董宇辉分手暴富，俞敏洪还在煎熬

Core Viewpoint - Oriental Selection is actively seeking new growth strategies amidst significant challenges following the departure of key figures like Dong Yuhui, which has led to fluctuations in stock prices and operational performance [4][6][11]. Financial Summary - For the fiscal year 2025, Oriental Selection reported a revenue of 4.439 billion RMB, down 32.7% from 6.525 billion RMB in the previous year [7][11]. - The total GMV decreased from 14.3 billion RMB to 8.7 billion RMB, with paid orders on Douyin dropping from 1.81 billion to 916 million [12][11]. - Despite a net profit of only 6.19 million RMB, the company showed signs of recovery with a net profit of 135.4 million RMB when excluding the financial impact of the sale of "With Hui Together" [11][12]. Operational Changes - The company increased its self-operated product GMV share to 43.8%, launching 732 new self-operated products, a nearly 50% increase from the previous year [12][11]. - Total operating costs decreased from 4.8 billion RMB to 3 billion RMB, a reduction of over 38%, indicating effective cost control measures [12][11]. Market Reactions - The stock price experienced significant volatility, with fluctuations exceeding 40% in a short period, reflecting investor uncertainty [6][11]. - Following the financial report, CEO Yu Minhong described the situation as being in a "storm," highlighting the ongoing challenges the company faces [8][17]. Strategic Direction - Yu Minhong emphasized the need for Oriental Selection to transition from a reliance on live-streaming to establishing a robust product and supply chain management capability [32][34]. - The company aims to enhance its own app and membership system, with paid membership numbers growing to 264,300, although the growth rate has slowed [13][34]. Industry Context - The challenges faced by Oriental Selection mirror broader issues within the live-streaming e-commerce industry, particularly regarding the dependency on key influencers and the sustainability of personal brands [30][40]. - The departure of major influencers like Dong Yuhui raises questions about the future viability of the company's business model, which heavily relies on individual personalities [30][40].