他用自己的"血泪经历"谈对员工和顾客的责任，走"入世"路线， 扎进现实找实践答案。这封信直接成了胖东来企业文化的起点， 奠定"不追规模、追求幸福真诚"的战略，至今都是业内标杆！ 【大力财经】俞敏洪在南极写的信 vs 于东来在企业低谷写的信，简直是"出世哲思"与"入世实干"的极致碰撞！ | 维度 | 前敏洪的信 (新东方 / 东方甄选) | 于东 | | --- | --- | --- | | 时间地点 | 2025 年，南极 | 2003 | | 经营背景 | 新东方转型成功后，东方甄选成热门品牌，但人事变动频 | 胖东 | | | 繁陷入舆论争议 | 艰难: | | 文字手法 | 借南极的稀缺场景，表达孤独与深度思考 | 備真 | | 哲学路径 | 出世：远离现实，从精神层面寻找答案 | 入世 | | 信的作用 | 对企业后续发展的长期影响有待观察 | 是胖 诚" 自 | | 个人启发 | 陷入惯性思维、压力过大时，可暂时抽离寻找新视角 | 面对. | 俞敏洪2025年在南极写下的信，背景是新东方转型成功、东方甄选成热门品牌， 却因人事变动屡陷舆论。他借南极的稀缺场景抒发孤独与思考，走的是"出世"路线， 远 ...

Core Insights - New Oriental is diversifying its business model by focusing on the cultural tourism sector, aiming to create a synergistic ecosystem of "education + e-commerce + cultural tourism" [1][2] - The founder, Yu Minhong, is actively promoting the new cultural tourism brand "You Travel with Yu" while traveling extensively, which has sparked discussions about leadership presence and employee engagement [1] - The cultural tourism division, established in July 2023 with a registered capital of 1 billion RMB, is positioned to provide high-quality cultural tourism services and has already launched programs in 55 cities [2] Group 1 - Yu Minhong's travels are not just personal but are aimed at enhancing New Oriental's cultural tourism brand and vision [1] - The cultural tourism segment is seen as a new growth engine for New Oriental, with potential for independent listing [1][2] - New Oriental has invested in various companies to build a comprehensive service system covering educational travel, high-end customization, and cultural experiences [2] Group 2 - New Oriental's stock has faced challenges, with an 18.03% decline in the US market due to slowing overseas study business and profitability pressures [3] - Despite recent leadership changes at Dongfang Zhenxuan, the overall business structure is evolving towards a more resilient model integrating education, cultural tourism, and e-commerce [3]

Core Viewpoint - The internal letter from New Oriental's founder, Yu Minhong, sent while he was in Antarctica, sparked backlash among employees who felt disconnected from his message during their work hours, highlighting the ongoing challenges faced by the company amid declining profits and staff turnover [3][5][12]. Employee Reactions - Employees expressed frustration on social media, feeling unable to empathize with Yu's Antarctic experience while they were working under pressure, with comments reflecting their dissatisfaction and humor about the situation [5][7]. - Some employees humorously wrote "letters" back to Yu, emphasizing their struggles with KPIs and contrasting their work conditions with his leisure time [5][12]. Company Performance - New Oriental's financial performance shows a mixed picture, with a revenue of $1.243 billion for Q4 FY2025, a 9.4% increase year-over-year, but a significant operating loss of $8.674 million, marking a 182.4% decline [12]. - For Q1 FY2026, revenue was $1.523 billion, a 6.1% increase from the previous year, but net profit fell by 1.9% to $241 million, indicating ongoing profitability challenges [12]. Challenges in the Live Commerce Sector - The live commerce arm, Dongfang Zhenxuan, has faced significant setbacks, with a 32.7% decline in total revenue to $4.392 billion for FY2025, attributed to the loss of key personnel [15]. - The departure of core team members, including prominent hosts, has severely impacted the performance of Dongfang Zhenxuan, which is struggling to maintain its market position [14][15]. Overall Outlook - The company is navigating a difficult transformation journey, with both New Oriental and Dongfang Zhenxuan experiencing performance declines and operational challenges [16].

10月17日，俞敏洪在微博连发9条南极游相关视频。11月16日，俞敏洪在南极发布内部信祝贺新东方成 立32周年，却引发巨大争议。 不过，这封本是庆祝公司生日、激励员工的公开信，却引发诸多争议。有员工表示，无法与正在旅游的 老板共情。疑有员工发文调侃与吐槽，称"今夜，所有xdfer（新东方人）都是南极人"，暗指老板的"远 方"与员工的"现场"形成鲜明对比。有网友认为，"作为老板，少点鸡汤，多点实际行动，给员工加薪才 是最好的激励。" 责任编辑：王翔 俞敏洪信中提到，32年，很漫长也很短暂，当初我从北大纵身一跃，开始创业，承载了无数个日夜的奋 斗与坚持，也承受了各种挫折和绝望。回望过去，我们从一间简陋的教室起步，一路走来，经历了风 雨，也见证了彩虹。这一切，离不开每一位曾经在新东方，或者今天还在新东方的教职员工的付出与奉 献。你们用智慧点亮了无数学子的前程，用温暖守护了新东方的精神家园。在此，我向你们致以最诚挚 的敬意与感谢。 他还指出，新东方不仅要成为知识的传递者，更要成为希望的播种者；东方甄选不仅要成为甄选好物的 平台，更要成为商家良知的代表；而新东方文旅，则不仅要让更多的人去看精彩的世界，更要让更多的 人把 ...

