Study of BEKE, TAL and EDU
- 03/03/2022 – 直播带货：俞敏洪为什么干不过罗永浩？
虽然新东方迈入冬天已愈半年，但逐渐深重的寒意还是让人触目惊心。日前，新东方披露了截至2021年11月30日的六个月财务数据。数据显示，报告期内新东方的净营收为19.67亿美元，上年同期为18.74亿美元；净亏损9.08亿美元（约合人民币57.4亿元），每股亏损为0.52美元，而上年同期盈利1.79亿美元，这是上市18年来，新东方的首份业绩亏损财报。对此，新东方将之归因为其在全国所有学习中心已经停止再向幼儿园至九年级学生提供学科相关培训服务（K-9学科类培训服务），这对公司截至2021年11月30日止六个月的总营收构成重大不利影响。
诚如斯言，新东方在原来的培训业务主赛道业务上遭遇了重创。俗话说，东方不亮西方亮，然而“不如意事常八九，可与人言无二三”，往往是理想很丰满，现实骨感。坚持不懈难，改弦更张亦难，俞敏洪在直播带货的新赛道上步履维艰，尚未取得令人倍感欣慰的成功。据新抖数据平台显示，截至2月23日，在去年年底新东方宣布“东方甄选”为其直播带货新平台两个多月时间。东方甄选累计带货商品数391件，累计销售额708.73万元。其中，其直播首秀以1946件商品的销量收官；2月22日单日销量最高，售出了4.7万件商品，销售额为约160万元。其累计销售的商品中以农产品等食品饮料为主，单价低于100元的有255件，占商品总数的六成以上。相比之下，出身于新东方任课教师的罗永浩在2020年4月2日的直播首秀成交额高达1.1亿元，而在今年2月22日的一场直播中，罗永浩卖出了9.92万件商品，销售额为约1368万元；12月28日至今，罗永浩累计销售额为8.22亿元。这意味着东方臻选近两个月的销售额，仅相当于罗永浩直播间半日的战绩。
- 01/21/2022 – this is good news for EDU
Biden Administration Makes Visa Changes to Retain Foreign STEM Students – WSJ
Moves are designed to boost innovation in the U.S. while keeping pace with competitors such as China
WASHINGTON—The Biden administration is making a series of policy changes aimed at easing the path for foreign students and professionals in the fields of science, technology, engineering and math to remain in the U.S. on a long-term basis.
The new policies, the likes of which have long been called for by Silicon Valley and other companies, are designed to retain foreign students educated in the U.S. in STEM fields to boost innovation while keeping pace with competitors such as China, senior administration officials said.
Though the changes are technical, Biden administration officials said they are necessary to make it easier for foreign STEM graduates to live and work in the U.S., rather than in other countries with friendlier immigration systems.
The most significant of the changes will expand the number of disciplines that international students can study to qualify to work in the U.S. on their student visas. With the change, students in those disciplines will be permitted to work in the U.S. for three years after graduation, rather than the one year offered to all international students. Right now, that extended work time—known as optional practical training—is meant to be offered to anyone in a STEM field, but it doesn’t cover some newly created disciplines.
