证券日报网讯昂立教育11月20日在互动平台回答投资者提问时表示，股价涨跌受宏观经济环境、资本市 场政策、行业周期波动、二级市场流动性等多种因素影响，敬请注意投资风险。公司管理层始终致力于 提高经营管理水平，保持公司长远稳定发展，以持续维护公司价值。 （文章来源：证券日报） ...

Core Points - The recent internal letter from the chairman of New Oriental, Yu Minhong, while celebrating the company's 32nd anniversary, has sparked controversy due to his presence in Antarctica while employees are reportedly working overtime [1][4][8] - Yu Minhong emphasized the importance of employee feedback and expressed plans to take selected employees to Antarctica next winter, highlighting the company's tradition of allowing employee grievances [1][4] - The letter's theme of resilience and hope, likening the struggles of New Oriental to the survival of penguins in extreme conditions, was overshadowed by employee dissatisfaction regarding the disconnect between the chairman's vacation and their work pressures [7][9] Company Overview - New Oriental is currently undergoing a critical transformation phase, facing significant operational pressures, as evidenced by a 73.7% drop in net profit to $7.1 million in the fourth quarter of fiscal year 2025, primarily due to losses in the Oriental Selection business and goodwill impairment [20] - The company's revenue growth has slowed, with fiscal year 2025 revenue growth decreasing from 43.9% to 13.6% [20] - In the first quarter of fiscal year 2026, New Oriental reported net revenue of $1.523 billion, a year-on-year increase of 6.1%, driven by new educational business initiatives [20] Future Plans - New Oriental plans to establish a youth exploration center aimed at fostering children's understanding and appreciation of nature, with potential Antarctic exploration trips for youth set to begin next winter [14][18] - The chairman's recent activities in Antarctica are seen as part of a broader strategy to expand into the cultural tourism sector, which could provide new growth opportunities for the company [18][20]

Core Viewpoint - The controversy surrounding New Oriental's chairman, Yu Minhong, regarding his trip to Antarctica has sparked discussions about employee sentiment and company culture, highlighting the disparity between leadership experiences and employee workloads [7][14]. Group 1: Trip Details - Yu Minhong clarified that the cost of the Antarctic trip was misrepresented, stating that the price for the advanced icebreaker ship, "Shagu," ranged from 200,000 to 250,000 yuan for a 12-day journey, rather than the 1.48 million yuan reported [1][10]. - The "Shagu" ship offers various itineraries, with the lowest price for a 13-day trip starting at approximately 260,000 yuan per person, while a 29-day trip can reach up to 1.48 million yuan [12][13]. Group 2: Employee Relations - Yu Minhong emphasized the importance of allowing employees to express dissatisfaction, indicating that the company culture at New Oriental is relatively relaxed, where employees can openly criticize leadership [3][14]. - The backlash from employees regarding Yu's trip reflects a broader sentiment, with comments highlighting the contrast between the chairman's leisure activities and employees' work commitments [7][8]. Group 3: Business Strategy - The trip to Antarctica may serve a strategic purpose for New Oriental's emerging cultural tourism business, which has seen an 85% revenue increase in the third quarter of the 2025 fiscal year [14]. - The public reaction to Yu Minhong's trip may be an oversimplification of a complex situation, as the narrative often reduces nuanced circumstances to binary oppositions [14].

Core Viewpoint - The acquisition of Shanghai Leyou Yutu International Travel Agency by Angli Education has raised significant concerns due to the target company's negative net assets and a high valuation increase of 521.71% despite its financial instability [1][6]. Group 1: Acquisition Details - Angli Education plans to acquire 100% of Shanghai Leyou for 38 million yuan, despite the latter having negative net assets [1]. - The board's unusual decision saw four directors abstaining from voting, indicating internal disagreements regarding the acquisition's strategic fit [4]. - The acquisition is positioned as a strategic move to enter the "silver economy" sector, aiming to create a second growth curve alongside its core education business [1][4]. Group 2: Financial Performance and Valuation - Shanghai Leyou is projected to achieve a cumulative revenue of no less than 480 million yuan over the next four years, as per a performance commitment [2][7]. - The company reported a net loss of 43.58 million yuan in 2024 and 56.72 million yuan in the first half of 2025, necessitating a rapid turnaround to meet financial targets [8]. - The valuation of Shanghai Leyou at 38.5 million yuan is justified by Angli Education through a revenue-based assessment that considers customer resources and operational management, which are not reflected in asset-based evaluations [6]. Group 3: Strategic Rationale - The acquisition is seen as a way to leverage existing customer bases from Angli Education's training business to offer tailored travel services to elderly clients [5]. - Angli Education aims to enhance its operational capabilities by acquiring Shanghai Leyou, which will allow it to enter the market for family and educational travel services [5]. - The company has initiated the "Happy Community" project, with four locations already operational, serving approximately 3,600 members [4].

