Core Viewpoint - Xueersi has launched three series of learning machines (P, S, T) aimed at reshaping the learning experience through "good AI + good content" [1] Group 1: AI and Content Features - The "good AI" aspect relies on the self-developed Jiuzhang model and DeepSeek, achieving a comprehensive upgrade of the intelligent learning system [3] - The learning machines have added 4 million minutes of premium courses and 850,000 sets of real questions since their launch, promoting the idea that "asking questions is a better way to learn" [3] - The "Xiao Si AI 1-on-1" interactive feature breaks the traditional passive response model, actively guiding learning and engaging in continuous dialogue with students [3][4] Group 2: Learning Machine Series - The P series offers a complete and foundational learning solution covering all educational stages from enlightenment to senior high school, integrating classic practice modules and 50 AI learning tools [4] - The S series incorporates a twelve-level mathematics ability training system tailored to different cognitive characteristics of students, with 55 AI tools and a "Gold Medal Learning" feature for personalized learning planning [4] - The T series, as the flagship product, includes the Xiao Si Smart Island Pro, providing comprehensive upgrades and one-stop intelligent homework tutoring services [4][5] Group 3: Learning Efficiency and Engagement - The "Filtering Learning" and "Filtering Practice" functions in the Precision Learning 3.0 system help students focus on key topics and avoid blind practice, enhancing learning efficiency and reducing burden [3] - The homework mode in the T series supports detailed homework reports and allows parents to monitor their children's learning progress [5] - The exploration mode uses engaging tasks to stimulate children's interest in learning and develop their autonomous learning abilities [5] Group 4: Industry Challenges - The intelligent learning head, Zhao Puzheng, analyzed the "impossible triangle" dilemma in education, highlighting the difficulty of balancing high quality, large scale, and personalization [5]

-0.01(-0.17%) -0.08(-1.82%) 0.00(0.00%) 金融壹账通 √ 迅雷 > 小牛电动 2.78亿市值 2.75亿市值 2.41亿市值 3.57 4.41 6.18 0.00(0.00%) -0.06(-1.65%) -0.06(-1.34%) 斗争 宝尊电商 猎豹移动 匈牙国 2.31亿市值 1.85亿市值 1.19亿市值 3.88 7.64 3.16 -0.01(-0.13%) +0.09(+2.93%) 0.00(0.00%) y 2. 2. 9890.12万市值 途牛 新氧 #通# 1.11亿市值 8547.82万市值 0.96 1.45 0.85 +0.01(+0.69%) 0.00(0.00%) 0.00(0.00%) 03 玖富 1754.23万市值 > +Mrs 天境生物 A 极光 7300.43万市值 5176.99万市值 8.52 0.89 1.49 -0.22(-2.52%) 0.00(+0.33%) 0.00(0.00%) 开心汽车 易电行 巴 | 外 955.68万市值 0 房多多 1101.21万市值 213.39万市值 0.23 0.87 0.38 - ...

证券研究报告 2025年05月07日 海外行业报告：行业动态研究 全球AI周报 从海外科技大厂财报看全球AI投资机会 作者： 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 李泽宇 SAC执业证书编号：S1110520110002 分析师 樊程安吉 SAC执业证书编号：S1110524080001 ➢ 微软：收入利润均超预期，AI收入加速。FY25Q3营收达 701 亿美元，同比增长 13%，超越彭博一致预期（685亿美元）；每股收益为 3.46 美元，同比增长 18%，超越彭博一致预期（3.21美元）。Azure收入同比增长33%，AI拉动Azure增 长比例为16%。公司预计下季度Azure 收入增长34%~35%，有望持续加速。处理Token数量超100万亿(4月50万亿)，同比增长5倍，推理需求正加速放量。 ➢ META：AI持续赋能，上调全年资本支出指引。收入达423亿美元，同比增长16%，超彭博一致预期（414亿美元）；GAAP每股收益（EPS）6.43美元，超彭博一致预期5.25美元。Meta AI的使用量持续增长，目前月活跃用户超过10亿；一 季度，META上线了全新的 ...