- 01/11/2022 – it is not easy to start a new business. “现在东方甄选刚刚开始，每天的销售额还少得可怜，只有几十万元钱。但有了开始，有了目标，就没有了退路，就有了前进的理由和动力。”俞敏洪表示
俞敏洪首谈直播带货营业额只有几十万 农产品直播带货为何这么难？
1月10日，距离首场农产品直播带货已过13天，俞敏洪在其个人微信公众号上对近期农产品直播进行了复盘。“现在东方甄选刚刚开始，每天的销售额还少得可怜，只有几十万元钱。但有了开始，有了目标，就没有了退路，就有了前进的理由和动力。”俞敏洪表示，他已经开始主动参加一些农业相关活动。
1月10日，俞敏洪再次发文对直播带货进行解释，“现在东方甄选刚刚开始，每天的销售额还少得可怜，只有几十万元。但有了开始，有了目标，就没有了退路，就有了前进的理由和动力。为了更深入了解农业，我已经开始主动参加一些农业相关的活动。”
“目前已有很多农业公司和地方政府来找我，希望和东方甄选建立合作关系，帮助他们带货宣传。当然他们更主要看上了我的名声，希望我亲自出面进行带货宣传。”俞敏洪表示，新东方也成立了专门的选品团队，未来，会有越来越多的优质农产品，进入新东方的货架。
2021年12月28日晚，新东方宣布转型农产品直播带货后，俞敏洪在东方甄选抖音号的首场直播，当日销售近500万元，而在没有俞敏洪亲自上阵后，东方甄选的营业额出现下滑，2021年12月29日至2022年1月9日，东方甄选9场直播的累计销售额不足100万元，在东方甄选推荐橱窗中，销量排名前五的产品分别是：火龙果、枸杞泡茶、赣南脐橙、新疆库尔勒香梨、黑枸杞原浆。
有业内人士告诉贝壳财经记者，由于农产品售后麻烦、耗损率大、坑位费低、容易出现货不对板的情况，再加上农产品在抖音平台的投流费用高于其他品类，所以目前大部分商家对农产品多采取自播形式，很难出现该品类的头部主播。
21世纪教育研究院院长熊丙奇表示，新东方直播农产品具有一定优势，公司本身就具有线上的营销能力，俞敏洪也是流量大v，不过，流量能否变现并不简单，还需要一个摸索的过程。
“努力工作，努力学习，努力寻找新的方向，这应该会是我2022年的三大主题。”1月8日，新东方董事长俞敏洪在个人微信公众号撰文写道，新东方各条业务线都在努力寻找新的发展机会， 新东方的“新尝试”包括，以香港上市公司为主体的新东方在线，创立东方甄选直播卖货系统，转型为以农产品筛选和销售为核心的电商平台。
1月10日，俞敏洪再次发文对直播带货进行解释，“现在东方甄选刚刚开始，每天的销售额还少得可怜，只有几十万元。但有了开始，有了目标，就没有了退路，就有了前进的理由和动力。为了更深入了解农业，我已经开始主动参加一些农业相关的活动。”
“目前已有很多农业公司和地方政府来找我，希望和东方甄选建立合作关系，帮助他们带货宣传。当然他们更主要看上了我的名声，希望我亲自出面进行带货宣传。”俞敏洪表示，新东方也成立了专门的选品团队，未来，会有越来越多的优质农产品，进入新东方的货架。
新京报贝壳财经记者梳理发现，2021年12月28日，是新东方宣布转型农产品直播带货后，俞敏洪在东方甄选抖音号的首场直播，此次观看人次达到21.8万，上架商品47件，销量8107件，销售额60.8万，这也是近十天来东方甄选最好的销售数据。
在此后的时间里，俞敏洪没有亲自上阵，东方甄选的营业额出现下滑，蝉妈妈数据显示，从2021年12月29日至2022年1月9日，东方甄选共开了9场直播，累计销售额不足100万元。2021年12月29日的销售额仅2.4万，而最多的当日销售额也仅25.6万，可见俞敏洪直播首秀的热度散去后，东方甄选的营收业绩并不理想。从2021年12月29日至2022年1月9日，东方甄选共计带货额164.9万元，粉丝共计12万.
- 01/10/2022 – EDU laid off 60000 employees in 2021 which incurred $3.1 billion of expenses. Mr. Yu also offered some future directions for New Oriental, saying that it would expand into areas including selling farm goods via live-streaming channels and book promotion. It would also invest more money into tutoring for university students, and into teaching the Chinese language overseas.
Top Chinese Tutoring Company Laid Off 60,000 Workers After Crackdown
New Oriental pivots to live-streaming sales of farm products and to other kinds of teaching
New Oriental Education & Technology Group Inc., EDU -4.84% one of the largest after-school tutoring companies in China, let go of 60,000 staff in 2021 after a drastic regulatory crackdown on the sector.
