Market Performance - US stock market opened high and closed higher, with all three major indices rising for four consecutive days [1] - Dow Jones increased by 0.67% to 47,427.12 points, S&P 500 rose by 0.69% to 6,812.61 points, and Nasdaq Composite climbed by 0.82% to 23,214.69 points [1] - Market volatility eased, with the S&P 500 volatility index (VIX) dropping approximately 35% over four days, marking the largest decline since mid-April [1] Technology Sector - Mixed performance among large tech stocks: Nvidia up 1.37%, Apple up 0.21%, Google C down 1.04%, Microsoft up 1.78%, Amazon down 0.22%, Broadcom up 3.26%, Meta down 0.41%, and Tesla up 1.71% [1] - Philadelphia Semiconductor Index rose by 2.76%, with all 30 component stocks closing higher [1] - Notable gains in semiconductor stocks: Teradyne up 6.98%, Marvell Technology up 5.14%, AMD up 3.93%, ASML up 3.76%, and Micron Technology up 2.55% [1] Chinese Stocks - Nasdaq Golden Dragon China Index slightly declined by 0.03% [2] - Most popular Chinese stocks saw gains: Vipshop up 2.54%, Pinduoduo up 1.58%, JD.com up 0.96%, Li Auto up 0.6%, New Oriental up 0.39%, and Alibaba up 0.38% [2] - Declines were noted in some Chinese stocks: Hesai down 7.37%, Tencent Music down 2.33%, Xpeng down 2.22%, Baidu down 1.31%, and NIO down 0.73% [3]

早在2015年11月，他就在个人微博写下"像打造产品一样做公司"这句话，当时字节跳动还只是创业中的公司，但随后今日头 条、抖音等爆款不断涌现，公司估值飞速攀升，这句理念也广为流传。 大多数人只记住"做公司像做产品"，却忽略了这句话背后更重要的逻辑：如果公司是产品，文化就是产品的底层架构。 真正决定一个组织能否规模化、创新不衰、效率不断提升的，不是战略、不是KPI，而是——文化作为"系统级产品"，是否被 设计、试错、迭代。 企业文化之父 埃德加·沙因（Edgar Schein）曾指出：文化是一套组织为适应环境而逐渐形成的、用于解决问题的共同假设体 系。 当企业文化无法引发员工共鸣，甚至产生对立时，企业该如何审视文化本身的价值与构建逻辑？ 可以说说，企业文化不是抽象空谈，而是管理实践的产物；好的管理方式会培育出良好的文化氛围，进而推动员工的行为朝着 期望方向发展。 所谓文化好，就是当没有流程、没有例外、没有上级指示时，员工自然会做出符合公司期望的决策方式、沟通方式和取舍方 式。 它才是组织解决问题的底层"算法"。从这个角度来看，文化不是软性的，而是企业发展出的"结果"。 羚川商学百亿增长总裁班 新东方 32 周年 ...

最近新东方老板俞敏洪摊上事了。就因为他从南极给全体员工发了封祝贺公司32岁生日的信，结果在网上炸开了锅。 这事儿说起来挺有意思。2025年11月16日那天，老俞正站在南极的冰天雪地里，看着翡翠一样的冰山和到处溜达的企鹅，一激动就写了封深情款款的家书。 信里全是"浩瀚的洁白"、"无边的宁静"这类文艺范儿的词儿，要是搁在十年前，估计能感动不少人。 可现在的打工人早就不是那么好"忽悠"的了。有员工直接在网上开怼："我在北京出租屋里加班到凌晨，看着老板在南极看极光，这画面太美我不敢看。" 更扎心的是，有网友帮他数了数，这封一千来字的信里，"我"这个词出现了17次，"南极"提了5回，可关于员工加班累不累、工资涨不涨这些实在话，基本 上是一笔带过。 为啥老板觉得是励志，员工觉得是讽刺？ 说句实在话，俞敏洪的本意不坏。他想用南极企鹅抱团取暖的故事，来比喻新东方员工这些年的同舟共济。 可问题在于，当员工还在为这个月房贷发愁的时候，老板却在朋友圈晒着25万元一次的南极游，这差距确实有点大。 这事儿闹大后，老俞的反应倒是挺快。才过了四天，他就在网上回应了，态度那叫一个诚恳：首先承认员工可以随便吐槽，这是新东方的老传统。 其次宣布 ...

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].

