Core Points - The founder of New Oriental, Yu Minhong, announced his return to Beijing after a 35-hour journey and expressed excitement about returning to the office [1] - Yu Minhong received a new mouse pad to celebrate the 32nd anniversary of New Oriental and requested 100 more to distribute to members of the selection committee [1] - On the occasion of New Oriental's 32nd anniversary, Yu Minhong sent a letter to all employees while he was in Antarctica, which sparked significant discussion [1]

Core Viewpoint - The internal letter from New Oriental's founder, Yu Minhong, on the company's 32nd anniversary sparked significant public backlash, leading to multiple apologies and clarifications from him regarding his trip to Antarctica, which was perceived as a luxury vacation rather than a work-related trip [1][3][6]. Group 1: Public Reaction - Yu Minhong's attempts to clarify his intentions were met with skepticism, as many employees were busy working while he was in Antarctica, leading to accusations of insensitivity and a disconnect between management and staff [5][9]. - The public perceived his explanations as superficial and failing to address the core issues, resulting in further criticism [8][12]. - The stark contrast between Yu's experiences in Antarctica and the struggles of his employees led to negative comparisons, with some viewing his actions as flaunting wealth [9][12]. Group 2: Internal Company Dynamics - Despite Yu Minhong's efforts to maintain a positive company culture and retain key talent, he faced significant challenges, including the departure of prominent figures like Dong Yuhui and Sun Dongxu from the company [14][16]. - Yu's management style, characterized by a desire for balance and harmony, ultimately did not prevent the loss of these critical team members, raising questions about his leadership effectiveness [20][22]. - The company's performance metrics, such as the drop in GMV from 143 billion yuan in the 2024 fiscal year to 87 billion yuan in the 2025 fiscal year, reflect the impact of these internal conflicts and leadership challenges [22].

Core Viewpoint - The controversy surrounding New Oriental's founder Yu Minhong's internal letter from Antarctica reflects deeper concerns about the company's management strategy and its alignment with current business challenges, particularly regarding the sustainability and independence of the Oriental Selection business [3][4]. Group 1: Management and Leadership Changes - Yu Minhong's internal letter sparked criticism, with employees feeling disconnected from management's priorities, especially following the departure of key executives like Sun Dongxu [3][4]. - The company has faced significant leadership instability, with the exits of core personnel leading to a decline in operational performance and market confidence [6][7]. Group 2: Financial Performance - New Oriental's Q1 FY2026 report showed a 6.1% year-on-year revenue increase, but net profit attributable to shareholders fell by 1.9% [6]. - Oriental Selection's FY2025 financials revealed a 30.9% year-on-year revenue decline in core operations, with net profit dropping from 249.1 million to 6.2 million [6][7]. Group 3: Market Concerns - The company's gross merchandise volume (GMV) for the fiscal year decreased by 39.2%, from 14.3 billion to 8.7 billion [7]. - Investors are increasingly focused on Yu Minhong's prioritization of business segments and the need for talent resource allocation rather than personal endeavors [8].

Core Viewpoint - The controversy surrounding the internal letter from New Oriental's founder Yu Minhong reflects market concerns about the independence and profitability sustainability of Dongfang Zhenxuan's business [1][2]. Group 1: Internal Controversy - Yu Minhong's internal letter, celebrating the company's 32nd anniversary, was perceived by some employees as boastful, leading to public backlash on social media [1]. - Yu Minhong apologized twice, clarifying that the letter was intended to share views rather than show off, and he acknowledged the negative connotations of the color red used in the letter [1]. - Following the letter, Dongfang Zhenxuan's stock price has been declining, particularly after the confirmation of the departure of former CEO Sun Dongxu [1]. Group 2: Business Performance and Management Concerns - Dongfang Zhenxuan has faced significant challenges, including the departure of key personnel and declining financial performance, with a 30.9% year-over-year decrease in revenue from ongoing operations [4]. - The company's GMV dropped by 39.2% from 143 billion to 87 billion, and net profit fell from 249.1 million to 6.2 million [4]. - Yu Minhong emphasized the need for prioritization and resource allocation within the company, particularly in the context of its educational and e-commerce ventures [5]. Group 3: Market Reactions - The market's reaction to the internal letter and management changes indicates a lack of confidence in Dongfang Zhenxuan's future growth and operational stability [2][4]. - As of November 24, New Oriental's stock rose by 2.09%, while Dongfang Zhenxuan's stock fell by 0.64%, reflecting investor sentiment [6].

