格隆汇12月17日｜在线教育公司Coursera宣布，计划与Udemy进行全股票交易合并后，交易价值约25亿 美元，Udemy股东将获得0.8股Coursera普通股以换取他们持有的每股Udemy股票。这比公告前30个交易 日的平均收盘价高出26%的溢价。交易完成后，现有Coursera股东将拥有合并公司约59%的股份，而 Udemy股东将在完全稀释的基础上拥有约41%的股份。两家公司的董事会已一致批准了合并协议。 Coursera预计，此次合并将在交易完成后24个月内产生1.15亿美元的年化成本协同效应。 ...

12月15日，福布斯中国正式发布"2025中国教育行业评选"结果。高途教育科技集团（GOTU.US）凭借 其在教育创新、科技融合、教学成效与社会责任等维度的综合表现，一举斩获四项重磅荣誉。 其中，高途集团获评"2025福布斯中国影响力教育品牌"，高途编程荣获"2025福布斯中国影响力教育科 技创新品牌"，高途编程负责人孙赫与高途心理主讲老师王明欢同时入选"2025福布斯中国影响力教育人 物"。 四项奖项权重均衡，全面印证了高途集团在品牌建设、产品创新与人才引领方面的协同优势。 作为全球最具公信力的商业媒体之一，福布斯中国的教育行业评选以严谨的数据模型、多维指标和国际 化视野著称，被视为行业发展的风向标。本届评选覆盖逾500位教育机构代表、学术专家及产业实践 者，从战略前瞻性、技术创新力、用户满意度及社会价值四个核心维度进行系统评估。 高途集团在近12年持续深耕教育科技的基础上，展现出稳健增长与高质量发展的双重韧性，成为少数同 时获得品牌、产品与人物类奖项的企业之一。 多年来，高途集团以"打造人人乐用的终身学习服务平台"为核心愿景，持续深化品牌影响力。目前，高 途集团已建立起覆盖全学龄段、全场景的丰富学习产品矩 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The digital home appliance industry is experiencing a transformation driven by AI technology, with significant developments in various sectors including education, retail, and robotics [1][2][3][4][6][9][10] Industry Trends - The education sector is leveraging generative AI to enhance personalized services, with companies like Fenbi exploring AI-driven products despite facing competition and the need for continuous investment [1] - New retail is shifting from supply-driven to demand-driven management through AI, addressing issues like inventory backlog and customer loyalty [2] - The "human-vehicle-home" ecosystem is evolving with 5G, AI, and IoT technologies, enhancing user experience and creating new business models [3] - AI video content is becoming longer and more sophisticated, democratizing the creative process in the film industry [4] - The AI terminal ecosystem is developing rapidly, with significant growth in AI smartphones and smart wearables, driven by advancements in domestic computing chips [4] - The humanoid robot market is projected to grow significantly, driven by labor shortages and technological advancements, although challenges remain [4][6] - AI entrepreneurship is transitioning from model competition to scenario-based applications, as showcased at the World Internet Conference [6] - The home appliance market is shifting towards quality and innovation, with air conditioners performing well despite price wars, while the black appliance sector faces challenges [9] - The coffee machine market is experiencing growth due to consumer demand for high-quality coffee experiences, reflecting a shift towards premium products [9] - The "Double 11" shopping festival highlighted the significant role of AI in driving sales and transforming consumer decision-making in the home appliance sector [10] Top Brand News - Soul App is preparing for an IPO, focusing on AI-driven emotional value services, with a strong user base among Generation Z [13] - Alibaba is launching new AI products aimed at the consumer market, seeking to enhance its ecosystem and address internal strategic challenges [14] - Yushun Technology is on the verge of going public, having established itself as a leader in the humanoid robot sector [14] - Rokid is gaining traction in the smart glasses market, collaborating with various partners to enhance product functionality and user experience [16] - Kuaishou reported strong revenue growth, attributing part of its success to AI technology that enhances online marketing [17] - Black Sesame Intelligence is addressing challenges in robot mass production with a new intelligent computing platform [18]

