本报讯 （记者贾丽）在近日由霞光社主办的"AI赋能教育：个性化、全球化与未来学习场景"圆桌论坛 上，AI技术如何驱动教育出海商业模式革新成为焦点议题。是北京读我科技有限公司旗下伴鱼海外业 务负责人李晓在论坛上指出，人工智能正在深刻改变传统教育SaaS的订阅模式，推动行业从"工具付 费"向"效果付费"与"内容价值付费"等多元化、灵活化的商业路径演进。 AI驱动效率与洞察 成商业化底层支撑 他进一步分析，最终为教育买单的用户，其核心诉求并非"有无AI"，而是学习效果与产品价值。这反而 为商业化带来了新的机会——"你不必非要把高昂的AI技术成本直接转嫁为用户付费的决策点，而是可 以将AI能力产品化为更灵活的价值点。"例如，针对中东地区阿拉伯语从右向左的书写习惯，进行输出 结果的深度本地化适配，这本身就可以成为一个高价值的商业化卖点。 区域策略 全球化不等于单一化 需"一国一策" 基于伴鱼的出海实践，李晓总结了不同市场的商业化策略，强调"一国一策"的重要性。 具体来看，在北美与发达市场，用户对科技创新敏感，付费意愿强。伴鱼在此通过"智能硬件+AI内 容"的组合切入市场，依托中国强大的供应链优势，集成性价比高的芯片与解 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26]. Core Insights - The company reported a revenue increase of 8% year-on-year, with a Non-GAAP net profit of 9.5 billion yuan, reflecting a 27% growth [1][9]. - Deferred revenue grew by 25%, indicating strong future revenue potential [2][26]. - The online gaming segment showed robust performance, with revenue reaching 22.8 billion yuan, a 13% increase year-on-year [2][14]. - The company is focusing on global expansion and the launch of new games, which are expected to drive future growth [2][17]. Financial Performance - In Q3 2025, the company achieved a gross margin of 64.1%, up 1.2 percentage points year-on-year [1][10]. - The total operating expense ratio was 36%, with a sales expense ratio of 15.7%, reflecting increased marketing spending [1][10]. - The forecasted adjusted net profits for 2025-2027 are 39.3 billion, 42.5 billion, and 46.7 billion yuan, respectively [26][28]. Game Performance - Classic games like "Dream of the Red Chamber" continue to attract players, showcasing the company's long-term operational capabilities [2][17]. - The highest concurrent player count for "Dream of the Red Chamber" reached 3.58 million, indicating strong player engagement [2][17]. - New game releases and global launches are anticipated to enhance the company's market presence [2][17]. Other Business Segments - Youdao's revenue increased by 4% year-on-year, with advertising services growing significantly by 51% [3][18]. - Net revenue from NetEase Cloud Music was 2 billion yuan, a 2% decline year-on-year, with a gross margin of 35.4% [3][23].

4、网易云音乐：2025Q3 实现营收20 亿元（YoY-1.8%、QoQ 持平）。 机构：国海证券 研究员：陈梦竹/尹芮 事件: 2025 年11 月20 日公司公告2025Q3 财报，2025Q3 实现营收283.59亿元（YoY+8.2%、QoQ+1.7%）；归 母净利润为86.16 亿元（YoY+31.8%、QoQ+0.2%），non-GAAP 归母净利润为95.02 亿元 （YoY+26.7%、QoQ-0.3%）。 我们的观点： 1、主要财务指标分析：网易2025Q3 实现营业收入283.59 亿元（YoY+8.2%、QoQ+1.7%）；归母净利 润为86.16 亿元（YoY+31.8%、QoQ+0.2%），non-GAAP 归母净利润为95.02 亿元（YoY+26.7%、QoQ- 0.3%）。毛利率同比提升至64.1%（YoY+2.0pct、QoQ-1.0pct），销售费用率15.7%（YoY+8.3pct、 QoQ+22.5pct）、研发费用率16.0%（YoY-5.1pct、QoQ+2.5pct）、管理费用率4.1%（YoY-2.2pct、 QoQ+8.4pct）。 2 、游戏业务： 202 ...