The company also incurred nearly 20 billion yuan, the equivalent of $3.1 billion, of expenses, company founder and Chairman Michael Yu said in a Saturday post on a personal social-media account. The costs covered returning prepaid tuition, severance payments and breaking leases on existing teaching space.
Mr. Yu, who is also known as Minhong Yu, added in his WeChat post that the company’s operating income plunged by 80% without specifying the relevant period for the plunge.
For the fiscal year ended May 31, 2021, New Oriental reported that operating income dropped 71% year-over-year to $117 million, on revenue of about $4.28 billion. The company hasn’t reported any more recent financial figures.
Despite the layoffs, roughly 50,000 employees and teachers remain with the company, Mr. Yu said in another post on Monday. He added that he had been advised to shut the company down. “But that is an impossible thing. [I] cannot accept that emotionally, and it is not practical in reality,” he wrote.
In his Saturday post, Mr. Yu also offered some future directions for New Oriental, saying that it would expand into areas including selling farm goods via live-streaming channels and book promotion. It would also invest more money into tutoring for university students, and into teaching the Chinese language overseas.
At the end of December, Mr. Yu hosted his first live-streamed event selling farm goods, on the Chinese video-sharing app Douyin. The company also launched its own live-streaming e-commerce platform on the same day.
Many agricultural companies and local governments have approached the company in the past days, hoping to collaborate, Mr. Yu said in his weekend social media post. The company has established a team to select what farming products to promote, he added.
Adult Education, Vegetable Sales—China’s Big Tutors Chart a New Course
New Oriental and TAL to exit key tutoring services after Beijing clamped down on the sector
- 12/08/2021 – New Oriental Education has a $3.6 billion market capitalization, but $4.1 billion in net cash.
Why Chinese Education Stocks Bounced Higher Today
uriously, there doesn’t even seem to be any good news behind today’s rally in stock prices. Instead, this looks like a “bottom fishing” expedition — and to an extent, that almost makes sense.
Consider: With Gaotu stock for example shrunk to just one twenty-ninth of its former size, the company now carries a market capitalization of just $630 million — less than the net cash on its balance sheet (which is $646 million, by the way, according to data from S&P Global Market Intelligence.) Same story with New Oriental Education, which has a $3.6 billion market capitalization, but $4.1 billion in net cash.
- 12/01/2021 – 在大家认为他早已江郎才尽的时候，其实他在8月就已经“悄悄地”在国内进行试点了，教授外国学生学习汉语，毕竟人活着就需要学习知识，教国内学生英语受限制，那教外国学生学习汉语总没事吧？
原来，在大家认为他早已江郎才尽的时候，其实他在8月就已经“悄悄地”在国内进行试点了，教授外国学生学习汉语，毕竟人活着就需要学习知识，教国内学生英语受限制，那教外国学生学习汉语总没事吧？
确实，这样做在最开始也只是一个尝试，但是随着时间流逝，这种想法取得了显著成效，新东方子公司在美国加州实行了线下推广，报名现场十分火爆，可以说是万人空巷，新东方转型成功了！
- 11/24/2021 – Mr. Yu’s book and speech
我曾走在崩溃的边缘：俞敏洪亲述新东方创业发展之路 – 人生的书
- 11/24/2021 – 双减政策实施后，新东方进行了一系列自救举措。新东方在线在公告中表示，公司将继续经营与义务教育无关的业务部分，并将重点和资源转向增强其他教育产品和服务，探索新的商机。新东方-S也表示，会将业务重心及资源转向备考课程、成人语言培训课程及教材等与K-9学科类培训服务无关的教育产品及服务。公司亦将继续开拓新业务机会及增长举措。In addition, 农产品直播也是俞敏洪看中的转型方向之一。11月初，俞敏洪在直播中表示，新东方未来计划成立一个大型的农业平台，自己将会和几百位老师通过直播带货，帮助农产品销售，支持乡村振兴事业。据天眼查显示，10月27日，由北京新东方迅程网络科技股份有限公司全资控股的东方优选（北京）科技有限公司成立。In addition, Mr. Yu (100 mil HKD) and Goldman are buying stocks.
