Core Viewpoint - The article discusses the departure of Sun Dongxu from Dongfang Zhenxuan, highlighting the events leading to his exit and the impact of his leadership on the company [4][18][23]. Group 1: Background of Sun Dongxu - Sun Dongxu, born in 1986, graduated from Nankai University with a degree in computer science and technology. He joined New Oriental in 2007, marking the beginning of an 18-year career within the organization [10]. - He held various positions within New Oriental, eventually becoming the CEO of Dongfang Zhenxuan, a live-streaming e-commerce platform, during its strategic transformation in 2021 [11]. Group 2: Achievements and Challenges - Under Sun's leadership, Dongfang Zhenxuan adopted a unique approach to live-streaming e-commerce focused on cultural knowledge, which initially faced challenges in audience growth [14]. - The turning point came in June 2022 when the company gained significant traction, with a five-day increase of 5 million followers and single live-stream sales exceeding 30 million [14][15]. - Despite these successes, a crisis emerged in December 2023 due to a controversy involving a "small essay" incident, leading to Sun's dismissal as CEO [17][18]. Group 3: Impact and Legacy - Sun Dongxu's tenure at Dongfang Zhenxuan was marked by the establishment of a strong "iron fan" culture, fostering deep customer loyalty and high satisfaction rates, with a member repurchase rate 2.7 times higher than regular users [19]. - His strict product quality control measures contributed to building consumer trust, as evidenced by a 99.3% satisfaction rate among users [19]. - The article concludes with a reflection on Sun's departure, indicating it marks the end of an era for Dongfang Zhenxuan, while also noting the potential for future collaboration between him and the company [23][24].

Core Viewpoint - The departure of Sun Dongxu, the former CEO of Oriental Selection, marks a significant turning point for the company, following the earlier exit of Dong Yuhui. This change raises questions about the future direction and leadership of Oriental Selection under founder Yu Minhong's guidance [1][3]. Group 1: Leadership Changes - Sun Dongxu has officially left Oriental Selection due to personal reasons, confirmed by Yu Minhong, who acknowledged Sun's contributions to the company's development [1]. - Sun Dongxu's departure follows a tumultuous period marked by public scrutiny and internal challenges, particularly related to a controversy involving content ownership with Dong Yuhui [7][8]. - Despite leaving his CEO position, Sun Dongxu remains a legal representative and executive in several related companies within the New Oriental Group [1]. Group 2: Company Performance and Structure - As of November 6, Oriental Selection's stock closed at HKD 21.440 per share, with a market capitalization of HKD 22.593 billion, reflecting a slight increase of 0.37% on that day [2]. - Sun Dongxu's total compensation for the fiscal year 2023 amounted to RMB 16.391 million, which included various components such as salary, bonuses, and stock options [5][6]. - The company has undergone significant changes since its inception, transitioning from an education-focused business to a live-streaming e-commerce model, with Sun playing a crucial role in establishing the supply chain and product selection processes [4][8]. Group 3: Future Implications - The departure of Sun Dongxu raises concerns about who will take over the critical supply chain management role, which is vital for the operational efficiency and brand reputation of Oriental Selection [8]. - Yu Minhong's leadership will be tested as he navigates the company through this transition, especially after losing key figures like Sun Dongxu and Dong Yuhui [9].

Core Viewpoint - The stock price of Dongfang Zhenxuan (01797.HK) has significantly declined, reaching a three-month low of 20.02 HKD per share, down 6.53% as of November 7 [3] Group 1: Management Changes - On November 6, Yu Minhong confirmed the departure of former CEO Sun Dongxu due to personal reasons, stating that their communication remains good [4] - Sun Dongxu had been with New Oriental Group since 2007 and served as CEO of Dongfang Zhenxuan until his resignation on December 16, 2023 [4] - Following Sun's departure, Yu Minhong will take over as CEO of Dongfang Zhenxuan [4] Group 2: Financial Performance - Dongfang Zhenxuan reported a revenue of 4.392 billion CNY for the fiscal year, a 32.7% decrease from 6.526 billion CNY in the previous year [5] - The net profit from continuing operations was 6.191 million CNY, a significant drop of 97.5% compared to 249 million CNY in the prior year [5] - The revenue decline is attributed to intensified competition in the live e-commerce sector and strategic adjustments within the company [5] - Excluding the financial impact of the sale of Huixing Technology, the net profit from continuing operations increased by 30% to 135.4 million CNY [5]

