Core Viewpoint - The stock price of Dongfang Zhenxuan has significantly declined due to rumors regarding key personnel changes, highlighting the company's vulnerability to leadership instability and the need for a robust operational model independent of individual figures [1][3][4]. Group 1: Stock Performance and Market Reaction - As of September 2, Dongfang Zhenxuan's stock closed at HKD 25.1 per share, down 3.61%, marking a significant drop from its recent high of HKD 53.7 on August 19, effectively halving its value [1]. - The stock experienced a sharp decline of 20.89% in a single day following rumors about CEO Zhou Chenggang being investigated, followed by further declines due to speculation about former CEO Sun Dongxu's departure [1]. Group 2: Leadership Changes and Strategic Shifts - The departure of key figures like Dong Yuhui and Sun Dongxu has raised questions about the company's future, emphasizing the importance of leadership in maintaining operational stability [2][3]. - The company is transitioning from a "host-driven" model to a "product-driven" approach, focusing on supply chain and self-operated products, which reflects a strategic evolution in its business model [2][3]. Group 3: Supply Chain and Management Concerns - Sun Dongxu's role was crucial in executing the company's strategy and building its supply chain, having been with the company for 18 years and witnessing its growth from inception [3]. - The company must demonstrate that it has a solid supply chain, mature management mechanisms, and a sustainable business model that can function without reliance on high-profile individuals [4]. Group 4: Future Considerations for Leadership - The founder, Yu Minhong, needs to establish that the company can thrive without key individuals, including himself, as he approaches the age of considering succession planning [4]. - The ongoing challenge for the company is to prove its resilience and operational independence in the face of leadership changes, which is a common concern for many publicly traded companies [4].

每经评论员 付克友 截至9月2日午间收盘，东方甄选（HK01797，总市值262.55亿港元）股价收于25.1港元/股，下跌 3.61%，与8月19日53.7港元的近期高点相比已至"腰斩"。 谁能想到，两个流言就让东方甄选经历"冰火两重天"。8月19日，一则"新东方CEO周成刚被立案调 查"的谣言，让如日中天的东方甄选股价单日大跌20.89%；紧接着，东方甄选前CEO孙东旭被传"即将离 职"，尽管官方发声是"正常休假"，也没能止住股价滑落。 与当初董宇辉的离职让股价"腰斩"如出一辙，核心人员动荡的消息让东方甄选元气大伤，哪怕它仅仅是 个流言。 这是一记警钟。同时，一个问题也摆在创始人俞敏洪面前：东方甄选离了谁会不行？ 其实，俞敏洪已经回答过一次。董宇辉离职后，俞敏洪拿出合计3亿多元的天价"分手费"，向"丈母娘 们"和舆论的污名化指责证明，他没有欺负和亏待董宇辉。后来，投资者看到，东方甄选触底反弹，走 出一波气势如虹的K线。 从本质上讲，在董宇辉离职风波中，俞敏洪完成了对"主播IP驱动电商"模式的告别。东方甄选不需 要"下一个董宇辉"，而是将战略重心转向供应链与自营产品，推动经营模式从"主播驱动"到"产品驱 动 ...