Core Viewpoint - The stock price of Dongfang Zhenxuan has surged significantly, increasing by 357% since the departure of its star host Dong Yuhui, with a market capitalization exceeding 43 billion HKD as of August 15 [1][5][20]. Stock Performance - As of August 15, Dongfang Zhenxuan's stock rose by 17.9%, with a total market value surpassing 43 billion HKD [1]. - Since July 2023, the stock has seen a cumulative increase of nearly 248%, and from the low point of 8.92 HKD per share after Dong Yuhui's departure, the increase is as high as 357% [1][5]. Recent Market Trends - The stock had been underperforming in the first half of the year, leading to multiple institutions reducing or liquidating their holdings [3][14]. - The recent surge in stock price is closely tied to market expectations of a recovery in performance, with the next quarterly financial report set to be disclosed on August 22 [7][20]. Financial Performance - According to a report from Huaxi Securities, Dongfang Zhenxuan's revenue for the fourth quarter of the 2025 fiscal year is projected to be approximately 150 million USD, reflecting a year-on-year decline of about 30%, although the decline is narrowing compared to previous quarters [7]. - The non-GAAP operating profit is estimated at around 79 million RMB, with an operating profit margin of approximately 7%, showing a quarter-on-quarter improvement [7]. Business Strategy - Following the departure of key hosts, Dongfang Zhenxuan is shifting its business strategy to reduce reliance on individual hosts, focusing on self-operated products and a membership system as key drivers of its new business model [8][12]. - The company has launched a variety of self-operated products, achieving significant sales, including over 3.6 million units of coconut water sold in a single day and cumulative sales of over 2.6 billion grilled sausages [9][11]. Membership Growth - Dongfang Zhenxuan introduced a paid membership system in October 2023, with an annual fee of 199 RMB, which has seen the number of paid subscribers reach 228,000, nearly doubling year-on-year [13]. - The repurchase rate of members is significantly higher than that of non-members, at 2.7 times greater [13]. Institutional Holdings - There has been a notable reduction in institutional holdings, with a 40.19% decrease in the number of shares held by public funds by the end of the first quarter of 2023 [14][18]. - By June 30, 2023, the total number of shares held by public funds had decreased by 88.62% compared to the previous quarter [16][18]. Future Outlook - Analysts express optimism about Dongfang Zhenxuan's recovery, citing its transition from a host-driven model to a product-driven approach as a positive development [19]. - The market is awaiting the upcoming financial report to assess whether the company can deliver satisfactory results amid its recent stock price surge [20].

记者丨刘夏菲 编辑丨江佩霞 叶映橙 在董宇辉和俞敏洪"分手"一年多之后，东方甄选股价似乎走出低谷期。 董宇辉单飞1年，东方甄选股价涨了3倍 截至8月15日收盘，东方甄选大涨17.9%，总市值超430亿港元。据21财经·南财快讯记者统计，东方甄选 自今年7月以来，股价累计涨幅近248%。若从去年董宇辉出走的低点8.92 港元/股算起，东方甄选累计 涨幅更是高达357%。 实际上，今年上半年东方甄选股价持续低迷，多家机构纷纷减持乃至清仓。临近新一季财报披露时间， 东方甄选股价为何连日大涨？ 而近期东方甄选的股价表现，则与市场对其业绩回暖的预期密切相关。据悉，东方甄选将于8月22日披 露新一季财报。 7月30日，新东方发布了2025年3月至5月的业绩报告。华西证券据此报告推算，东方甄选25财年第四季 度收入约1.5亿美元，同比下滑约30%，但下滑幅度环比收窄；非通用会计准则（Non-GAAP）下营业利 润约0.79亿元人民币，对应营业利润率约7%，环比有所提升。 去年7月，董宇辉官宣离开东方甄选。"分家"消息公布后的首个交易日（2024年7月26日），东方甄选股 价大跌超过23%，市值蒸发30亿港元，盘中更是创下8 ...

Core Viewpoint - After more than a year since the departure of Dong Yuhui, the stock price of Dongfang Zhenxuan has seemingly emerged from a low period, with significant increases observed recently [1][2]. Stock Performance - As of August 15, Dongfang Zhenxuan's stock surged by 17.9%, with a total market capitalization exceeding 43 billion HKD. Since July, the stock has accumulated a rise of nearly 248%, and from the low point of 8.92 HKD per share after Dong Yuhui's exit, the total increase has reached 357% [3][5][7]. Recent Market Trends - The recent surge in stock price is closely related to market expectations of performance recovery, with the upcoming quarterly financial report set to be disclosed on August 22. The performance report from New Oriental indicated a projected revenue of approximately 150 million USD for the fourth quarter of the 2025 fiscal year, reflecting a year-on-year decline of about 30%, but with a narrowing decline compared to the previous quarter [9]. Business Strategy Shift - Following the departure of key hosts like Dong Yuhui, Dongfang Zhenxuan has shifted its business strategy to reduce reliance on individual hosts. The new business model focuses on "self-operated products" and a "membership system" [11]. - The company has successfully launched self-operated products, with notable sales figures such as over 3.6 million units of coconut water sold in a single day and cumulative sales of over 2.6 billion units of self-operated sausages [13]. Membership Growth - Dongfang Zhenxuan introduced a paid membership system in October 2023, becoming the first live-streaming organization to do so. As of the mid-2025 fiscal year, the number of paid members reached 228,000, nearly doubling year-on-year. The repurchase rate of members is significantly higher than that of non-members, at 2.7 times [13][14]. Institutional Investment Trends - Throughout 2023, institutional investors have frequently reduced their holdings in Dongfang Zhenxuan. By the end of the first quarter, the total number of shares held by public funds had decreased by 40.19%, with significant reductions noted in major funds [15][18][21]. Financial Performance - The mid-2025 fiscal year report indicated a net loss of approximately 96.5 million CNY for the core business, a stark contrast to a profit of 160 million CNY in the same period the previous year. This marked the company's first performance report following the departure of Dong Yuhui [21]. Market Outlook - Analysts express optimism regarding Dongfang Zhenxuan's recovery, citing the company's evolving business model and the successful development of self-operated products as key factors for future growth. The market is currently awaiting the upcoming financial report to assess the company's performance [22].