（文章来源：每日经济新闻） 每经AI快讯，2月21日，中概股龙头指数收涨0.94%。成分股中，网易有道涨近10%，希尔威金属矿业涨 超5%，涂鸦智能涨逾4%，日月光控股、挚文集团涨超3%；世纪互联、陆金所跌超4%，AHG、NEGG 跌超3%，文远知行、哔哩哔哩跌超2%。 ...

来源：经济观察网 经济观察网 网易有道公布2025年财报，全年净收入59.1亿元，同比增长5.0%；经营利润达2.2亿元，同 比增长48.7%，并首次实现全年经营性现金净流入5520万元。第四季度营收15.6亿元，同比增长16.8%， 连续第六个季度盈利。 业绩经营情况 网易有道于2026年2月11日公布了2025年第四季度及全年未经审计财务报告。公司全年净收入59.1亿 元，同比增长5.0%；经营利润达2.2亿元，同比增长48.7%，并首次实现全年经营性现金净流入5520万 元，标志着财务"造血能力"提升。第四季度营收15.6亿元，同比增长16.8%，连续第六个季度盈利。 业务分部表现：在线营销服务净收入同比增长28.5%，成为主要增长动力；学习服务业务在AI驱动下重 回增长轨道（四季度同比增长17.7%）；智能设备收入同比下降18.2%，公司正优化该板块。 未来事件可能包括新产品发布、技术合作（如2025年与Turnitin的合作延伸）及季度财报披露，这些将 反映战略执行效果。 以上内容基于公开资料整理，不构成投资建议。 战略推进 在2026年2月12日的财报电话会议中，CEO周枫明确2026年将坚持"A ...

格隆汇2月19日｜网易有道正式宣布开源其全场景个人助理Agent——LobsterAI。这款能够7×24小时在 电脑端自主运行、直接替用户"动手干活"的智能助手，已在软件项目托管平台GitHub上公开全部代码， 旨在与全球开发者社区共同打造一个更易用、更高效、更有趣的智能体助手。 ...

2月19日，网易有道正式宣布开源其全场景个人助理Agent——LobsterAI。这款能够7×24小时在电脑端 自主运行、直接替用户"动手干活"的智能助手，已在软件项目托管平台GitHub上公开全部代码，旨在与 全球开发者社区共同打造一个更易用、更高效、更有趣的智能体助手。 ...

| 名称 | 现价 | 涨跌 三 | | --- | --- | --- | | 英伟达 | | | | (NVIDIA) | 188.665 | 2.00% | | NVDA.O | | | | 亚马逊 | | | | (AMAZON) | 204.070 | 1.45% | | AMZN.O | | | | 微软 | | | | (MICROSOFT) | 398.504 | 0.41% | | MSFT.O | | | | 特斯拉(TESLA) | 412.110 | 0.36% | | TSLA.O | | | | 谷歌 | | | | (ALPHABET)- | 303.245 | 0.14% | | C | | | | GOOG.O | | | | 苹果(APPLE) | 263.250 | -0.24% | | AAPL.O | | | | 脸书(META | | | | DI ATEORMS) | 632 790 | -1 02% | 消息面上，当地时间2月17日，Meta宣布将在AI数据中心使用英伟达的新型独立CPU和下一代Vera Rubin系统。Meta成为首家在其数据中心部署英伟达 G ...

整理 | 傅宇琪、褚杏娟 发春节红包的大厂都被约谈：杜绝"内卷式"竞争；百度文心助手 MAU 猛增 4 倍，此前 O 计划曝光； 太豪横！影石公司年会送出 5 套房，CEO 回应；DeepSeek 更新后被指变冷淡！网友：赶快调回 来，不然用不下去；谷歌大规模发债遭疯抢；迪士尼指控 Seedance 侵权；走路还是开车去洗车？看 似简单的"洗车问题"难倒一众 AI；智谱宣布涨价：海外版 Coding plan 订阅价格提高 30%-60%；抖音 加码本地生活团购业务，上线 APP 抖省省；马斯克最新野心：要在月球建厂生产 AI 卫星；华裔研究 生研发出 AI 相亲软件，让斯坦福超 5000 名学生沉迷…… 行业热点 发春节红包的大厂都被约谈：杜绝"内卷式"竞争 2 月 13 日，市场监管总局约谈阿里巴巴、抖音、百度、腾讯、京东、美团、淘宝闪购等平台企业， 要求有关平台企业严格遵守《中华人民共和国反不正当竞争法》《中华人民共和国价格法》《中华人 民共和国消费者权益保护法》《中华人民共和国电子商务法》等法律法规规定，主动落实主体责任， 进一步规范平台促销推广行为。提醒相关平台企业要杜绝各种形式的"内卷式"竞争，共 ...

今日早参 2026 年 2 月 13 日 宋亭亭 汽车行业首席研究员 邮箱： songtingting021619@htsc.com 何康 策略首席研究员兼金融工程首席研究 员 座机：021-28972202 邮箱：hekang@htsc.com 今日深度 汽车：摩托质价比破局时刻已至 本届米兰展上我们观察到，欧洲摩托市场的需求结构演变，以及外资二线品 牌的守成产品策略，正为中国品牌的强势突围提供契机。随着以隆鑫、春风 为代表的中国头部摩企在技术储备与渠道建设上完成质的积累，向欧洲出海 已跨越单纯的价格竞争阶段，步入以"质价比"重塑市场格局的新周期。中 国摩企凭借动总技术突破、智能化配置优势以及针对欧洲本土审美的定制化 设计，正于 300 至 800cc 黄金排量段及跨界细分市场建立明显优势，在欧洲 市场具备广阔增长空间。 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 风险提示：汇率波动风险、欧洲宏观经济下行风险、海运周期/费率波动风 险。 研报发布日期：2026-02-10 研究员 宋亭亭 SAC:S0570522110001 SFC:BTK945 陈诗慧 SAC:S0570524080 ...