港交所股权披露资料显示，新东方在线于11月18日获俞敏洪在场内以每股均价7.031港元的价格，增持了214.3万股，涉资约1506.74万港元，持股比例由4.77%上升至4.98%。此次为俞敏洪连续第二日增持，11月17日其以6.947港元的价格增持了142.9万股，涉及资金992.7263万港元。
11月22日，新东方在线的股价开盘后一路走高，收盘报8.49港元，上涨23.04%。同日，新东方在线的控股股东新东方-S(17.9, -0.18, -1.00%)亦收涨5.77%。至此，新东方在线的股价11月份以来已累计上涨近1倍
双减政策实施后，新东方进行了一系列自救举措。新东方在线在公告中表示，公司将继续经营与义务教育无关的业务部分，并将重点和资源转向增强其他教育产品和服务，探索新的商机。新东方-S也表示，会将业务重心及资源转向备考课程、成人语言培训课程及教材等与K-9学科类培训服务无关的教育产品及服务。公司亦将继续开拓新业务机会及增长举措。
另外，农产品直播也是俞敏洪看中的转型方向之一。11月初，俞敏洪在直播中表示，新东方未来计划成立一个大型的农业平台，自己将会和几百位老师通过直播带货，帮助农产品销售，支持乡村振兴事业。据天眼查显示，10月27日，由北京新东方迅程网络科技股份有限公司全资控股的东方优选（北京）科技有限公司成立。
“新东方如果直播带货的话，还是要向李佳琦或者薇娅去取经。”俞敏洪近日也在回应“助农直播”一事时坦言，不一定能把事情必然做成，但是新东方一定100%努力，往成功的方向走。
近日，根据持仓报告，高盛第三季度增持2837万股新东方，增持幅度高达352%；高盛还增持2138万股好未来，增持幅度达729%，增持精锐教育1510万股，环比增幅达89%。此外，景林资产第三季度加仓新东方788.2万股，环比增持幅度达1113%，景林资产还加仓好未来13.7万股，并继续持有高途教育。景林资产表示，对于民生关系极其重大的房地产、教育等行业，预计监管可能持续保持较大力度。但该机构认为政府监管的目的主要是希望创造一个更公平的竞争环境。因此，该机构关注边际改善带来优秀公司的中长期机会。
- 11/24/2021 – it costs too much in “营改非”, therefore, 新东方大范围进行“营转非”显然没有必要，所以干脆将这块业务果断砍掉，“这是一个挺明智的选择. 素质教育与职业教育被视为转型的两条重要赛道, but it is quite difficult to create synergy. Also, the profit margin is way lower that that of K9 and K12
最近，俞敏洪频繁出现在抖音直播间。在11月7日的一场直播中，俞敏洪称自己将会和几百位老师一起，直播带货，销售农产品。作为被“双减”政策重创的教培行业龙头，新东方的举动备受争议。
就在俞敏洪宣布直播带货计划时，新东方股价徘徊在2美元左右，这是自2006年新东方在纽交所上市以来不曾有过的低点。哪怕在2012年遭遇浑水攻击，新东方股价也仅跌至9美元多。在2019年出版的《我曾走在崩溃的边缘》中，俞敏洪将那次做空称为“一次重大的打击”。当时，他依靠马云、柳传志、郭广昌等一众企业家朋友购入新东方股票稳住股价。
这一次，面对转型引发的争议，不少人在替新东方打抱不平，俞敏洪在11月14日的直播中表达了感谢，他认为所引发的争议是“非常善意的提示”，但仍然对于新东方“从一个挣快钱的行业跳到另一个挣快钱的行业”有一点点不太同意。
