Core Viewpoint - The letter from Yu Minhong, founder of New Oriental, aimed to address employee concerns and clarify his intentions behind a previous communication sent from Antarctica, where he expressed personal reflections and company sentiments [1][4]. Group 1: Apology and Clarification - Yu Minhong apologized to employees for any misunderstandings caused by his letter, emphasizing that his intention was to share insights rather than boast about his location [1]. - He acknowledged that the use of red font in his communication was not meant to convey any negative connotation, as it holds different cultural significance for older generations [1]. - Yu addressed criticisms regarding the perception of using "employees' hard-earned money" for travel, asserting that both employees and management are working collaboratively for the company's success [1]. Group 2: Company Initiatives and Future Plans - During his trip to Antarctica, Yu Minhong engaged in discussions about youth natural exploration education, indicating potential future collaborations with experts in the field [1][6]. - He announced plans for New Oriental to establish a dedicated youth exploration center aimed at fostering children's understanding and appreciation of nature [6]. - A specialized expedition for teenagers to Antarctica is anticipated to launch in the winter of the following year [6]. Group 3: Travel Details and Cost Clarification - Yu Minhong traveled on the "Xia Gu" cruise ship, which is known for its capability to navigate icy waters, with a trip duration of 20 days costing approximately 300,000 yuan per person [6][7]. - The cruise offers various itineraries, with prices ranging from 260,000 to 1,480,000 yuan depending on the cabin type and duration [7]. - Yu Minhong clarified misconceptions regarding the cost of the trip, stating that the actual price for the journey he undertook was between 200,000 to 250,000 yuan, contrary to reports suggesting it was 1,480,000 yuan [7].

Core Viewpoint - The letter from Yu Minhong to employees aimed to express apologies and clarify his intentions behind the previous communication, emphasizing the importance of transparency and shared experiences between leadership and staff [1][2]. Group 1: Apology and Clarification - Yu Minhong apologized for the tone and content of his previous letter, which was influenced by his location in Antarctica, and clarified that he did not intend to boast about his trip [1]. - He acknowledged that the use of red font in his communication was a cultural reference, not meant to convey any negative connotation [1]. - The CEO addressed criticisms regarding the perception of using employee resources for personal travel, asserting that both employees and management are working collaboratively for the company's success [1]. Group 2: Future Plans and Initiatives - Yu Minhong mentioned that his trip to Antarctica was not solely for leisure but also for professional discussions on youth natural exploration education, indicating potential future initiatives for New Oriental [1][4]. - He announced plans to establish a dedicated youth exploration center aimed at fostering children's understanding and appreciation of nature [4]. - A specialized youth expedition to Antarctica is anticipated to launch in the following winter, highlighting the company's commitment to educational initiatives [4]. Group 3: Travel Details and Costs - The cruise ship "Xia Gu" that Yu Minhong traveled on offers various itineraries, with prices ranging from approximately 200,000 to 300,000 yuan per person for different cabin types [5][6]. - The CEO clarified misinformation regarding the cost of the trip, stating that the actual price for the 12-day journey was between 200,000 and 250,000 yuan, contrary to claims of 1.48 million yuan [6][7].

老板在南极看企鹅，员工在工位当牛马！ 最近，创业教父俞敏洪又一次翻车了，新东方成立32周年之际，他站在南极的冰川上，给全体员工发了一份情怀满满的内部信。 结果不但没有收获预期的共鸣，反而变成了员工的吐槽大会。 有员工回信说，您在南极看冰山，我在北京看数字，您那里有冰川在闪光，我这里也有闪光的东西，叫作企业微信红点。 还有员工直言很讽刺，说我跟老板的距离很遥远，中间隔着一个太平洋。 为什么老板的诗和远方，却遭到了员工的无情吐槽？现在的打工人，为何怨气这么大？ 事情要从11月16日说起，那天是新东方创立的32周年，老俞身处遥远的南极，给全体员工发了一封内部信，这封信的标题叫做《在极寒之地，看见希望》， 听起来就非常励志。 在这封信中，老俞极力渲染南极冰原的壮美，翡翠般的冰山是如何宁静，感叹人生奋斗的意义，还有企鹅如何抱团生存，新东方人就要像企鹅一样，团结起 来共渡难关，充满了指点江山的豪情。 结果呢？新东方的员工看到信后，心态彻底崩了。 一边是老板在南极看企鹅、赏极光，另一边是员工在写字楼里熬夜改方案，地铁上回复工作消息，落差太大了。 这封信发出来的时间，又恰好是北京下午五点，正是牛马们最忙碌的时候。 更扎心的是 ...