Financial Report Analysis - The company reported a 48.7% year-on-year increase in operating profit to 220 million yuan, achieving its first annual operating cash inflow of 55.2 million yuan, but did not disclose specific data on net profit attributable to shareholders, resulting in a net loss of 47.1 million yuan for the year, primarily due to long-term investment impairment of 25.7 million yuan, which differed from market expectations [1] - The gross margin for Q3 2025 declined by 8.0 percentage points to 42.2%, mainly due to a decrease in gross margin to 27.1% from online marketing services aimed at expanding new customer bases [1] - Despite a 17.7% year-on-year increase in learning services revenue in Q4, the company's increased investment in high-growth sectors raised concerns about short-term profitability [1] Company Business Status - Online marketing service revenue grew by 28.5% year-on-year, becoming the largest revenue source, accounting for 45.3% of total revenue, while revenue from smart devices declined by 18.2% due to decreased demand [2] - The company announced a transition to become a "learning and advertising AI application service provider" in 2026 and is currently testing a desktop-level agent called "LobsterAI," which has not yet generated significant revenue [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $13.56, up from the previous $12.46, primarily due to an increase in comparable company valuation averages [5][10]. Core Insights - The company reported Q4 revenue of 1.56 billion RMB, a year-over-year increase of 16.8%, exceeding Bloomberg's consensus estimate of 12.4%. This growth is attributed to the surge in advertising business driven by increased demand for AI applications and a recovery in learning services [1][5]. - The advertising segment continued its rapid growth, generating 660 million RMB in Q4, a year-over-year increase of 37.2%. This growth was fueled by heightened competition among AI application vendors and a significant rise in customer acquisition demand [2][5]. - Learning services revenue reached 727 million RMB in Q4, reflecting a year-over-year growth of 17.7%. The core product maintained strong growth, with a renewal rate increase of 5 percentage points to 75% [3][5]. Summary by Sections Financial Performance - Q4 operating profit was approximately 60.2 million RMB, surpassing Bloomberg's consensus estimate of 26.5 million. The company achieved profitability for six consecutive quarters, with annual operating profit increasing by 48.7% to 220 million RMB, marking the first year of positive operating cash flow [1][5]. - The report forecasts 2026 revenue to continue the growth momentum seen in Q4, with advertising business benefiting from AI applications and gaming industry demand expected to sustain high growth [1][4]. Revenue and Profit Forecast - The company expects revenues of 6.597 billion RMB and 7.574 billion RMB for 2026 and 2027, respectively, with a projected 2026 Non-GAAP net profit of 254 million RMB [4][8]. - The report anticipates a significant increase in AI subscription service sales, which surpassed 100 million RMB in Q4, growing over 80% year-over-year, driven by strong demand for AI translation services [3][4]. Valuation Analysis - Using the SOTP valuation method, the report assigns a PE ratio of 18.14x for K12 business and 21.61x for smart hardware business for 2026E. The online marketing business is valued at 16x 2026E PE, reflecting a premium due to its rapid growth [10][11]. - The target price of $13.56 is based on the adjusted valuation of comparable companies, indicating a positive outlook for the company's market position [10][11].

Core Viewpoint - Huatai Securities maintains a "Buy" rating for NetEase Youdao (DAO.US) and raises the target price from $12.46 to $13.56, driven by strong growth momentum in Q4 2025 and throughout the year, particularly in the advertising business fueled by AI applications and significant improvement in cash flow [1][2] Financial Performance - In Q4 2025, Youdao reported revenue of 1.56 billion RMB, a year-on-year increase of 16.8%, significantly surpassing the market expectation of 12.4% [1] - The operating profit for the quarter reached 60.2 million RMB, far exceeding the consensus estimate of 26.5 million RMB [1] - Youdao achieved profitability for six consecutive quarters, with a full-year operating profit growth of 48.7% to 220 million RMB, marking the first annual positive cash flow in the company's history [1] Advertising Business Growth - The advertising segment emerged as the key growth driver, generating revenue of 660 million RMB, a year-on-year surge of 37.2% [2] - This growth was primarily fueled by intensified competition in the AI industry, leading to a significant increase in demand for AI application-related advertising, which grew over 50% year-on-year [2] - The gaming sector also contributed to this growth, with over 50% increase in revenue [2] International Expansion - Youdao's overseas market strategy is showing initial success, with overseas KOL revenue increasing by over 50% and marketing services covering more than 50 countries globally [2] Learning Services Recovery - The learning services segment has successfully returned to a growth trajectory, with Q4 2025 revenue reaching 727 million RMB, a year-on-year increase of 17.7% [2] - The high school business "Youdao Ling Shi" saw revenue growth exceeding 40%, with a renewal rate rising to 75% [2] - AI subscription services performed strongly, with quarterly sales surpassing 100 million RMB, reflecting over 80% year-on-year growth, driven by demand for Youdao Dictionary AI simultaneous interpretation and exclusive collaboration with Turnitin [2] Future Outlook - Huatai Securities anticipates that Youdao's overall revenue in 2026 will continue the growth trajectory observed in Q4 2025 [2] - Although the company plans to increase strategic investments in its core business in the short term, which may lead to temporary profit fluctuations, the long-term outlook remains positive due to the sustained high growth of the advertising business [2]