Core Viewpoint - Duolingo is adopting an "AI-first" strategy, emphasizing the integration of AI in its operations and product offerings, which includes the launch of 148 new language courses powered by generative AI [3][33]. Group 1: AI Integration and Strategy - Duolingo's CEO, Luis von Ahn, stated that the company cannot wait for technology to be 100% perfect and prefers to act quickly [3]. - The introduction of generative AI has significantly accelerated course development, allowing Duolingo to create 148 new language courses in just over a year, compared to the 12 years it took to develop the first 100 courses [33]. - The new courses are designed for beginners and include immersive learning features, such as "Stories" for reading comprehension and "DuoRadio" for listening skills [33]. Group 2: User Experience and Challenges - Despite the innovative features, users express dissatisfaction, feeling that the platform does not effectively facilitate language learning [34][46]. - The AI-driven approach has led to a reduction in human instructors, raising concerns about the impact on job security and the quality of learning experiences [31]. - Users have reported encountering nonsensical examples and a lack of practical application in real-life language use, questioning the effectiveness of the AI-generated content [37][44]. Group 3: Market Position and Future Outlook - Duolingo's marketing strategies have successfully increased user engagement, but there are underlying issues regarding the actual learning outcomes [6][27]. - The company aims to provide a personalized language tutoring experience, leveraging AI as a powerful assistant in achieving this goal [30]. - The ongoing challenge remains whether AI can genuinely enhance the learning experience or merely serve as a more entertaining facade [46].

交银国际研究 | 教育 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 5 月 19 日 | | --- | --- | --- | --- | --- | --- | | 美元 | | 9.62 | 美元 12.00 | +24.7% | | | 有道 (DAO US) | | | | | | 聚焦核心业务，利润超预期，预计利润改善趋势持续 公司 1 季度聚焦核心业务，利润大幅超预期。学习服务聚焦 AI 和高中形成差 异化竞争优势，继续实现高中业务流水和留存率的稳步提升，业务结构调整 有望年底结束并恢复增长，广告业务预计下半年在技术进步和合作伙伴落地 推动下加速增长，硬件全年以加快实现盈利为主要目标。我们基于1季度业绩 好于预期，上调 2025 年利润预测 5.7%，维持 12.0 美元目标价和买入评级。 个股评级 买入 1 年股价表现 资料来源 : FactSet 5/24 9/24 1/25 5/25 -50% 0% 50% 100% 150% 200% DAO US MSCI中国指数 股份资料 | 52周高位 (美元) | 11.10 | | --- | --- | | 52周低位 (美元 ...

2025 年 05 月 19 日 公司研究 评级：增持(维持) 研究所： | | chenmz@g | | --- | --- | | 券分析师: 券分析师: | 陈梦竹 ટા 尹芮 S03 | 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 yinr@ghzq.com.cn ——网易-S（9999.HK）2025Q1 财报点评 最近一年走势 事件: 2025 年 5 月 15 日公司公告 2025Q1 财报，2025Q1 实现营收 288.29 亿 元（YoY+7.4%、QoQ+7.8%）；归母净利润为 103.01 亿元（YoY+34.9%、 QoQ+17.5%），non-GAAP 归母净利润为 112.37 亿元（YoY+32%、 QoQ+16.1%）。 国海证券研究所 请务必阅读正文后免责条款部分 [Table_Title] 游戏稳健，降本增效带动利润显著增长 1、主要财务指标分析：网易 2025Q1 实现营业收入 288.29 亿元 （ YoY+7.4% 、 QoQ+7.8% ） ； 归 母 净 利 润 为 ...

交银国际研究 | 科伦博泰生物 | | 6990 HK | | --- | --- | --- | | 中国领先的 | ADC 平台，管线价值集中兑现、关键 | 评级: 买入 | | 拐点已至，首予买入 | | | | 收盘价: 港元 321.20 | 目标价: 港元 400.00 | 潜在涨幅: +24.5% | | 丁政宁 | Ethan.Ding@bocomgroup.com | | 中国首屈一指的 ADC 平台和管线：自 2016 年成立后，公司：1）建立了涵 盖 ADC、大分子药物、小分子靶向药的三大技术平台；2）基于三大平台， 打造了一条约 20 个分子的药物管线，包括至少 11 个 ADC 及 I/O + ADC 联用 机会；3）与默沙东就 ADC 资产多次达成合作交易，总交易对价超百亿美元、 目前正合作推进 6 个分子的全球研发。 核心品种芦康沙妥珠差异化优势明显：芦康沙妥珠对比另两款已上市同靶同 机制竞品，在分子设计和临床数据上有明显优势。中国以外，默沙东正快速 推进约 14 项 III 期研究，涵盖多种存在巨大未满足治疗需求的瘤种。我们预 计芦康沙妥珠中国内地和海外销售峰值将分别超过 50 ...

