Financial Data and Key Metrics Changes - In Q4 2025, net revenues reached RMB 1.6 billion, a 16.8% year-over-year increase, driven by growth in learning services and online marketing services [4][15] - Full year 2025 total net revenues were RMB 5.9 billion, a 5% increase year-over-year, with operating profit growing to RMB 221.3 million, up 48.7% year-over-year [5][20] - Net cash flow from operating activities for Q4 was RMB 184.2 million, up 16.4% year-over-year, marking the first full year of net cash inflow from operating activities at RMB 55.2 million [4][20] Business Line Performance Changes - Learning services in Q4 generated net revenues of RMB 727.2 million, a 17.7% year-over-year increase, with digital content services contributing RMB 436.1 million, up 12.2% year-over-year [5][15] - Online marketing services saw Q4 net revenues of RMB 660.9 million, a 37.2% increase year-over-year, driven by demand from the NetEase Group and overseas markets [10][16] - Smart devices segment reported Q4 net revenues of RMB 176.5 million, down 26.6% year-over-year, primarily due to decreased demand for smart learning devices [11][16] Market Data and Key Metrics Changes - The online marketing segment's gross margin was 27.8% in Q4, reflecting a 2 percentage point sequential improvement despite a year-over-year decline [11] - International KOL revenues increased by over 50% year-over-year in Q4, with successful campaigns executed in over 50 countries [10] Company Strategy and Development Direction - The company remains committed to its AI-native strategy, focusing on advancing learning services and advertising businesses while developing high-performance vertical large language models [14][26] - Plans for 2026 include returning learning services to double-digit growth, leveraging AI capabilities for product innovation, and enhancing user engagement [24][25] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of Youdao Lingshi, citing improved retention rates and plans for product refinement and efficient customer acquisition [27][28] - The advertising business aims to deepen international KOL operations and explore programmatic advertising to drive long-term growth [31][32] Other Important Information - The company achieved its first full year of positive net operating cash flow in 2025, with a focus on enhancing profitability and preparing for substantial operating cash flow growth in 2026 [20][34] - New AI agent products, such as Youdao Lobster AI, are being introduced to enhance user experience and engagement [41] Q&A Session Summary Question: What are the management's thoughts on the 2026 outlook across different business lines? - Management aims to continue serving users with innovative products while growing sustainably, supported by the AI-native strategy [22] Question: What is the outlook for the Youdao Lingshi business in 2026? - Management is confident in Youdao Lingshi's growth due to improved customer outcomes and plans for product refinement and efficient customer acquisition [27][28] Question: How does management view the strong overseas advertisement growth in 2025? - Management plans to deepen international KOL business and explore programmatic advertising to drive tech-led long-term growth [31][32] Question: Is the goal for 2026 to achieve a net inflow for total cash flow? - Management prioritizes continuous improvement of operating cash flow while maintaining a balanced approach to strategic investments [33][35] Question: In what areas will AI agents be deployed, and what is the potential impact? - AI agents will be applied in advertising and learning applications, with significant potential for creating value through enhanced user experiences [37][40]

公 司 研 究 自然选择推出 AI 社交新品《Elys》，看好 AI 应用多维布局 恺英网络(002517) 恺英网络公司点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 杨昊(分析师) | 021-38032025 | yanghao4@gtht.com | S0880524020001 | 本报告导读： 恺英网络在 AI 应用领域多维布局，战略投资公司自然选择在研多个 C 端 AI产品， 情感陪伴产品《EVE》持续推进，近期推出的《Elys》则是在 AI社交领域的一次积 极探索。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,295 | 5,118 | 6,111 | 7,769 | 8, ...

硅星人Pro . 硅（Si）是创造未来的基础，欢迎来到这个星球。 本文来自微信公众号： 硅星人Pro ，作者：周一笑， 题图来自：AI生成 去年11月，奥地利独立开发者Peter Steinberger花了一个小时，把Claude的API接上WhatsApp，做了一个能通过聊天软件操控电脑的AI助手。他当时觉 得这个想法太明显了，大公司肯定会做，就没当回事。大公司没有做。今年1月25日，他把这个项目放上GitHub，一天拿到9000颗星。两周后的今天， 这个叫OpenClaw的开源项目已经突破17万星。 以下文章来源于硅星人Pro ，作者周一笑 OpenClaw跟聊天机器人完全是两回事。它是一个跑在你自己电脑上的AI Agent，拥有文件读写、终端命令、浏览器操控、邮件日历等系统级权限。采 用无头架构（Headless Architecture）作为后台守护进程运行，不需要专门的界面，通过WhatsApp、Telegram、Discord等聊天工具与你交互。你给它 发一条消息，它就在后台像一个隐形员工一样替你干活，不管你在不在电脑前。 更重要的是持久记忆，OpenClaw将所有交互历史存储在本地文件系统中，跨 ...

