近年來出現許多只透過網路發行，沒有傳統媒體在背後支持，也不屬於任何媒體集團的網路原生新聞網站。本研究旨在分析網路原生新聞網站在不同階段的策略形態，其策略與環境條件如何配合，以及可能會遭遇的困難。 本研究透過個案研究法來進行資料的搜集，以近年來興起的網路原生新聞網站《風傳媒》為例，透過對《風傳媒》總編輯的深度訪談來搜集資料，並且以司徒達賢教授的「策略形態分析法」與「策略矩陣分析法」，來解析《風傳媒》在不同時期的策略形態。 本研究的研究結論如下所示：（一）策略與環境、條件前提的適當配合能創造良好效益：《風傳媒》在成立初期選擇以政治新聞為主要的網站主題，配合即將到來的重大選舉，使《風傳媒》在初期便獲得可觀的流量以及粉絲數；（二）以特色新聞主題切入市場再發展多元內容：《風傳媒》在成立初期以政治新聞與調查報導先建立一定的流量與粉絲之後，再發展多元化的新聞內容，來更廣泛的閱聽眾；（三）《風傳媒》發展過程中遭遇的挑戰：1.有限的資源與人力：重要性相對較低的新聞內容，可以採取較低成本的方式產製；2.必須拿捏好與Facebook之間競爭又合作的關係：從Facebook而來的流量是網路原生新聞網站的重要流量來源，但是Facebook同時也是網路原生新聞網站最大的替代品威脅來源。（四）人力資源是網路原生新聞網站重要的資產：資深記者與編輯的專業、經驗與人脈，會對網路原生新聞網站有很大的貢獻。 / In recent years, some native online news sites, which don’t belong to traditional media or media groups, entered the market. The research focuses on the strategic posture and forms in different stages of native online news site, and how the strategy fits environmental and organizational conditions, and the challenge that native online news sites may have. The research is conducted by case study method and takes the promising native online news site, Storm Media Group as my case study. To collect the information, there was an in-depth interview with the chief editor, and the strategies of Storm Media Group in different periods were analyzed by Dr. Seetoo’s ‘’strategic posture and form analysis method’’ and ‘’strategic matrix analysis method’’. The conclusions are showing below. First, great fits between strategies, environmental and organizational conditions could benefit company very well. Storm Media took politic news and investigation reports as the feature of its site when they entered the market, and this move brought great traffic and fans to Storm Media. Second, it used featured topics to enter market and then diversify the topic of news. Third, the limitation of resources and how to handle the co-optetion with Facebook are the challenges of Storm Media. The news which is less important is produced by low-cost ways. Though Facebook is the important traffic source of native online news sites, Facebook is a great threat of replacement to the site, too. Forth, talented people are important assets to the native online news sites. Experienced journalists and editors can make great contributions to Storm Media.