Core Insights - The appointment of Sun Jin as the new CEO of Dongfang Zhenxuan marks a significant leadership change as the company faces performance challenges and seeks sustainable growth strategies [2][3][4] - Dongfang Zhenxuan's financial performance has declined, with total revenue for the fiscal year 2025 at 4.4 billion RMB, a decrease of 32.7% from the previous year, and GMV dropping by 39.2% to 8.7 billion RMB [2][10] - The company is shifting its strategic focus towards self-operated products and offline retail expansion to reduce reliance on top streamers and enhance long-term growth potential [6][8][9] Leadership Transition - Sun Jin, a long-time employee of New Oriental, has been appointed as the CEO, succeeding Sun Dongxu, who was removed following internal management issues [3][4] - The leadership change comes after the departure of key figures who contributed to the company's previous success, raising expectations for stability and strategic execution under Sun Jin's guidance [3][5] Financial Performance - Dongfang Zhenxuan's fiscal year 2025 report indicates a significant drop in both revenue and GMV, highlighting the urgent need for a turnaround strategy [2][10] - The company has launched 732 self-operated products, increasing the proportion of self-operated products in total GMV to 43.8%, indicating a shift in business strategy [9][11] Strategic Focus - The company is exploring two main growth avenues: expanding into offline retail and enhancing its self-operated product offerings [6][8] - Dongfang Zhenxuan is actively recruiting for a flagship store manager with extensive retail experience, signaling a commitment to establishing a physical retail presence [7] Product Development - The strategic pivot towards self-operated products aims to build brand trust and reduce dependency on individual streamers, with a focus on quality control and customer service [9][11] - The company has seen growth in its independent app, with GMV from the app rising to 15.7% of total sales and paid membership numbers exceeding 260,000 [10][11]

Group 1: Leadership Transition - The new CEO of Dongfang Zhenxuan is Sun Jin, who has been with New Oriental Education Technology Group since 2006 and has held various positions within the organization [3][4] - Sun Jin's management style is viewed positively by some employees for being practical and understanding frontline operations, while others criticize him for promoting a "overtime culture" [5][9] - The leadership change comes shortly after the departure of former CEO Sun Dongxu, who left due to personal reasons, indicating ongoing instability in the company's management [12][13] Group 2: Company Challenges - Dongfang Zhenxuan is facing significant operational challenges, including a sharp decline in revenue, with fiscal year 2025 revenue reported at 4.392 billion yuan, down 32.7% from 6.526 billion yuan in the previous year [15] - The company also reported a drastic drop in net profit, which fell by 97.5% to 6.191 million yuan from 24.9 million yuan year-on-year, primarily due to the sale of a subsidiary [15] - The competitive landscape is intensifying, as former key talent has launched a rival venture that has quickly gained a substantial following, surpassing Dongfang Zhenxuan's main account on social media [15]

Core Viewpoint - New Oriental Public Welfare Foundation was awarded the "2025 Education Public Welfare Model" at the 2025 International Online Education Conference for its long-term commitment and significant achievements in the field of educational philanthropy [1] Group 1: Foundation's Mission and Achievements - Since its establishment in 2015, the foundation has focused on promoting balanced development in Chinese education through technological innovation, with a particular emphasis on rural education and youth development [1] - In 2025, the foundation invested over 20 million yuan in various targeted and sustainable public welfare projects aimed at improving the educational ecosystem in rural areas [1] Group 2: Support for Student Growth - The foundation collaborated with the Qingshi Yuanshan Public Welfare Foundation to conduct the "Yuanshan Bole Course" project, offering 16 live-streamed courses to over 660,000 teachers and students across 736 schools in 31 provinces [2] - The New Oriental-Blueprint Marine Research Public Welfare Project organized 48 students from western regions to participate in practical research activities in coastal cities, broadening their horizons and stimulating their potential [2] - The foundation continued its support for the "Chinese College Students Self-Reliance Star" initiative, encouraging youth to strive for excellence and take on responsibilities [2] Group 3: Teacher Development Initiatives - The foundation, in partnership with the Central Committee of the Democratic League, has conducted the "Candlelight Action - New Oriental Teacher Social Responsibility" program for 18 consecutive years, selecting 51 volunteer teachers in 2025 to engage with over 3,000 rural teachers across eight provinces [4] - To enhance the psychological health education capabilities of grassroots teachers, the foundation launched the "Robin Support Plan" in collaboration with other organizations, recognizing outstanding teachers in youth mental health education [4] - The foundation also implemented the "Candlelight Action - New Oriental Children's Mental Health Care Project" in Bijie City, Guizhou, focusing on a three-pronged empowerment model involving teachers, parents, and students [4] Group 4: Response to Social Needs - The foundation activated emergency mechanisms to provide financial and material support to disaster-affected areas, fulfilling its corporate social responsibility [6] - It has been involved in various initiatives, including book donations, learning equipment support, and public welfare classes, to assist under-resourced educational areas [6] - The foundation is exploring cross-sectoral integration in philanthropy, supporting projects in rural youth sports education, ecological protection, and healthcare, thereby expanding the "education + public welfare" model [6] Group 5: Future Commitment - The recognition as the "2025 Education Public Welfare Model" reflects the foundation's dedication to educational philanthropy and its commitment to social contribution [6] - The foundation aims to continue its mission by leveraging resources in education and collaborating with more partners to promote educational equity and social progress [6]

