[Table_StockNameRptType] 网易-S（09999） 港股公司点评 [Table_Rank] 投资评级：买入（维持） | | | | [Table_BaseData] 收盘价（港元） | 203.80 | | --- | --- | | 近 12 个月最高/最低（港元）222.8/112.4 | | | 总股本（百万股） | 3,166 | | 流通股本（百万股） | 3,166 | | 流通股比例（%） | 100.00 | | 总市值（亿港元） | 6,452 | | 流通市值（亿港元） | 6,452 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com [Table_CompanyReport] 相关报告 1.网易 25Q1 业绩点评：游戏业务稳健 发力，内容多元化布局 2025-05-22 2.网易 24Q4 业绩点评：《漫威争锋》 推动端游增长，游戏多元化成长 2025-02-26 业绩表现稳定，游戏全球化布局 主要观点： ⚫[Table_Summ ...

"得益于'AI原生'战略的高效执行，公司二季度财务表现强劲。未来我们将持续深化这一战略，通过场 景驱动子曰大模型迭代优化，并加速在学习和广告领域的技术创新与落地，进一步提升用户的学习效率 及广告投资回报率。"周枫表示。 受前述利好消息影响，网易有道8月14日股价大涨。截至收盘涨9.91%，报9.76美元/股，总市值11.67亿 美元。 具体而言，网易有道在经营利润上的强劲增长，首先来自AI建构的核心业务。学习服务作为网易有道 AI技术落地的重要试验田，二季度净收入达6.6亿，同比增长2.2%。其中，数字内容服务净收入4.5亿 元；网易有道领世净收入同比增长约30%；AI作文批改、AI高考志愿填报等功能进一步带动用户留存率 提升至75%以上，突破历史峰值。 同时，网易有道AI订阅服务、全链路AI赋能的在线营销服务板块也实现了增长。二季度，AI订阅服务 销售额近8000万元，同比增长约30%；推出AI广告投放优化师"有道小智"后，在线营销服务板块创下 6.3亿元收入新高，同比增长23.8%。 另据了解，自2023年7月推出"子曰"以来，网易有道坚持探索大模型在教育行业的应用价值。报告期 内，有道开源了国内首个专注 ...

Financial Performance - Net revenue for the second quarter reached 1.42 billion yuan, a year-on-year increase of 7.2% [1] - Operating profit for the second quarter was 28.8 million yuan, marking the first time the company achieved profitability in this quarter [1] - For the first half of the year, operating profit totaled 130 million yuan, a historical high, with total net revenue amounting to 2.7 billion yuan [1] AI Integration and Services - The learning services segment, a key area for AI technology application, generated net revenue of 660 million yuan in the second quarter, up 2.2% year-on-year [1] - Digital content services contributed 450 million yuan to net revenue [1] - User retention rate improved to over 75%, reaching a historical peak, driven by features like AI essay correction and AI college application guidance [1] Online Marketing Services - The online marketing services segment achieved a record revenue of 630 million yuan, a year-on-year increase of 23.8% [1] - The growth was primarily attributed to the full-chain AI integration, with the launch of the AI advertising optimization tool "Youdao Xiaozhi" [1] Technological Advancements - The company open-sourced the "Ziyue 3" mathematical model, the first of its kind in China focused on math education, significantly reducing costs [2] - The accuracy rate for K12 math problem-solving using the AI full-subject learning assistant Youdao Xiaop increased to over 95% [2] Strategic Outlook - The CEO emphasized the strong financial performance due to the effective execution of the "AI-native" strategy and plans to deepen this strategy further [2] - Future initiatives will focus on optimizing the Ziyue large model through scenario-driven iterations and accelerating technological innovation in learning and advertising [2]

