On the evening of January 8th, Yu Minhong, founder of New Oriental Education & Technology Group, posted a post on his official account, reviewing New Oriental Education & Technology Group's work in 2021 and looking forward to the direction of future transformation.

"at the end of the year and the beginning of the year, it is a time to sum up the past and plan for the future. Yu Minhong wrote in the article that New Oriental Education & Technology Group encountered too many changes in 2021, with a 90% drop in market value, an 80% drop in operating income, 60, 000 employee dismissals, and nearly $20 billion in cash expenses such as tuition fees, employee dismissals and rent withdrawals from teaching sites.

New Oriental Education & Technology Group decided to completely stop the ground and online training of K9, and the strong man broke his arm to do more projects to provide services for the all-round growth of students. "said Yu Minhong.

Employees dismiss 60, 000 people, refund tuition fees, etc. Nearly 20 billion yuan

New Oriental Education & Technology Group will encounter too many changes in 2021. Due to policy, epidemic situation, international relations and other reasons, a lot of business is in uncertainty. Yu Minhong said in the article.

It has been revealed that in 2021, New Oriental Education & Technology Group decided to completely stop the ground and online training of K9 disciplines. In that year, New Oriental Education & Technology Group's market value fell by 90%, revenue decreased by 80%, and employees fired 60, 000 people. Nearly 20 billion yuan was spent in cash, such as tuition fees, employee dismissals (compensation), and rent withdrawal from teaching sites.

Yu Minhong said that New Oriental Education & Technology Group now needs to practice strict economy and choose ordinary restaurants for dinner. "in order for everyone to eat well, I arranged to go to the market to buy some seafood, let the restaurant process, and change the wine from the original good wine to ordinary white wine and red wine. "

On October 25 and November 15 last year, New Oriental Education & Technology Group online and New Oriental Education & Technology Group issued announcements one after another, shutting down the company's K9 discipline training business. It is reported that this part of the business accounts for about 60% of New Oriental Education & Technology Group's revenue, according to the latest fiscal year revenue data, New Oriental Education & Technology Group's revenue will be reduced by 2.566 billion US dollars.

"in the past six months, New Oriental Education & Technology Group has managed to survive and retain a little strength. Yu Minhong said.

Transformation of quality, literacy, research, camp education

After the complete cessation of K9 discipline training, New Oriental Education & Technology Group began to transform into programs that provide services for students' all-round growth, such as quality, literacy, research, camp education, and so on. At the same time, he decided to increase investment in the university student market and overseas Chinese market.

In October last year, New Oriental Education & Technology Group issued a notice of organizational restructuring, requiring all schools to set up a Ministry of Education for International Tourism and Camps, which is aimed at the whole school section and is mainly responsible for the business of the research camp. In December last year, New Oriental Education & Technology Group once again revealed that in the future, he will continue to provide educational services such as CET-4 or CET-6, postgraduate entrance examination, languages abroad (English, small languages), overseas study consultation, international study, domestic research-camp education, and try to promote students' general education, quality and literacy education, and adhere to the public welfare of rural education.

In November last year, New Oriental Education & Technology Group International Education and training Department was officially established, which was upgraded from the New Oriental Education & Technology Group overseas study examination section.

Liu Xingli, general manager of New Oriental Education & Technology Group's international education and training department, previously revealed that New Oriental Education & Technology Group's international education and training department covers all-age international education and training fields ranging from the younger age group, the middle school group, the university group and the adult group. The course products cover test preparation guidance for overseas students, test preparation guidance for international schools, international competition guidance, international preparatory courses, and so on.

Create Oriental selection to start live broadcast to sell agricultural products

Yu Minhong also revealed that New Oriental Education & Technology Group online, with Hong Kong listed companies as the main body, has established Oriental selection and transformed into an e-commerce platform for screening and selling agricultural products, providing value-added services for farmers across the country.

In the first live broadcast on December 28 last year, more than 30 agricultural products were put on the shelves in the studio. During the three-hour live broadcast, Yu Minhong sometimes brought goods and sometimes interspersed with knowledge points to "give lectures." that night's sales exceeded 5 million yuan.

Why did you choose live broadcast with agricultural products? New Oriental Education & Technology Group's introduction is based on two reasons:

First, Yu Minhong himself likes agriculture. Yu Minhong once said that he likes agriculture and grew up in the countryside from the age of 1 to 18, as long as all the agricultural products can be grown in his hometown. From an early age, he likes to watch crops, such as wheat seedlings, emerge from the ground, slowly become green, flourish after frosting through the winter, and finally produce golden ears of wheat, which brings him an incomparable sense of happiness.

The second is to do the right thing. Yu Minhong has talked with farmers about the sale of agricultural products. A few years ago, he passed through farmland in Shandong Province and chatted with local farmers. Garlic is the main crop for local farmers to generate income. because the price of garlic was very good the year before, many local people changed to grow garlic, and in the end, the supply exceeded demand. Garlic originally worth 10 yuan per jin could only be sold at 2 yuan per jin, which is equivalent to farmers working hard for a year, but for nothing. So Yu Minhong came up with the idea of building a platform to help farmers sell.

However, except for the first live broadcast in which Yu Minhong appeared, the performance of the live broadcast in Oriental selection was not good in the rest of the year, with cumulative sales of less than 900000 yuan in the six live broadcasts from December 29 to January 4 last year. With high prices and few choices, Oriental selection faces a lot of tests in the field of live e-commerce.

Invest in Xinwei Film Company to make inspirational films

Yu Minhong also mentioned in the year-end Summary that Xinwei Pictures, which was invested by New Oriental Education & Technology Group, made an inspirational film last year based on a Yi youth basketball team in Daliangshan area.

"at first, I intended to make this film into an online movie, but now I want to turn it into a cinema movie. "Yu Minhong revealed," in terms of inspirational films, New Oriental Education & Technology Group may make further investment in the future. "

Looking to the future, Yu Minhong said his demand for everyone is still to "do certain things in the midst of uncertainty." The so-called uncertainty means that the situation and policies are still constantly changing, and it is necessary to adapt to changes in the situation and policies, adapt to circumstances, and look for development opportunities that are in line with major policies; 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."

"work hard, study hard, and try to find a new direction. This should be my three main themes in 2022. "said Yu Minhong.