Core Insights - New Oriental Bilingual has won two prestigious awards for its excellence in international education and innovative practices integrating AI technology, highlighting the influence of Chinese brands in education [1][5]. Group 1: Achievements and Recognition - New Oriental Bilingual was recognized as a "High-Quality Development Case" in online education at the 16th Xinhua Net Education Forum for its contributions to international Chinese education [2]. - The company received the title of "2025 International Education Renowned Brand" at the 2025 International Online Education Conference, reflecting its deep commitment to the "Technology + Education" model [5]. Group 2: Educational Approach and Innovations - The company has developed a "language + culture + application" curriculum system based on 32 years of educational research, serving over 160,000 users across 138 countries [2]. - New Oriental Bilingual launched the Sure Chinese app, which features a tiered curriculum system catering to different user needs, and includes a core function of a "personal Chinese speaking AI teacher" [2][3]. Group 3: Future Directions and Philosophy - The CEO emphasized the importance of AI in lowering the barriers to quality Chinese education and enhancing cultural dissemination, aiming to make Chinese language learning more accessible globally [3][6]. - The company aims to foster curiosity, critical thinking, and language skills in children, viewing technology as a tool to ignite potential [6]. Group 4: Commitment to Cultural Exchange - Since its establishment in 2017, New Oriental Bilingual has evolved from foreign teacher services to a focus on global Chinese learning, offering courses for children, adults, and teacher training [7]. - The company is dedicated to being a cultural disseminator, using high-quality courses to tell Chinese stories in an accessible manner, enhancing understanding and resonance with global audiences [7][9].

Group 1 - The core viewpoint of the article highlights the challenges faced by Yu Minhong in maintaining his image as an idealistic and good boss, especially after the departure of key employees and the backlash from a public letter he sent from Antarctica [1][2][4] - Yu Minhong's public letter intended to convey long-term values and encouragement to employees but resulted in widespread negative feedback, as employees felt he was disconnected from their struggles [2][4] - The backlash included complaints about delayed performance bonuses, increased work intensity, and unresponsive internal feedback channels, leading to a perception of Yu Minhong as a "two-faced" leader [4][5][6] Group 2 - Despite the challenges in leadership perception, the financial performance of New Oriental remains strong, with a projected revenue of $4.9 billion for the 2025 fiscal year, reflecting a 13.6% year-on-year growth [7] - The number of students in preparatory courses increased from 1.05 million in 2024 to 1.1 million in 2025, while non-academic tutoring students rose from 2.4 million to 2.8 million [7] - The departure of key figures like Dong Yuhui has significantly impacted the performance of Oriental Selection, with a revenue drop of 32.7% to 4.392 billion yuan in the 2025 fiscal year [10][12] Group 3 - Yu Minhong's desire to maintain a "good person" image has led to poor decision-making, particularly during the Dong Yuhui incident, which escalated into a public power struggle [9][12] - The strategic direction of Oriental Selection is shifting towards a more substantial retail presence, with plans for offline flagship stores and an increase in self-operated products, which now account for 43.8% of total GMV [16][17] - The appointment of a new CEO from within New Oriental indicates a continued effort to integrate the educational and retail aspects of the business, aiming for a more cohesive strategy moving forward [16][17]

Investment Rating - The report upgrades the investment rating of New Oriental-S (09901) to "Buy" [1][13] Core Insights - The report highlights an expected revenue of $1.165 billion for 2QFY26, representing a year-over-year increase of 12.2% [4][9] - The education business, including cultural tourism, is projected to generate $957 million, up 11% YoY, while other businesses, primarily EastBuy, are expected to contribute $208 million, reflecting an 18% YoY increase [4][9] - Non-GAAP net profit attributable to shareholders is anticipated to reach $63 million, surging 77.8% YoY, with a non-GAAP net margin forecasted at 5.4%, expanding by 2 percentage points YoY [4][9] Revenue and Profit Forecast - Revenue for FY26 is maintained at $5.38 billion, with projections for FY27 and FY28 at $5.98 billion and $6.73 billion, respectively [6][13] - Non-GAAP net profit forecasts for FY26, FY27, and FY28 are $555 million, $610 million, and $679 million, respectively [6][13] Business Segment Performance - The overseas study business is expected to see a revenue decline of 3% YoY to $242 million in 2QFY26, with growth challenges in high-end one-on-one services [5][10] - New business segments, including K9 non-academic subject tutoring and learning tablets, are projected to grow 21% YoY to $364 million [5][11] - The number of learning centers is expected to increase to 1,368, up 20% YoY, although the growth rate is moderating [5][11] Margin Improvement - Non-GAAP operating margin is forecasted to expand by approximately 2 percentage points YoY to 4.7% in 2QFY26, with the education business margin at 4.1% and other businesses at 8% [6][12]

