广告首次成网易有道最大收入来源，净利润下滑99%

Core Viewpoint - NetEase Youdao (NYSE: DAO) reported significant changes in its revenue structure, with online marketing services becoming the largest revenue source in Q3 2025, indicating a strategic shift in business focus [1][3]. Financial Performance - In Q3 2025, Youdao achieved a net revenue of 1.63 billion yuan, representing a year-on-year growth of 3.6% [1]. - The net income attributable to ordinary shareholders was 10,000 yuan, a drastic decline of 99% compared to 86.3 million yuan in the same period last year [1]. - Non-GAAP net income attributable to ordinary shareholders was 9.2 million yuan, down 89.7% from 88.7 million yuan year-on-year [1]. Revenue Breakdown - Online marketing services generated 740 million yuan in Q3 2025, marking a 51.1% increase compared to the same quarter in 2024, and accounted for 45.4% of total revenue [1]. - The company significantly reduced its investment in quality education services, which had previously contributed higher revenue and profit levels in Q3 of the prior year [1]. Strategic Adjustments - Youdao indicated that the reduction in the quality education business was a one-time impact, and the structural adjustments have now been completed [1]. - Increased investment was made in other business areas, such as Lingxi, during the third quarter [1].