Core Points - A New Oriental employee publicly criticized the excessive working hours and unrealistic performance targets for course consultants, highlighting a "996 single day off" work culture [1][4] - The employee described working hours extending from 9:30 AM to 9:30 PM, with little to no actual weekends off, contradicting the labor contract that promised a two-day weekend [4] - The employee expressed feelings of being overworked without compensation for overtime or time off, facing high recruitment targets under extreme time constraints [4] Company Response - The employee's message was quickly deleted and their account was suspended, indicating that the company has a clear reporting mechanism for such communications [5] - A company representative confirmed the authenticity of the message and stated that appropriate actions would be taken to address the situation [5] Leadership Communication - Founder Yu Minhong faced criticism for sending a company-wide email while on a trip to Antarctica, which included an apology and an explanation of his intentions [7] - In his communication, Yu emphasized the responsibility of employees to uphold the company's image and encouraged addressing grievances through internal channels rather than public platforms [7] - Yu also mentioned that he has maintained a non-confrontational approach with employees, asserting that he has never lost his temper with ordinary staff members [7]

Core Points - A long article was shared by a course consultant from New Oriental in an internal group, highlighting issues related to excessive overtime, unrealistic performance targets, and disorganized work content [1][3] - The article claims that since autumn, the course consultant team has been trapped in a "996 single day off" cycle, working from 9:30 AM to 9:30 PM, resulting in over ten hours of work becoming the norm [1][3] - The author of the article expresses concerns about high performance indicators, mandatory overtime without compensation, and the unrealistic nature of the recruitment goals set by the company [1][3] Work Conditions - The article states that the labor contract promised a two-day weekend, which has rarely been fulfilled, and the legal eight-hour workday has become an unattainable luxury [1][3] - It mentions that all overtime work is labeled as "uncompleted tasks," leading to a culture of "voluntary overtime" without any additional pay or compensatory time off [1][3] - The combination of extended recruitment targets and extremely tight deadlines creates "impossible tasks" that are used as measures of work capability, with failure to meet them being equated to a lack of effort [1][3] Company Response - As of the time of reporting, New Oriental has not provided an official response to the allegations made in the article [2][4]

Market Performance - US stock indices showed a mixed performance with the S&P 500 index only 71 points away from its October high despite weak labor market data [1] - Major technology stocks had varied results, with Tesla rising over 4% and Microsoft falling over 2% [2] Sector Movements - Lithium stocks led the market rally, with companies like Albemarle and Livent showing significant gains, while major tech stocks struggled [3] - Chinese concept stocks mostly declined, with the Nasdaq China Golden Dragon Index dropping 1.38% [3] Commodity Trends - Base metals experienced a broad increase, with LME tin rising nearly 4.4% and LME copper up 2.7%, reaching historical highs [4][6] - A report from JPMorgan suggests that supply disruptions and global inventory mismatches could push copper prices to $12,500 per ton by mid-2026 [5] Cryptocurrency Market - The cryptocurrency market saw a collective rise, with Bitcoin surpassing $93,000, marking a 1.8% increase [6][7] - Significant liquidation occurred in the market, with over $360 million in total liquidations reported in the last 24 hours [8] Economic Indicators - The US private sector unexpectedly lost approximately 32,000 jobs in November, raising expectations for further interest rate adjustments by the Federal Reserve [8] - The probability of a 25 basis point rate cut by the Federal Reserve in December surged to 89% according to CME FedWatch [8]

Core Viewpoint - The announcement details a significant increase in shareholding by major shareholders of New Oriental New Materials Co., Ltd., reflecting their confidence in the company's future growth and value appreciation [3]. Group 1: Shareholding Changes - Shareholders Fan Liming and Fan Lili increased their holdings by a total of 520,000 shares from December 1 to December 2, 2025, representing 0.26% of the company's total share capital [3]. - The combined shareholding of Zhu Junfei, Fan Liming, and Fan Lili rose from 8.84% to 9.10%, crossing the 1% threshold [3]. - The funding for this share purchase was sourced entirely from their own funds, and the increase does not trigger a mandatory tender offer [3][5]. Group 2: Commitments and Compliance - Shareholders Fan Liming and Fan Lili have committed not to reduce their holdings within the statutory period [4]. - The shareholding increase complies with relevant laws and regulations, including the Securities Law and the Measures for the Administration of the Acquisition of Listed Companies [5]. - Future share purchases will depend on the shareholders' financial situation and the company's stock price, adhering to legal and exchange regulations [6].

12月2日消息，在媒体发布的采访中，俞敏洪表示："自己跟员工之间是没有隔阂的，当然有岗位高低之 分，但是员工跟自己并不像猫见了老鼠一样，觉得老板来了特别的害怕，特别恐惧。" 责任编辑：李思阳 12月2日消息，在媒体发布的采访中，俞敏洪表示："自己跟员工之间是没有隔阂的，当然有岗位高低之 分，但是员工跟自己并不像猫见了老鼠一样，觉得老板来了特别的害怕，特别恐惧。" "从新东方成立到今天，自己几乎没发过一次火，可能对自己最核心的管理者有发脾气的时候，那是因 为他们离我太近了，对普通员工是一次都没有过。" 责任编辑：李思阳 "从新东方成立到今天，自己几乎没发过一次火，可能对自己最核心的管理者有发脾气的时候，那是因 为他们离我太近了，对普通员工是一次都没有过。" ...

