Financial Data and Key Metrics Changes - In Q3 2025, net revenues reached RMB 1.6 billion, up 3.6% year-over-year, while operating profit was RMB 28.3 million, a decline of 73.7% year-over-year due to increased investments and a high comparison base from the previous year [4][16][19] - For the first nine months of 2025, operating profit reached RMB 161.1 million, representing a substantial 149.2% year-over-year increase [5] - Operating cash outflow for the quarter was RMB 58.6 million, an improvement of 31.4% year-over-year [5][20] Business Line Data and Key Metrics Changes - Learning services segment net revenues were RMB 643.1 million, down 16.2% year-over-year, reflecting a strategic approach to customer acquisition [6][16] - Online marketing services net revenues reached RMB 739.7 million, a record increase of 51.1% year-over-year, driven by demand from the NetEase Group and overseas markets [10][17] - Smart devices segment net revenues were RMB 245.8 million, down 22.1% year-over-year, due to disciplined marketing expenditures [14][17] Market Data and Key Metrics Changes - Youdao Ling Shi achieved over 40% year-over-year growth in gross billings, with a retention rate exceeding 75% [7][28] - The online marketing services segment saw advertising revenues from the gaming industry grow by over 50% year-over-year [11] Company Strategy and Development Direction - The company is focused on deepening the application of AI technologies across both learning and advertising businesses to create value for customers [15][28] - A commitment to maintaining disciplined operations while achieving full-year targets, including robust year-over-year operating profit growth and reaching annual operational cash flow break-even for the first time [15][19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year cash flow break-even despite cumulative net operating cash outflow in the first three quarters, citing significant improvements in cash flow performance [50][52] - The company anticipates strong revenue growth in both learning and advertising segments, with a focus on AI-driven services [26][28] Other Important Information - Youdao was included in the 2026 GSV 150, highlighting its position as a transformational growth company in digital learning [7] - The company launched several new AI-driven products, including an AI tutor for programming classes and an upgraded Youdao Dictionary app, which received positive user feedback [9][10] Q&A Session Summary Question: Will online marketing services become more important than learning services in the future? - Management sees growth opportunities in both areas, with online marketing services currently experiencing higher growth due to advanced ad tech and AI capabilities [24][25] Question: What plans are in place to recover online marketing gross margins? - Management aims to improve gross margins through initiatives like the iMagicBox creative production platform and optimizing the data management platform [32][35] Question: What is the potential for operating profit rebound in Q4? - Management is optimistic about achieving operating profit improvement in Q4, supported by strong performance in Youdao Ling Shi and advertising growth [39][41] Question: Should we expect any change to the full-year break-even target given the cash outflow? - Management remains confident in achieving the full-year cash flow break-even target, citing significant year-over-year improvements and expected strong performance in Q4 [48][52]

Group 1 - The Management Board of CLIQ Digital AG redeemed all 650,871 treasury shares, reducing the company's share capital from €6,508,714.00 to €5,857,843.00, a decrease of €650,871.00 [1][6] - The new share capital is divided into 5,857,843 no-par value registered shares, with a pro rata amount of €1.00 per share [2] - CLIQ Digital operates in 40 countries and employs 109 staff from 28 different nationalities as of 30 June 2025 [4] Group 2 - CLIQ Digital is a data-driven online performance marketing company that sells bundled subscription-based digital products globally [3] - The company is headquartered in Düsseldorf and has offices in Amsterdam and Paris, and is listed in the Scale segment of the Frankfurt Stock Exchange [4] - CLIQ Digital is a constituent of the MSCI World Micro Cap Index [4]

Core Insights - SharpLink Gaming Inc. (NASDAQ:SBET) is highlighted as a stock with significant upside potential, with Citizens JMP initiating coverage with an Outperform rating and a price target of $50, indicating over 200% upside from current levels [1] - The firm positions SharpLink as a leading player in the Ethereum treasury space, offering investors a unique opportunity to gain exposure to Ethereum's growth and yield generation potential [2] - B. Riley also initiated coverage on SharpLink Gaming with a Buy rating and a price target of $32, further validating the stock's attractiveness [3] Company Overview - SharpLink Gaming Inc. operates as an online performance marketing company, providing fan activation solutions to sportsbook and casino partners [3] Market Context - The coverage initiation by Citizens JMP suggests a belief in the acceleration of Ethereum adoption, which could positively impact SharpLink's business model [2]

Group 1 - CLIQ Group will report its second quarter 2025 financial results on 7 August 2025 [1] - A live audio webcast for the earnings call will take place at 2.00 p.m. CEST on the same day, featuring presentations from the CEO and a Management Board member [2] - Questions for the earnings call can be submitted via email before noon on the day of the call [2] Group 2 - CLIQ Group is a data-driven online performance marketing company that sells subscription-based digital products globally [4] - The company operates in 40 countries and employs 132 staff from 33 different nationalities as of 31 December 2024 [5] - CLIQ is listed on the Frankfurt Stock Exchange and is part of the MSCI World Micro Cap Index [5]