Core Viewpoint - The announcement from Huatu Shanding (300492) emphasizes that AI will significantly change user behavior, focusing on enhancing human-machine collaboration rather than complete replacement of human roles [1] Group 1 - AI is expected to take on a substantial amount of foundational teaching and exam grading tasks [1] - Teachers will be able to concentrate more on core explanations, which is anticipated to improve overall efficiency [1]

该行预测网易2025财年第四季、2025财年及2026财年经调整净利分别为96亿、399亿及416亿元，按年持 平、增长19%与增长4%。该行将网易美股目标价由160美元上调至168美元，维持"优于大市"评级。 海通国际发表报告指，网易第三季业绩略逊预期，总营收低于预期3%；游戏营收低于预期2%；经营利 润率因销售与市场支出增加而低于预期3个百分点，非公认会计准则净利润符合预期，主要得益于超预 期的投资收益。 报告指，网易整体利润率趋势健康。由于海外PC及主机平台的《燕云十六声》利润率相对较低，该游 戏在海外市场的扩张可能拖累游戏毛利率。音乐业务毛利率呈上升趋势，而有道业务毛利率因营收结构 变化而下降。同时预期第四季营销费用将因季节性因素按季下降。 ...

摘要 道氏公司第三季度总毛利同比下降 12.9%至 6.879 亿元，但智能设备 毛利率提升至 50.3%，在线营销服务毛利率降至 25.4%。运营费用略 有减少，销售和营销费用下降，研发费用上升。 第三季度营业利润率同比下降至 1.7%，但归属于普通股股东的净收入 同比增长 17%至 1.011 亿元，非 GAAP 净收入增长 3%至 922 百万元。 学习服务板块营收同比下降 61.6%，但前 9 个月营业利润同比增长 149.2%。 人工智能驱动订阅服务总销售额创新纪录，达约 1 亿元，同比增长超 40%。孔子三号翻译模型发布，支持 38 种语言实时翻译。"有疑"词 典 AI 同声传译功能销售额同比增长超 200%。 在线营销业务加速增长，净收入同比增长 51%至 7.397 亿元，主要受 奈特斯集团和海外市场需求驱动。广告 AI 定位优化器提升广告效果，并 计划推出 2.0 版本。 智能设备业务收入同比下降 22%以上至 2.458 亿元，反映公司采取更 严格策略以提升运营健康状况。新推出儿童绘画产品"你怀疑,太空 X" 以及字典笔、辅导笔等产品。 Q&A 道氏公司在 2025 年第三季度的财务表现如 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][9] Core Insights - The company demonstrates strong long-term operational capabilities in the gaming sector, with a significant increase in deferred revenue laying a solid foundation for future performance releases [2][6] - The Q3 2025 financial results show revenue of 28.359 billion yuan, a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders is 8.616 billion yuan, reflecting a year-on-year increase of 31.8% and a quarter-on-quarter increase of 0.2% [5][6] Financial Performance Summary - **Revenue and Profitability**: In Q3 2025, the company achieved revenue of 28.359 billion yuan (YoY +8.2%, QoQ +1.7%) and a net profit of 8.616 billion yuan (YoY +31.8%, QoQ +0.2%). The non-GAAP net profit was 9.502 billion yuan (YoY +26.7%, QoQ -0.3%) [5][6] - **Gross Margin**: The gross margin improved to 64.1% (YoY +2.0 percentage points, QoQ -1.0 percentage points) [6] - **Expense Ratios**: The sales expense ratio was 15.7% (YoY +8.3 percentage points, QoQ +22.5 percentage points), R&D expense ratio was 16.0% (YoY -5.1 percentage points, QoQ +2.5 percentage points), and management expense ratio was 4.1% (YoY -2.2 percentage points, QoQ +8.4 percentage points) [6] Business Segment Performance - **Gaming Business**: The gaming and value-added services generated revenue of 22.3 billion yuan (YoY +11.8%, QoQ +2.3%). The gaming sector shows strong resilience and growth momentum, with classic IPs performing well [6] - **Youdao**: In Q3 2025, Youdao achieved revenue of 1.6 billion yuan, a year-on-year increase of 3.6% and a quarter-on-quarter increase of 14.9% [6] - **NetEase Cloud Music**: Revenue for Q3 2025 was 2 billion yuan (YoY -1.8%, QoQ flat). The introduction of AI features has enhanced user experience significantly [6] - **Innovative and Other Businesses**: Revenue decreased to 1.4 billion yuan (YoY -18.9%, QoQ -15.3%). The company is focusing on brand rejuvenation and leveraging AI technology [6] Earnings Forecast and Valuation - The company is projected to achieve revenues of 114.8 billion yuan, 126.5 billion yuan, and 136.2 billion yuan for 2025, 2026, and 2027 respectively. Adjusted net profits are expected to be 39.1 billion yuan, 44.1 billion yuan, and 49.1 billion yuan for the same years [8][9] - The target price for 2026 is set at 265 HKD, maintaining the "Accumulate" rating [6][9]