"天天上课两个小时都讲交钱的事，啥也没有学到。"面对社交平台上精准推送的AI培训课程广告，越来 越多的老年人掏钱后却发现自己落入了一个精心设计的陷阱。 一种看似传授技术，实则是盯准老年人的精准诈骗正在出现。投诉平台上，超千条相关投诉揭示了统一 套路：先是夸大宣传与情感营销，缴费后AI培训课程迅速"变形"为催缴更高费用的推销会，拒绝后老师 便集体"失联"。更严峻的是，部分老人维权时还可能遭遇"二次收割"，陷入新的骗局。法律专家指出， 此类行为已涉嫌虚假宣传甚至欺诈。 火爆的"银发AI课"：馅饼还是陷阱？ 在各大社交平台和短视频应用上，类似的广告层出不穷："0基础学AI，月入8000+""使用自研工具，一 键生成，没有年龄限制"……这些充满诱惑力的话术，配以精心伪造的"学员"高额收益截图和"感人"的 成功故事，击中了部分老年人希望融入数字时代、创造额外收入甚至实现自我价值的心理。 在黑猫投诉等平台上，南都研究员以"AI课""AI培训"为关键词检索，发现相关投诉超过1500条，其中相 当比例涉及老年消费者，问题高度集中：夸大宣传、诱导消费、课程质量与承诺严重不符、退款无门。 "课程变形"的投诉最为常见。在黑猫投诉平 ...

更重要的是，这种"软硬一体"的模式构建了一种可持续的服务生态。例如小程序内置的"科学规划+个性 路径"双轮驱动学习机制，推出间隔重复设计，自动在用户即将遗忘的关键节点安排重点、难点内容， 有效攻克记忆难关，助力知识牢固嵌入长期记忆。这种方式不仅提升了学习效率，也增强了用户对平台 的依赖。随着未来考研、事业单位等更多考试项目听学资源的陆续上线，这个"动态生长"的内容生态将 不断丰富，形成强大的交叉销售和向上销售能力。 据了解，其首期聚焦2026年3月举行的多省公务员联考，上线《行测》《申论》全体系分阶听学计划， 并设置理论热点、朝闻时政等高适配内容频道。这意味着中公正试图将其在就业服务领域积累的26年大 数据与教研优势，转化为更灵活、更易触达的学习产品，以覆盖那些无法长期投入整块时间学习的潜在 用户群体。 业内观察人士指出，此举是中公教育从"内容提供商"向"学习解决方案服务商"深化的重要信号。通过将 硬件作为入口，以小程序为内容与服务的承载平台，构建一个围绕用户全学习场景的闭环生态，从而提 升用户生命周期价值，对抗行业周期性风险。 "软硬一体"的商业模式创新：意在降低门槛，构建生态 据了解，"学豆听考"模式的核 ...

| | 附注六 | 2018年 | 2017年 | | --- | --- | --- | --- | | 壁业收入 | 23 | 684,568,134.34 | 555,160,904.41 | | 减:营业成本 | | 269,825,655.70 | 222,082,813,34 | | 税金及附加 | | 778,207.94 | 623,143.28 | | 销售费用 | | 587,104,191,99 | 588,978,965.19 | | 管理费用 | | 676,973,045.55 | 93,132,700.42 | | 研发费用 | | 223,984,703,69 | 230,451,638.39. | | 财务费用 | 24 | 13,303,936.11 | (2,089,874.12) | | 其中:利息费用 | | 16,867,811.05 | 1,387,054.92 | | 利息收入 | | 3,883,684.50 | 3,649,846.01 | | 资产减值损失 | 25 | 3.043.514.05 | 380,026.28 | | 加:其他收益 | 26 | ...

Group 1 - The core viewpoint of the report indicates that NetEase-S (09999) is expected to achieve Q3 2025 revenue of 28,400 million yuan, reflecting an 8.2% year-on-year growth, with net profit attributable to shareholders at 8,600 million yuan, and non-GAAP net profit at 9,500 million yuan, both showing double-digit year-on-year growth [1] - The company's gross margin remains high, with a net profit margin of approximately 30%, and operating cash flow net amounting to 12,900 million yuan, representing about 45% of revenue [1] - Net cash at the end of the period stands at 153,200 million yuan, significantly exceeding total liabilities of 53,500 million yuan, indicating strong profitability and cash generation capabilities supported by high-margin gaming and stable expense ratios [1] Group 2 - The gaming business generated approximately 23,300 million yuan in Q3 revenue, marking an 11.8% increase, with a gross margin of around 69%, accounting for about 82% of total revenue [2] - The revenue from the gaming segment was boosted by the release of titles such as "Yan Yun Shi Liu Sheng" and "Marvel: Battle Lines," along with the return of Blizzard games, leading to deferred revenue growth of 25% year-on-year and 15% quarter-on-quarter [2] - Cloud music revenue for Q3 was approximately 1,964 million yuan, with a gross profit of 695 million yuan, reflecting an 8.3% increase, achieved through cost reductions in copyright and promotion, as well as increased subscription and digital album sales [2]