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。 11月20日，新东方董事长俞敏洪在社交平台发文，辟谣"到南极坐邮轮花148万元"：到南极旅游，不同 的船和舱位，不同的价格，从5万元~30万元不等，我和奚志农坐的夏古号,确实是比较先进的破冰级邮 轮，12天价格在20万元~25万元之间(不同舱位)，而不是外界所说的148万元。 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。" 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。 俞敏洪表示，如果在新东方工作，并且没有放弃这份工作，就有责任维护新东方的发展和形象。如果工 作中遇到不公平的待遇或者受到欺负，要尽量通过内部渠道 ...

Group 1 - Yu Minhong, the founder of New Oriental, issued an apology letter to all employees after a previous internal letter caused controversy, explaining that his use of Antarctic references was not meant to boast but to share his experiences sincerely [4][5] - The apology letter emphasized the importance of mutual support between employees and the company, encouraging staff to maintain the company's image and resolve grievances internally [4][5] Group 2 - Zhang Junjie, the founder of Bawang Tea, confirmed his marriage and refuted rumors about his past, stating that he had never been married before meeting his wife and addressing the impact of false narratives on his family and business [7][8] - Zhang expressed the need to protect his family's reputation and urged the public not to spread rumors, highlighting the emotional toll these stories have taken on him and his loved ones [7][8] Group 3 - Intel's CEO Chen Lifeng denied rumors regarding a former TSMC executive allegedly taking confidential 2nm technology to Intel, asserting that such claims are baseless and emphasizing respect for intellectual property [9] - TSMC is reportedly conducting an internal investigation into whether the former executive misappropriated company secrets before his retirement [9] Group 4 - Meituan announced a plan to invest 10 billion yuan over the next five years to enhance rider protection, including the establishment of "rider apartments" in major cities [10] - The initiative aims to address the welfare needs of riders and expand the coverage of existing support programs for their families [10] Group 5 - The Ministry of Industry and Information Technology of China projected that the output value of civil aviation products will exceed 160 billion yuan in 2024, representing a year-on-year growth of 23.6% [23] - The ministry plans to promote the development of the civil aircraft industry and low-altitude equipment, focusing on technological innovation and integration with emerging industries [23]

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 Viewpoint - The letter from Yu Minhong, founder of New Oriental, sent from Antarctica, has been met with criticism from employees and the public, highlighting a disconnect between leadership and staff concerns about work pressure and morale [1][5][7]. Group 1: Content of the Letter - Yu Minhong's letter emphasizes personal reflections and poetic imagery from his experience in Antarctica, focusing on themes of time and perseverance, but lacks acknowledgment of employee struggles [2][5]. - The intention behind the letter was to inspire employees by drawing parallels between the resilience of penguins in extreme conditions and the unity of New Oriental staff during challenging times [5][6]. Group 2: Employee Reactions - Employees expressed feelings of irony and sarcasm regarding the letter, with some stating that the descriptions of Antarctica felt disconnected from their daily realities [5][7]. - Public reactions included mockery, with comments highlighting the stark contrast between the CEO's experience and the employees' situations [5][7]. Group 3: Crisis Management Response - Yu Minhong's response to the backlash was prompt and included an acknowledgment of employee dissatisfaction, stating that he encourages feedback and will address issues within the company [6][7]. - He announced a plan to take 20 employees and 10 customers to Antarctica, which was seen as a way to promote company culture and address the criticism [6][15]. Group 4: Underlying Issues - The incident reveals a deeper systemic disconnect between New Oriental's leadership and its frontline employees, indicating that the company is facing challenges in maintaining employee trust and morale [7][15]. - The company's recent financial performance shows a significant decline, with a 73.7% drop in net profit to $7.1 million, primarily due to issues in its core education business and goodwill impairment [14][15]. Group 5: Comparison with Other Business Models - The letter and subsequent reactions suggest that New Oriental's management style may benefit from adopting practices similar to those of successful companies like Pang Donglai, which emphasizes employee welfare and a unified corporate culture [12][14]. - Pang Donglai's approach includes transparent communication, generous employee benefits, and a focus on service quality, contrasting with New Oriental's more traditional, authoritative management style [12][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].