The implementation of the "double reduction" policy has ushered in tremendous changes in the education and training industry. Recently, Yu Minhong, founder of New Oriental, said that New Oriental's revenue decreased by 80% last year, and the news quickly appeared on the hot search.
On the afternoon of January 8, Yu Minhong, the founder of New Oriental, posted on his personal public account, reviewing 2021 and looking forward to the future transformation direction.
Yu Minhong said that in 2021, New Oriental has encountered too many changes, and many businesses are in uncertainty due to policies, epidemics, international relations and other reasons. The company's market value fell by 90%, revenue decreased by 80%, and cash expenses such as tuition refunds, employee dismissalS N+1 (compensation), and teaching point rent withdrawals were nearly 20 billion yuan. In the process, New Oriental decided to completely stop K9 ground and online training. According to New Oriental's annual report, the number of teachers as of May 2021 is about 54,200.
In the future, New Oriental will transform quality, literacy, research, camp education, etc., and at the same time decide to increase investment in the college student market and overseas Chinese market. In addition, New Oriental Online, with Hong Kong listed companies as the main body, founded Oriental Selection and transformed into an e-commerce platform for the screening and sales of agricultural products, providing value-added product services for farmers across the country.
But the transformation is not easy. It is reported that on the day of the premiere, the sales of Yu Minhong's live broadcast room reached nearly 5 million, but since then, the live broadcast without Yu Minhong personally playing has dropped significantly, and the sales are around 200,000.
In the summary of 2021, Yu Minhong mentioned: "All business lines are trying to find new development opportunities, and I ask everyone to be bold and innovative, strive to forge ahead under the premise of controllable resources, and strive for breakthrough development in core strategic projects." ”
Facing the future, Yu Minhong said that it is still "doing certain things in uncertainty." "Work hard, study hard, try to find new directions. These should be my top three themes for 2022. Yu Minhong said.
Image source: WeChat
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