CBN Friday Special丨New Oriental’s phenomenal comeback combines shopping and Engish learning

Changbai Mountain in north-eastern China. He said: "I haven't shown you the snow on Changbai Mountain; I haven't shown you the ears of grain bending down like a wise man, but I can share you such rice." Dong's quotes soon went viral across Chinese social platforms.

T: The popularity of streams featuring English speakers could give the education group a boost after Chinese authorities banned all out-of-school extra classes in July last year, in an attempt to ease pressure on children and parents, but it also led to a wave of school closures and layoffs across the private education sector.

And the sweeping new rules barred tutoring for profit, as the education for students from kindergarten to high school was the core business of tutoring companies like New Oriental. The shutdown of K-12 tutoring sent the revenue of the company slump 48.4 percent year-on-year to $614 million in the quarter ended March. In 2021, the New York-listed New Oriental saw its share price plunge 88 percent and lost some $28 billion in market value.

The number of schools and teaching centres it operated was down by half in the same period. To cut expenses, the top private educator has reportedly laid off 60,000 employees last year. For the whole industry worth of $120 billion, the Ministry of Education announced that authorities had shut down 84 percent of the country's online and offline after-school tutoring institutions last December.

S: So New Oriental was forced to make changes by shifting to sectors unaffected by the regulations, including cram classes for adults and training for students set to study abroad.

But the biggest twist came last December, when its founder Yu Minhong started selling agricultural products online via live-streaming. Yu Minhong, well-known in China for his entrepreneurial undertakings, occasionally host the sessions.

However, it didn't work at the beginning. Debuting at the end of last December, the total sales volume of accounts "Yu Minhong" and the Oriental Select on Douyin sold over 5-million-yuan worth of goods. After trying for half a year, the daily average GMV of New Oriental slowly climbed to 880,000 yuan on June 5.

But it suddenly went from regular live-streaming to a phenomenon when the video clip of Dong teaching English swept Chinese social media platforms last week. From June 9-11, the GMV of New Oriental surged about 5-times to 20 million yuan from 3.51 million yuan.

T: The market is excited about the new bilingual as well. Shares in Koolearn Technology, which operates New Oriental's live-stream e-commerce business through Oriental Select, have surged 300 percent this week, and skyrocketed nearly 7 times since the beginning of June.

The Hong Kong-listed New Oriental, which holds 55.7 percent of Koolearn, jumped over 80 percent in the past two weeks, though they are still only worth about a third of their value before the new rules came in last year.

Citi analysts have a "buy" rating on New Oriental. They called Koolearn's online live broadcasting a bright spot and estimated it could achieve more than 7 billion yuan in annual gross merchandise value if it maintained the current run rate.

S: Now the live streaming sales of New Oriental is labelled as "bilingual" and "informative", which helps the former education giant stand out from other hosts.The former teachers have acquired loads of knowledge in various subjects and are experienced in communicating with the audience as they give lessons to students. This feature is so unique that it might be hard to be copied by other hosts in the short-term.

Many viewers are impressed by this new style. Some commented "I came here mainly for having an English lesson rather than making an order," and "I've learned so much and that deserves an order." And some customers who bought products from Oriental Select said they were touched by the company's never-say-die attitude.

T: However, New Oriental is still up and coming in the live-streaming e-commerce sector which worth of over 20 billion in 2021. If the company targets at supporting its operation mainly by selling products via live-streaming, it needs a sales volume of at least 30 million yuan each day, while the current daily GMV of Oriental Select only ranges from 10 to 20 million, far away from the goal.

The live-streaming e-commerce sector in China is highly competitive and nearly mature, as the top sellers dominate the market. According to Guoji's data, the top 30 hosts of Taobao sold 117.46-billion-yuan worth of products in 2020, taking up nearly 30 percent of the total annual GMV.

S: Well, it might be early to say New Oriental has found a new life by transforming into a live-streaming seller. But as the star teacher/host Dong Yuhui once said with tears that he really missed all his old colleagues and wished to bring them back when the situation in New Oriental turns better, I do hope it will soon find its own way out of the gloomy industry, and its current success might just give a hint to other struggling private tutors. And that’s all for today. See you next week.

你想过边看现场转播购物边学英语吗？这在新的西方在抖音的现场转播间“的西方征选”实现了。

日在此之后，一位新的西方的教师在旗下的抖音现场转播间隙货时，结合所贩的电子产品，在现场转播间“发端了英语课”。这一新颖的隙货模式迅速“刷屏“颇受欢迎社群平台，曾一度陪伴都有的学生走过读书演艺事业的里面国教培企业巨头，以语种现场转播隙货的模式重归大众视野。

根据广发证券的数据，上半年到6年初13日，新的西方旗下的抖音现场转播间“的西方征选”早已贩出了大达1.08亿元的消费品。在6年初13日，该现场转播间共有1,672万粉丝，贩出了37万件消费品，外汇交易折合（GMV）大达2,298万。

的西方征选抖音号现已跻身抖音现场转播隙货的顶流。其粉丝数在6年初15日逼近700万，在6年初份剧增达6倍；在6年初6日-12日这一周，这个在此之后教培巨头的现场转播间重回了抖音隙货旁白周榜的TOP10，而在6年初13日的实时现场转播榜里面，的西方征选一度攀上第一，当晚销售额超740万元。周四，的西方征选现场转播间粉丝生产量以超越千万大关。