这股热潮并非停留在技术演示。真格基金投资合伙人杨远骋在2月初进行了一次真实交互：他通过 OpenClaw构建的"投资人Agent"与一位创业者在Moltbook平台上的"创业者Agent"相遇，双方自主完 成了需求匹配与初步沟通，并敲定了一场后续电话会议。"未来已来。"杨远骋的感慨，道出了许多从 业者的心声。 2026.02. 11 本文字数：3759，阅读时长大约6分钟 作者 | 第一财 经 吕倩 2025年的Manus将Agent（智能体）的执行属性全网普及，2026年开局直接迎来了一场"Agent爆发 潮"。 新年首月，多款Agent产品密集亮相，包括AnthropicClaude Cowork、OpenAICodex、Kimi K2.5、 阿里QoderWork等。其中，一款名为OpenClaw的开源项目与平台Moltbook的组合从大厂壁垒中杀出 重围。 市场的嗅觉最为敏锐。美团元老王慧文于2月初再发"英雄帖"，公开招募OpenClaw相关领域创业人 才，标志着OpenClaw从个人开发者的开源项目，走向商业化创业方向。 然而，在话题热度与资本追捧之下，一个更为根本的议题也随之浮出水面。OpenCl ...

新年首月，多款Agent产品密集亮相，包括AnthropicClaude Cowork、OpenAICodex、Kimi K2.5、阿里QoderWork等。其中，一款名为OpenClaw的开源项目与 平台Moltbook的组合从大厂壁垒中杀出重围。 2025年的Manus将Agent（智能体）的执行属性全网普及，2026年开局直接迎来了一场"Agent爆发潮"。 这股热潮并非停留在技术演示。真格基金投资合伙人杨远骋在2月初进行了一次真实交互：他通过OpenClaw构建的"投资人Agent"与一位创业者在Moltbook 平台上的"创业者Agent"相遇，双方自主完成了需求匹配与初步沟通，并敲定了一场后续电话会议。"未来已来。"杨远骋的感慨，道出了许多从业者的心 声。 市场的嗅觉最为敏锐。美团元老王慧文于2月初再发"英雄帖"，公开招募OpenClaw相关领域创业人才，标志着OpenClaw从个人开发者的开源项目，走向商业 化创业方向。 然而，在话题热度与资本追捧之下，一个更为根本的议题也随之浮出水面。OpenClaw在验证"机器为人干活"可行性的同时，也暴露出当前基础设施薄弱、 安全风控机制缺失等行业"底座" ...

2026开年，世界迎来了"Seedance时刻"。 近日，字节AI视频生成模型Seedance 2.0刷爆海内外，也成为这轮AI应用行情的引爆点。Seedance 2.0可 同时生成视频和音频，实现音画同步，意味着时下最火的短剧制作成本将大幅下探，也标志AI视频正 加速迈向工业化生产核心环节。 游戏科学CEO冯骥直言，庆幸Seedance是中国的AI，它是一个"杀死比赛"的存在。他指出，这是"当前 地表最强的视频生成模型"，并称其标志着"AIGC的童年时代结束"。 值得关注的是，字节跳动正在研发AI芯片，并与三星就芯片制造事宜进行谈判。字节跳动计划今年生 产10万至30万片AI芯片。数据显示，科创人工智能ETF（589520）标的指数成份股与字节跳动展开深度 合作，截至2026年1月底，字节跳动产业链权重占比29.42%。 业内人士指出，从去年横空出世的DeepSeek到今年的Seedance，AI Agent应用爆发前夜，中国AI大模型 正在加速赶超。 国联民生证券表示，持续看好AI投资机会，从四维度验证行业高景气：①科技巨头资本开支增长； ②AI助手Clawdbot验证AI从对话工具向执行者转型，边缘AI ...

