Core Viewpoint - The departure of Sun Dongxu, co-founder and former CEO of Dongfang Zhenxuan, has been confirmed, marking another significant personnel change following the exit of Dong Yuhui, raising concerns about the company's management stability [2][3][4]. Group 1: Personnel Changes - Sun Dongxu's resignation is seen as a continuation of the turmoil within Dongfang Zhenxuan, following the earlier departure of key personnel like Dong Yuhui [3][11]. - The CEO Yu Minhong acknowledged Sun's contributions and confirmed that Sun left for personal reasons, emphasizing a positive relationship between them [7][12]. - The company has faced a series of departures, including prominent figures and anchors, indicating a deeper personnel crisis [11]. Group 2: Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported revenues of approximately 4.392 billion yuan, a year-on-year decline of about 32.69%, with net profit plummeting by 99.67% to 573.50 million yuan [4][15]. - The company's GMV (Gross Merchandise Volume) fell sharply from 14.3 billion yuan in 2024 to 8.7 billion yuan in 2025, a decline of 39.16%, primarily due to the divestiture of "Yuhui Xing" [15]. - The financial struggles are attributed to the loss of significant revenue sources and increased competition in the live commerce sector [17]. Group 3: Market Reaction - Since August 19, 2025, Dongfang Zhenxuan's stock price has dropped over 60%, reflecting investor concerns following the disappointing financial results [6][18]. - The stock peaked at 55.70 HKD per share on August 19, 2025, but fell to 21.44 HKD by November 6, 2025, marking a decline of 61.51% [18][19].

Core Viewpoint - The departure of Sun Dongxu, former CEO of Dongfang Zhenxuan, marks a significant shift for the company, which is now entering an uncertain "post-wave" era amid declining performance and flow anxiety [5][9]. Group 1: Leadership Changes - Sun Dongxu has officially left Dongfang Zhenxuan, following a series of events that began with the "small essay" incident in December 2023, which led to his removal as CEO and subsequent transition to a senior advisor role [2][4][7]. - Yu Minhong, the founder of New Oriental and CEO of Dongfang Zhenxuan, expressed support for Sun's decision to leave, emphasizing their good communication and lack of conflict [2][4]. Group 2: Company Performance - Dongfang Zhenxuan's total revenue from continuing operations for the fiscal year 2025 was 4.4 billion yuan, a decrease of 32.7% compared to the previous fiscal year [9]. - The company's total GMV (Gross Merchandise Volume) for the fiscal year 2025 was 8.7 billion yuan, down 39.2% from 14.3 billion yuan in the previous year [9]. Group 3: Strategic Shifts - The departure of key figures like Sun Dongxu and Dong Yuhui has raised concerns about the company's ability to maintain its unique appeal in knowledge-based live streaming, which has been a significant driver of its success [8][12]. - Dongfang Zhenxuan is focusing on building its self-operated product system and supply chain to differentiate itself from other e-commerce platforms, moving away from reliance on individual personalities [11][12]. Group 4: Future Challenges - The company faces challenges in user acquisition and maintaining its flow base, as it transitions to a model that does not depend on individual stars [12]. - The need for a robust system that can sustain the company without relying on key individuals is highlighted as a critical challenge for the future [12].

Core Points - The departure of Sun Dongxu, former CEO of Dongfang Zhenxuan, marks a significant shift for the company, as both he and Dong Yuhui, key figures in the "small essay" incident, have left the organization [1][3][4] - The company is entering a "post-wave" era filled with uncertainties, facing challenges such as declining performance and flow anxiety [3][8] Company Developments - Sun Dongxu's resignation was officially announced by Yu Minhong, who stated that Sun left for personal reasons after careful consideration [1][5] - The "small essay" incident in December 2023, which involved a controversy over a live broadcast script, significantly impacted Sun's reputation and led to his eventual departure [4][5] - Following the incident, Sun was removed from his CEO position and transitioned to a senior advisor role before ultimately leaving the company [5][8] Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, a decrease of 32.7% from the previous year's 6.5 billion yuan [8][10] - The company's total GMV (Gross Merchandise Volume) for the same period was 8.7 billion yuan, down 39.2% from 14.3 billion yuan in the previous fiscal year [8][10] Strategic Shifts - The company is focusing on building a self-operated product system and supply chain to differentiate itself from other e-commerce platforms, moving away from reliance on individual personalities [11][12] - The self-operated products and the Dongfang Zhenxuan app have become key growth areas, with self-operated products accounting for 43.8% of GMV in the fiscal year 2025 [10][12] Market Outlook - Experts suggest that the departure of key figures like Sun Dongxu may not significantly impact the company, as it aims to establish a robust system independent of individual contributions [11][12] - The ongoing challenge for Dongfang Zhenxuan lies in enhancing its user reach and addressing its flow foundation, which remains a critical area for improvement [11][12]