而这一切，要从火出圈的语种现场转播隙货想到。曾一度的新的西方英语教师们，在介绍牛排、海参和淘等电子产品时，会拉过就让的小白板，在上面写到上这些饰品的英文单词，给消费者们发端了“英文课”。

不仅如此，新的西方教师们在贩农电子产品时还用上文学修辞。先为宇辉，在新的西方教龄大达8年，据信教过的的学生大达50万，在贩天池马铃薯时会说：“我从未隙你看过天池皑皑的白雪；我从未隙你见证过像贤者一样滑下腰沉甸甸的谷穗；但是我可以让你爱吃到这样的马铃薯。” 先为教师的一些文集也被剪成短录像带在社群平台上“刷屏”。

这种别开生面的隙货模式让粉丝们随之而来了新鲜感，也让新的西方看到了主导的火鸟。月内七年初，“双减税制”制订，敦促颇受欢迎该机构停止社会科学类教职员指导，为高里面的学生和家长减轻负担。

但新的西方等以K12课外辅导为主的指导该机构深得影响。在“双减”之在此之后，K12的课外辅导是新的西方的内部销售业务，贡献了55%的盈余。今日K12教育销售业务被剥离，大半盈余从未了，新的西方在2022年第一季度录得营业盈余6.14亿美元，去年同期下跌48.4%。学校和教育里面心的生产量也破天荒减半，员工60,000名。

2021年，新的西方在纽达证券交易所的股市年均暴跌88%，市值冷凝达280亿美元。这个曾一度美股资本的心头好，已被金融市场确认破产。

而整个曾价值1200亿美元的企业在2021年更是如此。月内12年初，教育部宣布全国已关停84%的课外辅导该机构。

设法，新的西方只好主导，开始主推不受监管的课程的指导，例如舞蹈课和绘画课。在月内12年初，新的西方还建新了一个新号“的西方征选”，在抖音开始了现场转播隙货，创始人俞敏洪也时不时来现场转播间“打工”。

但是第二种试着出师不利。在2021年12年初28日的首播里面，抖音“俞敏洪”和“的西方征选”两个现场转播间的销售折合合计500万元，而的西方征选仅有47万元。经过了半年的努力，的西方征选在6年初5日的GMV才达到88万元。

而局面在上周开始转变。这一天，新的西方教师语种隙货的片段火“出圈”了。6年初9日-11日，的西方征选的日均GMV从351万暴涨到了2000多万。

市场恶性竞争对新的西方的突然爆红也很激动。作为运作的西方征选抖音号的一些公司，新的西方在线在股票市场的股市本周一路快跑连翻三倍。而新的西方在线的母一些公司，新的西方，其股市在同一天也暴涨了22.5%，自上周五开盘以来下降了54%。不过，这两一些公司的股市还是只有“双减”税制实行之在此之后的三分之一。

尽管如此，花旗银行的分析师所述了买入新的西方股票的劝告。他们引述新的西方的现场转播隙货是一个亮点，并估计如果保有目在此之后的运行速度，其年消费品总价值可以达到70亿元以上。

今日新的西方的现场转播隙货早已被张贴上了“语种隙货”“可以学专业知识顺隙购物的现场转播间”等标记，不仅使得新的西方的风格别具特色，还成为的西方征选的更是占优。经过多年吸取，新的西方的教师们社会科学专业知识丰富，还具深厚的教学经验，能在闪光灯在此之后引经据典、诗词歌赋信手拈来，这是其他隙货旁白迅即容易模仿并超越的。

这种“专业知识的军事力量”令其粉丝们赞叹不已。有Twitter引述：“我来这主要上英语课的，而不是购物的”，以及“我学到了很多，下个单表示感谢支持。”还有粉丝说被新的西方永不言弃的思维安慰到了。

然而，新的西方在现场转播隙货这个企业是否能站稳脚跟，仍言之尚早。2021年，里面国现场转播淘宝企业市场恶性竞争数目已超越2万亿元，而新的西方今日的日均GMV在1000-2000万元之间，所占占有率并不大。而据行内的计算，如果新的西方一切都是通过现场转播隙货来支撑整个企业的运转，则日均GMV最少所需达到3000万元，目在此之后的销量还远远不够。

17日，有媒体报道，的西方征选正在试着自建新供应链，未来将大力推广“的西方征选”自营电子产品。目标是把的西方征选打造成一个品牌。目在此之后“的西方征选”尚未有自身的供应链，主要统筹引流，发货和售后服务大部分由品牌方统筹。例外的是，近日已有消费者一个系统在现场转播间出售到总质量不佳的电子产品。

更何况现场转播淘宝工业发展至今，恶性竞争惨烈，且每秒大部分在四肢旁白，新的西方在这条路上超越仓皇的难度不小。据果集数据，2020年淘宝年均TOP30旁白GMV产出为1174.57亿元，贡献了整个平台的30%。

不过，新的西方通过语种现场转播隙货火出圈之后，最少也为正在苦苦谋求主导的教培企业，随之而来了一些想和启发。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, Themis QI

Sound Editor: XIE Kaishan

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News

Presented by SFC

编委: 于晓娜

策划、编辑：李艳霞

播音：李莹亮

撰稿：李莹亮、戚婉莹

音频自制：谢凯珊

外观设计：郑任性、廖苑黛

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