Core Viewpoint - The article discusses the rapid growth and challenges faced by the live-streaming e-commerce platform "Yuhui Tongxing" led by Dong Yuhui, highlighting its impressive sales figures and the underlying issues that may affect its future sustainability [5][21]. Group 1: Sales Performance and Growth - "Yuhui Tongxing" achieved a remarkable annual sales figure of approximately 21 billion yuan, nearing the performance of the retail giant "Pang Donglai" [6][7]. - In 2025, the account gained 11.23 million followers, bringing the total to over 38 million, with an average sales per live stream ranging from 50 million to 75 million yuan [7][8]. - The platform's sales model focuses on creating irreplaceable value in specific areas, building deep trust with consumers, particularly targeting middle-class women aged 24 to 45 [9][8]. Group 2: Business Model and Strategy - "Yuhui Tongxing" operates on a "light asset platform" model, emphasizing product selection and traffic distribution rather than controlling the entire supply chain [19]. - The company has invested over one million yuan monthly in quality control through third-party testing and employee blind tests [9]. - Dong Yuhui has diversified income sources, moving from a commission-based model to equity dividends and IP value appreciation, which ties his wealth growth to the overall profitability of the company [12][13]. Group 3: Challenges and Risks - Despite the growth, "Yuhui Tongxing" faces structural challenges, including a significant drop in average daily viewers from 27.5 million to 15.04 million, a 45% decrease year-on-year [17]. - The platform's reliance on third-party suppliers has raised concerns about product quality and safety, as evidenced by incidents involving product recalls due to quality issues [18][20]. - The competitive landscape is becoming increasingly crowded, with the live-streaming e-commerce industry experiencing a slowdown in growth rates, which may impact future performance [17][21].