Core Viewpoint - The recent management change at Dongfang Zhenxuan (Beijing) Technology Co., Ltd. has raised attention, with Yu Minhong taking over key positions from Sun Dongxu, who has left the company but remains in leadership roles at the parent company [1][4]. Group 1: Management Changes - Sun Dongxu has resigned as the legal representative, manager, and executive director of Dongfang Zhenxuan, with Yu Minhong assuming these roles [1]. - Despite the changes at Dongfang Zhenxuan, Sun Dongxu continues to hold positions at the parent company, Dongfang Youxuan (Beijing) Technology Co., Ltd. [1]. Group 2: Business Scope Expansion - The company has expanded its business scope to include restaurant management, takeaway delivery services, and catering services [3].

Core Points - Recently, Dongfang Zhenxuan (Beijing) Technology Co., Ltd. underwent a change in its legal representative and management, with Yu Minhong taking over from Sun Dongxu, who resigned from his positions [1] - The company's business scope has been expanded to include restaurant management, delivery services, and catering services, in addition to its existing operations [1] - The company was established in December 2021 with a registered capital of 10 million RMB and is fully owned by Dongfang Youxuan (Beijing) Technology Co., Ltd. [1] Company Changes - Sun Dongxu has officially stepped down as the legal representative, executive director, and manager of Dongfang Zhenxuan, with Yu Minhong now assuming these roles [1][5] - The company has added new business activities related to food services, indicating a strategic shift towards the food and beverage sector [1] - The parent company, Dongfang Youxuan, has not undergone any changes in its management structure, with Sun Dongxu remaining in his roles there [6] Financial Performance - Dongfang Zhenxuan's financial performance has shown a significant decline, with a 30.9% year-on-year decrease in revenue from its core business, and net profit dropping from 249.1 million RMB to 6.2 million RMB [7] - The company's GMV (Gross Merchandise Volume) fell by 39.2% from 14.3 billion RMB to 8.7 billion RMB in the last fiscal year [8] - Despite the challenges, the stock price of Dongfang Zhenxuan has seen an increase, rising over 8% to 21.2 HKD per share, with a market capitalization of 22.3 billion HKD [6][7]

Core Viewpoint - The recent management change at Dongfang Zhenxuan (Beijing) Technology Co., Ltd. involves Sun Dongxu stepping down as the legal representative and executive director, with Yu Minhong taking over these roles, indicating a shift in leadership while maintaining company stability [1][3]. Group 1: Company Changes - Sun Dongxu has resigned from his positions as legal representative, executive director, and manager of Dongfang Zhenxuan, while Yu Minhong has assumed these roles [1]. - The parent company, Dongfang Youxuan (Beijing) Technology Co., Ltd., has not undergone any changes, with Sun Dongxu remaining in his positions there [1]. - Yu Minhong confirmed the departure of Sun Dongxu, emphasizing their good communication and lack of conflict [3][5]. Group 2: Company Information - Dongfang Zhenxuan was established on December 7, 2021, with a registered capital of 10 million RMB [6]. - The company is fully owned by Dongfang Youxuan (Beijing) Technology Co., Ltd., which holds 100% of the shares [3][6]. - The business scope of Dongfang Zhenxuan includes corporate image planning, conference and exhibition services, and wholesale of edible agricultural products [6].

Group 1 - The core point of the news is the change in leadership at Dongfang Zhenxuan (Beijing) Technology Co., Ltd., where Sun Dongxu has stepped down as the legal representative, manager, and executive director, with Yu Minhong taking over these roles [1] - The change in management is part of a broader restructuring, as the company has also updated its business scope, which includes technology services, medical protective equipment production, and advertising services [2] - Yu Minhong confirmed that there are no conflicts or issues between him and Sun Dongxu following the latter's departure from Dongfang Zhenxuan, indicating a smooth transition [3] Group 2 - Dongfang Youxuan (Beijing) Technology Co., Ltd., the parent company of Dongfang Zhenxuan, has not undergone any changes in leadership, with Sun Dongxu remaining as the legal representative and executive director [3] - Yu Minhong holds a 99% stake in the company, indicating his significant control over the operations and direction of Dongfang Zhenxuan [3]

目前，东方甄选科技母公司东方优选（北京）科技有限公司尚未发生变更，孙东旭仍为法定代表人、执 行董事、经理。值得关注的是，该公司经营范围新增餐饮管理、外卖递送服务、餐饮服务等。 据此前报道，11月6日，俞敏洪发文确认孙东旭从东方甄选离职，并表示"我们俩之间保持着很好的沟 通，没有任何龃龉和隔阂，请朋友们放心。" 0:00 天眼查APP显示，近日，东方甄选（北京）科技有限公司发生工商变更，孙东旭卸任法定代表人、经 理、执行董事职务，由俞敏洪接任。 ...

目前，东方甄选科技母公司 东方优选（北京）科技有限公司尚未发生变更， 孙东旭仍为法定代表人、执行董事、经理。 | 序号 | | 受益自然人名称 | 最终受益股份 ① | 플램类型 | 任肥类型 | | --- | --- | --- | --- | --- | --- | | | G | 孙东旭 19 | | 关键决策人员,法定代表人/负责人 | 执行董事,经理,法定代表人 | | 0 | 不 | 李巍 民13 | | - 关键管理人员 | 财务负责人 | | | | 俞敏洪 民3160 | | 99% $ 直接或间接持股,实际控制人 | | 据此前报道， 11月6日，俞敏洪发文确认孙东旭从东方甄选离职， 并表示"我们俩之间保持着很好的沟通，没有任何龃龉和隔阂，请朋友们 放心。" 天眼查数据显示，近日， 东方甄选（北京）科技有限公司发生工商变更， 孙东旭卸任法定代表人、经理、执行董事职务，由俞敏洪接任。 东旭和我,是东方甄选的创始人。没有东 旭的努力和坚忍不拔的奋斗,就不可能有东方 甄选的发展和今天。近期,东旭因为个人原因 提出不再继续工作。我鼓励他坚持下去,相 信公司会越来越好,并希望他未来适当的时候 回到 ...

