据此前报道，11月6日，俞敏洪发文确认孙东旭从东方甄选离职，并表示"我们俩之间保持着很好的沟 通，没有任何龃龉和隔阂，请朋友们放心。" 值得关注的是，该公司经营范围新增餐饮管理、外卖递送服务、餐饮服务等。 天眼查APP显示，近日，东方甄选（北京）科技有限公司发生工商变更，孙东旭卸任法定代表人、经 理、执行董事职务，由俞敏洪接任。目前，东方甄选科技母公司东方优选（北京）科技有限公司尚未发 生变更，孙东旭仍为法定代表人、执行董事、经理。 ...

Core Viewpoint - The company has entered a stable development phase with a clear strategy, focusing on enriching its product lines and building a product matrix centered around self-operated products [1][2] Product Development - The company has expanded its self-operated product categories from fresh food to include nutritional health products, pet food, clothing, and home goods, resulting in a more diversified product structure. As of May 31, 2025, the company has launched a total of 732 self-operated SPUs [1] - Self-operated products have become a significant growth engine, with the GMV of self-operated products accounting for approximately 43.8% of total GMV in FY25, an increase of about 3.8 percentage points year-on-year. The management aims to increase the self-operated product GMV share to over 60% in FY26 without affecting third-party GMV [1] Multi-Channel Strategy - The company is deepening its online and offline multi-channel strategy. Online, it has expanded beyond Douyin to platforms like WeChat Mini Programs, Tmall, JD.com, Pinduoduo, and Xiaohongshu. The Oriental Selection APP, as a strategic core, contributed 15.7% to GMV as of May 31, 2025, a year-on-year increase of 7.3 percentage points, with paid APP memberships growing to 264,000, up 33.1% year-on-year [2] - Offline, the company leverages New Oriental Group's learning center network and explores various methods such as vending machines and display stands to enhance brand awareness. It has also opened small shops to pilot sales of ready-to-eat foods and household essentials, gradually expanding its offline presence [2] Financial Forecast and Valuation - Due to better-than-expected performance in live streaming, the company has raised its FY26 revenue forecast by 11.6% to 5.03 billion yuan. Adjusted net profit for FY26 is also increased by 49.5% to 339 million yuan. FY27 revenue is projected at 5.63 billion yuan, with adjusted net profit of 407 million yuan [2] - The target price has been raised by 20% to 24.0 HKD, reflecting a more optimistic growth outlook. The GMV forecast for FY26 has been adjusted from 7.80 billion yuan to 9.85 billion yuan, corresponding to a 4.5 times FY26 price-to-sales ratio. The company is currently trading at 3.4 times FY26 price-to-sales ratio, indicating a 30% upside potential [2]

Core Insights - The average annual salary for employees at Dongfang Zhenxuan in the fiscal year 2025 is 839,600 yuan, which is 2.02 times higher than the salary at the live e-commerce company Jia Ge Pengyou Holdings for the fiscal year 2024 [1] - New Oriental faced significant challenges due to the "double reduction" policy implemented in July 2021, which severely impacted its K9 tutoring business that accounted for 60% of its revenue [1] - Following a reduction in employee numbers, the average salary at New Oriental and New Oriental Online increased significantly, with New Oriental's average management expenses reaching 234,300 yuan in fiscal year 2022 and New Oriental Online's average salary hitting 348,600 yuan [1] - In fiscal year 2023, Dongfang Zhenxuan's revenue surged to 4.51 billion yuan, leading to a collective salary increase, with the average annual salary reaching 375,000 yuan [1] - Despite a 32.7% year-on-year decline in revenue to 4.39 billion yuan in fiscal year 2025, the average salary increased to 839,600 yuan due to a reduction of nearly 500 employees [1] Company Specifics - Currently, only Yu Minhong from New Oriental receives an annual salary in the millions, which is approximately 87 times the average management expense per employee at New Oriental and nearly 13 times the average salary at Dongfang Zhenxuan [2] - Yu Minhong has been publicly criticized by Luo Yonghao for being overly frugal, to which he responded by emphasizing his responsibility to protect Dongfang Zhenxuan and its hosts [2]

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]