Group 1 - NetEase Youdao (DAO) stock increased by 2.31% to $9.085 per share, with a total market capitalization of $1.086 billion as of August 15 [1] - For the fiscal year ending March 31, 2025, NetEase Youdao reported total revenue of 1.298 billion RMB, a year-over-year decrease of 6.72%, while net profit attributable to the parent company was 76.743 million RMB, showing a significant year-over-year increase of 517.3% [1] Group 2 - NetEase Youdao is set to disclose its fiscal year 2025 interim report on August 28, with the actual disclosure date subject to company announcement [2] - The company operates primarily through its domestic subsidiary, NetEase Youdao Information Technology (Beijing) Co., Ltd., and is recognized as a leading smart learning company in China [2] - Founded in 2006 and affiliated with NetEase Inc. (NASDAQ: NTES; Hong Kong Stock Code: 9999), Youdao offers user-oriented learning products and services, including online courses and interactive learning applications [2]

Core Viewpoint - Investors are evaluating Globant (GLOB) and NetEase (NTES) for potential undervalued stock opportunities, with a focus on valuation metrics to determine the better option [1]. Valuation Metrics - Both GLOB and NTES have a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and an improving earnings outlook [3]. - GLOB has a forward P/E ratio of 12.97, while NTES has a forward P/E of 15.82, suggesting GLOB may be more undervalued [5]. - The PEG ratio for GLOB is 2.49, compared to NTES's PEG ratio of 4.21, indicating GLOB's expected earnings growth is more favorable relative to its valuation [5]. - GLOB's P/B ratio is 1.65, while NTES has a P/B of 4.2, further supporting GLOB's position as a more attractive value option [6]. - GLOB is assigned a Value grade of B, while NTES has a Value grade of C, reinforcing the assessment of GLOB as the superior value stock [6][7].

Group 1 - The US stock market indices opened lower on August 14, with the Nasdaq China Golden Dragon Index dropping over 2% at one point, indicating weak performance of Chinese concept stocks [1] - In the Asian trading session on the same day, A-shares and Hong Kong stocks experienced adjustments after initial gains, with the Shanghai Composite Index down 0.46%, Shenzhen Component Index down 0.87%, Hang Seng Index down 0.37%, and Hang Seng Tech Index down 0.97% [3] Group 2 - NetEase's stock initially dropped over 9% but later narrowed its losses to under 2% after the company released its Q2 2025 financial report, showing net revenue of 27.9 billion yuan, a year-on-year increase of 9.4%, and net profit attributable to shareholders of 8.6 billion yuan [5][6] - JD.com reported a Q2 revenue of 356.7 billion yuan (approximately 49.8 billion USD), a year-on-year growth of 22.4%, exceeding market expectations and marking the highest growth rate in nearly three years [7][9] - Other popular Chinese concept stocks like XPeng Motors, Li Auto, and NIO fell over 4%, while companies like Kingsoft Cloud, Niu Technologies, and EHang dropped over 2% [9] - Xunlei saw a significant increase of over 20% after reporting Q2 revenue of 10.4 million USD, a year-on-year growth of 30.6%, with net profit of 8.3 million USD, up from 3.2 million USD in the same period last year [9] - Weibo's stock rose nearly 10% after reporting Q2 net revenue of approximately 445 million USD, a year-on-year increase of 1.6%, and adjusted earnings per share of 0.54 USD [11]

中概股调整。 迅雷大涨超20%。公司发布的第二季度未经审计财报显示，本季度迅雷总营收为1.04亿美元，同比增长 30.6%。基于非美国通用会计准则（Non-GAAP），本季度净利润为830万美元，去年同期净利润为320万美 元。净利润的增长主要是迅雷对影石创新公司长期投资的公允价值的变动，该公司已于2025年6月完成IPO。 当地时间8月14日，美股三大指数集体低开，随后窄幅震荡。 中概股表现较弱，纳斯达克中国金龙指数盘中一 度跌超2%。 8月14日亚洲交易时段，A股、港股均在冲高后出现调整，截至当天收盘，沪指跌0.46%，深证成指跌0.87%， 恒生指数跌0.37%，恒生科技指数跌0.97%。 具体中概股方面，网易盘初一度跌超9%，随后跌幅显著收窄，截至发稿，跌幅不足2%。 消息面上，网易当天发布了2025年第二季度财报。财报显示，网易二季度净收入279亿元，同比增长9.4%， 预估284亿元；归属于公司股东净利润为86亿元，经调整归属于公司股东净利润为95亿元。游戏及相关增值服 务净收入228亿元，上一季度和去年同期分别为240亿元和201亿元。 京东集团盘前一度涨超3%，盘初小幅冲高后转跌，截至发稿跌超 ...

