double 11 Live Shopping Festival, the unit price of customers and products on the platform doubled, and the original design women's clothing increased by 263% year-on-year.

In addition, due to the increasingly fierce market competition, the customer acquisition costs and operating costs of Mushroom Street increased during the reporting period. In this regard, Feng Qi, vice president of Mushroom Street, said that Mushroom Street plans to increase revenue by focusing on products with higher gross profit margins and exploring new revenue sources to diversify its revenue structure. In the future, Mushroom Street will continue to improve operational efficiency to achieve cost and expense reduction.