“其实商业模式不存在快钱和不快钱，教育领域做起来也挺艰难的，很多教育公司原来都是赔钱的。”在完成众人眼中“体面”的离场后，俞敏洪对教培行业留下这一句辩白。
施建荣认为，新东方大范围进行“营转非”显然没有必要，所以干脆将这块业务果断砍掉，“这是一个挺明智的选择
北京‘营转非’尚未完成，不过从目前进度来看，压减六七成应该不成问题。”北京民办教育协会副会长马学雷也告诉《中国新闻周刊》。
而压减线下教学点对于新东方这样全国布局的龙头来讲，意味着付出极大的沉没成本。“新东方接近1500个教学点要退租，光是装修新东方就花了六七十亿元，接下来，这些教学点要全部退租，还有违约金、押金，再加上学生学费得退，员工老师离职费用得退，真的是巨大、巨大的一笔钱。”11月7日，俞敏洪在直播中透露。
而在业内人士看来，付出高额代价“体面”离场，其实为新东方转型留下了腾挪空间。
转型的可能
此前，K9学科类培训业务占据新东方营业收入的50%~60%，割舍这部分业务无疑对其冲击重大。
相比于高中业务，新东方暂时的“避风港”可能还是大学生业务。俞敏洪在“双减”后首次公开亮相，便是站台大学生业务的品牌升级发布会。“对新东方而言，这不是转型，而是坚守和回归”。
施建荣也认为，“对新东方来讲，需要短平快断臂求生，砍掉一些纯成本投入型业务，然后重新布局新业务，就像两个月前谁能猜到新东方会去卖农产品？”
除去这样吸引流量的转型方向，新东方其实已经在教育产业进行撒网式投资布局。比如就在“双减”政策落地前，新东方火速投资了提供科学、少儿编程等培训服务的火星人俱乐部，10月底，火星人俱乐部又获得新东方数千万元的B轮融资。
有接近新东方的人士告诉《中国新闻周刊》，新东方在“双减”政策发布前已经在素质教育领域投资了很多公司，包括美术、编程等各类细分领域，新东方在转型时第一步可能会与这些公司进行内容合作。“比如投资火星人俱乐部就是以投资外加内容合作的方式进行协同推进，这会在相当程度上弥补新东方在素质教育领域缺少课程研发的短板”。
素质教育与职业教育被视为转型的两条重要赛道。据艾瑞咨询统计，2020年以素质教育为主的中国低幼在线教育市场规模达632亿元，近三年年均复合增长率达102%。
“新东方投资方向比较多元化，在众多领域里肯定会有能够成功的。”施建荣认为，当对一些领域并不熟悉时，从零开始招兵买马进入肯定是一件高风险的事情，还不如找一些可能已经有潜力的企业进行投资。
当然，新东方切入此前并不擅长的素质教育、职业教育赛道难度犹在，在新东方的历史上，其也遭遇过类似的失败。上市之前，新东方早在90年代便进入职业教育领域，其中电脑培训还是由早期重要的合伙人之一王强牵头。当时新东方已向职业教育领域投资2000多万元，并且有所起色，但这项每年要亏损一两千万的业务最终还是在上市前被剥离。
在反思当年进入职业教育领域失败的原因时，俞敏洪曾总结说，一个失败的原因是客户群难以迁移。一个企业开展一项新业务，需要满足两个条件：一是要跟原有业务有密切的上下游产业链关系，这样就可以相互支持；二是和原有业务能够资源复用，比如目标人群可以复用。“如果我们还想进入职业教育领域的话，可能唯一的路径就是投资和兼并重组了”。
但施建荣认为，新东方转型要做的并不是依托原有学员，更可能是借助过往口碑，重新招募生源。“毕竟‘体面’退场积累下了优质的口碑资源”。
当然，无论是素质教育还是职业教育，其天花板的高度都远不及K9、K12赛道。姚玉飞感慨，K9业务的利润确实比较高，因此新东方等头部机构的体量必然会面临难以弥补的损失。但是在转型时能否找到下一个高利润增长点，似乎是包括新东方在内的教培机构面临的悖论。
- 11/09/2021 – The end of education regulation?