Core Viewpoint - The departure of Sun Dongxu, the former CEO of Dongfang Zhenxuan, marks a significant moment for the company, following the aftermath of the "small essay" incident that had previously put him in the spotlight [1][3][15] Group 1: Departure Context - Rumors of Sun Dongxu's potential departure surfaced in August, but were officially denied by the company at that time [2] - His departure is seen as a conclusion to the ongoing repercussions of the "small essay" incident from two years ago [3][6] - The stock market reaction has been mixed, with some expressing regret over his departure while others fear a decline in stock prices [3] Group 2: Background of Sun Dongxu - Sun Dongxu had a long tenure of 18 years within the New Oriental system, starting as a teacher and eventually becoming the CEO of Dongfang Zhenxuan [4] - His annual compensation, including stock options, was reported to be 16.39 million yuan, and he had previously cashed out approximately 2.17 billion HKD in just two days [7] Group 3: Company Performance and Challenges - Dongfang Zhenxuan's stock price has significantly decreased from a peak market value of 740 billion HKD in January 2023 to 22.44 HKD per share, representing a 69% decline [3] - The company has faced a substantial drop in revenue, with a reported 32.7% year-on-year decline in fiscal year 2025, and a net profit drop of 99.67% [11][12] - Key operational metrics show a decline in GMV from 143 billion to 87 billion, a decrease of approximately 39% [11] Group 4: Talent Departure and Market Position - The company is experiencing a talent exodus, with significant figures like Dong Yuhui and now Sun Dongxu leaving, which may impact its market position [9][11] - The online audience for Dongfang Zhenxuan's live streams has diminished, with current viewer numbers around 3,700 compared to over 10,000 two years ago [13] - The company is struggling with its transformation into an e-commerce model, facing challenges in supply chain management and membership growth [12][15]

Group 1 - Sun Dongxu has left Dongfang Zhenxuan, confirmed by Yu Minhong, citing personal reasons for his departure [4] - Sun Dongxu sold 1.93 million shares over two days, cashing out 2 billion HKD [8] - Yu Minhong expressed hope for Sun Dongxu to return to a management position in the future [4] Group 2 - Apple encourages iPhone 13 and 14 users to upgrade to the new iPhone 17, highlighting the advantages of the new model [5] - The iPhone Air 2 may feature an additional camera lens, while Apple has avoided discussing sales issues related to the Air series [8] Group 3 - CCTV exposed a case of counterfeit live streaming involving actress Wen Zhengrong, where her likeness was used in multiple streams [6]

Core Viewpoint - The departure of Sun Dongxu, a non-executive director of Dongfang Zhenxuan, has been confirmed by Yu Minhong, the founder and chairman of New Oriental Education Technology Group [1] Group 1 - Sun Dongxu has left his specific role at Dongfang Zhenxuan, as stated by the company [1]

Core Viewpoint - The recent resignation of Sun Dongxu as CEO of Dongfang Zhenxuan has raised concerns, but the company assures that communication remains strong and the leadership will continue to strive for growth and quality products [1][3]. Group 1: Leadership Changes - Sun Dongxu has resigned from his position as CEO and Executive Director of Dongfang Zhenxuan, effective December 16, 2023, with Yu Minhong taking over as CEO [3]. - Sun Dongxu's total compensation for the period from June 1, 2023, to December 16, 2023, amounted to 33.603 million RMB, which includes a salary and allowances of 4.944 million RMB, equity settlement of 28.621 million RMB, and retirement benefits of 0.038 million RMB [3][4]. Group 2: Company Background - Dongfang Zhenxuan is registered under Beijing New Oriental Xun Cheng Network Technology Co., Ltd., which was established in 2005 with a registered capital of 1.2235 billion RMB [5]. - The company operates in the software and information technology services industry and has a workforce of approximately 66 employees [5]. Group 3: Market Reaction - Following the announcement of Sun Dongxu's resignation, Dongfang Zhenxuan's stock price experienced a decline, closing at 21.44 HKD, with a market capitalization of approximately 22.6 billion HKD [5].