Core Points - The core issue revolves around the controversy sparked by the founder of New Oriental, Yu Minhong, sending a letter from Antarctica to employees on the company's 32nd anniversary, which was perceived as disconnected from the employees' realities [1][3][4] Group 1: Company Background and Events - New Oriental celebrated its 32nd anniversary on November 16, with Yu Minhong reflecting on the company's journey and future plans in a letter themed "Perseverance in the Ice and Snow" [1] - The letter, intended to motivate employees, instead led to backlash as many employees felt unable to empathize with the founder's experience while they were working overtime [1][3] - Following the controversy, Yu Minhong responded in a video on November 18, stating that his trip to Antarctica was to discuss the future of natural education for Chinese children, announcing plans to establish a youth exploration center [1][3] Group 2: Employee Sentiment and Public Reaction - The letter's content, which emphasized Yu Minhong's personal experiences in Antarctica, was criticized for lacking acknowledgment of employee pressures, leading to a perception of a disconnect between management and staff [3][4] - Social media reactions highlighted the stark contrast between the founder's luxurious trip and employees working during the anniversary, coining the phrase "boss in Antarctica, employees working" [3][4] - The public interest in Yu Minhong surged, with the WeChat index for his name rising from around 150,000 on November 16 to nearly 20 million by November 18 [1] Group 3: Financial Performance and Business Strategy - New Oriental has been facing challenges in its business transformation, particularly after the departure of key personnel, which has affected the performance of its subsidiary, Oriental Selection [6][7] - Financial reports indicate that for the fiscal year 2025, Oriental Selection's revenue, profit, and gross merchandise volume (GMV) are expected to decline significantly, with net profit projected at only 6.2 million [7] - New Oriental's overall revenue for the fourth quarter of fiscal year 2025 was reported at $1.243 billion, a year-on-year increase of 9.4%, but it also faced an operating loss of $8.674 million, a significant decline compared to the previous year [7] Group 4: Future Directions and Challenges - New Oriental aims to explore the tourism sector as a third growth curve, with plans for a separate IPO for its tourism business, which has yet to show significant results in financial performance [8][9] - The company has established numerous subsidiaries under its tourism brand and invested in various travel-related ventures, indicating a strategic shift towards diversifying its business model [10] - Experts suggest that while the tourism direction is promising, the company must innovate its offerings and build a comprehensive service system to differentiate itself in the competitive market [10]

Core Viewpoint - The acquisition of Shanghai Leyou Yutu International Travel Agency by Angli Education has raised significant concerns due to the target company's negative net assets and a high valuation increase of 521.71% despite its financial struggles [1][8]. Group 1: Acquisition Details - Angli Education plans to acquire 100% of Shanghai Leyou for 38 million yuan, despite the latter having negative net assets [1]. - The acquisition aims to tap into the "silver economy" and create a second growth curve for the company's core education and training business [2][6]. - The target company has a performance commitment to achieve a cumulative revenue of no less than 480 million yuan over the next four years [3]. Group 2: Board Disagreements - The board meeting saw four out of eleven directors abstaining from voting, indicating internal disagreements regarding the acquisition's strategic fit [5]. - Non-independent director Zhang Wenhao expressed concerns about the lack of synergy between education, tourism, and elderly care, citing past acquisition failures [5]. - Independent directors also questioned the acquisition's support for the main business and suggested exploring partnerships before proceeding with the acquisition [5]. Group 3: Strategic Considerations - Angli Education emphasized strategic and business synergies, aiming to leverage its existing customer base of elderly individuals who have both educational and travel needs [7]. - The company has initiated the "Happy Community" project, opening four locations to serve approximately 3,600 members [6][7]. Group 4: Financial Analysis - Shanghai Leyou's net assets were reported at -9.1295 million yuan, yet the acquisition valuation reached 38.5 million yuan due to the application of the income approach, which considers customer resources and sales networks [8]. - A "betting agreement" with the seller requires Shanghai Leyou to achieve a cumulative audited revenue of at least 480 million yuan and a net profit of 5 million yuan over four years, despite current losses [8][12]. - Financial projections indicate that Shanghai Leyou is expected to return to profitability starting in 2026, with significant revenue growth anticipated in subsequent years [10][11].

