Carson Block · research-note
New Oriental Education & Technology Group (EDU)
97 pages · 4 arc beats · 2 loops
New Oriental Education & Technology Group (EDU)
Carson Block · 2012-07 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
4 coverage by narrative range · generated from this deck JSON
Narrative range 50 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Call to Action 4 slides 100% 4/4 slides 100% 4/4 slides · 33 hits — 0/4 slides
25% 1/4 slides 75% 3/4 slides 100% 4/4 slides — 0/4 slides
The Alleged Fraud 16 slides 100% 16/16 slides 100% 16/16 slides · 137 hits — 0/16 slides
— 0/16 slides
68.8% 11/16 slides 100% 16/16 slides 75% 12/16 slides The Struggle to Uncover the Truth 20 slides 100% 20/20 slides 100% 20/20 slides · 123 hits — 0/20 slides
30% 6/20 slides 40% 8/20 slides 100% 20/20 slides 50% 10/20 slides The Conclusion 10 slides 100% 10/10 slides 100% 10/10 slides · 30 hits — 0/10 slides
90% 9/10 slides — 0/10 slides
100% 10/10 slides — 0/10 slides
Slide inventory
97 every slide · same image gating as the playbook
01
This is a classic Muddy Waters short-seller research note cover page.summarize
Open slide detailBeat · The Call to Action
02
Uses a quote from The Wire to frame the contradiction between the CFO's public statements and the reality of the franchise model.expose_contradiction
Open slide detailBeat · The Call to Action
03
The slide uses a 'gotcha' transcript to frame the subsequent fraud allegation.expose_contradiction
Open slide detailBeat · The Call to Action
04
This is a page from a short-seller research report (Muddy Waters style).expose_contradiction
Open slide detailBeat · The Call to Action
05
This is a page from a Muddy Waters research report on New Oriental Education (EDU).preempt_rebuttal
06
The slide combines a full table of contents with the beginning of Section I.front_matter
07
The slide is a screenshot of a webpage from pop.xdf.cn detailing the franchising process.plan_implementation
08
The slide contrasts a formal process flow with informal, potentially contradictory statements from an employee.plan_implementation
09
Includes direct quotes from franchise sources and specific financial terms (RMB 600k-1M license fees, RMB 80k training fees, RMB 100k deposit).expose_contradiction
10
The slide uses direct quotes from Louis Hsieh to challenge the company's narrative regarding store growth and franchising.expose_contradiction
11
This is a research note from a short-seller report (likely Muddy Waters or similar) alleging accounting fraud.expose_contradiction
12
The slide discusses the structural and regulatory challenges of NRRR schools, including ownership rights, MOE/CAB oversight, and the tax status of EDU's Beijingdiagnose_problem
13
The slide argues that EDU is subject to EIT based on tax regulations and direct inquiries, contradicting their financial reporting.expose_contradiction
14
The slide highlights a discrepancy between the reported 'Other Expenses' (which should be 25% for EIT) and the actual reported figures (less than 1%), implying expose_contradiction
15
The slide presents a forensic accounting argument regarding potential misrepresentation of franchise consolidation and tax exemptions in SEC filings.expose_contradiction
16
This page is part of a research note investigating potential financial irregularities at EDU, specifically focusing on franchise reporting and subsidiary revenuexpose_contradiction
Open slide detailBeat · The Alleged Fraud
17
The slide uses a dual-axis line chart to contrast EDU's rising revenue against the declining revenue of its subsidiaries (Hewstone & Decision).expose_contradiction
Open slide detailBeat · The Alleged Fraud
18
The slide uses two line charts to demonstrate that online user growth is flat despite massive growth in the underlying market and in-person enrollments.expose_contradiction
Open slide detailBeat · The Alleged Fraud
19
Includes a table of historical operating metrics and a Google Trends line chart showing declining traffic.expose_contradiction
Open slide detailBeat · The Alleged Fraud
20
The slide uses specific case studies (CCME, DGWIY) to illustrate the ease of defrauding auditors in the Chinese market.name_villain
21
The slide uses specific examples of obstruction and financial reporting to build a case for fraud, referencing Muddy Waters' research.expose_contradiction
22
The slide uses a narrative about a BOC scheme to frame the argument that EDU's decreasing audit fees despite company growth are suspicious.compare_peers
23
The slide uses a highly unconventional, provocative tone, blending financial analysis with pop culture references to allege potential obfuscation of share ownerexpose_contradiction
24
The slide uses a narrative structure to link geopolitical pressure with questionable financial decisions by the company.expose_contradiction
25
The slide uses a table to demonstrate that dividends are funded by capital raises rather than operational cash flow, supporting a fraud-preemption thesis.preempt_rebuttal
26
The slide serves as a disclosure of the hostile environment faced by the researchers, framing the company's actions as part of a broader pattern of fraud and suexpose_contradiction
27
The slide uses a narrative-heavy format to expose corporate governance risks and fraud in Chinese companies, specifically targeting EDU's VIE structure.diagnose_problem
28
The slide uses a diagram to illustrate the structural difference between a standard company and a VIE, and uses a quote from a BIDU prospectus to contrast with expose_contradiction
29
The slide uses a comparative analysis to expose the risks in EDU's corporate structure relative to the industry standard (BIDU).preempt_rebuttal
30
The slide compares BIDU's structure with EDU's, highlighting that EDU's pledges are cosmetic and lack legal teeth.expose_contradiction
31
The slide uses a skeptical tone to challenge the market perception of EDU's pricing power and competitive advantage.name_villain
Open slide detailBeat · The Struggle to Uncover the Truth
32
The slide uses a bar chart to compare EDU against peers (XRS, XUE) across various service metrics to support the argument that EDU is underperforming.expose_contradiction
Open slide detailBeat · The Struggle to Uncover the Truth
33
Includes specific allegations against AMBO and CAST management; table compares gross margins across five companies from 2007-2011.compare_peers
Open slide detailBeat · The Struggle to Uncover the Truth
34
The slide contains a table of operating margins for EDU and competitors, followed by a qualitative assessment of the company's financial and legal risks.summarize
