Financial Data and Key Metrics Changes - In Q4 2025, net revenues reached RMB 1.6 billion, a 16.8% year-over-year increase, driven by growth in learning services and online marketing services [4][15] - Full year 2025 total net revenues were RMB 5.9 billion, a 5% increase year-over-year, with operating profit growing to RMB 221.3 million, up 48.7% year-over-year [5][20] - Net cash flow from operating activities for Q4 was RMB 184.2 million, up 16.4% year-over-year, marking the first full year of net cash inflow from operating activities at RMB 55.2 million [4][20] Business Line Performance Changes - Learning services in Q4 generated net revenues of RMB 727.2 million, a 17.7% year-over-year increase, with digital content services contributing RMB 436.1 million, up 12.2% year-over-year [5][15] - Online marketing services saw Q4 net revenues of RMB 660.9 million, a 37.2% increase year-over-year, driven by demand from the NetEase Group and overseas markets [10][16] - Smart devices segment reported Q4 net revenues of RMB 176.5 million, down 26.6% year-over-year, primarily due to decreased demand for smart learning devices [11][16] Market Data and Key Metrics Changes - The online marketing segment's gross margin was 27.8% in Q4, reflecting a 2 percentage point sequential improvement despite a year-over-year decline [11] - International KOL revenues increased by over 50% year-over-year in Q4, with successful campaigns executed in over 50 countries [10] Company Strategy and Development Direction - The company remains committed to its AI-native strategy, focusing on advancing learning services and advertising businesses while developing high-performance vertical large language models [14][26] - Plans for 2026 include returning learning services to double-digit growth, leveraging AI capabilities for product innovation, and enhancing user engagement [24][25] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of Youdao Lingshi, citing improved retention rates and plans for product refinement and efficient customer acquisition [27][28] - The advertising business aims to deepen international KOL operations and explore programmatic advertising to drive long-term growth [31][32] Other Important Information - The company achieved its first full year of positive net operating cash flow in 2025, with a focus on enhancing profitability and preparing for substantial operating cash flow growth in 2026 [20][34] - New AI agent products, such as Youdao Lobster AI, are being introduced to enhance user experience and engagement [41] Q&A Session Summary Question: What are the management's thoughts on the 2026 outlook across different business lines? - Management aims to continue serving users with innovative products while growing sustainably, supported by the AI-native strategy [22] Question: What is the outlook for the Youdao Lingshi business in 2026? - Management is confident in Youdao Lingshi's growth due to improved customer outcomes and plans for product refinement and efficient customer acquisition [27][28] Question: How does management view the strong overseas advertisement growth in 2025? - Management plans to deepen international KOL business and explore programmatic advertising to drive tech-led long-term growth [31][32] Question: Is the goal for 2026 to achieve a net inflow for total cash flow? - Management prioritizes continuous improvement of operating cash flow while maintaining a balanced approach to strategic investments [33][35] Question: In what areas will AI agents be deployed, and what is the potential impact? - AI agents will be applied in advertising and learning applications, with significant potential for creating value through enhanced user experiences [37][40]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 UJU HOLDING LIMITED 優 矩 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：1948） 董事會認為，本集團截至2026年12月31日止年度的經營及財務表現將取決於多 個其他因素，包括但不限於與主要客戶的任何後續發展、本集團與主要客戶之 間的持續溝通、透過多元化業務策略從本集團其他客戶及新業務分部獲得的 任何增長，及更廣泛的行業格局。此外，本集團將實施適當的節省成本措施， 以簡化其成本結構。董事會相信，與主要客戶的業務安排變動可能會對本集團 截至2026年12月31日止年度的財務業績產生負面影響，但不會對本集團其他經 營產生重大影響。 – 1 – 本公告所載資料僅基於董事會作出之初步評估，並參考董事會現時可得資料， 而該等資料可能會進行修訂或調整。本公司將根據上市規則的規定，於適當時 候另行刊發公告。 股東及有意投資者於買賣本公司 ...

Core Viewpoint - The company, Youju Holdings (01948.HK), has announced a share transfer agreement to acquire 100% of ChillShorts, a short drama platform, which aligns with its strategy to expand into overseas markets [1] Group 1: Acquisition Details - The acquisition is set to take place on November 14, 2025, and will enhance the company's presence in the online marketing solutions sector [1] - ChillShorts focuses on high-quality short dramas with a daily active user (DAU) count exceeding 100,000, primarily in key markets such as Japan, South Korea, the United States, and Southeast Asia [1] Group 2: Strategic Implications - This acquisition will integrate the company's leading capabilities in online marketing with quality content reserves from content partners, creating an immersive viewing experience for overseas users [1] - The deal is expected to expand the company's business boundaries and create new revenue channels, contributing to long-term growth value [1]