重大事项： 银诺医药-B(02591)：香港公开发售获5341.66倍认购 石四药集团(02005)：阿齐沙坦已获国家药监局批准登记成为在上市制剂使用的原料药 荣昌生物(09995)：泰它西普(商品名：泰爱)用于治疗原发性干燥综合征的中国III期临床研究达到主要终 点 经营业绩： 网易-S(09999)公布中期业绩 归母净利为189.02亿元 同比增长31.33% 联想集团(00992)创有史以来最高第一季度收入 收入同比上升22%至188亿美元 网易云音乐(09899)发布中期业绩，股东应占利润18.85亿元，同比增加132.83% 中国电信(00728)发布中期业绩，股东应占利润230.17亿元 同比增加5.52% 中国电信(00728)第二季度5G网络用户数约2.82亿户 净增1581万户 京东集团-SW(09618)二季度取得收入3567亿元 同比增加22.4% 持续布局新增长领域 京东健康(06618)发布中期业绩，收入同比增长24.5%至352.9亿元 京东物流(02618)发布上半年业绩，非国际财务报告准则利润达33亿元 同比增长7.1% 吉利汽车(00175)发布中期业绩 毛利247.19亿元 ...

道指跌0.36%，纳指跌0.29%，标普500指数跌0.28%。网易跌超7%，公司Q2业绩不及预期。芯片股普 跌，英伟达跌超1%。 (本文来自第一财经) ...

Summary of the Conference Call for NetEase Youdao (2025 Q2) Company Overview - **Company**: NetEase Youdao - **Quarter**: Q2 2025 Key Financial Metrics - **Net Revenue**: RMB 1.4 billion, a year-over-year increase of 7.2% [2][3] - **Operating Cash Flow**: RMB 185 million, attributed to effective execution of AI-native strategy and cost control [2] - **Net Loss**: RMB 17.8 million, significantly narrowed from RMB 99.5 million year-over-year [10] - **Non-GAAP Net Income**: RMB 12.5 million, a turnaround from a loss of RMB 96 million year-over-year [10] - **Sales and Marketing Expenses**: Decreased to RMB 401.8 million from RMB 515.7 million year-over-year [10] - **R&D Expenses**: Decreased to RMB 128.3 million from RMB 153 million year-over-year [10] - **Gross Profit**: RMB 609.4 million, a year-over-year decrease of 4.3% [3] Business Segments Performance Learning Services - **Net Revenue**: RMB 657.8 million, a year-over-year increase of 2.2% [3] - **Strong Performance**: The Youdao Leading Edge segment saw significant growth, with digital content services revenue reaching RMB 444.74 million [5] Online Marketing Services - **Record Revenue**: RMB 632.9 million, a year-over-year increase of 23.8% [6] - **Growth Drivers**: Strong demand from the gaming industry and Chinese clients' overseas expansion [6] - **Game Advertising Revenue**: Increased by over 50% [6] Smart Devices - **Net Revenue**: RMB 126.8 million, a year-over-year decrease of 23.9% [3][7] - **Market Leadership**: Despite the decline, the company maintains its market leadership, focusing on products like Utah Dictionary Ten [7][8] Strategic Initiatives - **AI-Native Strategy**: Continued focus on optimizing large language models and smart agents to enhance learner efficiency and advertiser ROI [4][9] - **Product Development**: Plans to launch new AI-driven smart devices and personalized learning technologies [4][9] - **Cost Control**: Integration of hardware and learning services to reduce overall sales and marketing costs [4][14] Future Outlook - **Continued Investment**: Plans to invest more in technology to achieve long-term value [17][18] - **Stock Buyback**: Ongoing stock buyback plan with potential for new plans based on market conditions [17][18] - **Advertising Growth**: Anticipated acceleration in advertising revenue, particularly in domestic and overseas gaming markets [18] Additional Insights - **User Engagement**: The introduction of AI interactive course formats has improved user learning outcomes and brand reputation [11] - **Market Potential**: The Chinese AI hardware market is expected to exceed RMB 1 trillion in 2025, with an 18% CAGR over the next five years [12] - **AI Advertising Optimizer**: Expected to enhance advertising efficiency and ROI, supporting revenue growth [13] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segment insights, strategic initiatives, and future outlook for NetEase Youdao in Q2 2025.

