3.【科大讯飞正式发布星火X2大模型】科大讯飞正式发布基于全国产算力训练的星火X2大模型。从 X1.5到X2，此次升级有两大亮点：通用能力全面升级，星火X2整体能力对标国际顶尖模型水平，在 数学、推理、语言理解、智能体等能力上媲美国际最优；130+多语言综合能力继续提升。依托星火 X2的算法突破、行业高质量数据集以及专业思维链的强化学习，星火行业大模型持续升级，产品应用 方案取得显著进步。（腾讯网） 4.【全球首款仓储通用人形机器人发布】据"北京经信"微信公众号消息，近日，全球物流机器人头部 企业极智嘉正式推出全球首款面向仓储场景的通用人形机器人Gino 1。该产品专为仓储作业全链路设 计，具备仓储拣货、搬箱、打包、巡检等多任务操作能力，真正实现了"一台机器人覆盖仓内主流人 工操作场景"，引领仓储行业实现从"移动智能化"到"操作智能化"的关键跨越。（格隆汇） 1.【OpenAI奥特曼：在ChatGPT中更新了GPT-5.2】2月11日，OpenAI首席执行官山姆·奥特曼发 文称，更新了ChatGPT中的GPT-5.2（即时模型）。虽然变化不大，但希望用户能感受到些许改 进。（网易） 2. 【 网 易 有 道 ...

Core Insights - Youdao, Inc. is an AI-powered solutions provider based in Hangzhou, China, focusing on learning and advertising verticals with products like Youdao Lingshi and AI-driven subscription services [1] - The company reported earnings per share of $0.05, surpassing the estimated $0.03, marking its sixth consecutive quarter of operating profitability [2][6] - Youdao's revenue for the fourth quarter reached approximately $223.7 million, a 16.8% increase year-over-year, driven by its AI-Native strategy [3][6] Financial Performance - The company's revenue exceeded the forecasted $211.5 million, showcasing strong operational momentum [3] - Despite a high price-to-earnings (P/E) ratio of 53.64, investors remain confident in Youdao's growth potential [4] - The price-to-sales ratio is 1.35 and the enterprise value to sales ratio is 1.59, indicating a reasonable valuation relative to its sales [4] Financial Ratios - Youdao has a negative debt-to-equity ratio of -0.89, suggesting more liabilities than equity, which could be a concern [4] - The current ratio of 0.54 indicates potential challenges in covering short-term liabilities with short-term assets [5] - The company achieved its first full year of positive operating cash flow in 2025, reflecting financial resilience, with an earnings yield of 1.86% [5][6]

经济观察网 网易有道发布2025年第四季度及全年财报后，股价下跌3.92%至9.45美元。财报核心数据与 市场预期存在差异，公司全年经营利润同比增长48.7%至2.2亿元，并首次实现全年经营性现金净流入， 但未披露具体归母净利润数据，市场可能对比此前机构预测存在落差。 业绩经营情况 公司盈利质量短期承压，2025年第三季度财报显示毛利率同比下滑8.0个百分点至42.2%，主要因在线营 销服务业务为拓展新客户导致毛利率降至25.4%。尽管第四季度学习服务收入同比增长17.7%，但公司 主动加大高增长赛道投入，可能加剧市场对短期盈利能力的担忧。 行业政策与环境 AI布局投入增加，公司2025年AI订阅服务销售额虽同比增长超50%，但需持续投入研发与推广。新推出 的桌面级Agent"LobsterAI"仍处于内测阶段，尚未产生规模收益。叠加谷歌Genie 3模型引发行业对AI替 代游戏开发工具的担忧，科技股普遍承压，间接影响市场情绪。 市场环境 美股科技板块调整，纳斯达克指数下跌0.32%，教育服务板块跌幅0.63%，行业整体表现疲软。网易有 道同期成交额仅74.87万美元，流动性较低放大股价波动。股价下跌是财报数 ...

网易有道CEO周枫表示："从2025年全年来看，我们首次实现了年度经营性现金净流入。同时，我们在 学习服务、在线营销服务以及AI订阅服务领域均取得了稳健增长，彰显了公司业务的韧性日益增强。" 2025年四季度，有道延续了稳健的盈利态势，净收入达15.6亿元，同比增长16.8%，连续第六个季度实 现盈利。当季经营利润为6020万元，其同比变化主要源于公司主动加大了对有道领世及广告业务等高增 长赛道的战略性投入。同期，经营性现金净流入达1.8亿，同比增长16.4% 。 智通财经APP获悉，周三，有道(DAO.US)涨逾2%，报10.08美元。消息面上，2月11日，网易有道公布 2025年第四季度及全年未经审计财务报告。 财报显示，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%。公司首次实现全年经营性现金净流入，共计5520万元，标志着财务 健康度与自我"造血能力"进一步提升，成功实现了年初设定的财务目标。 ...

