新东方上市十周年 CFO杨志辉接受纽交所专访

（10月14日纽交所网站首页截屏）

今天，纽交所在其官网首页发布对新东方教育科技集团CFO杨志辉的专访报道。今年是新东方上市第十年。9月7日，新东方CFO杨志辉受邀到纽交所敲响了属于新东方的钟声，纽交所官网记者对杨志辉进行了采访。如今的新东方年收入已突破百亿，股价最高达48.41美元，屡屡突破历史高点。

新东方CFO杨志辉在接受纽交所记者采访时坦言新东方未来发展的重点“中小学全科课后教育业务可以说是新东方一站式服务的重点项目。”因为一个典型的中国学生需要花12年的学习时间来准备为期两天﹑竞争激烈﹑并会对将来发展影响深远的大学入学考试。“K-12针对的目标群体可能是全球最大的教育市场，估计今年估值550亿美元，并预计今后会有14%或15%的增幅。”

他还对新东方的“O2O整合教育系统”做了详细阐释。“O2O是核心构成部分，但我们加设了很多线上元素，从而使学习和教育模式比起传统方法更有效率。……我们的iCloud系统亦记录着百万名学生的学习轨迹，以便家长能实时掌握孩子的学习效果及成绩。加上融入系统的O2O模式，学生能更有效率地学习，我们也能加强及改善他们的学习经历。”

同时杨志辉也毫不避讳地承认新东方曾经“急速的扩张在一定程度上对我们的教学质量和学生的学习效果带来了负面的压力。” 2012年，新东方及时调整战略，把战略由“占领市场”转向“优化市场”。通过重新专注于提高教学质量，提升运营效率和行业口碑。“教育企业不应该发展得过快，现在我们以正常速度运行，以确保成功。”

杨志辉说“展望未来，我认为我们将不断完善和更新我们的产品，提高运营效率，为我们的学生和股东创造更多的价值。”

（9月7日，新东方上市十周年，新东方首席财务官杨志辉受邀到纽交所敲开市钟。）

新东方首席财务官杨志辉接受纽交所记者专访（译文）

日期:2016年9月7日

1. 请您介绍一下新东方及其使命。

新东方是中国最大的私人教育培训机构，是享誉国内外的品牌。公司由俞敏洪先生于1993年建立，并从那时起就致力于为超过百万名新东方学校校友提供优越的学习体验。

我们的使命是成为受中国家庭信任的一站式教育培训机构。我们希望能启发学生改善其生活，协助塑造其独立人格，并同时鼓励他们通过终生教育来拓宽国际视野。

2. 为何新东方会将K12中小学全科课后教育业务视为重点？这如何为学生的发展带来帮助？

中小学全科课后教育业务可以说是新东方一站式服务的重点项目。它针对的目标群体可能是全球最大的教育市场，估计今年估值550亿美元，并预计今后会有14%或15%的增幅。一个典型的中国学生需要花12年的学习时间来准备为期两天﹑竞争激烈﹑并会对将来发展影响深远的大学入学考试。

即使我们是这个市场的领导者，我们的市场份额也只占了1%到2%，因此我们希望将重点放在这个市场上。我们有很多学习中心，而所有中心都提供最佳的产品﹑内容及教学服务，尤其是针对我们的“线上线下”模式。我们的目标是帮助学生更有效率地学习，并取得最佳的成绩。

3. 请您解释一下“线上线下”模式，及它如何促进生意？

“线上线下”模式是我们为发展在线教育三管齐下方案的核心部分。其一为线上线下结合的教学模式，我们称之为“O2O”；其二为纯网络在线教育；其三为持有少量第三方在线教育公司的股份。

O2O是核心构成部分，但我们加设了很多线上元素，从而使学习和教育模式比起传统方法更有效率。例如，学生在报名之前，需先进行在线测试，以便我们了解其在不同学科的能力水平。随后，在课堂上，学生用答题器来回答老师的提问，使他们课后能在线上完成功课。

我们的iCloud系统亦记录着百万名学生的学习轨迹，以便家长能实时掌握孩子的学习效果及成绩。加上融入系统的O2O模式，学生能更有效率地学习，我们也能加强及改善他们的学习经历。我们是中国唯一拥有O2O整合教育系统的教育培训机构，这是我们的优势所在。