据读秒财经报道，11月22日晚，新东方教育集团有限公司董事长@俞敏洪 再次发内部信。其中，俞敏 洪提及："首先，我要向大家表达一下歉意。写信的时候我在南极，因此用了一些南极的描述和比喻， 触发了一些员工的不满......我并没有要向大家炫耀我在南极的意思，而是一直希望我能够真诚和大家分 享我的观点和情况。"随后，俞敏洪还表示，"其次，还要向大家道歉，给大家发信的时候用了红色字 体。我们老一代人，红色基因很深。红色对于我们来说代表着喜庆和欢庆，所以并没有别的意思。" 11月23日，经济学家马光远@光远看经济 连发多条博文力挺俞敏洪。他表示："老俞这份信写的不错！ 不亢不卑，没有迎合网络情绪！""为什么对老俞最新的信都定义'再次道歉'，很显然，这份信的主要内 容是'说明'，是解释而不是道歉！而且信中对制造老板和员工对立的说法压根就不认同。""对于老俞而 言，去过南极真的就像去个三亚一样简单，有啥炫耀的？但在一些人的眼里，就是被解读为炫耀。"#马 光远夸俞敏洪不亢不卑# 【#马光远否认俞敏洪内部信再致歉#：是解释而不是道歉】 ...

11月23日，经济学者马光远连发数条微博谈新东方创始人俞敏洪从南极发出的致公司全员信。 马光远力挺俞敏洪表示，"老俞这份信写的不错！不亢不卑，没有迎合网络情绪！ " 他还称：为什么媒体对老俞最新的信都定义"再次道歉"，很显然，这份信的主要内容是"说明"，是解释 而不是道歉！而且信中对制造老板和员工对立的说法压根就不认同。 最后，马光远转发智通财经的微博《#俞敏洪内部信再致歉#：人和公司互相成就，才是最好的关系》并 配文到，"对于老俞而言，去过南极真的就像去个三亚一样简单，有啥炫耀的？但在一些人的眼里，就 是被解读为炫耀。" 此前，马光远曾发文《老俞在南极没错，员工也没错，是时代叙事变了》。文中谈到，"老俞在南极， 确实有很多感慨，32周年，确实想和员工继续风雨同舟，到达新的彼岸。而且像老俞这样的人，去一下 南极又怎么了？他有这个经济实力，100多万的费用对他而言确实不算什么，何况，老俞，其实是去工 作的。" 他强调，故事讲得好，这个事可能就成一件好事，但是如果这个故事讲得不好，这个事从好事变成坏 事。"如果这份信，你写在南极如何艰难，九死一生，但是找到了一些公司发展的思路，找到了如何提 高员工待遇的方法，起码 ...

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]

【#俞敏洪称老板也在拼命努力#】#俞敏洪解释用红色字体原因# 11月23日，据媒体报道，俞敏洪又写 了一封主题为"让我们一起努力"的全员信，再次向员工道歉，并详细解释了自己写信的缘由和初衷。# 俞敏洪深夜写全员信道歉# 俞敏洪首先向员工表达了歉意，写信时在南极，因此用了一些南极的描述和比喻，触发了一些员工的不 满，并没有要向大家炫耀在南极的意思，而是一直希望能够真诚和大家分享我的观点和情况。"一个愿 意和大家分享的老板，总比一个神秘的老板更加让员工放心和安心。" 对于用红色字体，俞敏洪也道 歉。老一代人，红色基因很深。红色对于老一代人来说代表着喜庆和欢庆，所以并没有别的意思。对 于"用员工的血汗钱旅游"的说法，俞敏洪认为这样的表达不妥，你在努力工作的同时，老板们也在拼命 努力，并承担更大的风险，确保公司的正常发展，为你提供工作保障，是互相成就、互相合作、双向选 择的过程。 俞敏洪承认，这次到南极来，确实有一定的个人旅游的味道，但同时也是为了工作。奚志农老师邀请他 过来，是为了就青少年自然探索教育的问题进行深入探讨。这次在南极，还碰到了几位优秀的人才，都 是做自然教育和探索的专家，未来有可能进入新东方工作。俞敏 ...

#俞敏洪全员信再道歉# 【俞敏洪长文再回应内部信争议并道歉："用员工血汗钱旅游"说法不妥，老板 也在拼命努力；此前被吐槽"老板在南极，员工在加班"】#俞敏洪称在拼命努力并承担更大风险# 11月 23日，据媒体报道，俞敏洪又写了一封主题为"让我们一起努力"的全员信，再次向员工道歉，并详细解 释了自己写信的缘由和初衷。 首先向员工表达了歉意，写信时在南极，因此用了一些南极的描述和比喻，触发了一些员工的不满，并 没有要向大家炫耀在南极的意思，而是一直希望能够真诚和大家分享我的观点和情况。"一个愿意和大 家分享的老板，总比一个神秘的老板更加让员工放心和安心。" 对于用红色字体，俞敏洪也道歉。老一代人，红色基因很深。红色对于老一代人来说代表着喜庆和欢 庆，所以并没有别的意思。 对于"用员工的血汗钱旅游"的说法，俞敏洪认为这样的表达不妥，你在努力工作的同时，老板们也在拼 命努力，并承担更大的风险，确保公司的正常发展，为你提供工作保障，是互相成就、互相合作、双向 选择的过程。 俞敏洪承认，这次到南极来，确实有一定的个人旅游的味道，但同时也是为了工作。奚志农老师邀请他 过来，是为了就青少年自然探索教育的问题进行深入探讨。这次 ...