证券研究报告 2025年05月07日 海外行业报告：行业动态研究 全球AI周报 从海外科技大厂财报看全球AI投资机会 作者： 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 李泽宇 SAC执业证书编号：S1110520110002 分析师 樊程安吉 SAC执业证书编号：S1110524080001 请务必阅读正文之后的信息披露和免责申明 1 摘要 ◼ 海外科技公司财报AI进展 ◼ 全球AI动态： ◼ 投资建议： 请务必阅读正文之后的信息披露和免责申明 2 ➢ 微软：收入利润均超预期，AI收入加速。FY25Q3营收达 701 亿美元，同比增长 13%，超越彭博一致预期（685亿美元）；每股收益为 3.46 美元，同比增长 18%，超越彭博一致预期（3.21美元）。Azure收入同比增长33%，AI拉动Azure增 长比例为16%。公司预计下季度Azure 收入增长34%~35%，有望持续加速。处理Token数量超100万亿(4月50万亿)，同比增长5倍，推理需求正加速放量。 ➢ META：AI持续赋能，上调全年资本支出指引。收入达423亿美元，同比增长16%，超彭博一致预期（414亿美元 ...

证券研究报告 多邻国 (DUOL US) | 华泰研究 | 李报点评 | | --- | --- | | 2025年5月02日 美国 | 互联网 | 多邻国公布 25Q1 业绩：收入 2.31 亿美元/yoy+38%；毛利润 1.64 亿/毛利 率 71.1%;调整后EBITDA为 6280万美元,对应 marqin 为 27.2%/yoy+1pct。 收入利润全面超 VA一致预期(收入 2.23亿,毛利润 1.57亿,调整后 EBITDA 5620 万)。25Q2 收款增速指引中值 28.9%超 VA 一致预期（26%）。Q1 业 绩及 Q2 指引超预期主因 Q1 成功的事件营销活动"复活 Duo"以及多项产 品更新共同促进了用户数和参与度的持续强劲增长。公司宣布将执行"Al 为先"战略,我们认为 AI 赋能下公司有望加快产品迭代速度和内部运营效 率优化,加速提升市场渗透率并推动收入利润增长,维持"增持"。 业绩全面超预期,Al 为先加速赋能 25Q1 多邻国启动了公司有史以来最成功的营销活动"复活 Duo"，带来 17 亿次自然曝光,以几乎零成本高效地撬动了用户增长;此外公司在 Q1 推出 了多项用户体验 ...

多邻国股价在盘前上涨8.8%，此前公司上调了2025财年的收入和利润预期。 ...

金十图示：2025年05月01日（周四）热门中概股行情一览（美股收盘） 130.14亿市值 89.22亿市值 79.93亿市值 93.47 3.94 48.88 +1.16(+1.26%) -0.11(-2.72%) +0.03(+0.06%) 降層時間 MN 名创优品 唯品会 唯品会 的Libb 73.36亿市值 69.82亿市值 56.94亿市值 18.20 17.55 13.56 +0.05(+0.29%) -0.06(-0.44%) +0.17(+0.94%) 本 > xr > >> ral #xx 52.83亿市值 | 奇富科技 金山云 56.65亿市值 38.44亿市值 8.72 13.98 40.37 -0.66(-1.61%) -0.03(-0.29%) +0.39(+2.87%) 再鼎医药 陆金所控股 =2 汽车之家 them zai... 20 24.40亿市值 34.35亿市值 32.12亿市值 31.13 2.81 27.12 -0.56(-1.77%) -0.16(-0.59%) -0.09(-2.93%) 雾芯科技 IOTY) 爱奇艺 RELX G 微博 20.29亿市值 22.3 ...