Core Viewpoint - The recent controversy surrounding Yu Minhong's trip to Antarctica highlights the company's culture of encouraging employee feedback and the potential strategic alignment of this trip with New Oriental's emerging cultural tourism business [1][4][7]. Group 1: Employee Engagement and Company Culture - Yu Minhong emphasized that allowing employees to express dissatisfaction is a tradition at New Oriental, indicating a commitment to addressing internal issues [1]. - In response to employee complaints about his trip, he stated that dissatisfaction reflects a problem between the employee and the company that should be corrected [1]. Group 2: Antarctica Trip Details - Yu Minhong clarified that the cost of the Antarctica trip varies significantly, ranging from 50,000 to 300,000 yuan, with his own trip costing between 200,000 and 250,000 yuan [1]. - He plans to take around 10 outstanding employees and members of Dongfang Zhenxuan to Antarctica next winter, supported by the company [1]. Group 3: Cultural Tourism Business Development - New Oriental's cultural tourism business, which began testing in 2023, is seen as a potential growth area, aiming to integrate educational services with high-end travel experiences [7]. - The company plans to launch several mature travel routes and training camps by 2025, positioning this initiative as a third potential public listing for New Oriental [7]. Group 4: Employee Benefits and Membership - As part of the 32nd anniversary celebration, New Oriental offered a 199 yuan membership card to employees, providing various discounts on products from Dongfang Zhenxuan [8][10].

Core Viewpoint - The company, Angli Education, has responded to the Shanghai Stock Exchange's inquiry regarding an asset acquisition, addressing concerns raised by four board members who abstained from voting due to uncertainties about the clarity of the acquisition project and business synergy [1] Group 1: Acquisition Details - The company clarified that the target, Shanghai Leyou, has a clear business structure with 60 active stores and an international tourism license, with 70% of its clientele being seniors, which aligns with the company's "Happy Community" senior interest training business, allowing for mutual customer flow [1] - The target company has served over 200,000 customers, with 150,000 being over 40 years old, indicating a high overlap with the company's customer base and a clear synergy path [1] Group 2: Financial Concerns - The company acknowledged that the target is expected to incur continuous losses from 2024 to the first half of 2025, with projected net profits of -435,800 yuan and -567,200 yuan respectively [1] - There are uncertainties regarding the recovery of the tourism industry and the challenges of business integration, which may hinder the achievement of performance commitments (total revenue of ≥ 480 million yuan from 2025 to 2028), potentially impacting the company's cash flow and ongoing viability [1] Group 3: Communication and Investor Relations - The company plans to hold an investor briefing to further communicate and balance opportunities and risks, ensuring the protection of the interests of small and medium investors [1]

