新东方董事长俞敏洪因在南极发公司内部信被员工吐槽后，11月18日，截至上午11:00，俞敏洪在社交 平台连发10条南极游视频。 本人在评论区表示：前几天一直没有什么信号，这个视频是四天前做的。 内部信引发争议 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。他在信中以"冰雪中的坚守"为主题回顾创业历程并擘画未来。 同时他在信中提出，新东方要成为"希望的播种者"，东方甄选应成"商家良知的代表"，新东方文旅 要"让更多的人把世界装在心里"。 内部信发布后引发关注，但并未收获预期的共鸣，有员工表示无法与正在旅游的老板共情，类似言论在 多个社交平台引热议。疑有员工发文调侃与吐槽，称"今夜，所有xdfer（新东方人）都是南极人"，暗指 老板的"远方"与员工的"现场"形成鲜明对比。 截图来源：正观新闻 有网友统计，内部信全文提及17次"我"和5次"南极"，却对员工当下的工作压力鲜有提及。一名网友发 布"给俞敏洪的一封回信"，称"您在南极看冰山，我在出租屋看数字。" 11月18日晚，俞敏洪发布视频回应称这次应奚老师邀请来南极，在深刻感受大自然壮美的同时，也一起 探讨了未 ...

本人在评论区表示：前几天一直没有什么信号，这个视频是四天前做的。 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。他在信中以"冰雪中的 坚守"为主题回顾创业历程并擘画未来。 同时他在信中提出，新东方要成为"希望的播种者"，东方甄选应成"商家良知的代表"，新东方文旅要"让更多的人把世界装在心 里"。 内部信发布后引发关注，但并未收获预期的共鸣，有员工表示无法与正在旅游的老板共情，类似言论在多个社交平台引热议。疑 有员工发文调侃与吐槽，称"今夜，所有xdfer（新东方人）都是南极人"，暗指老板的"远方"与员工的"现场"形成鲜明对比。 有网友统计，内部信全文提及17次"我"和5次"南极"，却对员工当下的工作压力鲜有提及。一名网友发布"给俞敏洪的一封回信"， 称"您在南极看冰山，我在出租屋看数字。" 新东方董事长俞敏洪因在南极发公司内部信被员工吐槽后，11月18日，截至上午11：00，俞敏洪在社交平台连发10条南极游视频。 值得注意的是，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 ...

（文/霍东阳 编辑/张广凯） "今夜，所有xdfer（新东方人）都是南极人。"这是新东方员工在社交媒体上对老板俞敏洪南极全员信的调侃。11月16日，新东方创始人，新东方教育科技集 团董事长、总裁俞敏洪发布全员信，向全体员工致以周年祝福。 这一行为立刻被网友质疑"老板在南极，员工在加班"，但俞敏洪非但没有回应，反而在北京时间今天上午又在个人微博上连发10条南极游视频。 俞敏洪在此前的信中描绘了南极"浩瀚的洁白、翡翠般的冰山和无边的宁静"，并借企鹅在极端环境中相互扶持类比新东方人的团结精神。 还有内部员工向媒体透露，去年俞敏洪并没有发周年的内部信，今年不知为何突然发布该信件。新东方官方及俞敏洪并未对相关争议做出回应。而在11月18 日上午，俞敏洪在微博上连发10条南极游视频。 南极的日出:和日 10.3K views [ 2 5 E 26 n 170 | 10 22 22 18:05 | 站在南极,我看到了企鹅在冰雪中努力生 | | --- | --- | | 收件人:全国教职员工 > | 存。它们在极端环境中,靠着彼此的体温 | | 热烈祝贺新东方 32周年生日快乐! | 与坚守,度过了一个又一个冬天,养育了 ...

专题：俞敏洪南极旅游发周年贺信引争议，员工：只觉得讽刺 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。 信件内容显示，俞敏洪在南极时间16日清晨（北京时间下午5点）写下这封信函，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。 同时他在信中提出，新东方要成为"希望的播种者"，东方甄选应成"商家良知的代表"，新东方文旅 要"让更多的人把世界装在心里"。 内部信发布后引发关注，但并未收获预期的共鸣，有员工表示无法与正在旅游的老板共情，类似言论在 多个社交平台引热议。疑有员工发文调侃与吐槽，称"今夜，所有xdfer（新东方人）都是南极人"，暗指 老板的"远方"与员工的"现场"形成鲜明对比。 有网友统计，内部信全文提及17次"我"和5次"南极"，却对员工当下的工作压力鲜有提及。一名网友发 布"给俞敏洪的一封回信"，称"您在南极看冰山，我在出租屋看数字。" （图源 俞敏洪个人微博） 值得注意的是，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 ...

