（原标题：21调查｜起底教育盗版灰色产业链） 上传"2026初中数学全集完整版"的博主，在平台上显示是一名个人用户，大多数作品都已失效或被删 除。他在作品介绍中写道："我花3W买的初中数学网课""完整版视频在置顶评论"。 置顶评论是博主自己发的"点击领取完整版"的链接，进入后却是添加一家个人独资企业客服的企业微 信。 21世纪经济报道记者王峰 北京报道 在近日举行的一场教育行业大会上，一家知名社区平台的业务负责 人演示了一张"人生全阶段，学在××"的PPT。 这张PPT意在展示平台上有丰富的教育资源，其中包括一家知名教育公司的"2026初中数学全集完整 版"课程。 这家教育公司的负责人当时就坐在台下，看到这张PPT后哭笑不得。"那是盗版。"他告诉21世纪经济报 道记者。 这家教育公司的负责人表示，公司用了10年时间、投入超过10亿元，制作了小、初、高全部学科的视频 课。但在平台上，这些多达数千集、时长上百小时的课程却可以免费观看。 "事实上，在几乎所有的主流电商平台、社交媒体上，都有我们的盗版课。"这家教育公司的负责人 说。"网络灰产，正在侵蚀教育行业的根基。" 盗版图书和课程存在已久，随着教育产品的丰富，网 ...

Core Points - On December 3rd, US stock indices closed higher, with the Dow Jones up by 408.44 points (0.86%) at 47,882.90, the Nasdaq up by 40.42 points (0.17%) at 23,454.09, and the S&P 500 up by 20.35 points (0.30%) at 6,849.72 [1] Group 1: Market Performance - The majority of popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index falling by 1.38% [1] - Notable declines included NIO and Xpeng Motors, both down over 4%, while Li Auto and New Oriental fell over 3% [1] - Other companies like Bilibili and Miniso dropped over 2%, and Alibaba, Baidu, and Pinduoduo decreased by over 1%, while Century Internet rose by over 1% [1] Group 2: Economic Indicators - The ADP report indicated a surprising decrease of 32,000 jobs in the private sector for November, suggesting a contraction in the labor market [1] - This data has led traders to increase expectations for a Federal Reserve interest rate cut in the upcoming monetary policy meeting [1] - Current market expectations for a rate cut by the Federal Reserve next Wednesday stand at 89%, significantly higher than predictions made in mid-November [1]

Core Insights - The "2025 National Consumption Conference" held in Beijing focused on innovative practices and trends in the consumption sector, with 51Talk's "Koala AI Teacher" winning the "2025 National Consumption Innovation Case" award, highlighting the shift towards intelligent and personalized education in the internet education sector [1][3][4] Group 1: Industry Trends - The conference emphasized the rapid rise of service consumption and the significant shift in consumer demand towards quality and personalization [3] - The recognition of 51Talk's product aligns with the new consumption trends, showcasing the integration of AI in education to enhance personalized learning experiences [4][9] Group 2: Product Innovation - The "Koala AI Teacher" is positioned as the world's first super-human-like AI teacher, aiming to provide efficient language learning services globally while integrating language skills training with core knowledge systems [6][8] - The product utilizes proprietary algorithms and a large model, incorporating 120 million course data points and insights from over 3,000 top educators, enabling it to adapt to students' learning states and emotional fluctuations in real-time [8] Group 3: Future Outlook - The award signifies broad recognition of 51Talk's exploration in the "AI + Education" sector, demonstrating that AI serves as a powerful educational tool rather than a replacement for teachers [9] - The company plans to continue investing in cutting-edge technologies, focusing on global business expansion, scientific education systems, and personalized learning paths to enhance its products and services [9]