Group 1 - The founder of Nongfu Spring, Zhong Shanshan, donated 100 million yuan to establish the Zhong Ziyi Education Fund at Zhuji Middle School in Zhejiang Province, which has a history dating back to 1912 and has produced over 40,000 outstanding students [2][3] - The fund aims to support educational initiatives and is recognized as a 5A-level foundation by the Hangzhou Civil Affairs Bureau [3] Group 2 - Trump criticized the Ukrainian leadership for showing no gratitude towards the U.S. efforts, while Europe continues to purchase oil from Russia [4] Group 3 - Wentech Technology urged Nexperia Netherlands to respond constructively to resolve control issues, emphasizing the importance of global supply chain stability [5][6] Group 4 - In the first three quarters of this year, marriage registrations in China increased by 405,000 pairs compared to the same period last year, totaling 5.152 million pairs [7] - 29 provinces have extended marriage leave, with Shanxi and Gansu offering the longest at 30 days [7] Group 5 - A collaborative research team from Heilongjiang University, Tsinghua University, and the National University of Singapore published a breakthrough in the field of rare earth materials, addressing the challenge of efficient electroluminescence in insulating rare earth nanocrystals [8] Group 6 - Xibei restaurant chain has reduced prices on nearly 40 menu items by 5% to 20% as part of a nationwide adjustment [9] Group 7 - A fire incident occurred at Xiaomi's battery production line due to operational errors during equipment debugging, but it was quickly extinguished without affecting personnel safety [23][24][25] Group 8 - The German government will impose a 23% VAT on cross-border packages from China starting November 24, significantly increasing costs for cross-border e-commerce [34]

Core Points - The CEO of the company, Yu Minhong, issued an apology letter to employees while in Antarctica, addressing concerns about his previous comments and the use of red font in his communication [2] - Yu emphasized that his intention was to share his thoughts sincerely and not to boast about being in Antarctica [2] - The CEO clarified that the phrase "using employees' hard-earned money for travel" was inappropriate, highlighting the mutual effort and risks taken by both employees and management for the company's success [2] Summary by Sections - **Apology and Communication** - Yu Minhong wrote a letter titled "Let's Work Hard Together," apologizing for any misunderstandings caused by his previous remarks [2] - The use of red font was explained as a cultural reference, with no intention to convey any negative meaning [2] - **Employee Engagement** - The company plans to select around 10 outstanding grassroots employees from New Oriental and 10 excellent members from Dongfang Zhenxuan to visit Antarctica, supported by the company [2]

Core Points - The chairman of New Oriental, Yu Minhong, issued an internal letter on November 22, apologizing to employees and explaining the context of his previous communications from Antarctica [4][5][7] - The initial letter, sent during the company's 32nd anniversary, was criticized by employees for being out of touch with their struggles [7] - Yu emphasized the importance of sharing perspectives with employees and clarified that his trip to Antarctica was both personal and professional, aimed at exploring educational opportunities [4][5] Group 1 - Yu Minhong expressed multiple apologies in the letter, stating that he did not intend to boast about his trip to Antarctica but rather to share his thoughts sincerely [4] - He addressed the criticism regarding the perception of using employee funds for personal travel, asserting that both employees and management are working hard and taking risks for the company's success [4][5] - Yu acknowledged that while the trip had personal elements, it was also focused on discussions about youth natural exploration education, which could benefit New Oriental in the future [4][5] Group 2 - The letter concluded with gratitude towards employees, and Yu announced plans to select ten outstanding grassroots employees for a trip to Antarctica next winter as a form of motivation [5] - Following the backlash from the initial letter, Yu shared videos of his Antarctic journey, which further fueled employee discontent [7] - He clarified the cost of his cruise, stating it ranged from 50,000 to 300,000 yuan, and denied spending 1.48 million yuan on the trip [7]

