On August 3, 2020, US stocks closed at $97.43 per share, with a total market value of $23.26 billion, surpassing New Oriental's $22.676 billion in one fell swoop and rising to the third place in the industry. This is the second time that New Oriental has been surpassed this year and the third time in three years. It took seven years to surpass New Oriental, 0/2 months to surpass Zhonggong Education and 0/3 months to surpass who to learn from.
The declining New Oriental makes it hard to think that it was once the most legendary leading brother in China's education industry. From 2006, as the first domestic educational company listed on the US stock market, it landed on Nasdaq, and has been the undisputed leader in the industry since 20 16. The story of Chinese partners is also exciting. New Oriental, which entered the online education track early, lingered at the crossroads again and again after reaping the absolute bonus of studying abroad, always reflecting on missed opportunities and fear of change, but failed to show the courage to break away from conservatism.
20 17, Zhang Bangxin, the younger brother of Peking University, changed seats with a promising senior. This year, Bright Future set a new high in the market value of China Education Company at that time with a market value of 65.438 USD+0.274 billion. New Oriental lost its position as the boss for the first time. The establishment of Good Future is ten years later than that of New Oriental. When Yu founded New Oriental, Zhang Bangxin was still a middle school student. Until 2007, the revenue of learning and thinking (the predecessor of a good future) was $88 million, which was only 4.38% of the revenue of New Oriental in that year ($206.5438+0 billion). From 2008 to 2065438+00, learning and thinking entered a stage of rapid development. The annual revenue of 20 10 is $65,438 +0. 1 1 billion, which is nearly one-fifth of the revenue of New Oriental ($558 million). The rapid rise of up-and-coming stars has given New Oriental a strong sense of crisis. New operating modes and gameplay have been coming, and New Oriental has also become? Chaser? .
Beat learning and thinking? After all, it has become an empty talk. Ten years later, the market value of Good Future is more than twice that of New Oriental. Good Future and the recently released financial report of New Oriental show that the net income of New Oriental in fiscal year 2020 will increase by 15.6%, which is far less than the 27.7% of Good Future. Judging from the net income gap, the net income of New Oriental in fiscal year 2020 will exceed $305 million, but compared with $732 million in fiscal year 20 18 and $534 million in fiscal year 20 19, the gap is getting smaller and smaller.
Yu has repeatedly talked about his regret about the listing of New Oriental. In his eyes, education pursues stability and capital pursues rapid business expansion. The combination of the two makes education not like education, and capital is no longer capital. Yu's business partner satirized this view? Without vision, farmers' consciousness will lose the opportunity to become the largest educational group in the world. ? I am very calm about this. Xu Xiaoping and another partner, Wang Qiang, have been calling him a farmer since they were in New Oriental. In his view, farmers are simple and practical.
Both partners like Xu Xiaoping and Wang Qiang, as well as ordinary audiences, are infected by the infinite scenery of New Oriental. People expect that New Oriental will always be the first, and it will be as passionate as a speech. People don't often think that he chose to teach English because he couldn't go abroad, but he really started his own business as a training institution because he was expelled from Peking University. His every step is driven by the hand of the times and fate. When the tide of studying abroad gradually recedes, the waves of K 12 are rough. I am guarding an acre of land, and he is no longer keen on being an adventurer. Naturally, he will not be the kind of person who is desperately chasing waves as people think.