Summary of Key Points
In the first full fiscal year after Dong Yuhui's departure (the 2026 fiscal year), Dongfang Zhenxuan delivered impressive results: revenue of 5.7 billion yuan (an increase of 29.8%) and adjusted net profit of 629 million yuan (an increase of 262.2%). Meanwhile, the industry is seeing three distinct paths: Dongfang Zhenxuan has established itself through its systematic capabilities (self-operated business, supply chain, and membership program); Dong Yuhui's "Yuhui Xingtong" continues to amplify its influence through his personal brand; and the original team, "Meili Mingtian," is re-entering the market with a collaborative approach. This shift reflects a paradigm shift in the live streaming e-commerce sector, from relying on superstar influencers to competing on systematic capabilities. Platforms, individuals, and teams are each exploring how to maximize the value of their contributions to the organization, rather than simply replacing each other.
I. Dongfang Zhenxuan's "Comeback": Profits Doubled Without Relying on Influencers
Dongfang Zhenxuan's dramatic profit increase is not accidental; it reflects the transition from focusing on Dong Yuhui's personal popularity to leveraging a robust system:
- Self-operated products lead the way: With a total gross merchandise value (GMV) of 10.2 billion yuan, self-operated sales accounted for over 5.4 billion yuan, allowing the company to generate higher profits without sharing commissions with influencers.
- Distributed risk through multiple accounts: The company has launched 18 accounts on platforms like Douyin, such as "Dongfang Zhenxuan Books" and "Dongfang Zhenxuan Food," ensuring that fluctuations in one account's traffic are compensated by others.
- Member base for customer retention: With 350,000 paid members, these loyal customers drive repeat sales, reducing the need for constant new user acquisition through live broadcasts.
- Strong supply chain: A team of over 1,800 people is dedicated to managing the supply chain and product quality, with influencers serving as the final link in the process.
In short, Dongfang Zhenxuan has transformed from a business driven by a single influencer to one supported by a comprehensive system that can continue to thrive even without that influencer.
II. Each Path Has Its Own Value: No One Can Replace the Others
Although these three paths may seem competitive, they each possess unique assets:
- Dongfang Zhenxuan (the platform): It relies on systematic capabilities. For example, customers can purchase reliable agricultural products directly from its stores, trusting the company's quality control and after-sales service.
- Yuhui Xingtong (the individual influencer): It builds trust through personal connections. Customers buy products because they trust the influencer's choices and values, which are difficult to replicate.
- Meili Mingtian (the entrepreneurial team): It relies on past collaborations and brand recognition. High initial viewership (e.g., 100,000 viewers in the first half-hour) is due to fans' fondness for past influencers, but long-term success requires establishing its own supply chain and product selection processes.
These models are not mutually exclusive; they represent different approaches to thriving in the live streaming e-commerce industry.
III. The Transformation of Live Streaming E-commerce
The industry is moving from a model where one influencer dominated everything (influencer = traffic + trust + sales) to one where multiple entities work together:
- Traffic: Now, it relies on a network of accounts and short videos.
- Trust: It focuses on product quality and brand reputation.
- Sales: It relies on membership programs and multiple sales channels.
- Content: It relies on a team of influencers and a well-structured content production process.
IV. The Relationship Between Organizations and Individuals
The debate about whether platforms can replace influencers is misplaced. The key is to understand that:
- Individual value is irreplaceable: Dong Yuhui's knowledge, communication skills, and emotional connection with customers are unique.
- Functional roles can be filled: If Dong Yuhui leaves, the organization must be capable of continuing operations, such as through effective product selection and live streaming.
A healthy organization is like a school that not only nurtures talent but also ensures that its methods and systems survive the departure of key members. New Oriental is a good example: its teachers can become influencers, and former employees can start their own businesses, as the company has cultivated a culture of learning and adaptability.
V. The Future Focus: Long-term Capabilities, Not Short-term Traffic
Current successes, such as Dongfang Zhenxuan's financial performance and Meili Mingtian's initial success, are temporary milestones. The real challenge is to demonstrate the ability to sustain growth:
- Dongfang Zhenxuan needs to prove its system's profitability without Dong Yuhui.
- Yuhui Xingtong needs to establish its own supply chain and customer retention mechanisms.
- Meili Mingtian needs to prove its ability to generate stable profits and retain users.
The future of live streaming e-commerce lies in companies that can continuously create value for customers—whether through better products, better services, or higher repeat sales rates. After all, a single successful live broadcast is just the start; long-term success depends on daily operations.
In conclusion, this transformation is not about who wins or loses, but about the industry's maturation. Only when platforms, individuals, and teams find their proper roles can the live streaming e-commerce sector achieve sustainable growth.