Dong Yuhui's annual income has once again become a focal point of discussion. The topic was ignited by Luo Yongho, who claimed on Weibo that Dong Yuhui earns "20 to 30 billion yuan per year" after establishing his independent business. However, Luo Yongho's revelation refers to data that has already been "debunked" by Dong Yuhui himself.

Earlier this year, a circulated screenshot claimed that Dong Yuhui's 2024 income reached 28.5 billion yuan. At the time, Dong Yuhui responded during a livestream, saying he was "shocked" by the screenshot and lamenting that "rumors spread with just a word, but debunking them requires tremendous effort." Yuhui Tonghang stated that Luo Yongho's disclosure about Dong Yuhui's income is inaccurate.

Speculation about Dong Yuhui's income has never ceased. Early this year, a screenshot of the "2024 Annual Chinese Internet Streamer Net Income Rankings" circulated online, with data allegedly from the China Internet Big Data Festival. The image showed Dong Yuhui topping the list with 28.5 billion yuan, followed by Li Jiaqi with 25.3 billion yuan, and Xinba in third place.

The reliability of this ranking is questionable. At the time, both Yuhui Tonghang and Meione (Li Jiaqi's company) denied the ranking data. Analyzing from the general patterns of the livestreaming e-commerce industry, the possibility of Dong Yuhui's annual income surpassing Li Jiaqi and Xinba is virtually negligible.

In terms of GMV (Gross Merchandise Volume), Yuhui Tonghang's annual sales amount to approximately 10.2 billion yuan. In comparison, Xinba's 2024 GMV reached 50 billion yuan, while Li Jiaqi's GMV exceeded 65 billion yuan. Even though his influence has somewhat declined from its peak, Li Jiaqi's single-day GMV during major promotional events like 618 and Double Eleven often reaches tens of billions, with annual totals far exceeding 10 billion yuan.

Clearly, Dong Yuhui's sales volume has a significant gap compared to theirs. Moreover, Yuhui Tonghang has stated it doesn't charge listing fees, and the products sold are mainly low-priced agricultural products with already limited profit margins.

**A**

Dong Yuhui has never publicly discussed his personal annual income. However, referencing industry practices and financial data from leading institutions, it's possible to roughly estimate his income range.

First, it's important to clarify that from July last year when he became independent until February this year, Yuhui Tonghang was wholly owned by Dong Yuhui. This means all revenue and profits from Yuhui Tonghang were controlled by Dong Yuhui as the company's sole shareholder.

Looking at the revenue generated by Yuhui Tonghang, livestreaming e-commerce income mainly comes from commissions and listing fees. Regarding commissions, different streamers have different rates with significant variations. For listing fees, Dong Yuhui has stated that Yuhui Tonghang has never charged any merchants listing fees.

Therefore, based on public information, Yuhui Tonghang's 2024 revenue likely comes entirely from commissions. Using the industry standard of 20% commission for top streamers, Yuhui Tonghang's annual GMV of 10.2 billion yuan would generate approximately 2.04 billion yuan in revenue.

However, considering that actual commission rates vary significantly across different products, Yuhui Tonghang's revenue cannot be calculated so generally. In December last year, Li Jiaqi's livestream commissions were exposed, with multiple screenshots showing commission rates ranging from 10%, 12%, 15% to 20% for different products in his livestream, with most exposed products being high-priced cosmetics.

In the livestreaming industry, cosmetics are high-commission products, while agricultural products, due to thin profit margins and high logistics and after-sales costs, cannot bear high commissions. Regarding agricultural product commissions, in April this year, anti-fraud Chen mentioned that agricultural product commissions are particularly low - earning 80,000 yuan from 1 million yuan in sales, representing an 8% commission rate.

In Yuhui Tonghang's livestream, the products sold are mainly low-priced agricultural products. Dong Yuhui mentioned in an interview that agricultural specialty products should account for 60% of Yuhui Tonghang's sales. Feigua data shows that in 2024, Yuhui Tonghang's 10 billion yuan GMV mainly came from food and beverages and fresh products, with average selling prices of 10-50 yuan.

Li Chengdong, founder of Dolphin Society and e-commerce expert, stated that commissions mainly depend on gross margins. The cosmetics industry has relatively high gross margins, so commission rates are relatively higher, while food and beverage gross margins are not as high, so overall commissions offered won't be as high.

Given the low commission rates for agricultural products, Yuhui Tonghang's actual revenue is likely much lower than 2 billion yuan.

**B**

Yuhui Tonghang's revenue situation might be further clarified by comparing with financial data from similar listed companies. In terms of business model, Yuhui Tonghang can be compared to Make a Friend, as both businesses focus primarily on livestreaming e-commerce.