Core Points - Recent changes in the management of Dongfang Zhenxuan (Beijing) Technology Co., Ltd. have occurred, with Sun Dongxu stepping down as the legal representative, executive director, and manager, while Yu Minhong has taken over these roles [1][1][1] - The company has expanded its business scope to include restaurant management, food delivery services, and catering services [1][1][1] Company Overview - Dongfang Zhenxuan (Beijing) Technology Co., Ltd. was established in December 2021 with a registered capital of 10 million RMB, initially focusing on corporate image planning, conference and exhibition services, and wholesale of edible agricultural products [1][1][1] - The company is wholly owned by Dongfang Youxuan (Beijing) Technology Co., Ltd. [1][1][1] Management Transition - On November 6, Yu Minhong confirmed Sun Dongxu's departure on social media, citing personal reasons for the latter's decision to leave, while emphasizing that their communication remains positive without any conflicts [1][1][1]

Core Viewpoint - Recent changes in the management of Dongfang Zhenxuan (Beijing) Technology Co., Ltd. have been noted, with Sun Dongxu stepping down and Yu Minhong taking over as the legal representative, manager, and executive director [1] Company Changes - The company has added new business scopes including catering management, delivery services, and catering services [1] - As of now, the parent company, Dongfang Youxuan (Beijing) Technology Co., Ltd., has not undergone any changes, with Sun Dongxu remaining as the legal representative, executive director, and manager [1] Management Communication - Yu Minhong confirmed Sun Dongxu's departure from Dongfang Zhenxuan and emphasized that their communication remains positive, assuring stakeholders that there are no conflicts or misunderstandings [1]

Core Viewpoint - The company has entered a stable development phase with a clear strategy, focusing on enriching its product lines and building a product matrix centered around self-operated products [1][2] Product Development - The company has expanded its self-operated product categories from fresh food to include nutritional health products, pet food, clothing, and home goods, resulting in a more diversified product structure. As of May 31, 2025, the company has launched a total of 732 self-operated SPUs [1] - Self-operated products have become a significant growth engine, with the GMV of self-operated products accounting for approximately 43.8% of total GMV in FY25, an increase of about 3.8 percentage points year-on-year. The management aims to increase the self-operated product GMV share to over 60% in FY26 without affecting third-party GMV [1] Multi-Channel Strategy - The company is deepening its online and offline multi-channel strategy. Online, it has expanded beyond Douyin to platforms like WeChat Mini Programs, Tmall, JD.com, Pinduoduo, and Xiaohongshu. The Oriental Selection APP, as a strategic core, contributed 15.7% to GMV as of May 31, 2025, a year-on-year increase of 7.3 percentage points, with paid APP memberships growing to 264,000, up 33.1% year-on-year [2] - Offline, the company leverages New Oriental Group's learning center network and explores various methods such as vending machines and display stands to enhance brand awareness. It has also opened small shops to pilot sales of ready-to-eat foods and household essentials, gradually expanding its offline presence [2] Financial Forecast and Valuation - Due to better-than-expected performance in live streaming, the company has raised its FY26 revenue forecast by 11.6% to 5.03 billion yuan. Adjusted net profit for FY26 is also increased by 49.5% to 339 million yuan. FY27 revenue is projected at 5.63 billion yuan, with adjusted net profit of 407 million yuan [2] - The target price has been raised by 20% to 24.0 HKD, reflecting a more optimistic growth outlook. The GMV forecast for FY26 has been adjusted from 7.80 billion yuan to 9.85 billion yuan, corresponding to a 4.5 times FY26 price-to-sales ratio. The company is currently trading at 3.4 times FY26 price-to-sales ratio, indicating a 30% upside potential [2]

Core Insights - The average annual salary for employees at Dongfang Zhenxuan in the fiscal year 2025 is 839,600 yuan, which is 2.02 times higher than the salary at the live e-commerce company Jia Ge Pengyou Holdings for the fiscal year 2024 [1] - New Oriental faced significant challenges due to the "double reduction" policy implemented in July 2021, which severely impacted its K9 tutoring business that accounted for 60% of its revenue [1] - Following a reduction in employee numbers, the average salary at New Oriental and New Oriental Online increased significantly, with New Oriental's average management expenses reaching 234,300 yuan in fiscal year 2022 and New Oriental Online's average salary hitting 348,600 yuan [1] - In fiscal year 2023, Dongfang Zhenxuan's revenue surged to 4.51 billion yuan, leading to a collective salary increase, with the average annual salary reaching 375,000 yuan [1] - Despite a 32.7% year-on-year decline in revenue to 4.39 billion yuan in fiscal year 2025, the average salary increased to 839,600 yuan due to a reduction of nearly 500 employees [1] Company Specifics - Currently, only Yu Minhong from New Oriental receives an annual salary in the millions, which is approximately 87 times the average management expense per employee at New Oriental and nearly 13 times the average salary at Dongfang Zhenxuan [2] - Yu Minhong has been publicly criticized by Luo Yonghao for being overly frugal, to which he responded by emphasizing his responsibility to protect Dongfang Zhenxuan and its hosts [2]