East Buy Holding Limited, the livestreaming arm of Chinese education training company New Oriental, released its first annual performance results.

The report shares the company's net revenue of 4.5 billion yuan ($618 million) in the 2023 fiscal year ending in May, an increase of 651 percent.

Their net profit was 971.3 million yuan - compared with a net loss of 71 million yuan in the previous fiscal year, reported The Paper.

"At the moment, East Buy has become a renowned platform for selling high-quality, cost-effective agricultural products and more, accelerating rural revitalization while promoting traditional cultural values and positive values," said Yu Minhong, president of East Buy Holding Limited.

In terms of live e-commerce, the annual GMV (gross merchandise transaction) reached 10 billion yuan. The Douyin platform, with over 40 million followers, accounts for a majority of the overall GMV.

East Buy has been knuckling down on the inclusiveness of its products, more than 120 self-operated products have been developed, and the overall revenue of self-operated products of East Buy exceeded 2.6 billion yuan in the fiscal year 2023.

The company believes that by implementing appropriate marketing strategies, they can better meet consumers' needs.