Official announcement! Yu Minhong's Entrepreneurship, Culture and Tourism | Middle aged and Elderly | Official Announcement

After live streaming sales, former education and training leader New Oriental has once again announced its entrepreneurship, focusing on the cultural and tourism industry and targeting the middle-aged and elderly population.

Public information shows that Beijing New Oriental Culture and Tourism Co., Ltd. has been established recently, with a registered capital of 1 billion yuan. The legal representative and chairman are Yu Minhong.

Developing the cultural and tourism industry

On July 21, the official WeChat official account of New Oriental published an article entitled "Re entrepreneurship! New Oriental Cultural Tourism!", which said that after the selection of Oriental, New Oriental started a new business again and officially developed cultural tourism. This time, we will provide high-quality cultural and tourism services for middle-aged and elderly people, with a sense of cultural happiness, knowledge acquisition, and personal pursuit. From now on, New Oriental will provide corresponding services to its audience in three major areas: education, life, and cultural tourism.

The article states that for New Oriental, cultural tourism is not a new project. As early as a decade ago, New Oriental had already launched international study tours and domestic campsites for young people. This time, New Oriental is once again exploring cultural and tourism, with a focus on middle-aged and elderly people.

According to Tianyancha information, on July 19th, Beijing New Oriental Culture and Tourism Co., Ltd. was established with a registered capital of 1 billion yuan. The legal representative and chairman are Yu Minhong.

At present, New Oriental Culture and Tourism has established branches in Shaanxi, Gansu, Zhejiang, Xinjiang and other places, and has released many tourism routes. For example, according to the WeChat official account information of "Hangzhou New Oriental", Zhejiang New Oriental Cultural Tourism launched two products of "Ten Lines of Great Chinese Culture" for the first time, of which the price of "PLUS Edition" for 6 days and 5 nights was 5999 yuan; The "lightweight version" for 4 days and 3 nights is priced at 3999 yuan, including "Zhejiang East Tang Poetry Journey" and "Lotus City Root Searching Journey".

In addition, some New Oriental training schools have also started recruiting tour guides to the outside world. Their job responsibilities include "cooperating with the company to create cultural and tourism experts, conducting short video shooting and live streaming work", "after becoming a cultural and tourism expert of the company, conducting cultural and tourism live streaming sales", and so on.

Launch multiple cultural and tourism live streaming projects

Public information shows that at the end of 2021, Yu Minhong hung a map in the live broadcast room, along with several stacks of history and geography books, to explain the historical and cultural aspects of the origin of agricultural products, ushering in the era of New Oriental's agricultural product knowledge live streaming sales. Subsequently, Dong Yuhui became popular, and New Oriental promoted its transformation through live streaming sales.

At the end of 2022, Dongfang Zhenxuan launched its matrix account "Dongfang Zhenxuan Looking at the World", which entered multiple provinces such as Shanxi and Yunnan through "live streaming+cultural tourism". It not only promoted local agricultural products, but also brought new opportunities to the local tourism market. "Dongfang Zhenxuan See the World" has also achieved good results. As of now, "Dongfang Zhenxuan See the World" has 2.868 million fans and received 17.459 million likes.

Analysts point out that New Oriental's choice of the cultural and tourism track is aimed at the window period of domestic tourism market recovery, attempting to cut its own cake in the cultural and tourism sector.

New Oriental has recently launched frequent cultural and tourism live streaming projects, achieving good viewing results.

From July 5th to July 9th, Dongfang Zhenxuan launched a special live broadcast activity in Gansu. Yu Minhong and his team promoted local tourism from the perspective of origin tourism, and launched the "Ganqing Panoramic Circle" and group tour products in the live broadcast room. According to live streaming data released by Dongfang Zhenxuan, the total number of viewers for this Gansu special session was nearly 50 million.

From July 17th to 20th, Yu Minhong led a team to live stream with Dongfang Zhenxuan CEO Sun Dongxu, anchor Dong Yuhui, and others for four consecutive days, conducting comprehensive promotion and promotion of Daqing City, Yichun City, and other cities.

From a performance perspective, live streaming sales have become another growth pole for New Oriental. From June to November 2022, the total transaction volume of products in Dongfang Zhenxuan's live streaming e-commerce business reached 4.8 billion yuan, and the total revenue of self operated products and live streaming e-commerce was nearly 1.766 billion yuan, with a gross profit margin of 42.5%; In the first half of fiscal year 2023, Dongfang Zhenxuan's total revenue reached 2.08 billion yuan, a year-on-year increase of 262.7%; The net profit reached 585 million yuan, with a loss of 544 million yuan in the same period last year.

But since the beginning of this year, the popularity of live streaming sales has declined. According to the research report of Haitong Securities, from January to March 2023, the average monthly GMV of Dongfang Zhenxuan dropped by 20 million yuan, and the average monthly viewership fell below 10 million, which is lower than the performance from June to December 2022.

In Yu Minhong's chess game, the cultural and tourism piece may have reached the point where it must be dropped.