董宇辉单飞1年，400亿东方甄选股价大涨3倍，机构狂减持

Core Viewpoint - After more than a year since the departure of Dong Yuhui, the stock price of Dongfang Zhenxuan has seemingly emerged from a low period, with significant increases observed recently [1][2]. Stock Performance - As of August 15, Dongfang Zhenxuan's stock surged by 17.9%, with a total market capitalization exceeding 43 billion HKD. Since July, the stock has accumulated a rise of nearly 248%, and from the low point of 8.92 HKD per share after Dong Yuhui's exit, the total increase has reached 357% [3][5][7]. Recent Market Trends - The recent surge in stock price is closely related to market expectations of performance recovery, with the upcoming quarterly financial report set to be disclosed on August 22. The performance report from New Oriental indicated a projected revenue of approximately 150 million USD for the fourth quarter of the 2025 fiscal year, reflecting a year-on-year decline of about 30%, but with a narrowing decline compared to the previous quarter [9]. Business Strategy Shift - Following the departure of key hosts like Dong Yuhui, Dongfang Zhenxuan has shifted its business strategy to reduce reliance on individual hosts. The new business model focuses on "self-operated products" and a "membership system" [11]. - The company has successfully launched self-operated products, with notable sales figures such as over 3.6 million units of coconut water sold in a single day and cumulative sales of over 2.6 billion units of self-operated sausages [13]. Membership Growth - Dongfang Zhenxuan introduced a paid membership system in October 2023, becoming the first live-streaming organization to do so. As of the mid-2025 fiscal year, the number of paid members reached 228,000, nearly doubling year-on-year. The repurchase rate of members is significantly higher than that of non-members, at 2.7 times [13][14]. Institutional Investment Trends - Throughout 2023, institutional investors have frequently reduced their holdings in Dongfang Zhenxuan. By the end of the first quarter, the total number of shares held by public funds had decreased by 40.19%, with significant reductions noted in major funds [15][18][21]. Financial Performance - The mid-2025 fiscal year report indicated a net loss of approximately 96.5 million CNY for the core business, a stark contrast to a profit of 160 million CNY in the same period the previous year. This marked the company's first performance report following the departure of Dong Yuhui [21]. Market Outlook - Analysts express optimism regarding Dongfang Zhenxuan's recovery, citing the company's evolving business model and the successful development of self-operated products as key factors for future growth. The market is currently awaiting the upcoming financial report to assess the company's performance [22].