On July 25, Dong Yuhui announced his resignation from Oriental Selection . At the same time, Dong Yuhui acquired 100% of the shares of Hehui Peer from Oriental Selection at a cost of RMB 76.59 million. As a result, Oriental Selection's wholly-owned subsidiary Hui Peer will be officially independent from Oriental Selection, with Dong Yuhui personally holding 100% of the shares.
Since the "Little Composition Incident" at the end of last year, the public has been arguing about Dongfang Selection's "de-evolution of Dong Yuhui". Although the conflict was temporarily alleviated by Yu Minhong taking charge of the overall situation and Dong Yuhui setting up an independent live broadcast room, in the end it was Dong Yuhui and Yu Hui's colleagues completely "broke up" with Oriental Selection.
Regarding Dong Yuhui’s acquisition of Hui Peer, Yu Minhong explained, “I arranged the money for Yuhui’s purchase of the company, and the company gave it to Yuhui.” In the eyes of industry insiders, this is also a rare big IP and The company was finally able to "break up" with dignity. To this end, Yu Minhong gave up huge benefits and showed a "big picture beyond expectations."
Yu Minhong arranged the acquisition money and 140 million rewards
On the occasion of "breaking up" with Hui Peer and Oriental Selection, Yu Minhong revealed on his personal public account that in order to express his gratitude to Dong Yuhui, in addition to paying all the promised benefits, he has sincerely requested the board of directors and the remuneration committee and obtained the agreement to award Dong Yuhui all the net profits of Peer with Hui.
What is the amount of this reward? The announcement of Oriental Selection’s sale of Hehui Peer also disclosed Hehui Peer’s financial data for the first time. During the period from December 22, 2023 to June 30, 2024, the profit before tax of Hehui Peer was 189 million yuan, and the net profit was 141 million yuan. This also means that the reward mentioned by Yu Minhong may be as high as 140 million yuan.
and Hui Peer disclosed financial data for the first time.
However, some netizens said that Yuhui Peer (Beijing) Technology Co., Ltd. was established on December 22, 2023. The profit miracle created in just 7 months is itself the result of the efforts of Dong Yuhui’s team.
Because what can be compared with it is the profit of Oriental Selection. Although Oriental Selection has not released its latest financial report, according to the semi-annual report from June 1 to November 30, 2023, during this period, Oriental Selection’s total revenue was 2.795 billion yuan, a year-on-year increase of 34.4%; net profit was 249 million yuan. , down 57.4% year-on-year; during the reporting period, the total GMV of Oriental Selection was 5.7 billion yuan.
Oriental Selection’s net profit from June 1 to November 30, 2023 was 249 million yuan, while Hehui Peer’s net profit from December 22, 2023 to June 30, 2024 was 141 million yuan. From this, it is not difficult to see that Peer with Hui’s contribution to the performance of Oriental Selection is self-evident.
At the same time, Yu Minhong revealed that Dong Yuhui held the equity purchase money required by Hui Peer, and Yu Minhong also arranged the payment in a manner that complied with the rules of listed companies and the company's articles of association. Yu Minhong later explained in the comment area, "What this sentence means is that I arranged the money for Yuhui to purchase the company, and the company gave it to Yuhui."
Dong Yuhui also commented, "As mentioned in my statement As mentioned above, the equity purchase payment was fully supported by Teacher Yu and the listed company regulations. In addition, Teacher Yu also supported our operating system for free. I personally and my peers are very grateful to Teacher Yu. "It is understood that in order to ensure that. For the normal operation of Hehui Peer's business, Oriental Selection will deliver the developed information system to Hehui Peer for free with the approval of the board of directors.
In the eyes of industry insiders, this is one of the rare cases where a big IP and a company can finally "break up" with dignity. To this end, Yu Minhong gave up "huge benefits" and revealed a "big picture beyond expectations."
Not only that, Oriental Selection and New Oriental also caused shock in the capital market. Affected by the news of Dong Yuhui's resignation, New Oriental's US stock market plummeted before the market opened on July 25, once falling 10%, and the current decline has narrowed to 1.37%. As of the close of trading on July 25, Oriental Selection's stock price was at HK$12.4 per share, which has fallen by approximately 80% from the historical high reached in January 2023.