@ JIN10.COM 0.COM 0.COM 金十数据 | 一个交易工具 十数据 金十图示：2025年05月01日（周四）热门中概股行情一览（美股盘中） 132.00亿市值 89.96亿市值 79.80亿市值 94.81 3.97 48.80 +2.50(+2.71%) -0.08(-1.92%) -0.05(-0.10%) 降臨時間 ) 奇富科技 唯品会 的Libb 69.51亿市值 73.21亿市值 58.12亿市值 17.52 13.50 41.42 +0.02(+0.09%) -0.12(-0.88%) +0.39(+0.95%) AL BAN S2.47亿市值 金山云 SOS 名创优品 56.90亿市值 38.45亿市值 18.19 13.98 8.66 +0.16(+0.89%) -0.09(-0.97%) +0.40(+2.91%) 再鼎医药 陆金所控股 == them zai... 20 24.57亿市值 34.31亿市值 31.84亿市值 31.10 2.83 26.88 -0.59(-1.86%) -0.07(-2.24%) -0.40(-1.47%) 雾芯科技 IOTY) 爱奇艺 RE ...

Udemy (UDMY) Q1 2025 Earnings Call April 30, 2025 05:00 PM ET Company Participants Dennis Walsh - VP - Investor RelationsHugo Sarrazin - CEOSarah Blanchard - CFOTerry Tillman - Managing DirectorNafeesa Gupta - VP - Equity ResearchNoah Herman - VP - Equity Research Conference Call Participants Ryan Macdonald - Senior AnalystJason Tilchen - Director & Senior Equity research AnalystJoshua Baer - Executive Director - Software Equity Research AnalystYi Fu Lee - Equity Research AnalystJeffrey Meuler - AnalystDevi ...

Financial Data and Key Metrics Changes - In Q1 2025, Udemy's quarterly revenue surpassed $200 million for the first time, with adjusted EBITDA exceeding expectations [32][38] - Udemy Business annual recurring revenue (ARR) was $519 million, up 8% year over year, with ARR from large customers increasing by 9% [33] - Total company gross margin improved to 65%, a 300 basis point increase from Q1 2024, driven by changes in content costs and a shift towards Udemy Business [38] Business Line Data and Key Metrics Changes - Udemy Business revenue was $128 million, a 9% year-over-year increase, despite a one percentage point headwind from foreign exchange rates [33] - Consumer segment revenue was $73 million, down 8% year over year, with a negative three percentage point impact from foreign exchange [36] - Subscription revenue across both segments now accounts for 68% of total revenue, representing a 500 basis point expansion year over year [37] Market Data and Key Metrics Changes - Approximately 60% of Udemy's revenue comes from outside the U.S., indicating a strong global presence [16] - The company added approximately 120 net new Udemy Business customers, increasing the global customer base by 7% year over year to over 17,200 [33] Company Strategy and Development Direction - Udemy is transforming from a content provider to an AI-powered reskilling platform, focusing on large enterprises in key verticals [11][14] - The company aims to increase emphasis on consumer subscriptions, which saw revenue rise nearly 40% year over year in Q1 [15] - A full-stack localization strategy will be implemented across high-potential markets to enhance market-specific product experiences [17] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the top line outlook due to external uncertainties, particularly in the consumer segment [40] - The company is focusing on operational efficiency and has implemented $50 million in annualized cost savings to navigate potential headwinds [42] - Management remains optimistic about long-term growth opportunities, particularly in AI and enterprise reskilling [28][45] Other Important Information - The company introduced Career Accelerators, which are curated role-specific learning paths aimed at enhancing personalized learning experiences [22] - Udemy's AI innovations are reducing program creation time by 80% on average, enabling targeted development journeys [22] Q&A Session Summary Question: Key observations from the first 45 days of tenure - Management highlighted the need for better packaging and merchandising of AI offerings and the opportunity to support consumer learners in their career growth [47][51] Question: Contribution from new career accelerators - Management expects career accelerators to be exciting for learners but remains cautious due to macroeconomic uncertainties affecting consumer sentiment [62][64] Question: Conversations with enterprise customers - Management noted increased questions about consolidation and ROI, indicating a shift towards demonstrating value from Udemy's offerings [75][76] Question: Changes in consumer subscription focus - Management confirmed that changes in pricing, packaging, and marketing efforts are underway to enhance consumer subscriptions [87][90] Question: AI opportunity and upsell potential - Management indicated that AI is central to conversations with existing customers, with plans to package targeted AI offerings for different organizational personas [94][95]