Open slide detailBeat · The Struggle to Uncover the Truth
36
The transcript highlights the potential franchisee's lack of direct experience in education and their background in real estate/project development.other
Open slide detailBeat · The Struggle to Uncover the Truth
37
The slide contains a raw transcript of a business inquiry call.other
Open slide detailBeat · The Struggle to Uncover the Truth
38
The text is a Q&A style transcript detailing operational and financial aspects of a franchise agreement.other
Open slide detailBeat · The Struggle to Uncover the Truth
39
This is a raw transcript page from a research note or case study document.other
Open slide detailBeat · The Struggle to Uncover the Truth
40
This appears to be a transcript of a phone call or interaction, likely part of a customer journey or sales process documentation.other
Open slide detailBeat · The Struggle to Uncover the Truth
44
The text contains specific contractual clauses (1.2.2.2 to 1.2.3) regarding brand usage, territory authorization, and penalties for non-compliance.appendix
46
This is a page from a legal agreement or contract, specifically outlining operational training obligations and financial responsibilities for personnel.other
47
This appears to be a page from a contract or legal document, specifically sections 2.3 through 3.1.appendix
49
This appears to be a page from a franchise or licensing agreement between 'Party A' (likely New Oriental) and 'Party B'.other
51
This appears to be a page from a franchise or licensing agreement between 'Party A' and 'Party B'.other
52
This is a standard legal contract clause page, likely part of a franchise or licensing agreement.other
53
This appears to be a page from a franchise or licensing agreement between 'Party A' and 'Party B'.other
58
This appears to be a continuation of a legal or regulatory appendix detailing tax benefits for the education sector.appendix
59
This is a legal or regulatory text document page, specifically page 58 of 65, detailing tax exemption rules.appendix
60
This appears to be a page from a legal or policy document regarding tax exemptions for educational institutions in China.appendix
62
The text provides a bilingual (Chinese and English) explanation of tax policy standardization for educational institutions.appendix
63
This is a page from a legal or financial research report containing bilingual regulatory citations.appendix
64
This appears to be a formal government or legal correspondence document.summarize
69
The slide contains a main table of contents and a small snippet of a data table at the bottom.front_matter
70
This appears to be a government-issued registration or annual report form for a private education entity.analyze_data
72
The slide contains a red callout box translating a specific question about tax preferences as 'None'.analyze_data
73
This appears to be a page from a formal government or corporate filing document.appendix
74
Official government form for reporting organizational personnel and party member demographics.analyze_data
75
The slide contains two distinct sections: a top section for organizational party status and a bottom section for leadership team member details.analyze_data
76
This appears to be a page from a formal government or institutional application form (likely for a school or organization).analyze_data
77
This appears to be a digital form template or a screenshot of a web-based data entry interface for job and internship postings.analyze_data
78
The slide contains a formal audit conclusion statement, auditor details, and the audit date.summarize
79
The document is a formal financial statement (Balance Sheet) showing beginning and ending balances for various asset and liability categories.analyze_data
80
The slide contains two distinct financial tables: a balance sheet segment and a partial statement of business activities.analyze_data
81
The table appears to be a raw data export from a financial system, likely related to government or corporate accounting.analyze_data
82
The document includes a partial table at the top and a detailed cash flow statement at the bottom.analyze_data
83
The page contains two distinct tables: a cash flow statement section and a donation tracking table.analyze_data
84
The slide is a blank form template with placeholders for financial data entry.analyze_data
85
This is a standardized regulatory reporting form, likely for a Chinese government or public sector entity.summarize
86
This is a blank form/template page for regulatory or internal reporting.analyze_data
87
The table contains 8 rows with a 'Yes/No' checkbox column and a blank input column for 'Important Activities'.other
88
The document is a formal institutional report detailing organizational philosophy, operational standards, and specific 2011 events (lectures, exhibitions, compesummarize
Open slide detailBeat · The Conclusion
89
This is a standardized government reporting form (likely for non-profit or social organizations) containing multiple tables for data entry.analyze_data
Open slide detailBeat · The Conclusion
90
This is a template form for data entry, likely for government or social service reporting.appendix
Open slide detailBeat · The Conclusion
91
The slide contains two distinct tables: one for project status tracking and one for public welfare activity reporting.analyze_data
Open slide detailBeat · The Conclusion
92
The slide contains a template table at the top and a filled-out application form at the bottom.analyze_data
Open slide detailBeat · The Conclusion
93
The slide contains two distinct form sections: a project beneficiary/resource tracking table and a resource allocation table for public service projects.analyze_data
Open slide detailBeat · The Conclusion
94
This appears to be a page from a government or institutional reporting form (indicated by the URL at the bottom).analyze_data
Open slide detailBeat · The Conclusion
95
The slide contains two distinct table structures, one at the top and one at the bottom, both appearing to be empty data entry forms.appendix
Open slide detailBeat · The Conclusion
96
The slide appears to be a template or form page from a government or institutional document, indicated by the URL at the bottom.appendix
Open slide detailBeat · The Conclusion
97
The slide appears to be a placeholder or template for a dynamic data table, indicated by the title 'Dynamic Table' and the empty grid structure.filler
Open slide detailBeat · The Conclusion