11月16日，新东方迎来成立32周年纪念日，创始人俞敏洪身处南极发布内部信，向全体员工及支持者致谢。该文开篇即细致描绘"浩瀚的洁白、翡翠般的 冰山"等南极景观，称当地"几乎24小时充满阳光"的环境让他对"时间的力量与坚守的意义"有了更深感悟。 记者丨刘雪莹 编辑丨江佩霞 然而这封饱含"南极感悟"的信函并未收获预期的共鸣，有员工在社交媒体暗指老板的"远方"与员工的"现场"形成鲜明对比。更直白的吐槽来自企业邮箱留 言称，看到信中对南极风光的描述"只觉得讽刺"。 "老板在南极，员工在加班。"这是不少网友在看到俞敏洪的最新全员信后的第一反应。 截至发稿，新东方官方及俞敏洪本人尚未对相关争议作出回应。 新东方仍处于转型关键期，面临着现实经营压力。据2025财年第四季度财报显示，其净利润骤降73.7%至710万美元，主要受东方甄选业务拖累及商誉减 值影响。此外，核心教育业务增速逐季放缓，2025财年营收增速从上一财年的43.9%降至13.6%。 ...

写在前面 感谢各位老板，我这个合集「哪家公司又出破事了」完全不缺内容。今天要特别感谢的是新东方的俞敏洪。 最近，创始人俞敏洪身处南极向全体员工发出一封全员信。信中提到，"此刻，我正站在南极的冰雪世界中。四周是浩瀚的洁白、翡翠般的冰山和无边的 宁静。冰川在阳光下闪烁着迷人的光芒，仿佛在无声地诉说着时间的力量与坚守的意义。现在是南极时间11月16日上午6点钟（北京时间16日下午5点）， 在这片远离尘嚣的纯净之地，我热烈祝贺新东方32周年的生日快乐！" 坦率说，俞老师是文人，写字水平还是不错的。 他借南极企鹅在极端环境中相互扶持、努力生存，类比新东方人面对困境时的团结与希望，回顾了新东方从北大一间简陋教室起步，历经风雨的创业历 程，鼓励员工坚守初心，服务好学生与客户，展望未来事业的发展。 但是，文字再优美，改变不了员工不买单的现实。 有新东方教育板块员工透露，纪念日当天仍在上完课连夜加班做续费方案，看到信中对南极风光的描述"只觉得讽刺"。还有一些员工在社交媒体上表 示"无法共情"。 网友也不买单。 很多网友认为，「作为老板，少点鸡汤，多点实际行动，给员工加薪才是最好的激励。」 当然，俞老师依然坚持持续发旅游视频，给 ...

Core Insights - The education industry is entering a structural transformation period driven by policy adjustments, strategic demands, and AI technology [1][2] - The reform of the high school entrance examination and the expansion of general high school enrollment are reshaping admission demands, while the civil service examination, vocational education, and degree enhancement sectors are experiencing strong demand due to employment pressures [1][3] Education Industry Overview - The education sector is closely linked to admission and employment, having birthed several companies with market values exceeding 100 billion [2] - The industry faces challenges due to the "impossible triangle" of large-scale, low-cost, and personalized education, leading to low concentration levels [2] - AI education offers a potential solution to the "impossible triangle" by providing low-cost and personalized features, which can help expand scale while maintaining product reputation [2] Policy Adjustments and Market Demand - The "five-five diversion" policy and the expansion of general high school enrollment are responses to national talent strategy needs, with the gross enrollment rate for general high schools projected to rise from approximately 48% in 2018 to 65% in 2024 [3] - The education services related to admission are expected to face continuous demand adjustments, with challenges for vocational schools and private high schools due to increased competition from public high schools [3] - Companies with strong adjustment capabilities may see market share opportunities as they focus on quality improvement and real empowerment [3] Sector-Specific Demand Drivers - Civil Service Examination: The number of applicants for the national civil service examination is expected to reach a record high of 3.718 million in 2026, reflecting strong demand for stable employment [4] - Vocational Education: There is a growing emphasis on skilled talent, with nearly half of university students supporting further skill training for better employment prospects [4] - Degree Demand: The enrollment rate for higher education is projected to rise from 48.1% in 2018 to 60.8% in 2024, indicating a strong desire for higher qualifications [4] - K12 Education: The participation rate in K12 subject training is expected to increase significantly, despite a current rate of 17.4% [4] Investment Logic by Segment - K12 education is seeing a slowdown in offline expansion, with leading companies focusing on quality improvement and shareholder returns [5] - Private high schools are facing enrollment growth challenges, while vocational education leaders like China Oriental Education are benefiting from increased student sources and rapid profit recovery [5] - The civil service examination sector remains robust, with companies like Huatu Education and Fenbi leveraging AI to enhance competitiveness [5] Investment Recommendations - The company recommends prioritizing sectors closely related to employment, such as civil service examination and vocational education, with a focus on companies like Huatu and China Oriental Education [7] - K12 education leaders that adapt to changes and improve educational quality, such as New Oriental and Daosheng Education, are also recommended [7] - The potential for valuation recovery in private higher education is noted, especially with recent positive signals from provinces like Guangdong and Hunan [7]