Core Points - The internal letter from Yu Minhong, founder of New Oriental, has sparked significant public backlash due to its perceived disconnect from employee concerns, particularly regarding work pressure and long hours [3][20] - Despite the controversy, New Oriental's stock price rose by 2.75% to $53.44 on the first trading day after the letter, although the stock has dropped 16.2% year-to-date and over 70% from its peak of $198.54 in 2021 [3][20] - New Oriental's net profit has plummeted by 73.7%, highlighting the company's financial struggles amid a talent crisis following the departure of key figures like Dong Yuhui and others [4][16] Company Overview - New Oriental has launched a new cultural tourism brand, aiming to diversify its business and leverage its existing educational resources [11][12] - The cultural tourism division has already established over 100 travel routes across 23 provinces, targeting K12 and university students [12] - The company reported a revenue of 3.3 billion yuan in 2023 for its tourism segment, with plans to expand into new areas such as cultural IP and hotel management [12] Financial Performance - For the fourth quarter of the 2025 fiscal year, New Oriental reported revenues of $1.24 billion, a year-on-year increase of 9.4%, but a net profit of only $710,000, down 73.7% [16] - The significant drop in net profit is attributed to rising costs, including a record goodwill impairment of $60.3 million [16] - The performance of Dong Yuhui's new venture, "With Hui Tongxing," has negatively impacted the sales and viewership of New Oriental's live-streaming business [19] Talent and Leadership Challenges - The departure of key influencers like Dong Yuhui has led to a strategic shift towards "de-IP" to reduce reliance on individual personalities [13][14] - The company is facing challenges in maintaining its competitive edge in the live-streaming e-commerce sector due to the loss of its star hosts [18][19] - New Oriental's leadership is attempting to adapt by focusing on building a more sustainable operational model rather than depending on high-profile individuals [13][14]

Core Viewpoint - The internal letter from Yu Minhong, celebrating the 32nd anniversary of New Oriental, has sparked significant public backlash due to its perceived disconnect from the current struggles of employees, particularly regarding their work pressures and the company's financial performance [1][3][20]. Summary by Sections Internal Communication - Yu Minhong's letter emphasized themes of perseverance and gratitude, likening the company's journey to the resilience of penguins in Antarctica [2][3]. - The letter mentioned the need for New Oriental to become a "sower of hope" and for its various branches, including Dongfang Zhenxuan and New Oriental Tourism, to represent integrity and cultural enrichment [1][11]. Employee Reactions - Employees expressed dissatisfaction with the letter, feeling it failed to acknowledge their current challenges, particularly the pressures of KPIs and long working hours [2][3][20]. - Social media reactions included comments highlighting the disparity between Yu's Antarctic experience and the daily struggles of employees, leading to a sense of alienation [2][3]. Financial Performance - New Oriental's financial results showed a significant decline, with a 73.7% drop in net profit for the fourth quarter of the 2025 fiscal year, despite a 9.4% increase in revenue [17][19]. - The company faced increased operational costs and a record goodwill impairment of $60.3 million, contributing to the profit decline [17][19]. Market Response - Following the internal letter, New Oriental's stock price rose slightly, closing at $53.44, but the stock has seen a 16.2% decline year-to-date and over 70% from its peak in 2021 [3][20]. - The overall market sentiment remains cautious, reflecting the ongoing challenges faced by the company and its leadership [20]. Talent and Leadership Challenges - The departure of key figures, including popular hosts from Dongfang Zhenxuan, has raised concerns about talent retention and the company's ability to maintain its competitive edge [14][19]. - The shift towards a "de-IP" strategy aims to reduce reliance on individual personalities and focus on building a more sustainable operational model [14][19]. New Business Initiatives - New Oriental has launched a tourism brand, aiming to diversify its offerings and leverage its educational expertise to enhance the travel experience [11][12]. - The tourism segment has shown potential for growth, with plans to expand into new areas and achieve profitability by the 2026 fiscal year [12][20].

Core Viewpoint - The founder of New Oriental, Yu Minhong, emphasizes the importance of employee feedback and plans to support a trip to Antarctica for selected employees, while addressing misconceptions about travel costs [1][2]. Group 1: Employee Engagement and Company Culture - Yu Minhong encourages employees to voice their grievances, stating that any dissatisfaction reflects issues within the company that need to be addressed [1]. - On the 32nd anniversary of New Oriental, Yu draws parallels between the resilience of penguins in Antarctica and the unity of New Oriental employees in facing challenges [2]. Group 2: Future Initiatives - New Oriental plans to establish a dedicated youth exploration center, focusing on natural education for children [2]. - A specialized Antarctic exploration trip for teenagers is expected to launch next winter, indicating a commitment to experiential learning [2]. Group 3: Clarification on Travel Costs - Yu Minhong clarifies that the cost of traveling to Antarctica varies significantly, ranging from 50,000 to 300,000 yuan, with the advanced icebreaker used by him costing between 200,000 to 250,000 yuan for a 12-day trip [1].