Core Viewpoint - The company, Youju Holdings (01948), has announced the acquisition of 100% equity in ChillShorts, a short drama platform, which will become a subsidiary post-acquisition, integrating its financial performance into the group's consolidated financial statements [1] Group 1: Acquisition Details - The acquisition agreement was signed on November 14, 2025, between the company and the shareholders of ChillShorts [1] - ChillShorts focuses on high-quality short dramas with real-time viewing and subscription services, featuring a large library of diverse content and an innovative interactive chat function with characters [1] Group 2: Market Position and User Engagement - ChillShorts has surpassed 100,000 average daily active users (DAU), with a core user base spanning major markets including Japan, South Korea, the United States, and Southeast Asia [1] Group 3: Strategic Implications - The acquisition aligns with the company's strategy to expand its overseas market presence through acquisitions [1] - It aims to leverage the company's leading capabilities in online marketing solutions, quality content reserves from partners, and the immersive viewing experience provided by the platform, creating new revenue channels and long-term growth value for the business [1]

格隆汇12月4日丨优矩控股(01948.HK)公告，于2025年11月14日，公司与营运CHILLSHORTS SHORT DRAMA PLATFORM*(ChillShorts短剧平台)("ChillShorts")的实体("目标实体")的股东("卖方")订立股权转 让协议，据此，公司同意收购，而卖方同意出售目标实体的100%股权("收购事项")。于收购事项完成 后，目标实体将成为公司的附属公司，而目标实体的财务业绩将并入集团的综合财务报表。 收购事项符合集团通过收购拓宽海外市场的战略。本次收购将深度融合集团于在线营销解决方案领域的 领先能力、内容合作方的优质内容储备以及该平台所打造的沉浸式观剧体验，为海外用户带来全新体 验。本次收购将拓展集团的业务边界及新的创收渠道，为集团的业务创造长期增长价值。 ChillShorts聚焦优质短剧的实时收看及订阅服务。ChillShorts及其合作伙伴拥有海量短剧资源，覆盖多 样化类型的优质内容，更创新引入"与剧中角色互动聊天"功能。Chillshorts平均日活跃用户(DAU)已突 破10万，核心用户广泛覆盖日本、韩国、美国及东南亚等多个主流市场。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 自願性公告 收購海外短劇平台 本公告由优矩控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願 作出，以知會本公司股東及有意投資者本集團的最新業務發展情況。 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：1948） 本 公 司 董 事（「董 事」）會（「董事會」）欣 然 宣 佈，於 2025 年 11 月 14 日，本公司 與營運CHILLSHORTS SHORT DRAMA PLATFORM*（ChillShorts短 劇 平 台） （「ChillShorts」）的實體（「目標實體」）的股東（「賣方」）訂立股權轉讓協議（「股權 轉讓協議」），據此，本公司同意收購，而賣方同意出售目標實體的100%股權 （「收購事項」）。於收購事項完成後，目標實體將成為本公司的附屬公司，而目 標實體的財務業績將併入本集團的綜合財務報表。 關於CHILLSHORTS的資料 Chil ...

Summary of the Earnings Call Transcript Company Overview - The document discusses the financial performance and strategic direction of Dao's Company (道氏公司) for the third quarter of 2025. Key Financial Metrics - **Total Gross Profit**: Decreased by 12.9% year-on-year to RMB 687.9 million [2][4] - **Operating Profit Margin**: Dropped to 1.7% from 6.8% in the same quarter of the previous year [7] - **Net Income**: Increased by 17% year-on-year to RMB 101.1 million; Non-GAAP net income grew by 3% to RMB 92.2 million [7] - **Learning Services Revenue**: Declined by 61.6% to RMB 643.1 million, attributed to a more disciplined customer acquisition strategy [3][8] - **Online Marketing Services Revenue**: Grew by 51% year-on-year to RMB 739.7 million, driven by demand from NetEase Group and overseas markets [3][12] - **Smart Devices Revenue**: Decreased by over 22% to RMB 245.8 million, reflecting stricter operational strategies [3][13] Gross Margin Analysis - **Learning Services Gross Margin**: 58.5%, down from 62.1% year-on-year [4] - **Smart Devices Gross Margin**: Increased to 50.3% from 42.8% year-on-year [4] - **Online Marketing Services Gross Margin**: Fell to 25.4% from 36.3% year-on-year [4] Strategic Developments - **AI-Driven Subscription Services**: Achieved record sales of approximately RMB 100 million, a year-on-year increase of over 40% [10] - **New Product Launches**: Introduced the "孔子三号" translation model supporting real-time translation in 38 languages and the "有疑" dictionary with AI simultaneous interpretation features, which saw sales growth of over 200% [10][11] - **Focus on Core Business**: The company plans to continue advancing its native AI strategy, particularly in learning and advertising sectors, while maintaining financial discipline [5][14] Cost Management - **Sales and Marketing Expenses**: Decreased to RMB 487.7 million [6] - **R&D Expenses**: Increased to RMB 127.8 million [6] Future Outlook - **Cash Flow Expectations**: The company anticipates continued positive operating cash flow in the fourth quarter while maintaining profitability [20] - **Growth Drivers**: The company expects strong revenue growth driven by marketing services and learning services, with significant progress in AI-driven subscription services [17] - **Operational Efficiency Initiatives**: Plans to enhance gross margins through the application of AI capabilities and optimization of advertising systems [18] Additional Insights - **Digital Content Services Revenue**: Reached RMB 425.9 million, with programming courses seeing over 30% growth due to the introduction of an AI tutor [9] - **Contract Liabilities**: As of September 30, 2025, contract liabilities primarily from deferred revenue amounted to RMB 751 million, an increase from RMB 661 million at the end of 2024 [15] This summary encapsulates the key points from the earnings call, highlighting the company's financial performance, strategic initiatives, and future outlook.