Financial Performance - Net revenue for the second quarter of 2025 was 27.9 billion yuan, representing a year-on-year increase of 9.4% [1] - Net profit attributable to shareholders was 8.6 billion yuan, down from 10.3 billion yuan in the previous quarter and up from 6.8 billion yuan in the same period last year [1] - Non-GAAP net profit attributable to shareholders was 9.5 billion yuan, compared to 11.2 billion yuan in the previous quarter and 7.8 billion yuan in the same period last year [1] Game Performance and Strategy - The game "Yan Yun Shi Liu Sheng" has shown stable performance, exceeding pre-launch expectations in terms of active users and commercialization [2] - "Seven Days World" experienced a revenue rebound due to a successful 2.0 version update and the introduction of a new PVP mode, ranking fourth on the Steam global sales chart [3] - The user and revenue distribution between China and overseas markets for "Seven Days World" is 1:1 and 1:1.5, respectively [3] Blizzard Games and Market Potential - Blizzard games have performed well, with data surpassing levels from before the last shutdown, indicating strong potential for attracting both new and returning players in China [4] - The company aims to create content that aligns with Chinese players' preferences to tap into the significant potential of Blizzard games [4] Shooting Game Market - The shooting game segment is highly competitive, with high user expectations for art quality and innovative gameplay [4] - The company plans to continue investing in shooting games to establish leading products in this space [4] Long-term Game Development - "Marvel Showdown" has seen revenue and daily active users stabilize after the launch of its third season, indicating effective new strategies [5] - "Forgotten Sea" is viewed as a potential top game, with a focus on its commercial model and target market [5] Evergreen Games Recovery - "Dream Journey" has shown recovery in performance, with a peak of 2.93 million concurrent users recorded [6] - "Egg Party" is expected to become a popular family game through continued investment in high-quality content and marketing [7] AI Integration and Overseas Expansion - The company is actively investing in AI to enhance game development and operations, with plans for AI-driven games in the near future [8] - The overseas market is seen as attractive, with successful titles like "Marvel Showdown" and "Seven Days World" achieving good results [9]

Core Insights - NetEase reported Q2 2025 net revenue of 27.9 billion yuan, a year-on-year increase of 9.4% [1] - Gross profit for the quarter was 18.1 billion yuan, reflecting a year-on-year growth of 13.3% [1] - Non-GAAP net profit attributable to shareholders was 9.5 billion yuan, up 21.8% year-on-year but down 15.2% quarter-on-quarter [1] Business Segments - The gaming segment remains the core of NetEase's business, accounting for 81.7% of total revenue, with net income from gaming and related services reaching 22.8 billion yuan, a 13.7% year-on-year increase [1] - Notable game performance includes "Identity V" and new titles like "Yanyun Sixteen Sounds" and "Marvel Duel," contributing to revenue growth, although there was a quarter-on-quarter decline due to various self-developed and licensed games [1][2] - NetEase Cloud Music, the second-largest business segment, reported net revenue of 2 billion yuan, a year-on-year decline of 3.5%, primarily due to a drop in social entertainment services [2] Other Business Highlights - NetEase Youdao achieved net revenue of 1.4 billion yuan, a year-on-year increase of 7.2%, marking its first profitable Q2 with an operating profit of 28.8 million yuan [3] - Youdao's revenue growth was driven by online marketing and learning services, although smart hardware revenue fell by 23.9% to 127 million yuan [3] - As of June 30, 2025, NetEase's net cash balance was 142.1 billion yuan, up from 116.1 billion yuan in the same period of 2024 [3]

8月14日，网易交出了一份数据不错的二季度财报，不过市场反应稍显冷静，截至发稿，网易美股盘前 跌幅超过8%。 财报显示，网易Q2净收入为279亿元，同比增加9.4%，归属于公司股东的净利润为86亿元，去年同期为 68亿元，同比增长超过26%。这一高增长部分原因是本季度确认了净汇兑收益，去年同期为净汇兑损失 近2.4亿元。 在提及AI时，丁磊表示，网易积极投入大量资源去适应和利用好AI，目前AI在网易的产品开发和运营 上效果是显然易见的，不久的将来，可以利用AI做出更生动有趣的游戏。 除游戏业务外，网易有道业务的净收入为14 亿元，同比增加7.2%。AI是有道业务的重点布局方向，二 季度，网易有道AI订阅服务销售额近8000万元，同比增长约30%。 二季度网易云音乐的净收入为20 亿元，同比减少3.5%。创新及其他业务净收入为17 亿元，同比减少 17.8%，原因是该分部中网易严选、广告服务和其他一些业务净收入减少。 二季度，网易研发投入44亿元。从市场动作来看，网易在押注具身智能。7月，网易伏羲旗下网易灵动 发布了首个为露天矿山挖掘机装车场景打造的具身智能模型——"灵掘"。网易相关负责人提到，网易在 2021 ...