Core Points - The chairman of New Oriental, Yu Minhong, faced criticism from employees after sending an internal letter while traveling in Antarctica, which led to a disconnect between his experiences and the employees' realities [5][9] - The internal letter emphasized New Oriental's mission to be a "sower of hope" and highlighted the future vision for the company, including the establishment of a youth exploration center [7][10] - New Oriental is currently undergoing a critical transformation phase and is experiencing significant operational pressures, with a reported 73.7% drop in net profit to $7.1 million for Q4 of FY2025 [11] Financial Performance - For Q1 of FY2026, New Oriental reported a net revenue of $1.523 billion, a year-on-year increase of 6.1%, driven by new educational business growth [11] - The company expects Q2 FY2026 net revenue to be between $1.131 billion and $1.163 billion, with a growth rate of 9% to 12% [11] - Full-year net revenue projections for FY2026 are estimated to be between $5.1453 billion and $5.3903 billion, reflecting a growth rate of 5% to 10% [11]

Core Viewpoint - The internal letter from Yu Minhong, founder of New Oriental, has sparked controversy due to its perceived lack of empathy towards employees facing work pressure while he is on a trip to Antarctica [2][4][5]. Group 1: Company Performance - New Oriental's net profit for the first quarter of the 2026 fiscal year decreased by 1.92% compared to the previous year [11]. - In the fourth quarter of the 2025 fiscal year, New Oriental reported revenue of 8.808 billion yuan, a year-on-year increase of 9.37%, but net profit fell by 73.68% [9]. - The revenue growth rate for the core education business has slowed, dropping from 43.9% in the previous fiscal year to 13.6% [9]. Group 2: Employee Sentiment - Employees expressed frustration over the internal letter, feeling disconnected from the leadership's experiences, particularly when Yu Minhong highlighted his trip to Antarctica while they were working late [5][6]. - Some employees criticized the letter as a display of insensitivity, with comments reflecting their struggles and contrasting their hard work with the founder's vacation [6][7]. Group 3: Market Reaction - On November 18, New Oriental's stock fell by 2.17% in the Hong Kong market, marking a decline in four out of the last five trading days [13]. - The company's stock in the U.S. has also seen a continuous decline over four trading days as of November 17 [13]. Group 4: Business Challenges - The financial performance of Oriental Selection, a subsidiary controlled by Yu Minhong, saw a drastic net profit drop of 99.67%, amounting to only 5.735 million yuan for the 2025 fiscal year [10]. - New Oriental is currently navigating a critical transformation period, facing ongoing operational pressures [9].

Core Insights - New Oriental is diversifying its business model by focusing on the cultural tourism sector, aiming to create a synergistic ecosystem of "education + e-commerce + cultural tourism" [1][2] - The founder, Yu Minhong, is actively promoting the new cultural tourism brand "You Travel with Yu" while traveling extensively, which has sparked discussions about leadership presence and employee engagement [1] - The cultural tourism division, established in July 2023 with a registered capital of 1 billion RMB, is positioned to provide high-quality cultural tourism services and has already launched programs in 55 cities [2] Group 1 - Yu Minhong's travels are not just personal but are aimed at enhancing New Oriental's cultural tourism brand and vision [1] - The cultural tourism segment is seen as a new growth engine for New Oriental, with potential for independent listing [1][2] - New Oriental has invested in various companies to build a comprehensive service system covering educational travel, high-end customization, and cultural experiences [2] Group 2 - New Oriental's stock has faced challenges, with an 18.03% decline in the US market due to slowing overseas study business and profitability pressures [3] - Despite recent leadership changes at Dongfang Zhenxuan, the overall business structure is evolving towards a more resilient model integrating education, cultural tourism, and e-commerce [3]

