中经记者 许礼清 北京报道 送走董宇辉，再别18年老臣孙东旭，时隔两年，东方甄选"小作文"事件中的两位核心人物全部离场。 近日，俞敏洪官宣孙东旭离职。"近期，东旭因为个人原因提出不再继续工作。我鼓励他坚持下去，相 信公司会越来越好，并希望他未来适当的时候回到管理岗位。但他经过了认真思考后，觉得还是想离 开。最终，我同意他离开，不再参与公司工作。" 《中国经营报》记者就孙东旭离职以及公司未来发展等问题联系东方甄选，其相关负责人仅表示："前 公司高级顾问孙东旭老师已经离开具体工作。" 虽不再担任重要职务，但孙东旭并未彻底离开东方甄选，而是以顾问身份继续暂居幕后。甚至在2024年 11月曾短暂回归直播间。俞敏洪也公开表示："他对产品的遴选方面，确实是非常不错的。" 但孙东旭的退居幕后却并未使这场"战事"彻底终结。2024年7月，董宇辉离开东方甄选，开创"与辉同 行"。如今孙东旭离开，至此，"小作文"事件中的两大核心人物、东方甄选初创团队的两大支柱全部离 场。 这样的"分手"并不少见。董宇辉走后，东方甄选主播顿顿也选择离开。今年1月学而思当家主播"长公 主"橙橙也宣布离职。 "个人IP蓬勃发展时代，平台不再是主播唯一 ...

Core Viewpoint - The departure of key figures, including former CEO Sun Dongxu and popular host Dong Yuhui, has left Dongfang Zhenxuan in a challenging position, raising questions about its future direction and leadership [4][5][9]. Group 1: Leadership Changes - Sun Dongxu, who had been with the company for 18 years and was pivotal in its transformation, has left Dongfang Zhenxuan, marking a significant shift in the company's leadership [5][7]. - The "small essay incident" led to a rift between Sun Dongxu and Dong Yuhui, ultimately resulting in both leaving the company, leaving only founder Yu Minhong [8][9]. - Yu Minhong's leadership is now under scrutiny as the company navigates a new phase without its previous key figures [9][30]. Group 2: Company Performance - Dongfang Zhenxuan's stock price peaked at 54 HKD per share in August 2023, surpassing levels before the "small essay incident," but has since declined to 21 HKD per share as of November 6, 2023 [10][25]. - The company reported a significant drop in revenue, with a projected GMV of 87 billion RMB for fiscal year 2025, down from 100 billion RMB in 2023 and 143 billion RMB in 2024 [17][23]. - The total revenue for fiscal year 2025 is reported at 4.4 billion RMB, a 32.7% decrease year-on-year, with net profit plummeting by 98% to 574 million RMB [23][24]. Group 3: Market Position and Strategy - Dongfang Zhenxuan has lost three major traffic IPs, including Dong Yuhui and Sun Dongxu, which has severely impacted its market presence [26]. - The company is exploring a hybrid online-offline model to revitalize its business, but progress has been slow [26][30]. - The absence of leading hosts has resulted in a significant decline in viewership, with Dongfang Zhenxuan's live streams attracting only 300 million views in recent months compared to 1.6 billion for competitors [23][25]. Group 4: Future Considerations - The company faces the urgent need to find a new CEO who can effectively manage multi-channel content production and drive growth [28][30]. - Yu Minhong's potential shift to a chairman role raises questions about who will take over the CEO position and lead the company forward [28][30]. - The future direction of Dongfang Zhenxuan remains uncertain, with the need for a strong leader to address the challenges posed by recent departures and declining performance [30].