南都湾财社记者注意到，该内部信也在俞敏洪个人公众号"老俞闲话"展示。11月17日，南都湾财社记者 尝试联系采访，截至发稿前未得到回应。同日，记者致电新东方官方，电话未能接通。 俞敏洪在信中写道："此刻，我正站在南极的冰雪世界中，四周是浩瀚的洁白、翡翠般的冰山和无边的 宁静，冰川在阳光下闪烁着迷人的光芒，仿佛在无声地诉说着时间的力量与坚守的意义...在这片远离尘 嚣的纯净之地，我热烈祝贺新东方32周年的生日快乐！现在的南极，几乎24小时充满阳光，我在明媚的 阳光下，向每一位参与过或者正在参与新东方事业的人，表达深深的感谢；也向每一位关注和支持新东 方发展的朋友，表达深深的感谢！" | | 受访者供 | | --- | --- | | 图 | | 俞敏洪在南极发布内部信祝贺新东方成立32周年，却遭遇争议。这封署名为"俞敏洪在南极"的内部信， 共5次出现"南极"二字，多位网友于社交平台吐槽称，"满篇看下来，整个脑子都是南极""全员信更像是 俞敏洪的自我感动"等等。 11月17日，有内部员工向南都湾财社记者证实，俞敏洪于11月16日向新东方全国教职员工发布了内部 信，该员工表示，去年新东方31周年，俞敏洪并没有发布内 ...

俞敏洪在南极发布内部信祝贺新东方成立32周年，却遭遇争议。这封署名为"俞敏洪在南极"的内部信， 共5次出现"南极"二字，多位网友于社交平台吐槽称，"满篇看下来，整个脑子都是南极""全员信更像是 俞敏洪的自我感动"等等。 11月17日，有内部员工向南都湾财社记者证实，俞敏洪于11月16日向新东方全国教职员工发布了内部 信，该员工表示，去年新东方31周年，俞敏洪并没有发布内部信，今年不知为何突然发布该信件。对于 俞敏洪该信件引发的争议，前述员工表示，他的本意可能不是那样，但当时大家都在上班。 南都湾财社记者注意到，该内部信也在俞敏洪个人公众号"老俞闲话"展示。11月17日，南都湾财社记者 尝试联系采访，截至发稿前未得到回应。同日，记者致电新东方官方，电话未能接通。 俞敏洪在信中写道："此刻，我正站在南极的冰雪世界中，四周是浩瀚的洁白、翡翠般的冰山和无边的 宁静，冰川在阳光下闪烁着迷人的光芒，仿佛在无声地诉说着时间的力量与坚守的意义...在这片远离尘 嚣的纯净之地，我热烈祝贺新东方32周年的生日快乐！现在的南极，几乎24小时充满阳光，我在明媚的 阳光下，向每一位参与过或者正在参与新东方事业的人，表达深深的感谢；也向 ...

Core Insights - The article discusses the importance of understanding business models in the context of investment analysis, particularly in the A-share market, emphasizing the need to adapt beyond traditional frameworks like those of Warren Buffett [1] Group 1: Business Models in the Tea Beverage Industry - The two tea brands, Mixue Ice Cream and Nayuki, operate under fundamentally different business models, with Mixue focusing on low-cost products and profitability, while Nayuki has reported significant losses despite high revenue [2][3] - Nayuki's business model is centered around a direct sales approach, prioritizing store locations and customer experience, which has led to operational challenges and losses [3] - In contrast, Mixue's franchise model relies on providing raw materials and support to franchisees, allowing for easier scalability and profitability [4][6] Group 2: Efficiency and Cost Management - Mixue achieves cost efficiency through lower material costs and economies of scale, allowing it to maintain competitive pricing and profitability [8][9] - The franchise model of Mixue is particularly suited to the Chinese market, leveraging a vast pool of potential franchisees who seek stable business opportunities [4][6] - The operational strategy of Gu Ming, another tea brand, focuses on supply chain efficiency, ensuring rapid delivery and fresh ingredients, which enhances its competitive edge in lower-tier markets [10] Group 3: Live Streaming E-commerce Models - The article outlines two primary business models in live streaming e-commerce: brand self-broadcasting and MCN (Multi-Channel Network) models, each with distinct core resources and key operations [11][13] - The self-broadcasting model emphasizes long-term operations and customer loyalty, while the MCN model relies on leveraging popular influencers for sales [13][14] - The challenges faced by traditional live streaming models highlight the need for companies to innovate and adapt their business strategies to maintain competitiveness [14][24] Group 4: Evolution of Oriental Selection - Oriental Selection has transitioned to a self-built supply chain model, integrating cultural elements with agricultural products to create a unique market position [18][20] - The company's shift towards self-operated products and direct supply chain management has resulted in significant revenue growth and improved profit margins [21][22] - Despite challenges following the departure of a key influencer, the company continues to pursue its strategic goals, focusing on building a sustainable business model [19][24]