K9学科培训牌照下发传言背后：在线教育公司启动“擦边球”招生
“最严的监管政策也就这样了。”监管底线显现，或许也是中概教育股大涨的诱因之一。
11月8日美股盘前，部分中概教育股走高，其中K12教育公司领涨。高途（GOTU.US）一度涨25.17%，新东方（EDU.US）涨21.57%，一起教育科技（YQ.US）涨19.78%。北京时间11月9日美股收盘，高途涨9.79%，网易有道涨11.07%，好未来（TAL.US）涨5.14%。
11月8日晚间有媒体报道称，中国将向教培企业发放K9（义务教育及学前教育阶段）学科培训的非营利性培训机构办学许可证。
这本来是“双减”工作的既有安排，即2021年底前，完成K9学科类培训机构的“营转非”“备改审”。拿到许可证后，培训机构可以开展培训，但需要执行政府指导价，并被严格限制关联交易，举办者不允许分红。
值得推敲的是，为什么会在此时传出非营利牌照将下发的消息。
这是一个敏感的时刻，往常，在线教育公司已经开始寒假招生。但监管政策要求，登记为非营利机构之前禁止招生和收费，这给机构带来了资金压力，更带来了生源压力。
相比之下，一家已经完成“营改非”的线下机构工作人员告诉记者，他们已经可以正常招生。
- 11/08/2021 – EDU starts to pivot to e-commerce? New Oriental’s transition plan was already hinted in September this year after the company set plans to lay off around 40,000 employees. Yu expressed the idea of doing e-commerce livestreaming at a senior management meeting, commenting that if Viya (a top e-commerce live streamer in China) could sell over ten billion yuan of goods a year, then he might be able to do it with the company’s teachers. Yu Minhong revealed that New Oriental will jump into the agriculture ecommerce business. Yu framed the transition as an act to support Xi Jinping’s grand strategy of Rural Revitalization. Yu, a pioneer in the once-thriving tutoring industry, had said earlier on WeChat: “The era of private tutoring has ended.”
New Oriental to Switch From K12 Tutoring to Selling Farm Produce
BEIJING, November 8 (TMTPOST) — Chinese education giant New Oriental Education & Technology Group plans to build a comprehensive agricultural product e-commerce platform on which New Oriental’s teachers will be selling fresh produce through livestreaming, the company’s founder Yu Minhong said during a livestream show. New Oriental’s transition will facilitate the sale of agricultural products and revitalize China’s countryside.
New Oriental will shut down its K12 business, Yu revealed. According to the company’s founder, New Oriental will close around 1,500 recently furnished tutoring centers. The company will have to incur huge expenses for exiting the K12 business, including the cost from breaking contracts, tuition refunds, and compensations for employees. However, New Oriental currently has enough cash to cover all the balance, according to Yu. As a result of exiting from K12 business, Yu also promised that around 80,000 sets of desks and chairs will be donated to schools in undeveloped areas. Each set is worth over RMB700.
To date, New Oriental’s tutoring centers in Zhengzhou, Xi’an, Hefei, Chengdu, Yichang, Foshan, Lanzhou, Lianyungang, Wuhan, Urumqi, Taiyuan, Haikou and other cities have donated a total of 73,366 sets of desks and chairs.
The recent development marks New Oriental’s withdrawal from the K12 industry in the wake of the implementation of the “double reduction” policy.
In 2020, the K12 business contributed over 60% of New Oriental’s revenues. In July this year, China started to crack down on private tutoring businesses by adopting the “double reduction” policy that is expected to reduce students’ burden and promote education equality.
New Oriental’s transition plan was already hinted in September this year after the company set plans to lay off around 40,000 employees. Yu expressed the idea of doing e-commerce livestreaming at a senior management meeting, commenting that if Viya (a top e-commerce live streamer in China) could sell over ten billion yuan of goods a year, then he might be able to do it with the company’s teachers.
New Oriental’s big pivot: from tutoring to agriculture
It’s a mark of how damaging Beijing’s ed-tech crackdown has been to once-giant companies.
The CEO of the New Oriental Education & Technology Group announced Sunday evening Asia time that his company would be fully exiting the once-lucrative K-9 tutoring business. Instead, Yu Minhong revealed that New Oriental will jump into the agriculture ecommerce business.
