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Late at night on the 26th, Oriental Selection issued a statement regarding false remarks online.

Oriental Selection refutes three false statements

On the evening of the 26th, Oriental Selection issued a statement to refute three false statements, including the organization's malicious attack on Dong Yuhui, Dong Yuhui losing 6 million to buy the company, and Yu Minhong cashing out 800 million at a high price.

The details are as follows:

False statement 1: The Oriental Selection Organization maliciously attacked Teacher Dong Yuhui and his colleagues.

Note: Oriental Selection has never organized the so-called "12 studios involved, more than 3,000 people operating, more than 60,000 accounts on various platforms, and a total consumption of more than 8,000,000", and "mobilizing all employees and relatives" to discredit Dong Yuhui.

Our company has collected evidence for this rumor and will report it to the relevant authorities. At the same time, since the independence of Yuhuixingxing, Dongfangzhenxuan and Mr. Yu Minhong have never participated in any evaluation or attack against Mr. Dong Yuhui! We also hope that everyone can provide us with clues of this kind of rumor, and we will deal with it in a timely manner.

False statement 2: Teacher Dong Yuhui "used the reward money to buy back Yuhui Tongxing" and even "had to pay 6 million yuan to buy the company."

Note: Mr. Yu Minhong has clearly pointed out at the shareholders' exchange meeting on July 26 that all the funds for Mr. Dong Yuhui to acquire the "Yuhui Xingxing" company have been arranged by New Oriental Education Group in addition to all the rewards for Mr. Dong Yuhui.

False statement three: Mr. Yu Minhong “cashed out 800 million yuan at a high price”.

Note: Since Oriental Selection went public, Mr. Yu Minhong has never cashed out his shares personally. Instead, he has been increasing his holdings of Oriental Selection shares and is full of confidence in the company's long-term development.

Oriental Selection's total revenue in fiscal year 2024 will reach 7.1 billion yuan

Oriental Selection announced its results for the 2024 fiscal year (June 1, 2023 to May 31, 2024) on the 23rd. The total operating revenue of Oriental Selection for the fiscal year was 7.1 billion yuan, an increase of 56.8% from 4.5 billion yuan in fiscal 2023. Among them, the net revenue of self-operated products and live e-commerce divisions increased by 68.1% from 3.9 billion yuan in fiscal 2023 to 6.5 billion yuan.

The financial report shows that the remuneration of Oriental Selection employees has been improved. In fiscal year 2024, with a decrease in the total number of employees, the total salary expenses (including share-based compensation expenses) of Oriental Selection reached 1.4 billion yuan, an increase of 94.1% year-on-year from 736 million yuan in fiscal year 2023.

It is worth noting that the financial report of Dongfang Zhenxuan also disclosed the reward of Dong Yuhui, the anchor who had previously "gone solo". According to the financial report, the net profit of Yuhui Xingxing (Beijing) Technology Co., Ltd. (hereinafter referred to as "Yuhui Xingxing") was 141 million yuan, of which 129 million yuan was allocated to Dong Yuhui, and the remaining 12 million yuan was retained by Yuhui Xingxing. This means that Yu Minhong fulfilled his previous promise and left all the remaining undistributed profits of Yuhui Xingxing to Dong Yuhui.

In December 2023, the "small essay" incident at Oriental Selection broke out, causing the public to question Dong Yuhui's treatment at Oriental Selection. As public opinion continued to ferment, on December 16, 2023, Oriental Selection announced that Yu Minhong would concurrently serve as the CEO of Oriental Selection, and Sun Dongxu would be removed from his position as executive director and CEO of Oriental Selection. Dong Yuhui said at the time that he had never mentioned leaving Oriental Selection. Yu Minhong promised to increase the company's anchor development space.

On December 18, 2023, Yu Minhong issued an appointment notice on his personal Douyin account, appointing Dong Yuhui as the cultural assistant to the chairman of New Oriental Education and Technology Group and vice president of New Oriental Cultural Tourism Group. Yu Minhong said that evening that Dong Yuhui would set up an independent studio to carry out cultural tourism and other businesses, and the newly established studio account belonged to Dong Yuhui. On December 22, 2023, Yuhui Xingxing was established, and Dong Yuhui served as the company's executive director and general manager. Since then, Dong Yuhui has started to independently bring goods in the "Yuhui Xingxing" Douyin live broadcast room, and the Oriental Selection storm has come to an end for the time being.

However, Oriental Selection ultimately failed to retain Dong Yuhui. When he announced his resignation in July, he also published a long article, reviewing his years at New Oriental and Oriental Selection, and expressing his gratitude to Yu Minhong and the company. In his open letter, he mentioned that after the establishment of Yuhuixingxing, both the individual and the entire Yuhuixingxing team received good treatment and improvements. Yu Minhong also arranged the settlement of the equity purchase funds required to acquire Yuhuixingxing in accordance with the rules and articles of association of listed companies. Dong Yuhui said that Yuhuixingxing will be able to maintain the company's operations, rent, employee wages and other expenditure costs for some time to come.

Editor: Ye Shuyun

Proofread by: Tao Qian

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