At the 2026 Yabuli Forum Annual Meeting held from March 17 to 19 in Yabuli, Heilongjiang, Yu Minhong, Chairman of New Oriental Education & Technology Group, shared insights on the company's current developments.

First, Yu noted that NEW ORIENTAL-S's educational business layout and revenue have now exceeded pre-"double reduction" policy levels. Although the company's total market capitalization has not fully recovered to previous highs, it has surpassed the ten-billion-dollar mark, which Yu described as "a fairly good position."

Second, he highlighted EAST BUY, which started entirely from scratch. Beginning with the sale of first-generation agricultural products, the platform has grown to an annual scale of over ten billion yuan in agricultural and daily necessity sales. While still relatively small, Yu emphasized that EAST BUY has become a "small but beautiful" company. He added that product safety has earned a positive reputation among many users, and after navigating various challenges, a solid foundation for future growth has been established. Looking ahead, Yu expressed confidence that if execution remains strong, EAST BUY's scale could eventually exceed that of NEW ORIENTAL-S.

Third, Yu pointed to the cultural tourism sector as holding significant potential, though it is still in an exploratory phase without a clear standout direction. However, certain projects, such as study tours for children and wellness travel for middle-aged and elderly groups, have begun to take shape. Yu expressed a personal goal to bring New Oriental's cultural tourism initiatives to the market over the next ten to twenty years, not necessarily for the sake of listing, but to maintain his own vitality and engagement into his eighties.

Additionally, Yu addressed the topic of retirement, stating that he does not focus on the idea of retiring from New Oriental schools, as retirement is not a subject for discussion. He explained that retirement means continuing to pursue what one enjoys while allowing younger generations to take on more critical and concrete responsibilities. Citing the example of EAST BUY's new executive CEO Sun Jin, a post-80s leader who has revitalized the company in just three months, Yu praised the drive, innovative thinking, and tech-savviness of younger executives. He stressed the importance of stepping aside to offer well-intentioned advice rather than excessive intervention.

In conclusion, Yu shared that his current mindset is to keep pace with the times, leverage advanced technology to serve NEW ORIENTAL-S, and maintain close collaboration with companies like Yushu Technology. He noted that he no longer feels the need to compete intensely with others, believing that transcending the mindset of winning and losing leads to a higher state of being. He expressed hope that senior entrepreneurs like himself can continue to contribute meaningfully to China's economic development.

Note: Sun Jin, male, joined New Oriental in 2006 and brings 19 years of experience, with deep expertise in overseas exam training and school management. He made his debut as executive CEO of EAST BUY during the company's earnings call on January 29, 2026.