"At the end of the year and the beginning of the year, it is a time to summarize the past and plan for the future. On The 4th-5th (January 4th-5th), for two consecutive days, the departments and subsidiaries of New Oriental Headquarters carried out work debriefings, summarized the work in 2021, and deployed the work in 2022. Recently, Yu Minhong, the founder of New Oriental, posted on his personal WeChat account entitled "Old Yu Gossip 丨 Hard Work, Study Hard, and Strive to Find a New Direction!" Annual summary. According to him, in 2021, New Oriental has encountered too many changes, and many businesses are in uncertainty. In the past six months, with everyone's efforts, New Oriental has survived hard and saved a little strength.
Yu Minhong once again stated in the article, "The development of New Oriental is still my responsibility and mission, which seems to be disliked by me, and I must go all out." Establish the purpose of working together with everyone to let New Oriental move to the next stage of development. ”
Three themes for 2022
Yu Minhong revealed that in 2021, the market value of New Oriental fell by 90%, operating income decreased by 80%, employees dismissed 60,000 people, and cash expenditures such as tuition refund, employee dismissal N+1, and teaching point rent withdrawal were nearly 20 billion.
In this process, New Oriental decided to completely stop the ground and online training of K9, do more quality, literacy, research, camp education and other projects, and decided 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, established the Oriental Selection Live Selling System and transformed it into an e-commerce platform with agricultural product screening and sales as the core.
Yu Minhong also mentioned that since last year, New Oriental has participated in the investment and made the story of the Yi youth basketball team into a movie. Recently, the first film has been cut. Yu Minhong revealed that when the film was first filmed, it was intended to be made into an online movie, "Now I kind of want to push it into a cinema movie." In terms of inspirational movies, New Oriental may further invest in the future."
Looking to the future, Yu Minhong demanded "doing certain things in uncertainty." The so-called doing certain things is to always do things that are valuable, help others, and help social progress, that is, "cultivate yourself and benefit others."
Yu Minhong also revealed that working hard, studying hard, and trying to find new directions should be its three major themes in 2022.
Live streaming with goods debut on Douyin
In order to promote oriental selection, Yu Minhong conducted the first live broadcast of agricultural products with goods on Douyin on the evening of December 28, 2021. According to the data of the third-party live broadcast data platform Xinjiao, as of 11:00 p.m. on December 28, Yu Minhong left the live broadcast room, the turnover (GMV) of the live broadcast reached 3.8065 million yuan, the estimated sales volume was 45,300 pieces, and the cumulative number of viewers was 1.4776 million.
Yu Minhong live streamed with goods.
The livestream sells all agricultural products. According to the new jitter data, the product with the highest sales volume is "fresh corn at 47 ° north latitude", with a unit price of 49.9 yuan, an estimated sales volume of 10,300 pieces, and an estimated sales volume of 513,900 yuan. The highest estimated sales are the Original Fruit Mill Chilean Cherry with a unit price of 299 yuan, with estimated sales of 847,100 yuan.
It is worth mentioning that from time to time, some people in the live broadcast room complain that the price is expensive. For example, the flat stone alpine apple, which costs 68 yuan, contains only 8 apples. To this end, Yu Minhong explained in the live broadcast room that this is a help agricultural product, with good packaging, and good quality, "New Oriental chooses not the cheapest, but the best agricultural products."
It can be seen that Yu Minhong has done a lot of homework for this live broadcast. In the live broadcast, Yu Minhong repeatedly incarnated as a "geography teacher", holding a map in hand, introducing the geological features and customs of the origin of agricultural products to the audience in the live broadcast room.
According to the enterprise inspection APP, since July 2021, New Oriental has established 89 companies, with an average of one new company every 2 days, and the business scope of the new company includes Internet live broadcast services, stationery sales, and the sale of edible agricultural products.
Whether New Oriental's transformation can be recognized by the capital market is not yet known. In the secondary market, as of January 7, EST, New Oriental's stock price closed at $1.86 per share, down 0.53%, with a total market value of $3.2 billion. However, this morning (January 10), New Oriental Hong Kong stocks rebounded against the trend, rising 2.24% in midday.
Written by: Nandu reporter Wang Chenchen