今天，谷歌Chrome团队投下了一枚深水炸弹：WebMCP（Web模型上下文协议）正式登场。 它可以让AI智能体跳过「人类用户界面」，直接与现有的网站和Web应用深度交互。 在Chrome 146的早期预览版中，开启特定flag即可体验WebMCP 这相当于给Agent加上了「超能力」，从此不用再「装得像个人一样」，去看网页、找按钮，或是点链接。 仅通过一个API：navigator.modelContext，AI便可绕过图形界面，直接与Web应用服务的内核对话。 假设想要订一张机票，Agent不用在屏幕上点击，而会直接通过底层协议，向航空公司网站发送命令，直接获取结果。 用开发者Alex Volkov的话来说，「WebMCP就相当于UI里的API」。 可以说，WebMCP的诞生，释放了一个极其明确的信号—— AI Agent与网页交互的底层逻辑，正迎来一场彻底的重塑。 它实现了从「视觉模拟」到「逻辑直连」的跃迁，正让传统的Web交互范式彻底走向终结。 WebMCP震撼登场 掀起Agent交互革命 或许很多人，还没有意识到WebMCP的重要性。 它的核心在于，改变了Agent获取服务的方式，让其直接拿到了网页 ...

Core Insights - The company, Puli Software, has developed an intelligent agent development platform that supports various general intelligent capabilities such as knowledge Q&A, data Q&A, and document parsing [1] - The platform also facilitates enterprise-level applications including intelligent financial sharing, intelligent treasury management, intelligent equipment operation and maintenance, and intelligent investment asset management [1] - The platform is compatible with several large models including DeepSeek, GLM, Tongyi Qianwen, Xinghuo, Wuyawen, Jiutian, Doubao, and Wenxin Yiyan [1] Summary by Categories - **Product Development** - Puli Software's intelligent agent development platform supports multiple intelligent capabilities [1] - The platform enables the development of various enterprise-level applications [1] - **Applications** - Applications include intelligent financial sharing, intelligent treasury management, intelligent equipment operation and maintenance, and intelligent investment asset management [1] - **Integration with Large Models** - The platform supports integration with major large models such as DeepSeek, GLM, and others [1]

Core Viewpoint - The article discusses the launch of ByteDance's new image generation model, Seedream 5.0, which enhances video editing capabilities and offers significant improvements in intelligent understanding and editing precision compared to its predecessor, Seedream 4.5 [2][3]. Group 1: Product Features - Seedream 5.0 is positioned as a more affordable alternative to Nano Banana Pro, allowing users to utilize it for free up to 20 times daily [3]. - The model supports real-time online image searching, enabling quick generation of promotional images for trending events and products, with features like "feature transfer" and "example editing" for precise adjustments [8]. - The resolution capabilities of Seedream 5.0 include support for 2K images, with enhancement options up to 4K, and it boasts faster generation speeds [3]. Group 2: Application Scenarios - The applications of Seedream 5.0 span various sectors, including advertising, e-commerce, film production, digital entertainment, and education [5]. - The model allows users to choose different versions based on their needs, such as using Seedream 5.0 for knowledge reasoning and intelligent editing, while Seedream 4.5 is preferred for high-quality visuals [3]. Group 3: Industry Trends - The article highlights the rapid growth of AI technologies, with OpenClaw becoming one of the fastest-growing open-source projects, indicating a shift towards execution-oriented AI agents [15]. - Major companies like ByteDance, Alibaba, Kuaishou, and Baidu are launching new AI applications, suggesting an acceleration in industry penetration [16]. - The advancements in AI multi-modal applications, particularly in video generation, are expected to lower production costs and technical barriers, enhancing overall efficiency [16].

Core Viewpoint - The A-share market experienced narrow fluctuations on February 10, with mixed performance across the three major indices, while the Sci-Tech Innovation 50 Index rose nearly 1% [2]. Group 1: Market Performance - The computing power leasing sector showed strong performance, with stocks such as Yacon Co. hitting the daily limit up of 20%, alongside other companies like TeFa Information, Hangjin Technology, and People’s Daily also reaching their daily limits [2]. - Other stocks in the sector, including Jishi Media, Yuntian Lihui, Guanghuan New Network, and Zhejiang Data Culture, also saw gains [2]. Group 2: Industry Trends - The acceleration of large model commercialization is increasing demand for computing power, leading to expectations of price increases for certain computing power products [2]. - Google announced a price increase for its cloud services and AI computing infrastructure, effective May 1, while Amazon previously raised its EC2 machine learning capacity block prices by approximately 15% [2]. - Huaxi Securities noted that the price hikes by tech giants indicate a clear tendency for cost transmission, suggesting a positive outlook for cloud service providers, computing power leasing, and edge computing as the AI industry transitions into the Agent era [2].