香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 新 東 方 教 育 科 技（ 集 團 ）有 限 公 司 * （於開曼群島存續的有限公司） （股份代號：9901） 2025 年股東週年大會結果 我們謹此提述我們日期為2025年10月17日的股東週年大會通告（「股東週年大會通告」）。 我們欣然宣佈，股東週年大會通告所載的建議決議案已於2025年11月21日舉行的股東週 年大會上正式通過。除文義另有所指外，本公告所用詞彙與股東週年大會通告所載者具 有相同涵義。 隨附附表1為本公司於2025年11月21日發表的新聞稿全文，其公佈了2025年11月21日舉行 的股東週年大會結果。 於本公告日期，本公司董事會包括董事俞敏洪先生、周成剛先生及謝東螢先生；以及獨立董事李彥宏先生、 李廷斌先生及諸葛越博士。 * 僅供識別 1 附表1 新东方教育科技（集團）有限 ...

Core Points - The Hang Seng Index Company announced the results of the quarterly review for the Hang Seng Index series as of September 30, 2025, with changes to be implemented after market close on December 5, 2025, and effective from December 8, 2025 [1] Group 1 - Innovent Biologics has been included in the Hang Seng Index [1] - New Hope Energy, Haidilao, and New Oriental Education have been removed from the Hang Seng China Enterprises Index [1]

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 Insights - The core issue revolves around the disconnect between the company's leadership and its employees, highlighted by the contrasting experiences of the founder, Yu Minhong, who celebrated New Oriental's 32nd anniversary in Antarctica, while employees faced intense work pressure and declining morale [1][2][3]. Financial Performance - New Oriental's financial results for the fourth quarter of fiscal year 2025 showed a significant decline, with net profit dropping by 73.7% to $7.1 million, and core education business growth slowing from 43.9% to 13.6% [1][18]. - The company's net revenues increased by 9.4% to $1.24 billion, but operating income turned negative, resulting in an operating loss of $8.67 million [19]. Employee Sentiment - Employees expressed frustration over the leadership's lack of awareness regarding their work conditions, with one employee stating that the boss feels increasingly distant [3][20]. - The work environment has become more challenging, with increased performance pressure, reduced bonuses, and stricter attendance policies, leading to a sense of disillusionment among staff [2][3][4]. Cultural Dynamics - New Oriental has a culture that allows for employee feedback and criticism, which has historically been encouraged by Yu Minhong. However, this culture is now being tested as employees feel their voices are less impactful [10][12][20]. - The traditional camaraderie between employees and management is eroding, with employees feeling that their concerns are not being addressed, leading to a growing divide [20][21]. Leadership Actions - Yu Minhong's recent actions, such as his trip to Antarctica and the internal letter celebrating the company's history, have been perceived as tone-deaf in light of the current employee struggles [1][2][3]. - The company has attempted to maintain a public image of openness and humor, but this may not translate into meaningful change for employees facing real challenges [12][14].

Core Viewpoint - New Oriental's founder Yu Minhong's recent letter from Antarctica, themed "Perseverance in Ice and Snow," reflects on the company's journey and future aspirations, but it has sparked criticism for being out of touch with employees' realities [1][2] Group 1: Company Aspirations and Employee Sentiment - Yu Minhong envisions New Oriental as a "sower of hope," with Oriental Selection representing "the conscience of merchants," and New Oriental Culture and Tourism aiming to "help more people carry the world in their hearts" [1] - The letter, filled with idealistic sentiments, did not resonate as expected with employees, leading to mockery and criticism, highlighting a disconnect between management's vision and employees' current struggles [1][2] - Employees are facing significant pressures related to performance and personal finances, contrasting sharply with the founder's idealistic declarations from a luxurious location [2] Group 2: Communication and Management Challenges - The core issue is not the founder's presence in Antarctica during a challenging transformation but rather the need for effective communication between management and employees [2][3] - Employees desire discussions on how the company will address challenges and support their career development, rather than abstract idealistic statements [2] - There is a need for management to understand and respond to employees' real challenges, shifting focus from "I" to "we" to foster a more inclusive dialogue [3]

Core Insights - The article discusses the rise and fall of Li Xiaolai, a prominent figure in the cryptocurrency space, who transformed from a teacher to a "Bitcoin tycoon" and later faced significant backlash due to his controversial statements and actions [1][3][5] Group 1: Li Xiaolai's Journey - Li Xiaolai initially worked as an English teacher at New Oriental, earning around 700,000 RMB annually before venturing into Bitcoin [19][21] - He recognized the potential of Bitcoin early on, investing significant amounts and eventually holding a six-figure quantity of Bitcoin, leading to a net worth exceeding 100 million RMB [29][31] - His rise to fame included publishing books and conducting seminars, with his book "The Road to Financial Freedom" generating over 35 million RMB in revenue [31] Group 2: Market Dynamics - Bitcoin's price surged from less than $0.05 to over $110,000 by September 2025, attracting both early adopters and latecomers [15][56] - The cryptocurrency market is characterized by high volatility, with Bitcoin experiencing a price drop of over 78% in 2018, which affected many investors [33][54] - Institutional investors began entering the Bitcoin market, making it more challenging for retail investors to capitalize on price movements [56] Group 3: Controversies and Reputation - Li Xiaolai faced severe criticism after a leaked recording where he referred to retail investors as "fools" and admitted to profiting from market manipulation [37][38] - Despite winning a lawsuit against the leak, his public image suffered irreparably, leading him to withdraw from the investment scene [42][58] - He later shifted focus to education, discussing topics like English, programming, and artificial intelligence, while reflecting on the lessons learned from his Bitcoin experience [44][60] Group 4: Investment Philosophy - Li Xiaolai emphasizes the importance of understanding one's risk tolerance and capabilities in investing, advising against blind speculation [46][50] - He acknowledges that while Bitcoin can lead to financial freedom, it also poses significant risks, similar to traditional stock markets [48][50] - The article concludes that individuals should focus on their strengths and maintain a stable lifestyle rather than chasing high-risk investments [52][60]