Group 1 - The core strategy of Duolingo is an "AI-first" approach, emphasizing the integration of AI in recruitment and operational processes, with CEO Luis von Ahn stating a preference for action over waiting for perfect technology [1][22][27] - Duolingo has launched 148 new language courses, significantly aided by generative AI in content development and testing, which allows for rapid course creation compared to previous timelines [28][29] - The introduction of features powered by GPT-4, such as "Explain My Answer" and "Roleplay," enhances user engagement and learning experience, showcasing a close partnership with OpenAI [9][13][14] Group 2 - Despite the advancements, user dissatisfaction arises from the perception that the "AI-first" strategy undermines human roles, leading to layoffs and reduced contractor reliance [22][23] - The company aims to not just optimize existing processes but to fundamentally reinvent them, reflecting a radical approach to automation and efficiency [25][27] - While the platform offers a variety of languages and engaging methods, users express concerns about the effectiveness of learning, indicating a gap between initial engagement and actual language mastery [31][32][49]

Core Viewpoint - Gaotu Education Technology Group has reported a significant turnaround in its financial performance, achieving profitability in Q1 of FY2025 after six consecutive quarters of losses, driven by aggressive investments and a strategic shift in its operational model [1][2][3]. Financial Performance - In Q1 FY2025, Gaotu's revenue reached approximately 1.5 billion RMB, marking a year-on-year growth of nearly 58%, with a net profit of 124 million RMB compared to a loss of 12.3 million RMB in the same period last year [1][4]. - The company had previously incurred losses exceeding 1.2 billion RMB over the last two years, with a total loss of over 1 billion RMB in the last quarter alone [1]. Strategic Investments - Gaotu's workforce saw a dramatic increase, with total employees rising from 7,767 at the end of 2023 to 14,381 by the end of 2024, particularly in market sales personnel, which surged from 3,516 to 6,656 [2][9]. - The aggressive hiring strategy was a response to strong demand in the K12 market, allowing the company to capitalize on market opportunities [3]. Revenue Breakdown - Learning service revenue, including non-subject training and traditional business, contributed over 95% of total revenue, with K12 non-subject training and traditional high school business accounting for over 85% of revenue, both showing significant year-on-year growth [6][7]. - Non-subject training revenue alone accounted for over 35% of total revenue, with a year-on-year growth rate in the triple digits, while traditional business revenue grew by over 35% [7]. Operational Changes - The diversification of course formats has led to a substantial increase in the number of main instructors, from 319 in 2020 to 1,692 in 2024, reflecting a shift towards online and offline small classes and one-on-one tutoring [10]. - The number of tutoring staff has decreased significantly due to changes in class formats and the efficiency gains from AI, which have reduced the need for a large number of tutors [10]. Marketing and Sales Strategy - The increase in market sales personnel indicates a shift in Gaotu's customer acquisition strategy, moving away from low-cost private traffic to more substantial external marketing investments [11]. - Sales expenses surged to 3 billion RMB in 2024, a year-on-year increase of approximately 100%, although the sales expense growth rate has moderated in the latest quarter [12]. Future Outlook - The company aims to balance expansion and profitability, with a focus on sustainable growth and efficiency improvements in 2025, as stated by the founder and CEO [12].