Core Viewpoint - The departure of Sun Dongxu from Dongfang Zhenxuan marks a significant shift for the company, following the exit of key figures and ongoing controversies, leading to a decline in stock performance and operational challenges [2][5][6]. Group 1: Leadership Changes - Sun Dongxu has left Dongfang Zhenxuan due to personal reasons, as confirmed by founder Yu Minhong [2][5]. - Yu Minhong will take over as CEO, while Sun will remain as an advisor, acknowledging Sun's contributions during his tenure [6]. - The exits of both Sun Dongxu and popular host Dong Yuhui have raised concerns about the company's future direction and stability [5][6]. Group 2: Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.392 billion yuan, a 32.7% decrease from 6.526 billion yuan in the previous year [7][10]. - The net profit for the same period was 6.191 million yuan, down 97.5% from 249.1 million yuan year-on-year [7][10]. - Excluding the impact of the "Yuhui Together" segment, total revenue would have been approximately 4.2 billion yuan, reflecting a 30.9% decline from the previous year [10]. Group 3: Market Position and Challenges - Dongfang Zhenxuan's stock fell by 5.41% to 20.28 HKD following the announcement of Sun Dongxu's departure [2]. - The company has faced challenges in maintaining its market position, with a notable drop in its ranking on Douyin's sales leaderboard [11]. - Despite losing top hosts, the company has developed a robust training system for its streamers and a mature supply chain, which may help sustain its operations [10].

Core Viewpoint - The departure of Sun Dongxu from Dongfang Zhenxuan marks a significant shift for the company, as both he and Dong Yuhui, key figures in the "Xiao Zuowen" incident, have left, leading to a phase of turmoil for the company [1][4]. Group 1: Leadership Changes - Sun Dongxu has officially left Dongfang Zhenxuan, confirmed by founder Yu Minhong on social media [3][4]. - Following the departure of Sun Dongxu, Yu Minhong has taken over as CEO, indicating a restructuring within the company [4][6]. - The exits of both Sun Dongxu and Dong Yuhui signal a critical transition for Dongfang Zhenxuan, which has been embroiled in controversy for an extended period [1][4]. Group 2: Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.392 billion RMB, a decline of 32.7% from 6.526 billion RMB in the previous year [7][9]. - The net profit for the same period was 6.191 million RMB, down 97.5% from 24.914 million RMB year-on-year [7][9]. - Excluding the financial impact of the sale of "Yu Hui Tong," the total revenue would have been 4.2 billion RMB, a decrease of 30.9% compared to the previous year [9]. Group 3: Market Position and Future Outlook - Despite the leadership changes and declining revenue, Dongfang Zhenxuan has developed a robust supply chain and a strong self-operated product line, which is expected to sustain consumer engagement [9]. - The company has launched 488 self-operated products since April 2022, which now account for approximately 43.8% of the total merchandise transaction volume [9]. - As of November 6, Dongfang Zhenxuan ranked fifth in Douyin's live-streaming sales leaderboard, indicating a competitive market presence despite recent challenges [9].

Core Viewpoint - The departure of Sun Dongxu from Dongfang Zhenxuan marks a significant shift for the company, following the exit of key figures involved in the "small essay" controversy, leading to a decline in stock performance and operational challenges [1][4][10]. Group 1: Leadership Changes - Sun Dongxu has left Dongfang Zhenxuan due to personal reasons, as confirmed by founder Yu Minhong on social media [3][4]. - Following the departure of both Sun Dongxu and Dong Yuhui, the company has faced a leadership vacuum that has affected its operational stability [1][4]. - Yu Minhong has taken over as CEO after Sun Dongxu's exit, indicating a consolidation of leadership amidst ongoing challenges [4][6]. Group 2: Financial Performance - For the fiscal year 2025, Dongfang Zhenxuan reported total revenue of 4.392 billion RMB, a decline of 32.7% from 6.526 billion RMB in the previous year [8][10]. - The net profit for the same period was only 6.191 million RMB, a staggering drop of 97.5% compared to 24.914 million RMB the previous year [8][10]. - Excluding the financial impact of the "Yuhui Together" segment, the total revenue would have been approximately 4.2 billion RMB, reflecting a 30.9% decrease year-over-year [10]. Group 3: Market Position and Future Outlook - Despite the leadership changes and financial struggles, Dongfang Zhenxuan has developed a robust supply chain and a diverse range of self-operated products, which are expected to drive future growth [10]. - The company has launched 488 self-operated products since April 2022, which now account for approximately 43.8% of the total merchandise transaction volume [10]. - As of November 6, Dongfang Zhenxuan ranked fifth in the Douyin (TikTok) live-streaming sales leaderboard, indicating a continued presence in the competitive market [10].