Core Viewpoint - The conference held in Zhenjiang focused on enhancing consumer confidence and stimulating consumption in the Nanjing metropolitan area, aligning with national policies to boost economic growth and improve consumer satisfaction [1][8]. Group 1: Conference Objectives and Themes - The conference aimed to optimize the consumer environment and promote consumption upgrades within the Nanjing metropolitan area [1]. - It emphasized the importance of collaboration among market regulation departments across the 10 cities in the metropolitan area to enhance consumer protection and satisfaction [3][8]. Group 2: Key Initiatives and Actions - 15 exemplary cases of "Nanjing Metropolitan Area Trustworthy Consumption" were presented, showcasing successful practices in various sectors such as dining and tourism [5]. - The conference announced 110 "Nanjing Metropolitan Area Trustworthy Consumption Commitment" live streaming rooms, promoting standards for online shopping and enhancing consumer trust [7]. - A cross-regional return and exchange initiative was launched by five companies to address the challenges of returns in different locations, aiming to create a unified return process [7]. Group 3: Future Plans and Collaborations - The conference marked the launch of a consumption month across the 10 cities, featuring activities aimed at improving consumer experiences and reinforcing the commitment to a trustworthy consumption environment [8]. - Ongoing collaboration between Jiangsu and Anhui provinces is expected to yield practical measures that will benefit consumers and stimulate regional economic growth [8].

Core Points - The founder of New Oriental, Yu Minhong, confirmed the departure of Sun Dongxu, the former CEO of Oriental Selection, due to personal reasons [1][2] - Yu Minhong emphasized the significant contributions of Sun Dongxu to the development of Oriental Selection, stating that without his efforts, the company's success would not have been possible [2] - Sun Dongxu's resignation as CEO was officially recorded on December 16, 2023, with his total compensation for the period from June 1, 2023, to December 16, 2023, amounting to 33.603 million yuan, which includes salary, allowances, and benefits [2] Company Background - Oriental Selection was co-founded by Yu Minhong and Sun Dongxu during a critical business transformation period for New Oriental in 2021, focusing on live-streaming e-commerce [2] - Sun Dongxu played a key role in building the supply chain, improving the product selection system, and developing the app for Oriental Selection [2] - Following a controversy in late 2023, Sun Dongxu stepped down from his CEO position but continued to work behind the scenes on product selection, supply chain, and host management [2]

Core Viewpoint - The departure of Sun Dongxu, co-founder and former CEO of Dongfang Zhenxuan, has been confirmed, marking another significant personnel change following the exit of Dong Yuhui, raising concerns about the company's management stability [2][3][4]. Group 1: Personnel Changes - Sun Dongxu's resignation is seen as a continuation of the turmoil within Dongfang Zhenxuan, following the earlier departure of key personnel like Dong Yuhui [3][11]. - The CEO Yu Minhong acknowledged Sun's contributions and confirmed that Sun left for personal reasons, emphasizing a positive relationship between them [7][12]. - The company has faced a series of departures, including prominent figures and anchors, indicating a deeper personnel crisis [11]. Group 2: Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported revenues of approximately 4.392 billion yuan, a year-on-year decline of about 32.69%, with net profit plummeting by 99.67% to 573.50 million yuan [4][15]. - The company's GMV (Gross Merchandise Volume) fell sharply from 14.3 billion yuan in 2024 to 8.7 billion yuan in 2025, a decline of 39.16%, primarily due to the divestiture of "Yuhui Xing" [15]. - The financial struggles are attributed to the loss of significant revenue sources and increased competition in the live commerce sector [17]. Group 3: Market Reaction - Since August 19, 2025, Dongfang Zhenxuan's stock price has dropped over 60%, reflecting investor concerns following the disappointing financial results [6][18]. - The stock peaked at 55.70 HKD per share on August 19, 2025, but fell to 21.44 HKD by November 6, 2025, marking a decline of 61.51% [18][19].

Core Viewpoint - The departure of Sun Dongxu, former CEO of Dongfang Zhenxuan, marks a significant shift for the company, which is now entering an uncertain "post-wave" era amid declining performance and flow anxiety [5][9]. Group 1: Leadership Changes - Sun Dongxu has officially left Dongfang Zhenxuan, following a series of events that began with the "small essay" incident in December 2023, which led to his removal as CEO and subsequent transition to a senior advisor role [2][4][7]. - Yu Minhong, the founder of New Oriental and CEO of Dongfang Zhenxuan, expressed support for Sun's decision to leave, emphasizing their good communication and lack of conflict [2][4]. Group 2: Company Performance - Dongfang Zhenxuan's total revenue from continuing operations for the fiscal year 2025 was 4.4 billion yuan, a decrease of 32.7% compared to the previous fiscal year [9]. - The company's total GMV (Gross Merchandise Volume) for the fiscal year 2025 was 8.7 billion yuan, down 39.2% from 14.3 billion yuan in the previous year [9]. Group 3: Strategic Shifts - The departure of key figures like Sun Dongxu and Dong Yuhui has raised concerns about the company's ability to maintain its unique appeal in knowledge-based live streaming, which has been a significant driver of its success [8][12]. - Dongfang Zhenxuan is focusing on building its self-operated product system and supply chain to differentiate itself from other e-commerce platforms, moving away from reliance on individual personalities [11][12]. Group 4: Future Challenges - The company faces challenges in user acquisition and maintaining its flow base, as it transitions to a model that does not depend on individual stars [12]. - The need for a robust system that can sustain the company without relying on key individuals is highlighted as a critical challenge for the future [12].