Core Insights - The internal letter from Yu Minhong celebrates the 32nd anniversary of New Oriental, expressing gratitude to all contributors to the company's journey [1][2][3] - The letter reflects on the challenges and achievements over the past 32 years, emphasizing the collective effort of staff and educators [2][3] - New Oriental aims to evolve beyond being a knowledge provider to becoming a cultivator of hope and a representative of integrity in business [3] Summary by Sections - **Company History and Achievements** - New Oriental has grown from a modest classroom to a significant educational institution over 32 years, facing numerous challenges and celebrating successes along the way [1][2] - The journey is marked by the dedication and contributions of every staff member, highlighting the importance of teamwork and perseverance [2][3] - **Future Vision** - The company aspires to be a beacon of hope and integrity, with specific goals for its subsidiaries: - Oriental Selection aims to be a platform for quality goods and a representative of business ethics - New Oriental Tourism seeks to inspire people to explore the world and enrich their lives [3] - The commitment to continuous learning and adaptation to societal needs is emphasized as essential for future growth [3]

Core Insights - The company reported a 6% year-on-year revenue increase to $1.523 billion for Q1 of FY2026, exceeding expectations by 1% [1] - Adjusted operating profit was approximately $336 million, with an operating margin of 22%, reflecting a 1 percentage point year-on-year expansion [1] - Adjusted net profit attributable to shareholders was $258 million, corresponding to a net profit margin of 17% [1] Performance Highlights - The study abroad-related business performed better than expected, with preparatory and consulting revenues increasing by 1% and 2% year-on-year, compared to a previous forecast of -5% [1] - The college/adult education segment maintained a robust growth rate, with a 14% year-on-year revenue increase [1] - The K9 new business segment saw a 15% year-on-year revenue growth, with learning machines outperforming non-subject areas [1] - Non-subject training enrollment increased by 10% year-on-year to 530,000, while paid users of the intelligent learning system and devices rose by 40% year-on-year to 452,000 [1] - The number of teaching points reached 1,347, an increase of 29 points or 2% from the previous quarter, within the company's expansion pace [1] - The company announced a cash dividend of $190 million and a $300 million share repurchase plan, which is better than previous expectations [1] FY2026 Outlook - Management maintains the FY2026 group revenue guidance, expecting a year-on-year growth rate of 5-10%, with Q2 revenue growth projected between 9-12%, compared to a previous expectation of 9% [2] - Concerns regarding business growth are alleviated by improved retention rates in K12 business and product quality enhancements, which are expected to stabilize revenue growth [2] - The study abroad-related business may remain under pressure, but is expected to benefit from a projected over 25% year-on-year increase in youth language training revenue and expansion in non-English-speaking countries' consulting services [2] - Overall revenue growth for FY2026/27/28 is anticipated to exceed 10%, with a continued trend of profit margin expansion [2] Valuation - The company remains optimistic about the demand and growth prospects for K12 education-related businesses, with steady revenue growth and potential for profit margin optimization [2] - Despite recent impacts on the study abroad-related business, it continues to lead the industry [2] - Using the SOTP valuation method, the company assigns a 15x P/E ratio for K12 business and an 8x P/E ratio for study abroad business, with corresponding profit growth rates of +25% and -7% [2] - The target price has been raised to HKD 55 / USD 71 (EDU US/Buy) from HKD 46 / USD 59, maintaining a buy rating [2]