Qunxiang founder Liu Siyi said that the stock prices of Oriental Selection and New Oriental will definitely fluctuate violently, but Yu Minhong will definitely handle it, "Because Yu Minhong has experienced the departure of too many New Oriental Internet celebrities, this is not a problem.Yu Minhong, who said, "I was on the verge of collapse," will continue to collapse, continue to resurrect, continue to admit his mistakes, and continue to rise. "
Why Oriental Selection insists on "de-evolutionizing Dong Yuhui"
"Even if he foresees the shock in the capital market, Yu Minhong finally made the decision to let go of Dong Yuhui, which shows Yu Minhong's determination to cut off this time. "Some people in the industry commented like this.
Looking back at the speeches of Yu Minhong and Dong Yuhui during this period, it seems that there are traces to follow. On May 31, Yu Minhong said during a conversation with Zhang Wenzhong, the founder of Wumart Group, in the live broadcast room, "Oriental Selection is now also It's so messed up that I don't have the skills to give you any advice. After that, the stock price of Oriental Selection fell for several days in a row, and Yu Minhong had to come out to clarify that "making a mess" was his habitual expression.
It can be seen that the "mess" of Oriental Selection has become Yu Minhong's "heart problem", and there is no way around it. The long-standing public opinion about Dongfang Selection and Walking with Hui cannot avoid the uncertainty surrounding Dong Yuhui. Dong Yuhui’s status has become a barometer of Dongfang Selection’s stock price, and every move, word and deed of Dong Yuhui affects the capital market; Whether to stay or leave has become a shackle for Dongfang Selection.
Similarly, Dong Yuhui, who has been popular for two years, is also physically and mentally exhausted, with tiredness written all over his face. “I have severe sleep disorders and rely on various sleep-promoting drugs all year round. medicine. "On June 9, in a program, Dong Yuhui said, "I am very resistant to selling things. I am pragmatic. I still don't enjoy this job to this day." Although he feels that his work is supportive, he has no joy. Dong Yuhui He also responded to his views on the term "Internet celebrity", saying he was disgusted with the word.
As for the reason for the breakup, Yu Minhong explained on his personal official account that he had been working hard to maintain Oriental Selection. Although the original business and Hehui's business are developing together, although the two sides have formed a certain competitive situation, he believes that this is not a problem. He just works hard to coordinate resources and provide support.
But as an Internet-based company. In enterprises, the power of public opinion often affects the development of the company. He said that there has been no obstacle to the communication between him and Dong Yuhui, but the complicated disputes in public opinion, coupled with the guidance and rumors of a few forces with ulterior motives, directly led to the conflict between Dongfang Selection and Dongfang Selection. "This public opinion environment has led to huge uncertainty in the development of both companies, stock prices have fluctuated violently due to external influences, and the company's credibility and reputation have plummeted," Hui said. "
Yu Minhong said that in order to ensure a better development stage for Yonghui Peer and avoid business conflicts and public disputes, he and Dong Yuhui finally reached an intention to transfer 100% of the shares of Yonghui Peer to Dong Yuhui after repeated negotiations. Yu Minhong finally chose Some netizens said that this was related to his trip to Tibet in April. On July 21, Hehui Peer moved from the New Oriental headquarters to the 3rd floor of the Internet Finance Center in Haidian District, Beijing. The map shows that the location is the same as that of New Oriental. The buildings are more than 200 meters apart and are close to the Douyin headquarters office area. According to Yu Minhong, Hehui Peer needs new office space, and everything from site search to transaction negotiation and work area decoration is completed by New Oriental Asset's professional team. Hui Peer's team has moved into the new district. At the same time, Yu Minhong is also working hard to focus on the business development of Dongfang Selection, designing business plans, paying attention to the physical and mental health of anchors, working hard to formulate company development strategies, and maintaining communication with the board of directors.
