东方甄选披露董宇辉“分手费”

Core Viewpoint - Dongfang Zhenxuan reported a significant decline in revenue and changes in management following the departure of CEO Dong Yuhui, highlighting the impact of leadership changes on financial performance [1][2]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan achieved total revenue of 4.392 billion yuan, a year-on-year decrease of 32.7% [1]. - The net profit from continuing operations turned positive at 6.2 million yuan, compared to a net profit of 249 million yuan in fiscal year 2024 [1]. - Administrative expenses increased by 22.5% to 484.8 million yuan, primarily due to the distribution of remaining profits related to Dong Yuhui's departure [1]. Management Changes - CEO Yu Minhong acknowledged the challenges faced by the company and emphasized the importance of cherishing the current situation [2]. - There were rumors regarding the potential departure of former CEO Sun Dongxu, which were clarified by the company, stating he is on leave but not leaving the company [2]. Market Reactions - The stock price of Dongfang Zhenxuan experienced significant volatility, with a drop of approximately 45% on August 19, following rumors about management issues [4]. - The company issued a statement to clarify the rumors and announced that it had reported the matter to the authorities [5][8]. Regulatory Concerns - There are concerns regarding regulatory risks in the live-streaming business, particularly related to proposed guidelines that may limit commission rates, which could affect the company's core profitability model [7][8]. - The company refuted claims that its commission rates exceed 30%, stating that the actual average commission rate is below 20% [8].