Core Viewpoint - The internal letter from New Oriental's founder, Yu Minhong, sent from Antarctica, sparked criticism among employees for its perceived disconnect from their struggles and realities, highlighting a growing tension between management and staff [2][4][5]. Group 1: Employee Reactions - Employees expressed dissatisfaction with the letter, feeling it was tone-deaf given their hard work while the founder enjoyed leisure time in Antarctica [4][5]. - The sentiment among employees reflects a broader shift in attitudes, where they seek more tangible recognition and empathy from leadership rather than motivational rhetoric [5][6]. Group 2: Leadership Perspective - Yu Minhong's letter was characterized as a typical motivational message, reflecting his entrepreneurial spirit and vision for the future of New Oriental [2][3]. - The letter's content, while well-intentioned, failed to resonate with employees who are facing significant pressures and challenges in their roles [4][6]. Group 3: Suggestions for Improvement - Recommendations for future communications include offering bonuses or small gifts to employees, or providing time off to acknowledge their contributions, fostering a sense of shared success [6]. - A more grounded and relatable approach in leadership communication is suggested to bridge the gap between management and employees [6][7].

Core Viewpoint - The internal letter from New Oriental's founder, Yu Minhong, sent while he was in Antarctica, sparked backlash among employees who felt disconnected from his message during their work hours, highlighting the ongoing challenges faced by the company amid declining profits and staff turnover [3][5][12]. Employee Reactions - Employees expressed frustration on social media, feeling unable to empathize with Yu's Antarctic experience while they were working under pressure, with comments reflecting their dissatisfaction and humor about the situation [5][7]. - Some employees humorously wrote "letters" back to Yu, emphasizing their struggles with KPIs and contrasting their work conditions with his leisure time [5][12]. Company Performance - New Oriental's financial performance shows a mixed picture, with a revenue of $1.243 billion for Q4 FY2025, a 9.4% increase year-over-year, but a significant operating loss of $8.674 million, marking a 182.4% decline [12]. - For Q1 FY2026, revenue was $1.523 billion, a 6.1% increase from the previous year, but net profit fell by 1.9% to $241 million, indicating ongoing profitability challenges [12]. Challenges in the Live Commerce Sector - The live commerce arm, Dongfang Zhenxuan, has faced significant setbacks, with a 32.7% decline in total revenue to $4.392 billion for FY2025, attributed to the loss of key personnel [15]. - The departure of core team members, including prominent hosts, has severely impacted the performance of Dongfang Zhenxuan, which is struggling to maintain its market position [14][15]. Overall Outlook - The company is navigating a difficult transformation journey, with both New Oriental and Dongfang Zhenxuan experiencing performance declines and operational challenges [16].

Core Points - The internal letter from Yu Minhong, founder of New Oriental, sent from Antarctica on the company's 32nd anniversary, sparked controversy among employees who found it ironic given their ongoing work commitments [1][3] - Employees expressed feelings of unfairness and a lack of empathy, highlighting the disconnect between the founder's celebratory tone and their own struggles [3][4] - The letter reflects Yu Minhong's typical optimistic and motivational style, but it failed to resonate with employees who are increasingly pragmatic and seeking tangible support from leadership [2][5] Summary by Sections - **Employee Reactions** - Employees criticized the letter for its "chicken soup" sentiment, feeling it was out of touch with their reality of working long hours [1][3] - The disparity between Yu Minhong's experience in Antarctica and the employees' struggles at home led to feelings of resentment and a lack of shared experience [4] - **Leadership Perspective** - Yu Minhong's letter was intended as a reflection on the company's journey and future vision, but it did not address the current challenges faced by employees [2][5] - The evolving mindset of employees demands more than just inspirational messages; they seek recognition and empathy from leadership [4][5] - **Suggestions for Improvement** - Recommendations include providing employees with bonuses or small gifts to share in the company's success, or offering time off to acknowledge their hard work [5] - A more grounded and relatable approach in communication from leadership could help bridge the gap between management and employees [5]

Core Viewpoint - The internal letter from Yu Minhong, founder of New Oriental, sparked criticism among employees due to perceived insensitivity regarding their hard work while he was in Antarctica celebrating the company's anniversary [1][3]. Group 1: Employee Reactions - Employees expressed feelings of unfairness and lack of empathy, highlighting the contrast between their struggles and Yu's leisure in Antarctica [3][4]. - The letter was seen as overly sentimental and disconnected from the realities faced by employees, leading to a sense of frustration [1][2]. Group 2: Entrepreneurial Perspective - Yu Minhong's letter reflects his typical optimistic and motivational style, but it failed to resonate with employees in the current challenging environment [1][2]. - The changing mindset of employees demands more practical and empathetic communication from leadership, rather than abstract motivational messages [4][5]. Group 3: Suggestions for Improvement - Recommendations for a more effective communication approach include offering bonuses, small gifts, or time off to employees to share in the company's success [5]. - Acknowledging the different perspectives between entrepreneurs and employees is crucial for fostering a better working relationship [5].