Dong Yuhui also posted on his personal Douyin account. In response to this matter, "Considering the current actual situation and development plan, after friendly consultations and unanimous decisions by both parties, the company Hehui Peer will start to operate independently from now on. "
Although Yu Minhong and Dong Yuhui were very restrained in expressing the reasons for their "breakup", in the eyes of some industry insiders, this is also inevitable. Qunxiang founder Liu Siyi said on his video account, "IP must be independent. You must set up a super self-employed business, because IP must achieve your own success."In the live broadcast industry, the construction of personal IP is a systematic project, which requires the anchor to have a clear positioning, unique personality, high-quality content, strong interactive capabilities and continuous innovation spirit." I can understand Dong Yuhui very well, because An IP with huge energy must participate in decision-making, otherwise no one will be able to serve as his leader or boss. As an IP, he carries a lot of energy. Any decision-making or the mechanism of any large company is an obstruction. "
In addition to mechanism issues, profit distribution is also a focus issue faced by big IP. At the end of last year, when the "Little Composition Incident" was fermenting, Li Hao, founder of Cass Consulting, once commented, "If the influence and proportion of top Internet celebrities on performance are too high, High, it is difficult for the boss to sleep peacefully. The business model of mcn is a test of human nature. If an internet celebrity has too much influence in an mcn, how much is enough? It's hard to say, anyway, Li Ziqi felt it was not enough, and Langweixian still felt it was not enough after taking 70% of the income. The relatively stable model is the husband and wife team, but the problem with the husband and wife team is that it tests the relationship. "How much revenue should the top anchors of
take? Luo Yonghao once compared several top mcns, "Qianxun, Xinxuan, and Xiao Yang are all family businesses, and the interests are all within their own family. There is nothing to say about this. The founder of Mei One is not Li Jiaqi. Li Jiaqi originally only had a small share of the company, but after it became successful, he became a major shareholder (even if he was not the single largest shareholder), although he is certainly not an entrepreneur in the true sense today. Media reports show that Li Jiaqi will take most of the benefits in the company. This is not the kindness of the boss of Mei One, but a fair distribution of market value. "
Peer with Hui and Dongfang Selection face their own troubles
After Dong Yuhui parted ways with New Oriental, the business development of Peer with Hui and Dongfang Selection also attracted attention.
E-commerce expert Uncle Ni told Nandu reporters, "Oriental Selection relies on super IP It has just become a super company. If it loses the super IP, it is still a good company, but it is no longer a super company.”
data shows that as of July 22, the number of fans of Oriental Screen’s Douyin main account was 29.91 million, while Douyin with Hui The number of fans of the account has increased to 21.399 million.
In terms of performance, on the Douyin platform, the data of Dongfang Selection Live Broadcast Room has been almost always crushed by the data provided by the third-party data platform Cicada Mama, Douyin 618 this year. During this period, Hehui Peer ranked third in sales on the entire platform, far surpassing Oriental Selection, which ranked 15th, and this was the first annual promotion since the establishment of Hehui Peer.
However, some people questioned that it had left Oriental Selection. Whether Hehui Peer can succeed independently remains to be seen. Nandu reporters learned that since its establishment, Hehui Peer has always sold products from third-party brands and no longer carries Dongfang Selection’s self-operated products. In terms of third-party product selection, Hehui Peer also focuses on food, agricultural products, books and other categories. Uncle Ni told Nandu reporters that from the perspective of supply chain, if Hehui Peer has traffic, it will not be short of supply chain, no matter what it does. Too bad. But quality control is still the biggest test, and whether
can maintain Dong Yuhui’s good reputation is also the biggest challenge. Unlike Hui Peer, Dongfang Selection has been focusing on self-operated products. In June this year, Oriental Selection held a self-operated new product launch conference in Beijing and disclosed the performance growth of self-operated products to the outside world for the first time. According to Oriental Selection, during the second half of fiscal year 2024 (from December 2023 to May 2024). (Month), the GMV of Oriental Selection's self-operated products exceeded 3.6 billion yuan, a year-on-year increase of 108% and a month-on-month increase of 74%. As of now, the total number of Oriental Selection's self-operated products has exceeded 400, with 260 models on sale during the same period, and more than 100 products ranked among them. The top three in the Douyin product rankings.
In January of this year, during the financial report conference call, Yu Minhong revealed that his requirement for the team is to have 400 self-operated products by the end of 2024. Looking at it now, 2024 is just over halfway. It has achieved the goal set by Yu Minhong at the beginning of the year.