Core Points - The departure of Sun Dongxu, former CEO of Dongfang Zhenxuan, marks a significant shift for the company, as both he and Dong Yuhui, key figures in the "small essay" incident, have left the organization [1][3][4] - The company is entering a "post-wave" era filled with uncertainties, facing challenges such as declining performance and flow anxiety [3][8] Company Developments - Sun Dongxu's resignation was officially announced by Yu Minhong, who stated that Sun left for personal reasons after careful consideration [1][5] - The "small essay" incident in December 2023, which involved a controversy over a live broadcast script, significantly impacted Sun's reputation and led to his eventual departure [4][5] - Following the incident, Sun was removed from his CEO position and transitioned to a senior advisor role before ultimately leaving the company [5][8] Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.4 billion yuan, a decrease of 32.7% from the previous year's 6.5 billion yuan [8][10] - The company's total GMV (Gross Merchandise Volume) for the same period was 8.7 billion yuan, down 39.2% from 14.3 billion yuan in the previous fiscal year [8][10] Strategic Shifts - The company is focusing on building a self-operated product system and supply chain to differentiate itself from other e-commerce platforms, moving away from reliance on individual personalities [11][12] - The self-operated products and the Dongfang Zhenxuan app have become key growth areas, with self-operated products accounting for 43.8% of GMV in the fiscal year 2025 [10][12] Market Outlook - Experts suggest that the departure of key figures like Sun Dongxu may not significantly impact the company, as it aims to establish a robust system independent of individual contributions [11][12] - The ongoing challenge for Dongfang Zhenxuan lies in enhancing its user reach and addressing its flow foundation, which remains a critical area for improvement [11][12]

Group 1 - Sun Dongxu has left Dongfang Zhenxuan, confirmed by Yu Minhong, citing personal reasons for his departure [4] - Sun Dongxu sold 1.93 million shares over two days, cashing out 2 billion HKD [8] - Yu Minhong expressed hope for Sun Dongxu to return to a management position in the future [4] Group 2 - Apple encourages iPhone 13 and 14 users to upgrade to the new iPhone 17, highlighting the advantages of the new model [5] - The iPhone Air 2 may feature an additional camera lens, while Apple has avoided discussing sales issues related to the Air series [8] Group 3 - CCTV exposed a case of counterfeit live streaming involving actress Wen Zhengrong, where her likeness was used in multiple streams [6]

Core Viewpoint - The departure of Sun Dongxu from Dongfang Zhenxuan marks a significant shift in the company's management, following the earlier exit of Dong Yuhui, and reflects ongoing challenges in the live e-commerce sector [3][5]. Group 1: Company Background and Changes - Dongfang Zhenxuan, formerly known as New Oriental Online Technology Holdings, transitioned to focus solely on self-operated products and live streaming, moving away from online education [3][4]. - Sun Dongxu played a crucial role in the company's success during its explosive growth in 2022, emphasizing that Dongfang Zhenxuan is a technology and cultural dissemination company rather than just a live streaming entity [4][5]. Group 2: Financial Performance - In the fiscal year 2025, Dongfang Zhenxuan's net revenue from continuing operations decreased by 32.7% year-on-year to 4.4 billion RMB, while the company achieved a net profit of 0.062 billion RMB after a loss in the first half of the fiscal year [5][6]. - The company's Gross Merchandise Volume (GMV) fell by 39.2% year-on-year to 8.7 billion RMB, leading to a reduction in total revenue costs by 38.2% to 3 billion RMB [6]. Group 3: Strategic Focus and Challenges - Dongfang Zhenxuan is now concentrating on self-operated products, multi-platform strategies, and building a paid membership system, but faces significant challenges in establishing an effective team of hosts and brand operation models [6][7]. - The company continues to rely heavily on agricultural products, which are characterized by low margins and high wastage, and needs to enhance its supply chain and membership system to compete effectively [6][7].