Group 1 - The core business of online marketing solutions generated a total billing amount of approximately RMB 11.863 billion for the first nine months of 2025, representing a year-on-year increase of about 35.3% compared to the same period in 2024, driven by deeper collaboration with core clients and active expansion of customer and media channels [1] - The retention rate for group advertising clients with billings exceeding RMB 10 million was 94.0%, with 224 new clients added, resulting in a year-on-year increase of 5.9% in total client numbers [1] - The company has expanded its industry coverage to include gaming, financial services, travel, and education, significantly enhancing the breadth and diversity of its client base [1] Group 2 - The overseas e-commerce business strategy initiated at the end of last year has successfully launched in countries such as the United States, the United Kingdom, and Japan, achieving a total gross merchandise volume (GMV) of RMB 41.9 million for the nine months ending September 30, 2025 [2] - The successful expansion into overseas markets represents the company's initial business attempt in the global market, which is expected to drive long-term value growth and create new development space [2] - The company has successfully acquired an overseas short drama platform, launching a strategic layout for overseas short drama business, which features an innovative "interactive chat with characters" function, enhancing user engagement [2]

Group 1 - The total billing amount from the online marketing solutions business reached approximately RMB 11.863 billion for the first nine months of 2025, representing a year-on-year increase of about 35.3% compared to the same period in 2024, driven by deeper collaboration with core clients and active expansion of customer and media channels [1] - The retention rate for group advertising clients with billings exceeding RMB 10 million was 94.0%, with 224 new clients added, resulting in a year-on-year increase of 5.9% in total client numbers [1] - The company has expanded its industry coverage to include gaming, financial services, travel, and education, significantly enhancing the breadth and diversity of its client base [1] Group 2 - The overseas e-commerce business strategy initiated at the end of last year has successfully launched in countries such as the United States, the United Kingdom, and Japan, achieving a total gross merchandise volume (GMV) of RMB 41.9 million for the nine months ending September 30, 2025 [2] - The successful expansion into overseas markets represents the company's initial business attempt in the global market, which is expected to drive long-term value growth and create new development space [2] - The company has successfully acquired an overseas short drama platform, launching its overseas short drama business strategy, which features an innovative "interactive chat with characters" function to enhance user engagement, with an average daily active user (DAU) exceeding 100,000 [2]

Core Insights - The company reported a total billing amount of approximately RMB 11.863 billion for the online marketing solutions business for the nine months ending September 30, 2025, representing a year-on-year increase of about 35.3% [1] - The retention rate for group advertising clients with billings exceeding RMB 10 million was 94.0%, with 224 new clients added, marking a 5.9% year-on-year increase in total client numbers [1] - The company has expanded its industry coverage to include gaming, financial services, travel, and education, significantly enhancing the breadth and diversity of its client base [1] Business Developments - The company's intelligent creative platform, YouChuang, has undergone further upgrades, now featuring key creative functions such as image generation, script writing, voice synthesis, and intelligent video editing [1] - The average daily image generation capability of the image generation function is over 2,000 images per person, while the platform's monthly video output has reached 320,000, with overall efficiency improving by 161% year-on-year [1] - The intelligent advertising platform, YouLiang, has successfully integrated with seven mainstream media ecosystems, serving clients across seven vertical industries including e-commerce, finance, online services, and gaming, thereby enhancing the intelligence and operational efficiency of the company's online marketing solutions [1]