Core Insights - The article discusses the rise of AI educational apps, particularly Gauth, which is gaining popularity among students in North America for its photo-based problem-solving capabilities [1][3][4]. Group 1: AI Educational Apps Overview - Gauth, developed by ByteDance, is an AI learning app that allows students to take pictures of problems and receive detailed solutions and explanations [3][4]. - Other notable apps include Question AI from Zuoyebang and Uknow.AI from Yuanfudao, which also focus on photo-based problem-solving [4][32]. - Gauth has achieved significant success, topping the North American App Store's education category for two consecutive months in late 2025, surpassing established apps like Duolingo and Google Classroom [4][32]. Group 2: Competitive Landscape - The AI educational app market is competitive, with established players like Quizlet and Photomath already having a foothold before the entry of Chinese apps [11][41]. - Gauth's success is attributed to its effective use of TikTok for marketing, where students discover the app through shared experiences [11][44]. - The app has been downloaded over 39 million times globally, with significant growth in Southeast Asian markets, indicating a strong international presence [14][44]. Group 3: Technological Advancements - The evolution of AI educational apps has shifted from merely providing answers to offering comprehensive explanations and teaching methodologies, resembling a tutoring experience [10][40]. - Gauth and similar apps are now expanding their capabilities beyond mathematics to include subjects like statistics, physics, and literature [10][40]. - The integration of advanced AI models has improved the apps' ability to provide personalized learning experiences, enhancing user engagement [18][48]. Group 4: Market Dynamics - The AI education market is projected to grow significantly, with estimates suggesting it could reach 1.6 trillion yuan by 2027 and nearly 1.8 trillion yuan by 2030 [18][48]. - The competitive structure of the market is characterized by a three-tier funnel, with tech giants at the top, educational companies in the middle, and niche startups at the bottom [19][49]. - The strategies of internet giants focus on user acquisition through free features, while educational companies often rely on subscription models to monetize their offerings [19][50]. Group 5: Challenges and Future Directions - Despite the rapid growth, AI educational apps face challenges such as the "hallucination problem" where AI may provide incorrect answers, impacting user trust [27][57]. - The lack of standardized evaluation metrics in the industry complicates the assessment of app effectiveness, leading to potential user dissatisfaction [27][57]. - The future of AI in education will likely focus on balancing technological advancements with ethical considerations, aiming to enhance learning outcomes while maintaining academic integrity [28].

Core Insights - The company reported a revenue of 1.58 billion yuan for Q3 2025, marking a year-on-year growth of 30.7%, with adjusted operating losses and net losses narrowing by nearly 70% [1][3] - Cash reserves exceeded 3 billion yuan, and the company announced the completion of an $80 million stock buyback plan, initiating a new round of $100 million buyback [1][4] Financial Performance - The growth quality of the company has significantly improved, with operating expenses decreasing by 3.7% year-on-year and customer acquisition ROI increasing by 12.8% [3] - Deferred revenue reached 1.77 billion yuan, representing a year-on-year growth of 23.2%, providing stable revenue assurance for upcoming quarters [4] Strategic Direction - The company is transitioning from a focus on scale growth to emphasizing development quality, reflecting a broader trend in the education technology industry towards rational development [3][5] - The integration of "education + AI" is driving a multi-faceted business system, catering to users across all age groups and maintaining growth in both university and adult education segments [4] Management Perspective - The CFO emphasized the importance of a healthy economic model for sustainable growth, indicating a strategic shift in the education sector [3] - The management is optimistic about the company's future, as evidenced by the ongoing stock buyback plans and the strengthening of profitability across various business lines [4][5]

在数学学科，以"球体体积公式推导"为例，教师输入指令后，系统生成的不再是静态视频，而是一个可交互的3D 几何演示模型，学生可通过拖拽、旋转来直观探究推导过程；针对"勾股定理"或"立体几何"等抽象难点，也能生 成动态的可视化交互课件。 12月1日，教育科技企业猿辅导集团打造的首个教师AI专业工具"飞象老师"正式发布。在该工具的帮助下，老师们 用一句话即可生成专业级的交互教学动画与游戏化课件。目前，飞象老师网页端（feixianglaoshi.com）已面向全 国教师免费开放注册。 飞象老师网页端正式上线。 企业供图 立足中国教师的教学与备课场景，飞象老师有两大亮点：一、支持用户输入任意知识内容并辅以一句教学想法， 轻松生成专业级的交互教学动画，如数学中抽象的公式定理，可立即转化为具备3D视效、可交互调整参数的专业 演示动画；二、结合用户创意指令，还能自动生成寓教于乐的游戏化课件，瞬间点亮欢乐有趣的课堂。 一位参与产品内测的老师用户表示，AI虽然有强大的生成能力，但教育内容对科学性、准确性要求更高。"飞象老 师最打动我的一点是，它生成的内容会还原我们老师的教学过程，会遵循课程标准、很贴合教材内容和学生的认 知规律 ...

"飞象老师"基于十余年的教育专业大模型和百亿级知识数据，构建了一整套更适合中国老师教学、适合 中国学生学习的工作流，保证每一个教学动画和知识游戏，都融入了专业的教法、学法和考法。 据了解，"飞象老师"用有两大亮点，其一支持用户输入任意知识内容并辅以一句教学想法，轻松生成专 业级的交互教学动画，如数学中抽象的公式定理，可立即转化为具备3D视效、可交互调整参数的专业 演示动画；其二则是结合用户创意指令，能自动生成寓教于乐的游戏化课件。 具体来看，在数学学科，以"球体体积公式推导"为例，教师输入指令后，系统生成的不再是静态视频， 而是一个可交互的3D几何演示模型，学生可通过拖拽、旋转来直观探究推导过程；针对"勾股定 理"或"立体几何"等抽象难点，也能生成动态的可视化交互课件。在语文学科，"飞象老师"支持将课文 内容转化为沉浸式互动体验。例如输入《桃花源记》，系统可生成第一人称视角的RPG（角色扮演）互 动游戏，让学生在探索"山洞"与"村落"的过程中完成课文学习。此外，在英语与科学学科，教师上传单 词表即可生成"贪吃蛇""消消乐"等趣味单词游戏；输入"太阳系"相关知识，则能生成精准运行的3D宇宙 模型，直观展示行星大 ...