华通证券国际发布研报称，网易-S（09999）的2025年三季度营收28，400百万元（+8.2%），归母净利 8，600百万元（非GAAP净利9，500百万元，均同比双位数增长），毛利率维持高位、净利率约30%； 经营现金流净额12，900百万元，约占营收45%，期末净现金153，200百万元显著高于总负债53，500百 万元，在游戏高毛利与费用率基本平稳的支撑下，公司盈利能力与现金创造能力整体保持稳健。投资评 级为推荐。 责任编辑：史丽君 责任编辑：史丽君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 该行指出，游戏业务Q3收入约23，300百万元（+11.8%，毛利率约69%），营收占比约82%，《燕云十 六声》《漫威争锋》叠加暴雪游戏回归带动递延收入同比+25%、环比+15%；云音乐Q3收入约1，964 百万元，毛利695百万元（+8.3%），通过压缩版权与推广费用、提升会员订阅和数字专辑占比；创新 业务中，有道Q3收入约1，600百万元（+3.6%，AI订阅与在线营销驱动经营利润大幅提升），创新及其 他板块收入约1 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report highlights strong financial performance with a revenue of 28,400 million RMB in Q3 2025, representing an 8.2% year-over-year growth, and a net profit of 8,600 million RMB, with a non-GAAP net profit of 9,500 million RMB, both showing double-digit growth [3][14] - The gaming business remains the core revenue driver, contributing approximately 82% of total revenue, with Q3 gaming revenue reaching 23,300 million RMB, up 11.8% year-over-year [5][18] - The company is focusing on long-term operations, new product launches, and global expansion as key growth strategies [28] Financial Performance - In Q3 2025, the company achieved a gross profit of 18,200 million RMB, with a gross margin maintained at a high level, and a net cash flow from operations of 12,900 million RMB, accounting for about 45% of revenue [3][14][17] - The company’s total assets reached approximately 214,500 million RMB, with a significant net cash position of 153,200 million RMB, providing a buffer against external uncertainties [16] - The net profit margin is approximately 30%, indicating robust profitability [14] Business Development - The gaming segment continues to thrive, with a gross margin of about 69% and deferred revenue increasing by 25% year-over-year, driven by popular titles and new game launches [5][18] - The cloud music segment reported a slight revenue decline of 1.8% to 1,964 million RMB, but improved profitability with a gross profit of 695 million RMB, reflecting effective cost management [20] - The innovative business segment, particularly Youdao, saw a revenue increase of 3.6% to 1,600 million RMB, with a significant rise in operating profit driven by AI subscriptions and online marketing [21] Profit Forecast - The company expects a revenue growth of 10.0% and a net profit growth of 9.2% for 2025, with corresponding PE ratios of 17.41, 25.66, and 20.65 for 2025-2027 [6][8]

Company Research - 康方生物预计2025年每股收益（EPS）为-1.110港元，2026年为0.966港元，目标价提升至144.90港元，较现价有23.4%上升空间[7][9] - 滴滴出行2025年目标价为6.89美元，较现价有37%上升空间，预计2025年总营收为2235亿元人民币[3][16] - 高途预计2025年每股收益为-1.00人民币，目标价为4.20美元，较现价有77.1%上升空间[19][22] Financial Performance - 康方生物2025年上半年产品收入同比增长49.2%至14.0亿元，毛利率为79.4%[7] - 滴滴出行2025年上半年中国市场总交易额为1605.69亿元，同比增长10.8%[13] - 高途2025年第三季度收入同比增长30.7%至15.8亿元，经营亏损大幅减至1.69亿元[19][20] Market Trends - 康方生物的AK112药物预计在2025年第四季度递交美国BLA，潜在峰值销售额为80亿美元[8][9] - 滴滴出行在海外市场的GTV预计2025年达到1150亿元，按固定汇率计算同比增长34.8%[14][16] - 高途的非学科培训业务收入同比增长超过60%，显示出强劲增长势头[20]