Core Viewpoint - The current era offers low-cost living for ordinary people, but this comes at the expense of others who are struggling to adapt to changing job markets and economic conditions [1][3]. Group 1: Economic Conditions and Industry Dynamics - The competition among platforms, such as food delivery services, leads to a situation where all participants, including riders and merchants, face increased pressure and reduced profits despite consumers benefiting from lower prices [4][6]. - Many individuals are transitioning to new jobs or industries due to economic shifts, such as those who previously worked in management or retail now taking on roles in delivery or service sectors [3][4]. Group 2: Changing Perceptions of Success - The narrative of "success" has evolved; individuals can now choose alternative lifestyles or career paths without being labeled as lacking ambition, reflecting a broader acceptance of diverse life choices [15]. - Opportunities for career changes have increased, with many people moving from high-pressure environments in tech to more stable roles in other sectors, indicating a shift in how career paths are viewed [15]. Group 3: Psychological Impact and Social Commentary - The phenomenon of "lying flat" is not merely a rejection of work but a response to repeated disappointments, leading to a sense of learned helplessness among individuals [10][12]. - The ability to learn, adapt, and maintain curiosity about the future is becoming a valuable asset in navigating the complexities of modern life [15].

Group 1 - The core point of the article is the decision made by the board of directors of Zhonggong Education Technology Co., Ltd. to establish a wholly-owned subsidiary in the Guangdong-Hong Kong-Macao Greater Bay Area to enhance business collaboration and expand its market presence in South China [3][7][12]. Group 2 - The board meeting was held on November 20, 2025, with all seven directors present, and the meeting complied with relevant laws and regulations [2]. - The proposal to invest in the establishment of a subsidiary named Zhonggong Zhiyuan (Zhuhai Hengqin) Education Technology Co., Ltd. was approved unanimously by the board [3][8]. - The registered capital for the new subsidiary is set at 150 million yuan [9]. - The subsidiary will focus on various educational services and technology consulting, leveraging the advantages of the Hengqin area [9][12]. Group 3 - The investment aims to utilize policy and locational advantages to strengthen cooperation within the Greater Bay Area and promote sustainable development for the company [12]. - The establishment of the subsidiary is expected to have a positive long-term impact on the company's financial status and profitability, enhancing its competitive advantage [14].

Group 1 - The core point of the article is that Zhonggong Education announced the convening of its seventh board meeting to discuss external investment and subsidiary registration [1] - For the first half of 2025, Zhonggong Education's revenue composition is 97.49% from education training and 2.51% from other businesses [1] - As of the report, Zhonggong Education has a market capitalization of 15.8 billion yuan [1]

Group 1 - The core point of the article is that the company plans to establish a wholly-owned subsidiary in the Hengqin Guangdong-Macao Deep Cooperation Zone to accelerate its expansion in the South China market and promote sustainable development [1] Group 2 - The new subsidiary, tentatively named Zhonggong Zhiyuan (Zhuhai Hengqin) Education Technology Co., Ltd., will have a registered capital of 150 million yuan [1]

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].

北京商报讯（记者 吴其芸）11月21日，北京市教委官方微信公众号"首都教育"发布的消息显示，北京 市经开区"双减"工作专班通报，位于经开区的"凯特领先"与"思言树科技"两家公司，因在未取得许可证 的情况下违规开展线下学科培训被依法查处，相关点位已被责令停止办学。 目前，经开区"双减"工作专班已责令上述点位停止违规行为，经开区执法部门将依法依规查处。后续经 开区"双减"专班将持续加大整治力度，打击各类隐形变异违规学科培训行为，切实保护学生和家长的合 法权益，维护良好教育生态。 北京凯特领先文化传媒有限公司亦庄分公司位于北京市北京经济技术开发区宏达北路8号1幢1层108，北 京思言树科技有限公司位于北京市北京经济技术开发区科创九街2号院14号楼1层103，两家公司均未取 得学科类办学许可证，存在线下学科类培训行为。 ...

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 - The internal letter from Yu Minhong, celebrating the 32nd anniversary of New Oriental, has sparked significant public backlash due to its perceived disconnect from the current struggles of employees, particularly regarding their work pressures and the company's financial performance [1][3][20]. Summary by Sections Internal Communication - Yu Minhong's letter emphasized themes of perseverance and gratitude, likening the company's journey to the resilience of penguins in Antarctica [2][3]. - The letter mentioned the need for New Oriental to become a "sower of hope" and for its various branches, including Dongfang Zhenxuan and New Oriental Tourism, to represent integrity and cultural enrichment [1][11]. Employee Reactions - Employees expressed dissatisfaction with the letter, feeling it failed to acknowledge their current challenges, particularly the pressures of KPIs and long working hours [2][3][20]. - Social media reactions included comments highlighting the disparity between Yu's Antarctic experience and the daily struggles of employees, leading to a sense of alienation [2][3]. Financial Performance - New Oriental's financial results showed a significant decline, with a 73.7% drop in net profit for the fourth quarter of the 2025 fiscal year, despite a 9.4% increase in revenue [17][19]. - The company faced increased operational costs and a record goodwill impairment of $60.3 million, contributing to the profit decline [17][19]. Market Response - Following the internal letter, New Oriental's stock price rose slightly, closing at $53.44, but the stock has seen a 16.2% decline year-to-date and over 70% from its peak in 2021 [3][20]. - The overall market sentiment remains cautious, reflecting the ongoing challenges faced by the company and its leadership [20]. Talent and Leadership Challenges - The departure of key figures, including popular hosts from Dongfang Zhenxuan, has raised concerns about talent retention and the company's ability to maintain its competitive edge [14][19]. - The shift towards a "de-IP" strategy aims to reduce reliance on individual personalities and focus on building a more sustainable operational model [14][19]. New Business Initiatives - New Oriental has launched a tourism brand, aiming to diversify its offerings and leverage its educational expertise to enhance the travel experience [11][12]. - The tourism segment has shown potential for growth, with plans to expand into new areas and achieve profitability by the 2026 fiscal year [12][20].

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 - Angli Education (600661) is actively expanding its business through the development of its "Happy Community" stores, currently operating 4 locations and planning to steadily advance its store expansion strategy based on business needs [1] Company Summary - Angli Education currently has 4 "Happy Community" stores in operation [1] - The company is committed to a steady expansion of its store network in response to business development needs [1]