Core Viewpoint - Bank of America Securities has raised the target price for New Oriental-S (09901) to HKD 45.4, citing potential catalysts on the horizon, including improved overseas business performance and increased profit margins [1] Group 1: Earnings Forecast and Target Price Adjustment - The non-GAAP earnings per share forecast for the fiscal years 2026 to 2027 has been increased by 4% and 5% respectively, primarily due to a smaller-than-expected decline in overseas business revenue and improved profit margins [1] - The target price for New Oriental's U.S. stock has been raised to USD 58.2, maintaining a "Buy" rating [1] Group 2: Potential Catalysts - Shareholder returns are expected to improve, considering the company holds USD 4.8 billion in cash and has strong free cash flow generation capabilities projected to reach USD 500 million to USD 700 million from fiscal years 2026 to 2028. The current dividend payout ratio is equivalent to 50% of net profit, with significant room for increase. A 100% payout ratio in fiscal year 2026 would yield a dividend yield of 4.5% [2] - Overseas business performance is anticipated to exceed expectations, with management guiding for a single-digit percentage decline in overseas revenue for the August quarter and fiscal year 2026. Non-U.S./U.K. consulting and related services, which account for about 60% of consulting revenue, are expected to grow, partially offsetting declines in the U.S. (double-digit decline) and U.K. (moderate decline) [2] - The K9 business is expected to accelerate again, despite a potential slowdown in revenue growth for the August quarter due to course scheduling adjustments and competition from local small institutions. Growth is expected to resume in the November quarter as these negative factors dissipate [2] - Profit margin resilience is evident, with cost control measures, improved margins in K12 and Dongfang Zhenxuan, and a reduction in losses from the cultural tourism business expected to offset pressure on overseas business profit margins, driving an expansion in non-GAAP operating profit margins for fiscal year 2026 [2]

Group 1 - New Oriental-S (09901) saw a stock increase of over 5%, reaching HKD 41.62 with a trading volume of HKD 114 million [1] - Guosheng Securities reported that as of FY25Q4, the company's deferred revenue (customer prepayments) was USD 1.955 billion, reflecting a year-over-year increase of 9.8%, indicating growth in the collection side which supports future revenue [1] - The company projects FY2026Q1 net revenue (including Dongfang Zhenxuan) to grow by 2% to 5% to USD 1.464 to 1.507 billion, with conservative guidance due to a high base in FY25Q1 and rescheduling of K12 business due to the early Spring Festival in 2025 [1] Group 2 - Daiwa noted that after reviewing New Oriental-S's summer semester operations for 2025 and the performance of Dongfang Zhenxuan, the overall business development is stabilizing, with improved K-9 fall student retention rates and no further deterioration in overseas exam preparation services [2] - New Oriental announced plans to distribute no less than 50% of its previous fiscal year's net profit to shareholders in the form of dividends or share buybacks starting from FY2026, which could potentially exceed 100% [2] - The anticipated shareholder return ratio is seen as a significant positive catalyst for the stock [2]

Core Viewpoint - The "New Kindness China" initiative aims to integrate kindness into education, promoting social progress through educational efforts and community involvement [1][2] Group 1: Initiative Launch - The "New Kindness China" initiative was launched on September 15 in Nanjing, with a vision to illuminate education across all corners of society [1] - The initiative encourages new social strata to join in creating a new ecosystem of public welfare, contributing to China's modernization [2] Group 2: Educational Philosophy - The founder emphasizes that education is the warmest act of kindness, reflecting a deep cultural heritage of valuing education in Jiangsu [1] - The goal is to transform commercial success into energy that drives social progress, highlighting the importance of integrating public welfare into business development [1] Group 3: Personal Commitment - The founder expresses a personal commitment to the initiative, inspired by the cultural values of Jiangsu and the historical figures who championed education [1] - The initiative seeks to inspire more individuals to contribute their expertise and passion to illuminate the future of children [2]

淘宝百亿补贴也开始区域竞价。 淘宝百亿补贴近期上线区域竞价功能，商家可根据自身情况选择销售区域，以省份为单位竞价，每 个区域竞价获胜的前三名将被平台优先派单，前三名售罄后其他名次才有被派单的机会。天猫商家 参与该活动可享受交易佣金 100% 返还。 接近淘宝的人士告诉我们，这一调整旨在改善百亿补贴商品价格不够低的情况。一些经销商有意愿 在平台更低价卖货，但碍于品牌经销规则，担心商品窜货售外地被品牌处罚而未能报出最低价。平 台鼓励更多商家参与区域内竞价，在最低价的基础上叠加官方补贴，拿出比竞争对手更具优势的价 格。 拼多多在 2023 年前后便开始实施此类区域竞价模式。淘宝、京东等多家电商平台此后都开始力推 百亿补贴，从招商、货源管理到风控制度等各个环节学习拼多多。他们暂时都活在拼多多的影子 里，还没能动摇百亿补贴与拼多多强关联的用户心智。 教育新业务增速下降、东方甄选 GMV 收缩，新东方股价跌超 20%。 财报显示，新东方去年 9-11 月营业收入同比上升 19.4% 至 10.39 亿美元，经营利润同比下降 9.8% 至 1930 万美元。昨晚至今，这家公司美、港股股价都下跌超 20%，市值没了近 170 ...