Market Capitalization Overview - The market capitalization of TAL Education Group is 14.95 billion, while Vipshop Holdings has a market cap of 9.21 billion [2] - Other companies such as Miniso and Qifu Technology have market caps of 7.77 billion and 6.33 billion respectively [2] - The market cap of various companies shows a range from 5.22 million to 149.53 billion, indicating a diverse market landscape [2] Stock Performance - TAL Education Group's stock increased by 1.64 (+1.55%), while Vipshop's stock rose by 0.07 (+1.88%) [2] - Miniso's stock saw a significant increase of 1.24 (+6.99%), indicating strong market performance [2] - Companies like Huya and Yiren Digital experienced slight declines in their stock prices, with decreases of -0.03 (-0.81%) and -0.10 (-0.96%) respectively [2] Comparative Analysis - The comparison of market caps shows that TAL Education Group leads with 14.95 billion, followed by Vipshop and Miniso [2] - The performance of stocks varies significantly, with some companies like Miniso showing robust growth compared to others that faced declines [2] - The data indicates a competitive environment among these companies, with varying degrees of market success and stock performance [2]

Market Capitalization Summary - The market capitalization of TAL Education Group is 14.95 billion [2] - The median market capitalization is 8.00 billion [2] - The market capitalization of various companies includes: - 9.23 billion for So-Young International [2] - 7.84 billion for Miniso Group [2] - 6.35 billion for Kingsoft Cloud [2] Stock Performance - TAL Education Group's stock increased by 1.64 (+1.55%) [2] - So-Young International's stock rose by 0.10 (+0.20%) [2] - Miniso Group's stock saw an increase of 0.09 (+2.13%) [2] - Other notable stock performances include: - Zai Lab: decreased by 0.56 (-2.72%) [2] - Weibo: increased by 0.39 (+2.90%) [2] - iQIYI: increased by 0.14 (+1.61%) [2] Company Specifics - The market capitalization of Lufax Holding is 3.28 billion [2] - The market capitalization of Huya is 8.28 billion [2] - The market capitalization of Yiren Digital is 5.33 billion [2] - The market capitalization of Sohu is 3.24 billion [2] Additional Company Data - Financial One Account has a market capitalization of 2.67 million [3] - Baosheng E-commerce has a market capitalization of 2.86 million [3] - The market capitalization of Huami is 38.29 million [3] - The market capitalization of JiuFu is 15.54 million [3]

证券研究报告 高途集团 (GOTU US) 业绩超预期，看好全年利润改善 | 华泰研究 | | | 季报点评 | | | --- | --- | --- | --- | --- | | 2025 年 | 5 月 | 16 日│美国 | K12 | 教育 | 高途发布 25Q1 财报：收入约 15 亿元，同比增长约 58%（显著好于指引上 限的 50.8%）；营业利润约 3480 万元，同比转正；non-GAAP 净利润约 1.4 亿元，显著好于彭博一致预期的 0.7 亿元，主要得益于核心业务的持续快速 增长以及 AI 赋能下运营效率的持续改善。公司宣布 1 亿美金额度的新一轮 回购计划，持续强化股东回报。我们预计 25 年随着公司更加注重增长与利 润的平衡，全年亏损同比有望大幅收窄，维持"买入"。 核心业务收入维持高速增长，AI 赋能产品创新 Q1 K12 业务约占总收入 85%，同比增速超 80%，其中传统学习服务同比 增速超过 35%，素质素养新业务连续 4 个季度实现纳新和收入的三位数增 长。Q1 大学生及成人业务约占总收入的 10%，其中 25 年 2 月推出"吴彦 祖带你学口语"明星课程，通过"明星 ...

证券研究报告 有道 (DAO US) | 华泰研究 | | | 季报点评 | | | --- | --- | --- | --- | --- | | 2025 年 | 5 月 | 16 日│美国 | K12 | 教育 | 有道公布 25Q1（以下简称 Q1）业绩：收入 13.0 亿元，yoy-6.7%；经营利 润 1.0 亿，yoy+247.7%，创一季度历史新高，显著超 VA 一致预期（3990 万元）。公司在"AI 原生"战略下持续聚焦高需求场景，加速 AI 能力在教 育和营销领域商业化落地，盈利能力持续改善。维持"买入"。 AI 驱动核心业务稳健增长 25Q1 公司学习服务/智能硬件/在线营销业务分别实现收入 6.02/1.90/5.05 亿元（yoy-16.1%/+5.1%/+2.6%），其中学习服务聚焦高需求场景，有道领 世 Q1 销售额同比增长超 25%（24Q4 为 10%，环比加速），AI 升学规划师 全新升级并有效带动续报率提升；AI 订阅服务 Q1 销售额近 7000 万，同比 增速超 40%，AI 翻译性能大幅提升带动用户使用率增长。在线营销服务持 续拓展海内外机会，与 Google 和 ...