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]

Core Insights - New Oriental Education & Technology Group reported a 6.1% year-on-year increase in net revenue for Q1 of FY2026, reaching $1.523 billion [1] - Operating profit for the same period rose by 6.0% year-on-year to $311 million [1] - Shareholder net profit for Q1 of FY2026 decreased by 1.9% year-on-year to $241 million [1] Revenue Growth - The revenue from overseas exam preparation and consulting services grew by approximately 1.0% and 2.0% year-on-year, respectively [2] - Domestic exam preparation services for adults and university students saw a significant increase of about 14.4% year-on-year [2] - New educational business recorded a revenue growth of 15.3% year-on-year [2] Student Engagement - Non-subject tutoring services were launched in around 60 cities, attracting approximately 530,000 students [2] - The smart learning system and devices were implemented in about 60 cities, with active paying users reaching approximately 452,000 [2] Strategic Focus - The company aims to maintain its strategic direction and long-term development plans, focusing on continuous optimization of core educational services [2] - There is an emphasis on enhancing product capabilities and quality, systematic construction of educational resources, and improving operational efficiency [2] Technology Integration - The company is advancing its OMO (Online-Merge-Offline) teaching system and increasing investments in integrating artificial intelligence into its educational ecosystem [2] - AI-driven smart learning devices and solutions have been successfully launched, enhancing the learning experience and supporting students [2] Financial Performance - Despite challenges from a slowdown in overseas business, the company achieved a year-on-year increase in Non-GAAP operating profit margin, which reached 22.0%, up 100 basis points from the previous year [2] - The company plans to expand cost control and efficiency improvement measures across all businesses to establish a foundation for sustainable and profitable growth [2]

Core Insights - New Oriental's net revenue for the first quarter of fiscal year 2026 increased by 6.1% year-on-year to $1.523 billion [1] - Operating profit for the same period rose by 6.0% year-on-year to $311 million [1] - Net profit attributable to shareholders decreased by 1.9% year-on-year to $241 million [1] Revenue Growth - The revenue from overseas exam preparation and consulting services grew by approximately 1.0% and 2.0% year-on-year, respectively [2] - Domestic exam preparation services for adults and university students saw a significant increase of about 14.4% year-on-year [2] - New education business recorded a revenue growth of 15.3% year-on-year [2] Strategic Initiatives - The company is focusing on enhancing product capabilities and quality while systematically building educational resources [2] - The active paid user count for the smart learning system reached approximately 452,000 across about 60 cities [2] - The company is integrating artificial intelligence into its educational ecosystem and has launched AI-driven smart learning devices and solutions [2] Financial Performance - Non-GAAP operating profit margin improved to 22.0%, an increase of 100 basis points year-on-year [2] - The company aims to expand cost control and efficiency improvement measures across all business segments for sustainable and profitable growth [2]

Core Viewpoint - Oriental Selection (1797.HK) reported a significant decline in revenue and net profit for the fiscal year 2025, primarily due to the impact of the departure of key figure Dong Yuhui and the ongoing challenges in its business operations [1][2] Group 1: Financial Performance - For the fiscal year 2025, the total revenue from continuing operations (self-operated products and live e-commerce) was 4.4 billion yuan, a decrease of 32.7% compared to 6.5 billion yuan in fiscal year 2024 [1] - The net profit for fiscal year 2025 was 6.2 million yuan, a substantial drop from 250 million yuan in fiscal year 2024 [1] - In the first half of fiscal year 2025 (June to November 2024), total revenue decreased by 9.3% year-on-year to 2.187 billion yuan, with a net loss of 96.5 million yuan compared to a loss of 161 million yuan in the same period last year [1] Group 2: Impact of Leadership Changes - The departure of Dong Yuhui on July 25, 2024, led to a 23% drop in Oriental Selection's stock price, resulting in a market value loss of nearly 3 billion Hong Kong dollars [1] - The financial impact of Dong Yuhui's departure was evident, with the total revenue for continuing operations dropping from 6.53 billion yuan to 4.39 billion yuan, a decline of 32.7% [1] Group 3: Strategic Shifts - Despite the challenges, the company's strategy to focus on self-operated products is beginning to show results, as indicated by the turnaround in net profit from a loss in the first half of fiscal year 2025 to a profit of 6.2 million yuan by the end of the fiscal year [1] - Excluding the financial impacts related to Dong Yuhui, the net profit from continuing operations increased from 104 million yuan in fiscal year 2024 to 135 million yuan in fiscal year 2025, reflecting a year-on-year growth of 30% [2]