Core Viewpoint - NetEase Youdao (NYSE: DAO) experienced a significant stock price increase of 10.66%, closing at $10.07 per share, with a total market capitalization of $1.204 billion, following the release of its Q3 2025 unaudited financial report, which highlighted strong growth driven by its "AI-native" strategy [2]. Financial Performance - For Q3 2025, NetEase Youdao reported a net revenue of 1.63 billion yuan, representing a year-on-year growth of 3.6% [2]. - The operating profit reached 28.27 million yuan, and the cumulative operating profit for the first three quarters increased by nearly 150% year-on-year [2]. - Operating cash flow outflow narrowed by 31.4% year-on-year, indicating improved financial health and laying a solid foundation for future growth [2]. Strategic Insights - The record high in both online marketing service net revenue and AI subscription service sales confirms the effectiveness of the "AI-native" strategy and demonstrates the deep integration of AI technology into the company's product and service offerings [2]. - CEO Zhou Feng expressed confidence in achieving the financial goals set at the beginning of 2025, which include rapid improvement in operating profit and achieving annual cash flow breakeven [3]. Market Sentiment - The positive sentiment in the capital market is reflected in the ratings from research institutions, with Huatai Securities maintaining a "Buy" rating and CICC also keeping a "Outperform" rating for NetEase Youdao [3].

Core Insights - The company reported its unaudited financial results for the third quarter ending September 30, 2025, showing significant revenue growth and reduced losses compared to the previous year [2][4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 4.462 billion yuan, a year-on-year increase of 41% [2]. - Cash revenue for the same period was 4.33 billion yuan, reflecting a growth of 25.4% year-on-year [2]. - The operating loss for the first three quarters was 385 million yuan, down from 1.033 billion yuan in the same period last year [2]. - The net loss for the first three quarters was 239 million yuan, with an adjusted net loss of 200 million yuan [2]. - The net cash outflow from operating activities was 549 million yuan [2]. Quarterly Performance - In the third quarter alone, the company reported revenue of 1.579 billion yuan, a 30.7% increase year-on-year [4]. - Cash revenue for the third quarter was 1.189 billion yuan, up 11.2% compared to the same quarter last year [4]. - The operating loss for the third quarter was 178 million yuan, significantly reduced from 490 million yuan in the previous year [4]. - The net loss for the third quarter was 147 million yuan, compared to 471 million yuan in the same quarter last year [4]. - The non-GAAP net loss for the third quarter was 138 million yuan, down from 457 million yuan year-on-year [4]. Cost Structure - The main business costs for the third quarter amounted to 536 million yuan, a year-on-year increase of 24.6%, primarily due to the expansion of the teaching and counseling staff, increased rental costs, and higher depreciation and amortization expenses [6]. Share Buyback Program - The company completed its previous share buyback plan of 80 million USD ahead of schedule and officially launched a new buyback plan of 100 million USD approved by the board in May [6]. Cash Position - As of September 30, 2025, the company's total cash and cash equivalents, restricted cash, and short-term and long-term investments amounted to 3.04 billion yuan, down from 4.094 billion yuan as of December 31, 2024 [6].

记者丨 叶麦穗 编辑丨曾芳 12月1日，亚洲早盘，避险情绪再度升温，现货黄金在4220美元关口上方震荡； 现货白银历史首次触及57美元/盎司，日内涨幅一度超过 2.5%，今年以来涨幅已经达到98%，逼近100% ；COMEX白银盘中突破58美元/盎司，日内涨1.47%。 上海期货交易所的白银主力合约价格涨至13520元/公斤，涨幅超过7%，月线上已经连续上涨8个月。 截至发稿，国际银价、铜价早盘大涨后小幅回落，现货白银涨0.97%，报56.945美元/盎司，COMEX白银涨0.5%。 12月1日，LME铜期货价格大幅拉涨，截至发稿报11249美元/吨。沪铜站上89100元/吨，大涨超2%，盘中刷新历史新高。 白银已经连续8个月上涨 本周，美联储将进入12月会议前的"噤声期"。本周二，美联储主席鲍威尔将在一场纪念活动中发表讲话。正值"噤声期"，鲍威尔料不会发表有 关货币政策相关的重要表态。 市场焦点转向即将出炉的诸多经济数据。其中，"美联储最青睐的通胀指标"——美国9月个人消费支出（PCE）报告将于周五公布，预计9 月整体PCE同比涨幅将微升至2.8%，核心PCE价格指数同比涨幅预计将维持在2.9%不变。 与此 ...