In addition, there is only one live broadcast room with Hui Peer, while Oriental Selection has established multiple matrix accounts on multiple platforms.Dong Zheng, spokesman for Oriental Selection Products, said that the diversified channel strategy has promoted the rapid growth of Oriental Selection's self-operated products. In terms of live broadcast, the Douyin account of "Oriental Selection Self-operated Products" has exceeded 100 million yuan in GMV for several consecutive months, becoming the third account of Oriental Selection on Douyin with a GMV of over 100 million yuan in a single month. This year, Oriental Selection will add more than 10 vertical accounts on Douyin, and will launch live broadcasts one after another.
On the side of Peer With Hui, Dong Yuhui obviously values the output of culture and tourism content more than bringing goods. When publishing a public response today, Dong Yuhui reviewed the journey of traveling with Hui for the past six months in the article, and what he took stock of were cultural and tourism live broadcasts: "Live broadcast in Hubei in March, the storm on the Jingzhou city tower, the number of fishermen's boats on both sides of the Three Gorges ; Live broadcast in Henan in April, the youthful spirit at the foot of Songshan Mountain, and the dream of Bianjing in the night lights; Live broadcast in Hainan in May, witnessing Chang'e flying into the sky in the rain, and feeling the beauty of the tropics in the warm wind; Live broadcast in Shanxi in June, walking around under the Glazed Pagoda to pray, The shocking symphony of Hukou Waterfall; the live broadcast in Hong Kong, the fishing port boats recounted the city's past, and the night walk in Victoria Harbor recalled the unparalleled splendor; the live broadcast in Chongqing in July, the feast of fireworks, and the ancient and modern faces of Kuizhou City, "
" Dong Yuhui recalled. During this period, I interviewed celebrities and learned from writers, directors, actors, entrepreneurs, and scientists at home and abroad. As he himself said, "I am very resistant to selling things. I am pragmatic. I still don't enjoy this job to this day." But now, he wants to transform from a worker and anchor to an entrepreneur, boss, and manager. As Dong Yuhui said in his response, "Without the protection of the port, starting from today, we will sail to the vast sea alone with Hui. The future is unpredictable, so we can only go all out."
Written by: Nandu reporter Wang Chenchen
Yu Minhong, who said, "I was on the verge of collapse," will continue to collapse, continue to resurrect, continue to admit his mistakes, and continue to rise. "Why Oriental Selection insists on "de-evolutionizing Dong Yuhui"
"Even if he foresees the shock in the capital market, Yu Minhong finally made the decision to let go of Dong Yuhui, which shows Yu Minhong's determination to cut off this time. "Some people in the industry commented like this.
Looking back at the speeches of Yu Minhong and Dong Yuhui during this period, it seems that there are traces to follow. On May 31, Yu Minhong said during a conversation with Zhang Wenzhong, the founder of Wumart Group, in the live broadcast room, "Oriental Selection is now also It's so messed up that I don't have the skills to give you any advice. After that, the stock price of Oriental Selection fell for several days in a row, and Yu Minhong had to come out to clarify that "making a mess" was his habitual expression.
It can be seen that the "mess" of Oriental Selection has become Yu Minhong's "heart problem", and there is no way around it. The long-standing public opinion about Dongfang Selection and Walking with Hui cannot avoid the uncertainty surrounding Dong Yuhui. Dong Yuhui’s status has become a barometer of Dongfang Selection’s stock price, and every move, word and deed of Dong Yuhui affects the capital market; Whether to stay or leave has become a shackle for Dongfang Selection.
Similarly, Dong Yuhui, who has been popular for two years, is also physically and mentally exhausted, with tiredness written all over his face. “I have severe sleep disorders and rely on various sleep-promoting drugs all year round. medicine. "On June 9, in a program, Dong Yuhui said, "I am very resistant to selling things. I am pragmatic. I still don't enjoy this job to this day." Although he feels that his work is supportive, he has no joy. Dong Yuhui He also responded to his views on the term "Internet celebrity", saying he was disgusted with the word.
