没有董宇辉，老俞想做“线上山姆”，却被做空盯上？

Core Viewpoint - The article discusses the impact of rumors on Dongfang Zhenxuan's stock performance and financial results, highlighting the challenges the company faces in the wake of key personnel changes and market speculation [2][3][12]. Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported a net revenue of 4.4 billion RMB, a decrease of 32.7% from 6.5 billion RMB in 2024 [6][21]. - The company experienced a net loss of 96.5 million RMB in the first half of fiscal 2025, despite a stock price surge to 53.7 RMB before plummeting to 34 RMB shortly after [6][8]. - The overall GMV dropped from 14.3 billion RMB in 2024 to 8.7 billion RMB in 2025, reflecting the adverse effects of losing key influencers [18][21]. Rumor Impact - The timing of the rumors, particularly before the financial report release, suggests a targeted attack likely orchestrated by short-selling entities [12][14]. - CEO Yu Minhong addressed the rumors during a conference call, emphasizing their role in stock price volatility and clarifying that former CEO Sun Dongxu was on an approved leave, not resigning [8][14]. Business Transition - Dongfang Zhenxuan is undergoing a transformation to reduce reliance on key influencers, with a focus on self-operated products and a diversified SKU range increasing from 488 to 732 [23][24]. - The company aims to establish itself as an "online Sam's Club," emphasizing self-operated supply chains and product quality, although it faces challenges in replicating the traffic generated by former star hosts [29][30]. Market Position and Future Outlook - The company’s market capitalization is around 30 billion HKD, which is seen as a critical psychological and technical threshold for investor confidence [16]. - Dongfang Zhenxuan's strategy includes enhancing its membership model, which currently generates limited revenue compared to competitors like Sam's Club [29][30]. - The long-term success of Dongfang Zhenxuan will depend on its ability to build a strong supply chain and find new traffic sources in the absence of prominent influencers [32].