Group 1: Xiaomi's Financial Performance - Xiaomi reported a revenue of 113.1 billion yuan for Q3, a year-on-year increase of 22.3% [2] - Adjusted net profit reached 11.3 billion yuan, marking an 80.9% year-on-year growth, the highest quarterly level in history [2] - The smartphone segment generated 45.97 billion yuan, a decline of 3.1% year-on-year, contributing 40.6% to total revenue, down from 51.3% a year ago [2] Group 2: Automotive Business Growth - Revenue from Xiaomi's smart electric vehicle business reached 29 billion yuan, a significant increase of 199.2%, accounting for 25.6% of total revenue [2] - The automotive division achieved a quarterly delivery of 108,800 units, a year-on-year increase of 173.4%, with an average selling price of 260,000 yuan, up 9% [3] - Xiaomi aims to deliver over 300,000 vehicles by 2026 and has already delivered over 260,000 units in the first three quarters of the year [3] Group 3: Challenges and Controversies - Xiaomi faces ongoing product lawsuits and safety controversies, including a delayed lawsuit regarding false advertising of the SU7 Ultra model [4] - Safety concerns have arisen following incidents involving the SU7, leading to public criticism regarding the company's focus on aesthetics over safety [4] - Recent changes in the public relations team, including the departure of a long-serving executive, have raised concerns about the company's crisis management capabilities [4] Group 4: New Oriental's Internal Issues - New Oriental's CEO, Yu Minhong, faced backlash from employees regarding an internal letter, leading to a series of social media posts about his trip to Antarctica [6][13] - The company reported a significant revenue decline, with a 32.7% drop in revenue year-on-year, totaling 4.392 billion yuan for the 2025 fiscal year [13] - Internal management issues have been highlighted, particularly following the departure of key personnel and the impact on the company's strategic execution [13][28] Group 5: Suning's Financial Struggles - Suning's restructuring plan has been postponed again, with over 230 billion yuan in debt and assets valued at only 41 billion yuan [15][16] - The restructuring aims to balance debt repayment and corporate revival, with the founder pledging personal assets to support the plan [17] - Suning's financial reports indicate a significant decline in revenue and profit, with a 95.78% drop in net profit for Q3 compared to the previous year [18] Group 6: Gree's Market Position - Gree's new rose air conditioner has sparked controversy, with the company positioning it as an innovative product in the market [20][23] - Despite holding the largest market share in air conditioning, Gree faces intense competition, leading to a slight decline in retail volume and revenue share [20] - Gree's financial performance has shown a decline, with a 6.5% drop in revenue year-on-year for the first three quarters [20]

Core Viewpoint - The internal letter from Yu Minhong, founder of New Oriental, sparked controversy by highlighting the disconnect between the poetic imagery of his experiences in Antarctica and the harsh realities faced by employees, raising questions about the social responsibility of entrepreneurs and the fairness of education [1][2]. Group 1: Empathy Crisis and Entrepreneurial Responsibility - The controversy surrounding Yu Minhong's letter reflects a disconnect between individual narratives and collective struggles, emphasizing the lack of acknowledgment of employee pressures and challenges [1]. - Similar instances of "empathy crisis" have been observed with other entrepreneurs, indicating a trend where successful narratives overlook structural inequalities, leading to increased societal anxiety and diminished trust in business leaders [2]. Group 2: Educational Practice and Challenges - The concept of "the rich helping the poor" in education is fundamentally about ethical resource redistribution, requiring not just equal starting points but also efforts to narrow the gaps in processes and outcomes [3]. - New Oriental's transition from K12 training to diversified sectors like quality education and live commerce illustrates a response to policy changes and an extension of corporate social responsibility, yet it raises concerns about whether the focus on new business growth neglects the original mission of educational equity [3][4]. Group 3: Paths to Implement Social Responsibility - Educational enterprises can implement social responsibility through three main pathways: combining hardware investment with software empowerment, enhancing teacher training and career support, and providing targeted assistance to disadvantaged groups [4][5]. - Specific examples include funding for smart classrooms in impoverished schools, teacher exchange programs, and personalized educational plans for vulnerable populations [4][5]. Group 4: Reconstructing Social Responsibility Narratives - The controversy serves as a warning for entrepreneurs to prioritize empathy and action over mere sentiment, suggesting that educational companies should establish two-way communication mechanisms and integrate social responsibility into their core business strategies [5]. - Collaboration with government and industry to promote educational equity is essential, advocating for increased public investment and forming alliances to share resources effectively [5][6]. Conclusion - The incident with Yu Minhong's letter reflects the struggle between commercial success and social responsibility, emphasizing the need for entrepreneurs to remember that true commitment lies in the classrooms of ordinary educators and the eyes of eager learners [6].