“分家”一年，董宇辉越来越像俞敏洪 || 深度

Core Insights - After a year of separation, Dong Yuhui's company "With Hui" has achieved over 10 billion in sales and gained 30.31 million followers, surpassing his former employer, Dongfang Zhenxuan, by 2 million followers [2][24] - However, Dong Yuhui is facing a significant decline in traffic, with a 45% drop in average daily views from 27.5 million to 15.04 million, indicating a shift in the market dynamics [4][26] - Dong Yuhui is adopting management strategies similar to his predecessor, Yu Minhong, focusing on equity incentives and diversifying the business model beyond personal branding [11][19] Business Performance - "With Hui" has become a leading player in the Douyin live-streaming market, achieving over 10 billion in sales within a year, while Dongfang Zhenxuan reported a total GMV of only 4.8 billion for the first half of the 2025 fiscal year [24] - Despite initial success, "With Hui" has seen a decline in its ranking on Douyin's monthly sales leaderboard, dropping to fifth place in June 2025 [24][26] - The growth in followers has slowed significantly, with only 322,000 new followers in the first half of 2025 compared to 1.2 million in the same period the previous year [26] Management and Strategy - Dong Yuhui is transitioning from a personal brand to a more structured business model, implementing a management philosophy centered on empowerment and reducing hierarchical layers [8][19] - He has established new companies with a focus on equity partnerships, allowing employees to participate in profit-sharing without decision-making pressures, mirroring Yu Minhong's approach at New Oriental [12][17] - The company is diversifying its business into cultural tourism, similar to New Oriental's expansion strategy, indicating a strategic alignment in exploring new markets [22][23] Market Dynamics - The rapid rise and fall of traffic and follower counts highlight the volatile nature of the live-streaming market, pushing Dong Yuhui to reconsider long-term sustainability and product supply chains [26] - Industry experts suggest that the success of live-streaming companies hinges on stable supply chains and product differentiation, areas where "With Hui" currently lacks depth [26]