Core Insights - The article highlights the journey of Yu Minhong, emphasizing his transformation from an educator to a leader in agricultural products, showcasing resilience and adaptability in response to changing times [1][2]. Group 1: Decision-Making and Leadership - Yu Minhong's approach to decision-making is characterized by rational assessment behind intuitive choices, even when facing opposition [2]. - He maintains a teacher's role in his leadership style, fostering a supportive environment for employees without resorting to anger [4]. Group 2: Personal Philosophy and Values - Yu Minhong values continuous improvement, expressing a desire for daily progress rather than immediate success [1]. - He emphasizes the importance of integrity in business, focusing on providing trustworthy products to consumers [10]. Group 3: Lifelong Learning and Exploration - Despite owning a vast collection of books, Yu Minhong believes in the importance of practical understanding over mere accumulation of knowledge [6]. - He expresses a preference for engaging with the world and gaining vitality through his work rather than being confined to a traditional office setting [8].

Core Viewpoint - The Nasdaq China Golden Dragon Index increased by 0.87% on December 2, indicating a positive trend in the performance of Chinese concept stocks [1] Group 1: Stock Performance - Notable gainers included NetEase, which rose by 4.9%, and Alibaba, which increased by 4.4% [1] - Other companies such as Pony.ai, New Oriental, WeRide, Baidu, and Pinduoduo saw increases of up to 3.4% [1]

Core Viewpoint - New Oriental-S (09901) reported a 6.1% year-on-year increase in net revenue for Q1 of FY2026, reaching $1.523 billion, while operating profit rose by 6.0% to $311 million, despite a 1.9% decline in net profit attributable to shareholders at $241 million [1] Financial Performance - For Q1 of FY2026, net revenue increased by 6.1% to $1.523 billion [1] - Operating profit rose by 6.0% to $311 million [1] - Net profit attributable to shareholders decreased by 1.9% to $241 million [1] Market Position and Business Segments - New Oriental-S maintains a leading position across various segments, including K12 and overseas businesses [1] - The adjusted operating profit margin for Q1 of FY2026 improved by 1 percentage point, primarily driven by contributions from Dongfang Zhenxuan [1] Technological Advancements - The company is leveraging generative AI for automatic lesson material generation, digital avatars of teachers, and homework grading, which is expected to enhance conversion efficiency and content quality [1] Shareholder Returns - New Oriental-S announced a three-year shareholder return plan with a dividend payout ratio of no less than 50%, reflecting management's commitment and confidence in sustained profitability [1] - Based on a net profit of $372 million for FY2025 and the current market capitalization, the corresponding return rate is approximately 2.7% [1]

消息面上，新东方-S此前发布截至2025年8月31日止第一季度业绩，2026财年第一季度的净营收同比上 升6.1%至15.23亿美元。2026财年第一季度的经营利润同比上升6.0%至3.11亿美元。2026财年第一季度 的新东方股东应占净利润同比下跌1.9%至2.41亿美元。海通国际表示，新东方-S在2025年8月底止2026 财年第一季经调整经营利润率同比提升1个百分点，主要由东方甄选贡献。 海通国际认为，新东方-S在包括K12及海外业务在内的各个细分领域均处于领先地位; 除此之外，公司 生成式AI在课件自动生成、名师数字分身及作业批改等场景的落地，将同步提升转化效率和内容质 量，帮助公司提效以及业务聚焦。此外，公司已宣布三年股东回报计划，派息率不低于50%，以2025财 年净利润3.72亿美元及当前市值计算，对应回报率约2.7%，体现了管理层对盈利的持续承诺与信心。 新东方-S(09901)午后涨超3%，截至发稿，涨3.37%，报41.66港元，成交额1.25亿港元。 ...

Core Viewpoint - New Oriental-S (09901) has shown a positive market response with a share price increase of 3.37% to HKD 41.66, following the release of its Q1 2026 fiscal year results, indicating investor confidence in the company's performance and future prospects [1] Financial Performance - For the first quarter ending August 31, 2025, New Oriental reported a net revenue increase of 6.1% year-on-year to USD 1.523 billion [1] - The operating profit for the same period rose by 6.0% year-on-year to USD 311 million [1] - The net profit attributable to shareholders decreased by 1.9% year-on-year to USD 241 million [1] Operational Insights - Haitong International noted that New Oriental's adjusted operating profit margin improved by 1 percentage point year-on-year, primarily driven by contributions from Dongfang Zhenxuan [1] - The company is recognized as a leader across various segments, including K12 and overseas businesses [1] Strategic Initiatives - The implementation of generative AI in areas such as automatic courseware generation, digital avatars of teachers, and homework grading is expected to enhance conversion efficiency and content quality [1] - New Oriental has announced a three-year shareholder return plan with a dividend payout ratio of no less than 50%, reflecting management's commitment and confidence in sustained profitability [1]