Group 1 - Yu Minhong, the founder of New Oriental, issued an apology letter to all employees after a previous internal letter caused controversy, explaining that his use of Antarctic references was not meant to boast but to share his experiences sincerely [4][5] - The apology letter emphasized the importance of mutual support between employees and the company, encouraging staff to maintain the company's image and resolve grievances internally [4][5] Group 2 - Zhang Junjie, the founder of Bawang Tea, confirmed his marriage and refuted rumors about his past, stating that he had never been married before meeting his wife and addressing the impact of false narratives on his family and business [7][8] - Zhang expressed the need to protect his family's reputation and urged the public not to spread rumors, highlighting the emotional toll these stories have taken on him and his loved ones [7][8] Group 3 - Intel's CEO Chen Lifeng denied rumors regarding a former TSMC executive allegedly taking confidential 2nm technology to Intel, asserting that such claims are baseless and emphasizing respect for intellectual property [9] - TSMC is reportedly conducting an internal investigation into whether the former executive misappropriated company secrets before his retirement [9] Group 4 - Meituan announced a plan to invest 10 billion yuan over the next five years to enhance rider protection, including the establishment of "rider apartments" in major cities [10] - The initiative aims to address the welfare needs of riders and expand the coverage of existing support programs for their families [10] Group 5 - The Ministry of Industry and Information Technology of China projected that the output value of civil aviation products will exceed 160 billion yuan in 2024, representing a year-on-year growth of 23.6% [23] - The ministry plans to promote the development of the civil aircraft industry and low-altitude equipment, focusing on technological innovation and integration with emerging industries [23]

Market Overview - US stock market experienced a rebound with the Dow Jones up by 1.08%, S&P 500 up by 0.98%, and Nasdaq up by 0.88%, providing a glimmer of hope after three weeks of declines [1] - Chinese concept stocks also saw an increase, with the index rising by 0.84%, indicating a positive sentiment among investors [7] A-share Market Performance - A-share market faced a significant drop, with the Shanghai Composite Index falling by 2.45%, and the ChiNext Index dropping over 4%, marking the largest decline in nearly six months [10] - Over 5,000 stocks in the A-share market declined, with more than 100 stocks hitting the daily limit down [10] Sector Performance - Notable sectors included gene editing, which surged by 10.50%, and nanotechnology, which rose by 8.13%, showcasing strong performance in specific areas [4][5] - Despite the overall market downturn, certain sectors like the shipbuilding sector and video content related to artificial intelligence showed resilience, indicating selective investment opportunities [17] Investor Sentiment - The market sentiment is characterized by fear and pessimism, with many retail investors caught off guard by the sudden drop [10] - However, historical patterns suggest that extreme sell-offs often lead to technical rebounds, creating potential for recovery [15] Future Outlook - Analysts predict a high probability of a short-term rebound, with the key focus on whether the market can maintain momentum and attract new capital [20] - The performance of Northbound capital will be a crucial indicator for market confidence moving forward [20] - The biotechnology and semiconductor sectors are highlighted as potential areas for investment, especially if market sentiment improves [21]

Core Insights - The education industry is experiencing new opportunities and challenges due to artificial intelligence, necessitating a fundamental shift in educational approaches to cultivate students' ability to collaborate effectively with AI [1] Group 1: Educational Philosophy and Framework - The core objective of the new educational approach is to systematically develop students' "core competencies in the AI era" [1] - The "4C system" created by the company focuses on enhancing youth's AI core competencies through four dimensions: Cognition, Complex Thinking, Confidence & Driver, and Cross-discipline [1] Group 2: Product Ecosystem and Offerings - The company has developed a diverse product ecosystem that spans both family and school environments, having served 8 million students and covering over 4,500 schools across more than 30 provincial-level administrative regions in China [1] - For families, a systematic curriculum centered on the C series "Programming Applications and Computational Thinking" aims to enhance students' scientific literacy, while the A+ series "Advanced Algorithms and Artificial Intelligence" focuses on cultivating professionals in the AI field [2] - In schools, the company offers a comprehensive AI education solution that includes "courses + teachers + platforms + laboratories," with the recent launch of the "Yuan Chuang Future" AI education platform providing intelligent teaching support for teachers and immersive learning experiences for students [2] Group 3: Research and Development Investment - Continuous investment in research and development is emphasized as a core competitive advantage, with a focus on ensuring that product content and services are beneficial to students [3] - The company has developed a robust technical support system, including a self-developed educational model with over 70 billion parameters for personalized teaching and a full-stack children's programming creation platform with 39 independent intellectual property rights [3] Group 4: Future Development and Goals - The company aims to seize growth opportunities while also focusing on the social value of education for children, with plans to strengthen its foundation and make progress in campus business, offline experiences, and external collaborations [3]