As for the reason for the breakup, Yu Minhong explained on his personal official account that he had been working hard to maintain Oriental Selection. Although the original business and Hehui's business are developing together, although the two sides have formed a certain competitive situation, he believes that this is not a problem. He just works hard to coordinate resources and provide support.
But as an Internet-based company. In enterprises, the power of public opinion often affects the development of the company. He said that there has been no obstacle to the communication between him and Dong Yuhui, but the complicated disputes in public opinion, coupled with the guidance and rumors of a few forces with ulterior motives, directly led to the conflict between Dongfang Selection and Dongfang Selection. "This public opinion environment has led to huge uncertainty in the development of both companies, stock prices have fluctuated violently due to external influences, and the company's credibility and reputation have plummeted," Hui said. "
Yu Minhong said that in order to ensure a better development stage for Yonghui Peer and avoid business conflicts and public disputes, he and Dong Yuhui finally reached an intention to transfer 100% of the shares of Yonghui Peer to Dong Yuhui after repeated negotiations. Yu Minhong finally chose Some netizens said that this was related to his trip to Tibet in April. On July 21, Hehui Peer moved from the New Oriental headquarters to the 3rd floor of the Internet Finance Center in Haidian District, Beijing. The map shows that the location is the same as that of New Oriental. The buildings are more than 200 meters apart and are close to the Douyin headquarters office area. According to Yu Minhong, Hehui Peer needs new office space, and everything from site search to transaction negotiation and work area decoration is completed by New Oriental Asset's professional team. Hui Peer's team has moved into the new district. At the same time, Yu Minhong is also working hard to focus on the business development of Dongfang Selection, designing business plans, paying attention to the physical and mental health of anchors, working hard to formulate company development strategies, and maintaining communication with the board of directors.
Dong Yuhui also posted on his personal Douyin account. In response to this matter, "Considering the current actual situation and development plan, after friendly consultations and unanimous decisions by both parties, the company Hehui Peer will start to operate independently from now on. "
Although Yu Minhong and Dong Yuhui were very restrained in expressing the reasons for their "breakup", in the eyes of some industry insiders, this is also inevitable. Qunxiang founder Liu Siyi said on his video account, "IP must be independent. You must set up a super self-employed business, because IP must achieve your own success."In the live broadcast industry, the construction of personal IP is a systematic project, which requires the anchor to have a clear positioning, unique personality, high-quality content, strong interactive capabilities and continuous innovation spirit." I can understand Dong Yuhui very well, because An IP with huge energy must participate in decision-making, otherwise no one will be able to serve as his leader or boss. As an IP, he carries a lot of energy. Any decision-making or the mechanism of any large company is an obstruction. "
In addition to mechanism issues, profit distribution is also a focus issue faced by big IP. At the end of last year, when the "Little Composition Incident" was fermenting, Li Hao, founder of Cass Consulting, once commented, "If the influence and proportion of top Internet celebrities on performance are too high, High, it is difficult for the boss to sleep peacefully. The business model of mcn is a test of human nature. If an internet celebrity has too much influence in an mcn, how much is enough? It's hard to say, anyway, Li Ziqi felt it was not enough, and Langweixian still felt it was not enough after taking 70% of the income. The relatively stable model is the husband and wife team, but the problem with the husband and wife team is that it tests the relationship. "How much revenue should the top anchors of
take? Luo Yonghao once compared several top mcns, "Qianxun, Xinxuan, and Xiao Yang are all family businesses, and the interests are all within their own family. There is nothing to say about this. The founder of Mei One is not Li Jiaqi. Li Jiaqi originally only had a small share of the company, but after it became successful, he became a major shareholder (even if he was not the single largest shareholder), although he is certainly not an entrepreneur in the true sense today. Media reports show that Li Jiaqi will take most of the benefits in the company. This is not the kindness of the boss of Mei One, but a fair distribution of market value. "
Peer with Hui and Dongfang Selection face their own troubles
After Dong Yuhui parted ways with New Oriental, the business development of Peer with Hui and Dongfang Selection also attracted attention.
E-commerce expert Uncle Ni told Nandu reporters, "Oriental Selection relies on super IP It has just become a super company. If it loses the super IP, it is still a good company, but it is no longer a super company.”
data shows that as of July 22, the number of fans of Oriental Screen’s Douyin main account was 29.91 million, while Douyin with Hui The number of fans of the account has increased to 21.399 million.