网易有道CEO周枫表示："从2025年全年来看，我们首次实现了年度经营性现金净流入。同时，我们在 学习服务、在线营销服务以及AI订阅服务领域均取得了稳健增长，彰显了公司业务的韧性日益增强。" 2025年四季度，有道延续了稳健的盈利态势，净收入达15.6亿元，同比增长16.8%，连续第六个季度实 现盈利。当季经营利润为6020万元，其同比变化主要源于公司主动加大了对有道领世及广告业务等高增 长赛道的战略性投入。同期，经营性现金净流入达1.8亿，同比增长16.4% 。 周三，有道(DAO.US)涨逾2%，报10.08美元。消息面上，2月11日，网易有道公布2025年第四季度及全 年未经审计财务报告。 财报显示，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%。公司首次实现全年经营性现金净流入，共计5520万元，标志着财务健康度与自我"造血 能力"进一步提升，成功实现了年初设定的财务目标。 ...

Core Insights - The company reported a strong performance in Q4 2025, with net revenues of RMB 1.6 billion, reflecting a year-over-year increase of 16.8% and marking the sixth consecutive quarter of operating profitability [4][7] - Learning services net revenues grew 17.7% year over year to RMB 727.2 million, attributed to a return to growth following strategic restructuring [1][6] - Online marketing revenue surged 37.2% in Q4 to RMB 660.9 million, driven by demand from various sectors including gaming and AI applications [5][11] Financial Performance - For the full year 2025, total net revenues rose 5% year over year to RMB 5.9 billion, with operating profit increasing by 48.7% to RMB 221.3 million [3] - The company achieved its first annual positive operating cash flow of RMB 55.2 million in 2025, a significant improvement from cash used in 2024 [3][4] - Q4 net cash provided by operating activities was RMB 184.2 million, up 16.4% from the prior year [4][7] Growth Drivers - AI-driven subscription services were a key growth driver, with Q4 sales exceeding RMB 100 million, up more than 80% year over year [8] - The company plans to enhance its learning services with continued product innovation and expects to achieve "around double-digit" year-over-year growth in 2026 [9] - The launch of new AI tools, such as ScholarAI, contributed to significant sales growth, with fourth-quarter sales doubling quarter over quarter [9] Segment Performance - The smart devices segment saw a decline, with net revenues of RMB 176.5 million in Q4, down 26.6% year over year [16] - Despite the decline in smart devices, the Youdao Dictionary Pen remained a top-selling product during major shopping events [16][17] - The company highlighted the performance of Youdao Lingshi, which saw revenue growth of over 40% year over year and improved retention rates [7] Strategic Focus - Management emphasized a balanced approach to expenditures, focusing on strategic investments while maintaining cost discipline [2] - The company plans to continue investing in AI applications, gaming, and international KOL business as growth areas for 2026 [15][19] - The commitment to an "AI-native" strategy includes ongoing investment in vertical large language models and AI agents across various business lines [19]

本报讯 （记者袁传玺）2月11日，网易有道（NYSE：DAO）公布了2025年第四季度及全年未经审计财 务报告。财报显示，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%。 公司首次实现全年经营性现金净流入，共计5520万元。 第四季度，网易有道在线营销服务业务净收入为6.6亿元，同比增长37.2%。增长动力一方面源于海外市 场需求的攀升及网易集团的协同效应，另一方面则得益于AI技术对广告投放全流程的智能化改造，驱 动业务效率全面提升。 得益于AI对广告营销全链路的深度赋能，网易有道在多个细分赛道及海外市场均收获了显著增长。根 据财报信息，广告业务覆盖了多个高增长垂直领域。其中，游戏领域与AI应用领域的广告净收入同比 增长双双超过50%。 "展望未来，公司将坚定执行'AI原生'战略，聚焦学习和广告业务，通过深耕垂直领域大模型，并不断 扩大AI应用与智能体的布局，努力打造差异化的用户体验，从而驱动公司业务的长期可持续增长。"周 枫表示。 第四季度，AI订阅服务销售额突破1亿元，创下历史新高，同比增长超80%；整个2025财年，该细分业 务总销售额已逼近4亿元大关，年增长率超 ...

Youdao (NYSE:DAO) Q4 2025 Earnings call February 11, 2026 05:00 AM ET Company ParticipantsFeng Zhou - CEOJeffrey Wang - Director of Investor RelationsJialong Shi - Head of China Internet Equity Research and Executive DirectorLei Jin - PresidentLinda Huang - Head of Asia Consumer ResearchPeng Su - SVPWei Li - VP of FinanceConference Call ParticipantsBo Zhang - Research AnalystBrenda Zhao - AnalystBrian Gong - Internet and Media Research AnalystOperatorGood day and welcome to Youdao's fourth quarter 2025 and ...

Youdao (NYSE:DAO) Q4 2025 Earnings call February 11, 2026 05:00 AM ET Company ParticipantsFeng Zhou - CEOJeffrey Wang - Director of Investor RelationsJialong Shi - Head of China Internet Equity Research and Executive DirectorLei Jin - PresidentLinda Huang - Head of Asia Consumer ResearchPeng Su - SVPWei Zhang - Investment Banking InternConference Call ParticipantsBrenda Zhao - AnalystBrian Gong - Internet and Media Research AnalystOperatorGood day and welcome to Youdao's fourth quarter 2025 and full year ea ...

Youdao (NYSE:DAO) Q4 2025 Earnings call February 11, 2026 05:00 AM ET Speaker2Good day and welcome to Youdao's fourth quarter 2025 and full year earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jeffrey Wang, Investor Relations Director of Youdao. Please go ahead.Speaker1Thank you, Operator. Please note the discussion today will contain forward-looking statements related to the future performance of the company, which are intended t ...