Yu said through a livestream on social video platform Douyin that New Oriental will shut down in 1,500 locations. Just a few days before, the company had donated 80,000 sets of school desks and chairs to schools in the countryside.
Yu said the company will set up an online marketplace for agriculture products, and he and hundreds of New Oriental teachers will help farmers in rural China peddle local specialties via live broadcasting. Yu framed the transition as an act to support Xi Jinping’s grand strategy of Rural Revitalization.
This major operational transition for one of China’s leading after-school tutoring companies came on the heels of Beijing’s crackdown on the private tutoring and ed-tech industry. The Wall Street Journal on Monday reported that Beijing plans to grant over a dozen licenses to tutoring companies that offer after-school classes to K-9 students, but the firms are required to run as nonprofits.
- 11/07/2021 – It is a good deed to donate chairs/tables to poor country schools
11月4日，俞敏洪在朋友圈转发了一篇文章，并附上文字：
“教培时代结束，新东方把崭新的课桌椅，捐给了乡村学校，已经捐献近八万套。”
说的是，“双减”政策后，因为业务调整，新东方各地的学校退租了部分校区。
但遗留下的数以万计的崭新桌椅，没有机会再次使用。
于是俞敏洪，和新东方各个城市的校长决定，把它们捐赠出去。
他们选择的，是有需求的乡村学校。
- 09/13/2021 –
9月13日，东方优播CEO朱宇在朋友圈中称，“双减”政策下，东方优播已经决定全面关闭K12业务。东方优播是新东方在线旗下K12小班直播课机构，全面关闭K12业务意味着东方优播将终止运营。东方优播是国内最特殊的一家K12在线教育公司，其只在三四线城市和县城线下招生，采取本地化编班和教材，由位于北京或武汉师资基地的老师在线直播授课。目前国内只有东方优播采取这种模式。
双减”之后K12退潮，教育机构也不得不断臂求生。9月13日，北京商报记者从新东方内部获悉，新东方在线旗下的在线直播课品牌东方优播将关停K12阶段学科类培训业务，并启动对家长的退费及对员工的安置。同时，新东方在线副总裁、东方优播CEO朱宇也表示，个人计划未来将去山区支教1-2年。值得关注的是，从新东方在线的财报数据来看，东方优播一直在业务占比中占据着重要地位，新东方在线未来的路又将走向何方？
- 09/08/2021 – Bear thesis for TAL and EDU
www.forbes.com/…-Muddy Waters report on GSX / Gaotu Education fraud (May 2020):
www.muddywatersresearch.com/…– Muddy Waters 4-part report on TAL Education (July 2021):
www.muddywatersresearch.com/…– Just go check TAL Education’s Investor Relation website for yourself, there is no revenue and cost granularity at all… No division, no split, no details provided, even in SEC 20-F filings…
taleducationgroup.gcs-web.com/…– Even the leader, New Oriental Education (EDU) is badly opaque in their disclosures. They claim to operate seven divisions, but only report “K-12 AST, test preparation and other courses” and “Others”:investor.neworiental.org/…Unfortunately, I think that most of the industry is led by fraudsters…
New Oriental: An Education Stock One Might Want To Bet On Now
Chinese education companies GSX, Tal Education, New Oriental plunge on reports of new on-line regulations Mar. 26, 2021
- 09/07/2021 – Study of TCEHY
How Tencent Is Managing China’s New Regulatory Environment
The tech giant is adapting to a new set of rules.
- 09/07/2021 – Study of TAL
TAL Education: Buying Every Share I Can Get
- TAL Education wasn’t spared from pressure when Chinese regulatory authorities banned for-profit core-subject weekend and holiday tutoring.
- As a result, the company’s share price plunged over 93% in the past 6 months.
- However, only about 50% of their core business is set to be affected by this, which means significant upside potential is present.
- I remain highly bullish on TAL Education Group and believe there is over 200% in share price gains to be made over the coming 36 months.