Core Viewpoint - The Company reported a decline in net asset value (NAV) and total return for the six months ending March 31, 2025, reflecting challenging market conditions and investment performance [3][4][13]. Financial Highlights - NAV per share decreased from 40.55p to 34.48p, representing a total return of -8.19% [4][13]. - Market capitalization fell from £150.60 million to £124.25 million [4]. - Share price also declined from 42.20p to 33.80p, with a share price discount to NAV per share of 1.97% [4]. - Dividends paid per share increased from 1.50p to 2.75p during the period [4][6]. Investment Activity - The Company invested £3.6 million in qualifying companies during the period, maintaining 92.29% of its portfolio in qualifying investments [6][30]. - An offer for subscription launched on October 9, 2024, aimed to raise up to £20 million, with £5.4 million raised by issuing 14 million shares [6][31]. Performance of Qualifying Investments - Positive contributors included Aquis Exchange (+95.8%, +£1.71 million) and Cohort (+26.1%, +£1.12 million) due to increased defense spending [15][16]. - Negative contributors included Kidly (-100.00%, -£1.26 million) which went into administration, and Zoo Digital (-74.3%, -£1.14 million) which issued a disappointing trading update [20][21]. Non-Qualifying Investments - The non-qualifying portfolio saw a decline of £1.27 million, with notable losses in WH Smith and Hollywood Bowl due to a weaker economic outlook [27][28]. - The fixed income portfolio returned +£0.35 million, offsetting some losses from direct equities [29]. Market Outlook - The UK economy is expected to see a modest GDP growth of +1.0% in 2025, supported by increased public spending despite inflation concerns [10][39]. - The AIM index has shown resilience post 'Liberation Day', indicating potential growth opportunities despite ongoing market volatility [12][40]. Portfolio Structure - The Company maintained a strong liquidity position with net cash of £11.7 million and a focus on recurring revenue, which represented 82% of total revenue [26][29]. - The portfolio's weighting to qualifying investments increased to 58.4%, while cash weighting decreased to 7.6% [36].

Core Insights - Youdao, Inc. reported a significant improvement in profitability for Q1 2025, achieving an operating income of RMB104.0 million, a 247.7% increase year-over-year [3][17] - The company experienced a 6.7% decrease in net revenues, totaling RMB1.3 billion (US$178.9 million) compared to the same period in 2024 [5][13] - Youdao's strategic focus on high-ROI customer acquisition is expected to enhance operational efficiency despite short-term revenue declines [6] Financial Performance - Net revenues from learning services decreased by 16.1% to RMB602.4 million (US$83.0 million) [6][13] - Net revenues from smart devices increased by 5.1% to RMB190.5 million (US$26.3 million), driven by sales of the Youdao Dictionary Pen [7][13] - Net revenues from online marketing services rose by 2.6% to RMB505.4 million (US$69.6 million) [7][13] Profitability Metrics - Gross profit for Q1 2025 was RMB614.2 million (US$84.6 million), a 9.9% decrease from the previous year [8][13] - The overall gross margin was 47.3%, down from 49.0% in Q1 2024 [8][13] - The gross margin for learning services decreased to 59.8% from 63.1% year-over-year, while smart devices saw an increase to 52.3% from 32.6% [9][10] Operating Expenses - Total operating expenses decreased to RMB510.2 million (US$70.3 million) from RMB651.6 million in the same period last year [12][13] - Sales and marketing expenses fell by 21.5% to RMB357.6 million (US$49.3 million) [14][13] - Research and development expenses decreased by 21.3% to RMB115.5 million (US$15.9 million) [15][13] Net Income and Earnings Per Share - Net income attributable to ordinary shareholders increased over sixfold to RMB76.7 million (US$10.6 million) [18][19] - Basic and diluted net income per ADS for Q1 2025 was RMB0.65 (US$0.09) and RMB0.64 (US$0.09), respectively, compared to RMB0.11 and RMB0.10 for the same period in 2024 [19][13] Cash and Financial Support - As of March 31, 2025, Youdao's cash and short-term investments totaled RMB424.5 million (US$58.5 million), down from RMB662.6 million at the end of 2024 [20] - The company has received financial support from NetEase Group, including RMB878.0 million in short-term loans and US$128.5 million in long-term loans [20] Share Repurchase Program - Youdao's board authorized a share repurchase program of up to US$40 million, with approximately 7.5 million ADSs repurchased for about US$33.8 million as of March 31, 2025 [22]

Core Points - CLIQ Group will report its first quarter 2025 financial results on 8 May 2025 [1] - A live earnings call will be held on the same day, featuring presentations from the CEO and a Management Board member [2] - The company operates in 40 countries and employs 132 staff from 33 different nationalities as of 31 December 2024 [5] Financial Calendar - Financial report for 1Q 2025 and earnings call scheduled for 8 May 2025 [3] - Half-year financial report and earnings call set for 7 August 2025 [3] - Financial report for 3Q/9M 2025 and earnings call planned for 6 November 2025 [3] Company Overview - CLIQ Group is a data-driven online performance marketing company that sells subscription-based digital products [4] - The company licenses content from partners and utilizes an omnichannel approach to monetize online traffic [4] - CLIQ is listed in the Scale segment of the Frankfurt Stock Exchange and is part of the MSCI World Micro Cap Index [5]