Core Viewpoint - The recent leadership change at Oriental Selection, with founder Yu Minhong taking over as CEO after the departure of Sun Dongxu, highlights the company's commitment to maintaining strong communication and leadership continuity during transitions [1][2]. Group 1: Leadership Changes - Yu Minhong announced that Sun Dongxu, co-founder of Oriental Selection, has decided to leave the company for personal reasons, despite encouragement to stay [1]. - Following the "small essay" incident, the board of directors at Oriental Selection officially appointed Yu Minhong as CEO, relieving Sun Dongxu of his duties as executive director and CEO, effective immediately [2]. Group 2: Company Communication - Yu Minhong emphasized the importance of maintaining good communication with all members of Oriental Selection and expressed confidence in the company's future growth [1].

Core Insights - The departure of Sun Dongxu from Dongfang Zhenxuan is confirmed by Yu Minhong, who expresses hope for his return in the future, indicating internal changes within the company [3] - Sun Dongxu played a crucial role in the company's success in live e-commerce and faced significant challenges during the "Little Essay" controversy, which has impacted the company's stock performance [4] - Dongfang Zhenxuan has shifted its business model from online education to self-operated products and live streaming, with significant changes in revenue and operational focus [5] Group 1: Company Changes - Sun Dongxu has left his position due to personal reasons, despite encouragement from Yu Minhong to stay [3] - The company has transitioned from being known as New Oriental Online Technology Holdings to Dongfang Zhenxuan Holdings, focusing solely on self-operated products and live streaming [3] - The internal conflicts and controversies have led to significant leadership changes, including the resignation of Sun Dongxu as CEO [4] Group 2: Financial Performance - In the fiscal year 2025, Dongfang Zhenxuan's net revenue from its core business decreased by 32.7% to 4.4 billion RMB, while the gross merchandise volume (GMV) dropped by 39.2% to 8.7 billion RMB [5] - The company reported a net profit of 0.062 billion RMB, recovering from losses in the first half of the fiscal year [5] - The total revenue cost decreased by 38.2% to 3 billion RMB, with gross profit declining by 17% to 1.4 billion RMB [5] Group 3: Market Position and Challenges - Dongfang Zhenxuan is focusing on self-operated products, multi-platform strategies, and building a paid membership system, but faces challenges in establishing a strong organizational structure [6] - The company is still primarily focused on agricultural products, which are high-frequency but low-margin, and needs to improve its supply chain and membership experience [6] - Comparatively, the sales performance of Dongfang Zhenxuan is lagging behind its competitor Hui Tongxing, indicating a need for better brand management and operational strategies [5][6]

Core Points - Yu Minhong announced the departure of Sun Dongxu, co-founder of Dongfang Zhenxuan, citing personal reasons for his decision to leave the company [1] - Yu emphasized the positive relationship between him and Sun, assuring that there were no conflicts or misunderstandings [1] - Sun Dongxu has a long history with New Oriental, having held various positions since 2007, including CEO of New Oriental Online, which later became Dongfang Zhenxuan [1] Summary by Sections Departure Announcement - Sun Dongxu has officially left his position at Dongfang Zhenxuan, with Yu Minhong supporting his decision and expressing hope for his return in the future [1] - The announcement follows earlier speculation about Sun's potential departure, which gained significant attention online [1] Background of Sun Dongxu - Sun Dongxu graduated from Nankai University in 2007 and has been with New Oriental since then, progressing through various roles [1] - He served as the CEO of New Oriental Online from 2019 until the rebranding to Dongfang Zhenxuan in 2023 [1] Leadership Changes - Following the "Little Essay Incident" related to Dong Yuhui, Yu Minhong took over as CEO of Dongfang Zhenxuan, relieving Sun Dongxu of his executive roles [2] - Yu Minhong mentioned that Sun's return to the live streaming space was permitted, highlighting Sun's capabilities in product selection [2]