中共中央办公厅 国务院办公厅印发《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》
四、坚持从严治理，全面规范校外培训行为
13.坚持从严审批机构。各地不再审批新的面向义务教育阶段学生的学科类校外培训机构，现有学科类培训机构统一登记为非营利性机构。对原备案的线上学科类培训机构，改为审批制。各省（自治区、直辖市）要对已备案的线上学科类培训机构全面排查，并按标准重新办理审批手续。未通过审批的，取消原有备案登记和互联网信息服务业务经营许可证（ICP）。对非学科类培训机构，各地要区分体育、文化艺术、科技等类别，明确相应主管部门，分类制定标准、严格审批。依法依规严肃查处不具备相应资质条件、未经审批多址开展培训的校外培训机构。学科类培训机构一律不得上市融资，严禁资本化运作；上市公司不得通过股票市场融资投资学科类培训机构，不得通过发行股份或支付现金等方式购买学科类培训机构资产；外资不得通过兼并收购、受托经营、加盟连锁、利用可变利益实体等方式控股或参股学科类培训机构。已违规的，要进行清理整治。
China says will set prices for after-school tutoring
China will set price ranges for after-school tutoring classes and will probe institutions’ costs like teacher salaries, the state planner said on Monday, after the country barred for-profit tutoring in any school subject earlier this year.
Local authorities will set benchmark fee standards and floating ranges that will take into account factors such as local economic conditions and family affordability, the National Development, and Reform Commission (NDRC) said in a statement. The new rules announced in July are aimed at easing pressure on 6- to 15-year-olds in compulsory education as well as reducing the cost burden on parents, part of an effort to boost the nation’s birth rate.
The rules require all institutions offering tutoring on the school curriculum to register as non-profit organizations, triggering when they have announced a heavy selloff in shares of tutoring companies traded in Hong Kong and New York, including New Oriental Education & Technology Group and Koolearn Technology Holding Ltd. The NDRC also said localities should look into the costs of these tutoring institutions and ensure the salaries of their tutors are not significantly higher than those of teachers at the local public schools.
“All localities must insist that off-campus tutoring on the school curriculum should have public welfare attributes, fully consider how it relates to people’s livelihoods and aim to effectively reduce the education expenditure burdens of students and their families,” the NDRC said in a statement. China’s education ministry said in a separate statement that scrutiny over the materials such institutes use to teach should be strengthened.
Staff responsible for compiling such materials must have a firm political stance, fully implement the ruling Communist Party’s education policy and possess good morals, the Ministry of Education said.
China state planner to set price for after-school tutoring classes
Tomorrow Advancing Life (NYSE: TAL) is an educational technology company dedicated to supporting public and private education across the world and exploring new education models for the future with smart education tools and open platforms featuring well-rounded development and extracurricular learning.
TAL, formerly known as Xueersi, which was founded in 2003 and listed on the NYSE in 2010, aims to be a respectable education institution with the motto “Making education better with love and technology”.
As of the end of February 2020, TAL had 45,000 employees globally and by the end of November 2020, TAL had set up 990 teaching centers in 102 cities. Its business covers 331 prefecture-level cities in China and 20-plus countries and regions overseas.
developing story
China tutoring stocks plunge again after confirming ban on for-profit tutoring
- 09/07/2021 – BEKE
KE Holdings: Earn A 62% Annualized Yield On This Long-Term Winner
- KE Holdings has gotten too cheap to ignore.
- The company continues to execute well on its long-term plan, in one of the biggest growth markets in the world.
- The headwinds that have hurt the company’s share price are overblown.
- Using derivatives to earn a robust annualized yield and acquire shares lower seems like the most prudent way to take advantage of the recent volatility.
09/07/2021 – EDU
New Oriental: What EDU Is Doing Now To Pivot After New Regulations
- Chinese Education stocks continue to be pressured along with the Chinese tech sector as regulation continues to take its toll on sentiment.
- An analysis on LinkedIn Job postings for New Oriental to understand where the company is tactically planning its next move.
- If New Oriental were to expand to broader Asia, and perhaps even to North America with its offerings, they would quickly gain market share because of their effective products.
- Very few tutoring companies will survive this industry change, but EDU (and its peer TAL) are likely to be among the few.
