从董宇辉到孙东旭，“好聚好散”之后，东方甄选还剩下什么？

Core Viewpoint - The departure of Sun Dongxu, the former CEO of Oriental Selection, marks a significant turning point for the company, which has been struggling with performance issues and leadership changes since the "small essay" incident two years ago [3][5][20]. Group 1: Departure of Sun Dongxu - Sun Dongxu's resignation was anticipated, with rumors surfacing as early as August 2023, although the company initially denied these claims [4][5]. - His departure is seen as the final resolution to the "small essay" controversy that had plagued the company for two years, leading to mixed reactions from investors regarding the future of the stock price [5][20]. - As of November 6, 2023, Oriental Selection's stock price was HKD 21.44 per share, with a total market capitalization of HKD 22.6 billion, reflecting a 69% decrease from its peak market value of HKD 74 billion in January 2023 [5]. Group 2: Background and Career of Sun Dongxu - Sun Dongxu had a long tenure with the New Oriental Group, spanning 18 years, and held various positions before becoming CEO of Oriental Selection [7]. - His significant career shift occurred after the "small essay" incident in December 2023, which led to his dismissal from the CEO position [11]. - Despite his dismissal, Sun continued to work as a consultant for the company until his recent departure [11]. Group 3: Company Performance and Challenges - Oriental Selection has faced a decline in performance, with a reported revenue of CNY 4.39 billion for the 2025 fiscal year, a year-on-year decrease of 32.7%, and a net profit of CNY 573 million, down 99.67% [16]. - The company's GMV (Gross Merchandise Volume) fell from CNY 14.3 billion to CNY 8.7 billion, a decline of approximately 39% [17]. - The number of employees decreased by 25% compared to the previous year, indicating ongoing challenges within the organization [18]. Group 4: Market Position and Competition - Oriental Selection's main account has struggled to maintain its position in the market, dropping out of the top ten in sales rankings multiple times, while its competitor, Yuhui Tong, has consistently ranked in the top three [17]. - As of November 6, 2023, Oriental Selection had 28.09 million followers on Douyin, significantly fewer than Yuhui Tong's 34.06 million followers, highlighting a growing gap in audience engagement [17]. - The company's transition to an "online Sam's Club" model has faced difficulties, with challenges in supply chain management and membership growth [17][20].