Core Viewpoint - The frequent public apologies by New Oriental's founder, Yu Minhong, highlight a growing trend among Chinese entrepreneurs to address public criticism and manage corporate reputation in a challenging social media landscape [1][4][28]. Group 1: Public Apologies and Management - Yu Minhong has become one of the most frequently apologizing entrepreneurs in China, addressing issues related to corporate management, inappropriate remarks, and employee grievances [3][4]. - The frequency of Yu's public apologies has increased significantly, with at least one apology each year from 2023 to 2025 [4][9]. - The incident involving a controversial letter sent from Antarctica on New Oriental's 32nd anniversary sparked public backlash, leading to multiple apologies from Yu [4][6]. Group 2: Corporate Communication and Crisis Management - The handling of a minor issue by former CEO Sun Dongxu escalated into a major controversy, demonstrating the impact of leadership communication on public perception [6]. - Yu Minhong's response to the backlash included acknowledging management failures and expressing regret for inappropriate comments made by his team [6][9]. - The company's stock price experienced a significant drop following Yu's offhand remarks about New Oriental's operations, indicating the financial implications of public relations missteps [9][10]. Group 3: Social Media and Public Perception - The rise of social media has transformed the dynamics of public accountability for entrepreneurs, making them more vulnerable to public scrutiny and criticism [28][29]. - Entrepreneurs are increasingly seen as "low-power" figures in the public discourse, often compelled to apologize to mitigate negative sentiment and protect their businesses [28][29]. - The phenomenon reflects a broader societal issue where emotional expressions on social media can disproportionately influence public opinion and corporate reputation [29].

新京报讯(记者徐彦琳)12月24日，有媒体报道称，直播电商公司东方甄选即将迎来新任掌舵人，新东方 教育科技集团副总裁、广州学校校长孙进将担任执行总裁。对此，东方甄选回应新京报记者称情况属 实。 据悉，孙进于2006年加入新东方，任一线教师，主讲四六级写作、考研阅读、托福阅读、雅思写作、高 考语法等，曾获2008年度上海新东方优秀教师、2008年度新东方集团优秀教师、新东方20周年功勋教 师。此后，孙进进入新东方管理岗位，先后任苏州新东方国外考试部主任，南京学校常务副校长、校 长，广州学校校长，并升任新东方教育科技集团副总裁。值得一提的是，孙进还参与编写了《新托福写 作白金课堂》《新东方SAT ESSAY全真课堂》等备考书籍。 此外，工商信息显示，他还担任广州市新东方文化艺术发展有限公司、南京绿宝书教育培训中心有限公 司法定代表人、董事长等职务。 此前，新东方创始人俞敏洪于11月6日在社交平台发文，确认东方甄选前CEO孙东旭离职。企查查显 示，11月底，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，由俞敏洪接任。该 公司由东方优选(北京)科技有限公司100%持股。目前，东方优选科技有限公司尚未 ...

公开信息显示，孙进2006年加入新东方，深耕出国考试培训与学校管理，教学与运营经验丰富。 此前，东方甄选前执行董事、CEO孙东旭因"小作文"风波被免职，董事长俞敏洪兼任东方甄选CEO。今 年11月6日，俞敏洪在个人社交平台发文确认孙东旭离职。 （文章来源：新京报） 新京报贝壳财经讯（记者丁爽）12月24日，有消息称，新东方教育科技集团副总裁、广州学校校长孙进 将担任东方甄选执行总裁。对此，东方甄选方面对记者称，"孙进老师担任东方甄选执行总裁消息属 实。" ...

Group 1 - The new CEO of Dongfang Zhenxuan is expected to be Sun Jin, who is currently the Vice President of New Oriental Education Technology Group and Principal of the Guangzhou School [5] - Sun Jin has nearly 20 years of experience in the industry, having joined New Oriental in 2006 and specializing in overseas examination training and school management [5] - The transition follows the departure of former CEO Sun Dongxu, who was removed from his position due to management issues related to a dispute with a prominent host [5] Group 2 - The interim leadership of Dongfang Zhenxuan was held by Yu Minhong, the Chairman of New Oriental Group, during the search for a new CEO [5] - Yu Minhong expressed the intention to find a successor from within the ranks of New Oriental and Dongfang Zhenxuan, emphasizing the need for a candidate without personal connections [5] - The announcement of the new CEO is anticipated to be made soon, marking a significant leadership change for the company [5]