4. 哪些课程的需求较大？

主要有三项：第一项是K12中小学全科课后教育，第二项是海外留学咨询业务，第三项是纯网络在线教育。对于成人职业培训来说，纯网络在线教育是最受欢迎的。

5. 你们近期会推出新课程吗？

是的，我们计划今后提供非学术类课程，如不同风格的舞蹈课，声乐训练和跆拳道等等。我们希望学生从中发展更多技能，并在这个过程中获得乐趣。

6. 新东方在纽约证券交易所上市已有十年。作为一家上市公司，新东方在过去十年学到了什么？

自从我们8年前开始优能中学全科课后教育业务以来，我们的学习中心从250家增加到750家，足足扩大了3倍，这个速度有点过快了。急速的扩张在一定程度上对我们的教学质量和学生的学习效果带来了负面的压力。在2012年，我们把战略由“占领市场”转向“优化市场”。我们重新专注于提高教学质量，提升运营效率，我相信这对于我们未来的成功至关重要。教育企业不应该发展得过快，现在我们以正常速度运行，以确保成功。

7. 新东方的未来发展前景如何？

展望未来，我认为我们将不断完善和更新我们的产品，提高运营效率，为我们的学生和股东创造更多的价值。

新东方首席财务官杨志辉接受纽交所记者专访（原文）

THE EXAMINED LIFE

NEW ORIENTAL EDUCATION'S STEPHEN ZHIHUI YANG ON PREPARING STUDENTS FOR THE MODERN BUSINESS WORLD.

For those who are unfamiliar, describe New Oriental and its mission.

New Oriental is the largest private education service provider in China and a very well known brand name both in China and overseas. Michael Yu founded the company in 1993 and since then we have been striving to deliver a great study experience to millions of New Oriental alumni.

Our mission is to be the trusted one-stop education service provider to Chinese families, and to inspire our students to improve their lives and help shape their independent personalities. We also want to expand their global view through a lifelong commitment to studying and learning.

Why is New Oriental's focus on K – 12 students important and how does it help their educational development?

The K-12 business is a core part of the one-stop service of New Oriental and it’s a huge market - it’s possibly the biggest education market in the world at 55 billion dollars this year with growth projected at 14% or 15% going forward. Typically, a Chinese student spends 12 years studying and preparing for a two-day, very competitive life-determining exam called the ‘college entrance test.’

Even though we are the leader in this market we only have a one to two percent share, which is why we want to focus on it. We have many learning centers all with what we believe to be the best products, content and teaching experience, especially for our online-offline model. Our goal is to help our students study more efficiently and get the highest academic results.

Can you explain the “online-to-offline” model and how it serves the business?

The online-offline model is the central part of our three-pronged approach to our education delivery strategy. The first is the online-offline, we call it the “O2O,” the second is online only, and the third one is minority shareholdings in third-party online education companies.

The O2O is the core piece but we add a lot of the online elements to make the study and teaching aspects more efficient than the traditional teaching style. For example, before enrollment, students need to have an online test so we can understand their level of aptitude in different subjects. Then, during classes, students use an answering machine to respond to questions posed by their teachers so after the class they can do their homework online.

Our iCloud system is recording millions of students’ study behavior so parents are able to track their children’s study habits and results almost in real time. With the O2O integrated system, students can study more efficiently and we can strengthen and improve their learning experience. We are the only educational provider in China that has the O2O integrated education system, which differentiates us from our competitors.

Which areas of study are the most in demand?

There are three: the first is the K-12 after school tutoring business, the second is the overseas consulting business, and the third is the pure online study. For adult vocational training the pure online is the most popular.

Are there new courses of study that you will be launching soon?

Yes, we plan to provide non-academic courses going forward such as different styles of dance, vocal training and singingand Taekwondo. We hope that students will develop even more skills from these and hopefully have some fun in the process.

It has been 10 years since your IPO on the New York Stock Exchange. As a public company, what lessons has New Oriental learned in that time?

Since we started the K-12 business 8 years ago, we have tripled our learning centers from 250 to 750, which I think was too fast. It was an over-expansion and at times we lost our way by losing the confidence of our students and devaluing the teaching experience. By 2012, we changed our strategy from “occupy the market” to “harvest the market.” We refocused on improving the teaching quality and strengthening operational efficiency, which I believe is crucial to future success. An educational business shouldn’t be grown too fast, so it’s a lesson we learned and now we are running the business properly to ensure success.

What does the future hold for New Oriental?

Going forward, I think we will refine and update the product as much as we can and improve the operational efficiency to create more value for both our students and our shareholders.