Make a Friend's financial report shows its 2024 cumulative GMV was 15 billion yuan, with livestreaming e-commerce generating 1.14 billion yuan in revenue. Based on Yuhui Tonghang's 2024 GMV of 10.2 billion yuan, its corresponding revenue might be lower than 1.14 billion yuan.

If Luo Yongho's current sales capability has declined making comparisons less relevant, perhaps we can compare with EAST BUY during its peak period. In 2022, EAST BUY, with Dong Yuhui as anchor, became a top Douyin streamer. In fiscal year 2023 (June 2022 to May 2023), EAST BUY's GMV was 10 billion yuan, with livestreaming e-commerce revenue of 3.9 billion yuan.

However, this high conversion rate has its peculiarities. Of the 3.9 billion yuan revenue, 2.6 billion yuan came from EAST BUY's private label products, and private label GMV is entirely included in revenue. Looking at third-party products only, EAST BUY's 7.4 billion yuan GMV corresponded to approximately 1.3 billion yuan in revenue.

Based on this calculation, Yuhui Tonghang's 10 billion yuan GMV would correspond to approximately 1.7 billion yuan in revenue. Moreover, compared to Yuhui Tonghang, EAST BUY emphasized "premium selection" featuring high-premium agricultural products, which should theoretically have higher commission rates than Dong Yuhui's low-priced agricultural products.

Therefore, Yuhui Tonghang's revenue might need further discounting.

As for how much Dong Yuhui can net? Yu Minhong has already provided this answer. In July last year, EAST BUY separated from Dong Yuhui. Yu Minhong said he had promised that after Yuhui Tonghang's establishment, Dong Yuhui could receive all guaranteed income, and if Yuhui Tonghang generated profits, Yuhui could continue to receive half of the company's net profit distribution.

At EAST BUY's shareholder meeting, Yu Minhong clearly stated: "Yuhui Tonghang has 140 million yuan in net profit remaining in accounts, left after distributing Yuhui's income. According to the agreement, Yuhui received 50%, leaving 140 million yuan."

This remaining 140 million yuan in net profit should have belonged to EAST BUY but was ultimately used to compensate Dong Yuhui for stock rights recovered due to incomplete work tenure and gifted to Yuhui Tonghang.

This means Yuhui Tonghang's actual net profit for half a year was 280 million yuan. Yuhui Tonghang's 2024 equity structure shows Dong Yuhui holding 100% shares. This means the 280 million yuan net profit theoretically all belongs to Dong Yuhui.

Based on Yuhui Tonghang's annual GMV of 10.2 billion yuan, Yuhui Tonghang's estimated 2024 net profit is 560 million yuan.

**C**

Of course, the above estimates only apply to Dong Yuhui and Yuhui Tonghang in 2024. Entering 2025, Dong Yuhui's income sources have diversified. Dong Yuhui not only participates in variety show recordings, such as CCTV's "Mountain and Sea Flavor Quest," but also records personal singles.

Dong Yuhui has also established a new account "Lan Zhi Chun Xu" for film interviews and livestreaming e-commerce. Additionally, Dong Yuhui has begun exploring private label categories, and in the future, private label GMV will be entirely included in Yuhui Tonghang's revenue, potentially increasing overall income.

The revenue distribution mechanism has also changed. In February this year, Dong Yuhui restructured Yuhui Tonghang's equity. From previously being individually owned by Dong Yuhui, it became controlled by Zi San Sheng, which is jointly held by Dong Yuhui and employees. This means Yuhui Tonghang's total revenue no longer equals Dong Yuhui's personal income.

Enterprise查查 information shows that Yuhui Tonghang's sole shareholder is Zi San Sheng, which is a company established by Dong Yuhui in December 2024, with Dong Yuhui as the actual controlling person. Dong Yuhui holds a total of 90% through Zhongnan Yuantiao and himself, while Changge Youhe partnership holds 10%.

Changge Youhe is an employee shareholding platform currently held by Dong Yuhui as proxy. According to industry practice, partnership entities generally exist for equity incentive purposes. This means Yuhui Tonghang employees will also participate in corporate profit distribution.

For streamers specifically, public information shows Dong Yuhui designed a compensation system of salary + equity incentives for other streamers. Third-party recruitment platforms show Yuhui Tonghang streamers generally earn monthly salaries of 25k-50k yuan.

Dong Yuhui's exact annual income remains a mystery. However, comprehensive analysis of sales volume, industry patterns, corporate structure, and public information suggests his annual income is far below the circulated "20-30 billion" or "28.5 billion yuan."

A more realistic reference is that Dong Yuhui could theoretically obtain approximately 560 million yuan in net profit for 2024. As of publication, Yuhui Tonghang has not responded to this estimate.