Core Viewpoint - The article discusses the phenomenon of "celebrity paradox" faced by successful entrepreneurs like Lei Jun and Yu Minhong, where their high visibility and success lead to increased scrutiny and criticism, despite their achievements [3][10][14]. Group 1: Lei Jun and Xiaomi - Lei Jun has effectively tied his personal brand to Xiaomi's success, utilizing video content and live streaming to engage users and showcase the company's values [3][7]. - The success of Xiaomi and Lei Jun's personal brand has raised user expectations, leading to amplified criticism when internal issues arise, such as discrepancies between marketing and product delivery [8][10]. - The article highlights that past tolerable mistakes are now viewed as unforgivable due to the high expectations placed on Lei Jun as a prominent leader [10][14]. Group 2: Yu Minhong and New Oriental - Yu Minhong transitioned from a struggling education business to live-streaming e-commerce with Dong Yuhui, showcasing resilience and adaptability [12]. - The dual roles of being a "father figure" and a "business leader" create challenges for Yu Minhong, as he struggles to balance emotional engagement with professional management [13][14]. - Similar to Lei Jun, Yu Minhong's visibility leads to heightened scrutiny, where even minor issues are magnified due to the expectations of his public persona [14][18]. Group 3: Managing the Celebrity Paradox - The article suggests that entrepreneurs should focus on being a credible endorsement for their brand rather than seeking widespread popularity [15]. - It emphasizes the importance of aligning personal branding with the company's core values and audience expectations, avoiding the pitfalls of trying to please everyone [16][20]. - Successful personal brands should aim for deep emotional resonance with a specific audience, rather than seeking the largest common denominator [20].

Core Viewpoint - The article discusses the importance of empathy and understanding in workplace communication, particularly in the context of employee feedback and management responses [1][2][3]. Group 1: Employee Feedback and Management Response - The company encourages employees to express dissatisfaction, viewing it as a tradition that allows for timely corrections and improvements [1]. - There is a noted disparity between the macro perspective of management and the micro experiences of employees, leading to misunderstandings [2]. - The commitment to "timely correction" by management signals a positive approach towards addressing employee concerns [1]. Group 2: Empathy and Communication - Empathy should be a two-way street, requiring management to not only listen but also actively identify and address employee issues [1][3]. - The article emphasizes the need for a structured feedback loop within the organization, transforming complaints into constructive actions [3]. - Healthy organizations should embrace complaints as opportunities for evolution and respond to them systematically, which is a key aspect of modern leadership [3].

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].

Core Viewpoint - The public sentiment surrounding Yu Minhong's Antarctic trip reflects a deeper societal anxiety among professionals, highlighting the disconnect between elite entrepreneurs and the general workforce [2][3][4]. Group 1: Company Culture and Employee Relations - Yu Minhong's internal congratulatory letter for New Oriental's 32nd anniversary was intended to resonate with employees, but it sparked backlash due to perceived insensitivity to workplace realities [2][3]. - The company culture at New Oriental allows for open expression among employees, which is evidenced by the various complaints that surfaced, suggesting a relaxed atmosphere where employees feel free to voice their opinions [2][3]. Group 2: Economic Context and Social Psychology - The current economic slowdown and increasing competition have led to heightened anxiety among professionals, particularly younger workers, who feel a sense of relative deprivation [3][4]. - The perception of Yu Minhong as a "privileged elite" stems from his luxurious lifestyle, which contrasts sharply with the experiences of ordinary workers, further deepening the divide between the two groups [4][5]. Group 3: Entrepreneurial Spirit and Public Perception - Entrepreneurs like Yu Minhong are essential for societal progress, as their success contributes to job creation and innovation, which are vital for national competitiveness [5][6]. - The wealth accumulated by entrepreneurs is a result of market efforts, and their personal choices, such as luxury travel, should not be viewed as mere displays of wealth but rather as reflections of personal freedom [5][6]. Group 4: Bridging the Gap - There is a need for both entrepreneurs and the public to bridge the understanding gap, with entrepreneurs being more attuned to societal sentiments and the public adopting a more rational perspective towards wealth and success [7]. - The discourse surrounding Yu Minhong's trip serves as a mirror reflecting the psychological divide between elites and the general populace, emphasizing the importance of empathy and understanding in fostering a healthier societal atmosphere [7][8].