In terms of performance, on the Douyin platform, the data of Dongfang Selection Live Broadcast Room has been almost always crushed by the data provided by the third-party data platform Cicada Mama, Douyin 618 this year. During this period, Hehui Peer ranked third in sales on the entire platform, far surpassing Oriental Selection, which ranked 15th, and this was the first annual promotion since the establishment of Hehui Peer.
However, some people questioned that it had left Oriental Selection. Whether Hehui Peer can succeed independently remains to be seen. Nandu reporters learned that since its establishment, Hehui Peer has always sold products from third-party brands and no longer carries Dongfang Selection’s self-operated products. In terms of third-party product selection, Hehui Peer also focuses on food, agricultural products, books and other categories. Uncle Ni told Nandu reporters that from the perspective of supply chain, if Hehui Peer has traffic, it will not be short of supply chain, no matter what it does. Too bad. But quality control is still the biggest test, and whether
can maintain Dong Yuhui’s good reputation is also the biggest challenge. Unlike Hui Peer, Dongfang Selection has been focusing on self-operated products. In June this year, Oriental Selection held a self-operated new product launch conference in Beijing and disclosed the performance growth of self-operated products to the outside world for the first time. According to Oriental Selection, during the second half of fiscal year 2024 (from December 2023 to May 2024). (Month), the GMV of Oriental Selection's self-operated products exceeded 3.6 billion yuan, a year-on-year increase of 108% and a month-on-month increase of 74%. As of now, the total number of Oriental Selection's self-operated products has exceeded 400, with 260 models on sale during the same period, and more than 100 products ranked among them. The top three in the Douyin product rankings.
In January of this year, during the financial report conference call, Yu Minhong revealed that his requirement for the team is to have 400 self-operated products by the end of 2024. Looking at it now, 2024 is just over halfway. It has achieved the goal set by Yu Minhong at the beginning of the year.
In addition, there is only one live broadcast room with Hui Peer, while Oriental Selection has established multiple matrix accounts on multiple platforms.Dong Zheng, spokesman for Oriental Selection Products, said that the diversified channel strategy has promoted the rapid growth of Oriental Selection's self-operated products. In terms of live broadcast, the Douyin account of "Oriental Selection Self-operated Products" has exceeded 100 million yuan in GMV for several consecutive months, becoming the third account of Oriental Selection on Douyin with a GMV of over 100 million yuan in a single month. This year, Oriental Selection will add more than 10 vertical accounts on Douyin, and will launch live broadcasts one after another.
On the side of Peer With Hui, Dong Yuhui obviously values the output of culture and tourism content more than bringing goods. When publishing a public response today, Dong Yuhui reviewed the journey of traveling with Hui for the past six months in the article, and what he took stock of were cultural and tourism live broadcasts: "Live broadcast in Hubei in March, the storm on the Jingzhou city tower, the number of fishermen's boats on both sides of the Three Gorges ; Live broadcast in Henan in April, the youthful spirit at the foot of Songshan Mountain, and the dream of Bianjing in the night lights; Live broadcast in Hainan in May, witnessing Chang'e flying into the sky in the rain, and feeling the beauty of the tropics in the warm wind; Live broadcast in Shanxi in June, walking around under the Glazed Pagoda to pray, The shocking symphony of Hukou Waterfall; the live broadcast in Hong Kong, the fishing port boats recounted the city's past, and the night walk in Victoria Harbor recalled the unparalleled splendor; the live broadcast in Chongqing in July, the feast of fireworks, and the ancient and modern faces of Kuizhou City, "
" Dong Yuhui recalled. During this period, I interviewed celebrities and learned from writers, directors, actors, entrepreneurs, and scientists at home and abroad. As he himself said, "I am very resistant to selling things. I am pragmatic. I still don't enjoy this job to this day." But now, he wants to transform from a worker and anchor to an entrepreneur, boss, and manager. As Dong Yuhui said in his response, "Without the protection of the port, starting from today, we will sail to the vast sea alone with Hui. The future is unpredictable, so we can only go all out."
Written by: Nandu reporter Wang Chenchen