Core Viewpoint - The article discusses the departure of Sun Dongxu from Dongfang Zhenxuan and the implications for the company's leadership dynamics, highlighting the recurring theme of Yu Minhong's struggle to retain key executives and the impact on the company's performance [4][10][35]. Group 1: Departure of Sun Dongxu - Yu Minhong announced Sun Dongxu's departure from Dongfang Zhenxuan, attributing it to personal reasons and expressing hope for his return in the future [4][5][7]. - Sun Dongxu's exit follows a series of management changes and controversies, including the "small essay incident" that led to his removal as CEO in December 2023 [10][12][22]. - The company's stock price has been negatively affected by these leadership changes, with a significant decline in market value following Sun's confirmed departure [10][27]. Group 2: Leadership Dynamics - Yu Minhong has a history of nurturing and then losing key executives, as seen with both Sun Dongxu and Chen Xiangdong, indicating a pattern of leadership instability within the company [30][35]. - The article reflects on the challenges Yu Minhong faces in establishing a sustainable management structure that does not rely solely on his personal influence [38]. - The departure of key figures like Sun Dongxu and the subsequent management shifts have raised questions about the company's future direction and operational stability [36][37].

Core Viewpoint - The article discusses the departure of Sun Dongxu from Dongfang Zhenxuan and the implications for the company and its founder, Yu Minhong, highlighting a recurring pattern of leadership changes and challenges within New Oriental [3][5][10]. Group 1: Departure of Sun Dongxu - Sun Dongxu's departure was officially announced by Yu Minhong, who expressed gratitude for Sun's contributions to the company [3][5]. - Speculation about Sun's departure had been circulating since August 2023, with official statements attempting to clarify his status, but ultimately revealing that he had distanced himself from core decision-making [8][10]. - Sun's exit is attributed to personal reasons, and he was noted to have voluntarily proposed his departure despite Yu's attempts to retain him [10][19]. Group 2: Leadership Challenges - The article reflects on Yu Minhong's history of nurturing successors who eventually leave, creating a cycle of leadership instability [21][25]. - Previous departures, such as that of Chen Xiangdong, have also led to significant challenges for New Oriental, including competition from new entrants in the education sector [15][25]. - The management style of Yu Minhong is characterized by a struggle between being nurturing and making decisive leadership choices, which has led to repeated instances of key personnel leaving the organization [26]. Group 3: Impact on Company Performance - Following Sun Dongxu's departure, New Oriental's market value has reportedly declined significantly, with a loss of over 20 billion Hong Kong dollars [19]. - The article notes that the company has faced increased scrutiny and pressure from competitors, particularly in the wake of leadership changes [15][19]. - Yu Minhong's attempts to pivot the company towards new business models, such as live-streaming e-commerce, have been met with mixed results, especially as key figures like Sun and Dong Yuhui have left [18][25].

Core Insights - The departure of key figures, including Sun Dongxu and Dong Yuhui, marks a significant transition for Dongfang Zhenxuan, indicating a shift from its initial entrepreneurial phase to a more structured management approach [1][2][3] - The company is focusing on self-operated products and aims to establish itself as an online supermarket, akin to "Sam's Club," to reduce reliance on individual influencers [5][6][7] Leadership Changes - Sun Dongxu, who played a crucial role in the company's growth, has officially left his position, with CEO Yu Minhong acknowledging his contributions [2][3] - The departure of both Sun Dongxu and Dong Yuhui signifies the end of an era for Dongfang Zhenxuan, as both were pivotal in the company's early success [2][3] Strategic Shift - Dongfang Zhenxuan is transitioning from a reliance on influencer-driven sales to a model focused on self-operated products, with plans to enhance its supply chain and user experience [5][6][8] - The company has introduced a paid membership system, which has seen a 33.08% increase in subscribers year-on-year, indicating a growing customer base [5][6] Financial Performance - The company's total revenue from ongoing operations decreased by 32.7% year-on-year to 4.392 billion yuan, while net profit dropped by 97.5% to 6.191 million yuan [6][7] - Excluding the financial impact of the sale of "With Hui Together," total revenue was 4.2 billion yuan, a decrease of 30.9% compared to the previous year [6][7] Market Positioning - Dongfang Zhenxuan aims to provide high-quality products at reasonable prices, aligning with retail industry standards to enhance consumer experience [8][9] - The company is focusing on building a robust supply chain and improving product selection to maintain competitiveness in the market [9]