D.A. Davidson将语言学习平台多邻国的评级从"买入"下调至"中性"，目标价从500美元下调至300美元。 (格隆汇) ...

智通财经APP获悉，周五，多邻国(DUOL.US)股价盘中转跌，盘初一度触及415.76美元。截至发稿，该 股跌超5.6%，报368.725美元。消息面上，投资者因担忧GPT5等大模型的竞争而摧毁多邻国的护城河， 但大摩认为大可不必。其强调，语言学习最大的障碍是缺乏持续练习的动机，而非单纯的技术工具。这 家语言学习平台通过游戏化、社交和趣味性设计，在用户粘性上建立了难以逾越的护城河。 ...

Core Viewpoint - Investors are concerned that the rise of large models like GPT-5 will undermine Duolingo's competitive edge, but Morgan Stanley argues that this concern is misplaced, emphasizing that the main barrier to language learning is motivation rather than technology [1][3]. Group 1: Language Learning Challenges - The biggest challenge in language learning is maintaining motivation, which significantly impacts user retention [5]. - Duolingo's core advantage lies in its gamification, social features, and engaging character design, which differentiate it from competitors [6]. Group 2: Competitive Landscape - Despite being perceived as catering to "casual" learners, Duolingo's monthly usage time and session frequency are over three times that of its closest mobile competitor, Babbel [6]. - The DAU/MAU ratio for Duolingo has doubled since 2019, indicating strong user engagement [6]. Group 3: AI as an Accelerator - Morgan Stanley believes that advancements in AI will benefit Duolingo, as it has already integrated generative AI tools into its operations, enhancing learning outcomes, internal efficiency, and commercialization [7]. - Stronger AI models are expected to accelerate Duolingo's growth, improving key performance indicators and deepening its competitive moat [7]. Group 4: AI-Driven Achievements - Duolingo has doubled its available courses to over 275 and increased the total level count by more than four times in less than two years, showcasing significant content expansion through generative AI [9]. - The "Vibe Coding" model allows rapid product prototyping at low costs, exemplified by a chess course that attracted over 1 million DAU within a year, created by two non-programmers [9]. - The DuoRadio feature, utilizing AI-generated content, expanded its DAU from 100,000 to 5.5 million while reducing costs by 99%, enabling previously unscalable functionalities [9].

在OpenAI展示GPT-5的语言学习功能后，市场对语言学习平台——多邻国竞争地位产生担忧。投资者担心，通用人工智能的崛起将彻底摧毁多邻国的护城 河。 据追风交易台消息，摩根士丹利最新发布的研报提出了一个截然相反的观点：市场完全搞错了重点。报告认为，AI的进步对多邻国而言是明确的利好， 那些因AI而看空多邻国的观点，恰恰忽略了其业务的真正核心。经历波动后，隔夜多邻国收涨近14%。 语言学习的护城河：不是技术，而是"动力" 摩根士丹利的报告一针见血地指出，语言学习最大的挑战始终是"动力"。绝大多数学习者难以坚持对一门新语言的持续练习，这使得用户留存率变得颇为 重要。 这正是多邻国的核心优势所在。报告称，多邻国专注于游戏化（gamification），并融入了大量社交功能和富有人情味的角色设计，这使其成为行业内的 关键差异化因素。数据显示，尽管被认为是面向"休闲"学习者，但多邻国的月度使用时长和会话次数是其最接近的移动端竞争对手Babbel的三倍以上。此 外，其日活跃用户与月活跃用户的比率（DAU/MAU）自2019年以来已经翻了一番，这证明了其强大的用户粘性。 因此，分析师认为，一个新竞争者若想构成真正的威胁， ...

多邻国美股盘前涨超20%，公司二季度日活用户达4770万，同比大增40%，并上调全年营收指引。 (本文来自第一财经) ...

Summary of Key Points from the Conference Call Company Overview - The company discussed is Duolingo, a language learning platform that has recently achieved a new stock price high due to rapid user expansion and AI innovations in language learning and course creation [1][2]. Financial Performance - For Q1 2025, Duolingo reported revenue of $230 million, representing a year-over-year increase of 38% [1]. - Adjusted EBITDA for the same period was $62.8 million, with an EBITDA margin of 27.2%, which is an increase of 0.9 percentage points year-over-year [1]. User Growth - Daily Active Users (DAU) reached 46.6 million, showing a year-over-year growth of 49% [2]. - Monthly Active Users (MAU) reached 130 million, with a year-over-year increase of 33% [3]. - The number of paying users has reached 10.3 million, with a payment rate increasing by 0.3 percentage points to 8.9% [3]. - There remains significant growth potential for Duolingo, considering the global market of approximately 2 billion language learners [3]. AI Innovations - The company highlighted the transformative impact of AI on its platform, particularly through the introduction of AI-driven features [3]. - **MaxAI Conversational Platform**: This includes features like AI video conversations (Lily Call) and role-playing, with a higher pricing tier than the Super plan. The penetration rate of Max among paying members increased from 5% in Q4 2024 to 7% in Q1 2025 [3]. - **Accelerated Course Creation**: In the past year, the company added 148 new courses with AI assistance, compared to nearly 100 courses created over the previous 12 years. This expansion includes subjects beyond language learning, such as math, music, and chess, indicating a shift towards becoming a comprehensive learning platform [3]. Insights on AI in Education - The rapid implementation of AI in the education sector has proven effective in enhancing content and course creation [3]. - The company emphasizes the importance of AI in reshaping content creation platforms, suggesting a strategic focus on leveraging AI for future growth [3].

以下文章来源于潮生TIDE ，作者J 潮生TIDE . 36氪旗下生活方式内容品牌。潮来潮去，生活不息。 本月在营销上出奇招的还有 膨化食品品牌奇多，推出"非惯用手"字体。 灵感来自人 们一边吃奇多，一边用单手处理其他事情的真实场景，用创意字体引起消费者的共 鸣。 生活潮汐，每月浮沉。信息涌浪，日日不息。 潮生TIDE本月为你捕捉9件最值得关注的事， 它们包含城市生活、消费趋势与潮流热点。我们关注事 件，更关注事件之间的关联与延伸。 潮汐Mail第7期， 让我们看看2月那些值得回看的新闻。 01 什么！ 多邻国的猫头鹰死而复生了？ 2月11日， 语言学习平台多邻国（Duolingo）宣布他们的吉祥物猫头鹰Duo"去世"， 官方随即换 上了Duo吐着舌头，仿佛已经咽气的头像。 ● 图源@Duolingo 在Duo"去世"后，多邻国发布了一个"复活挑战赛"，要求全球用户完成语言学习任务并积累500亿 经验值，以此来复活Duo—— 可以说是将"道德绑架式劝学"运用到极致了。 最终，用户们成功完 成了这一挑战，Duo如约"复活"。多邻国还通过社交媒体发布了一段视频：身穿霓虹绿色套装的 Duo从棺材中起身， 配文"传奇 ...