8月14 日，网易有道(NYSE：DAO)公布2025年第二季度未经审计的财务报告。报告期内，在"AI原 生"战略下，有道持续推动AI技术升级与落地，在教育和广告领域商业化成果显著，推动其实现连续第 四个季度的可持续盈利。 财报显示，有道Q2净收入达14.2亿元，同比增长7.2%；经营利润为2880万元，首次实现二季度盈利。 二季度，在线营销服务板块创下6.3亿元收入新高，同比增长23.8%。全链路AI化是增长关键。报告期 内，有道推出AI广告投放优化师"有道小智"，基于AI投放决策模型和自有数据库，该产品能实现从需求 分析到效果追踪的全链路AI决策。此外，有道加强了与网易游戏和其他游戏广告商在国内外活动中的 合作，驱动游戏广告收入同比上涨50%以上。 智能硬件业务在报告期内持续改善业务健康度。有道词典笔保持市场领先地位，连续6年蝉联电商平台 销量冠军。二季度推出的有道词典笔S7 Pro和A7，正在逐步扩大对中端市场的覆盖范围。 网易有道 CEO周枫透露，即将推出全新智能硬件新品。 大模型加速渗透行业，开源赋能生态繁荣 有道通过对"子曰"大模型的深度优化构建其技术护城河。报告期内，有道开源了"子曰3"数学模型 ...

（原标题："AI原?"战略成果显著，网易有道(DAO.US)实现连续四个季度盈利，上半年经营利润创历史 新高） 同时，在强大技术推动下AI订阅服务也实现强劲增长。二季度，销售额近8000万元，同比增长约30%。 二季度，在线营销服务板块创下6.3亿元收入新高，同比增长23.8%。全链路AI化是增长关键。报告期 内，有道推出AI广告投放优化师"有道小智"，基于AI投放决策模型和自有数据库，该产品能实现从需求 分析到效果追踪的全链路AI决策。此外，有道加强了与网易游戏和其他游戏广告商在国内外活动中的 合作，驱动游戏广告收入同比上涨50%以上。 智能硬件业务在报告期内持续改善业务健康度。有道词典笔保持市场领先地位，连续6年蝉联电商平台 销量冠军。二季度推出的有道词典笔S7 Pro和A7，正在逐步扩大对中端市场的覆盖范围。 网易有道 CEO周枫透露，即将推出全新智能硬件新品。 大模型加速渗透行业，开源赋能生态繁荣 智通财经APP获悉，8月14日，网易有道(DAO.US)公布2025年第二季度未经审计的财务报告。报告期 内，在"AI原生"战略下，有道持续推动AI技术升级与落地，在教育和广告领域商业化成果显著，推动其 实 ...

8月14日，网易有道(DAO.US)公布2025年第二季度未经审计的财务报告。报告期内，在"AI原生"战略 下，有道持续推动AI技术升级与落地，在教育和广告领域商业化成果显著，推动其实现连续第四个季 度的可持续盈利。 财报显示，有道Q2净收入达14.2亿元，同比增长7.2%;经营利润为2880万元，首次实现二季度盈利。 自2023年7月推出"子曰"以来，有道坚持探索大模型在教育行业的应用价值。据悉，"子曰3"数学模型的 服务成本每百万token低至0.15美元，远低于目前大多数通用大模型。这意味着更广泛的教育机构和开发 者都能以低成本部署专业级的数学AI应用。 连续四个季度盈利的业绩表现充分验证了有道在垂直领域的商业化路径已初见成效。当行业仍困于大模 型投入与产出的失衡时，有道已迈向从技术领先到商业可持续的关键一步。随着AI技术和应用持续深 化，其战略先发优势或将拉开更大身位 。 今年上半年，网易有道经营利润达1.3亿元，创下历史新高;净收入总计27亿元，经营性现金流出同比大 幅收窄49.9%。 聚焦高价值场景，AI赋能持续释放业绩弹性 二季度，网易有道持续通过AI来建构核心业务的长期竞争力。 学习服务作为有 ...

智通财经APP获悉，8月14日，网易有道(DAO.US)公布2025年第二季度未经审计的财务报告。报告期 内，在"AI原生"战略下，有道持续推动AI技术升级与落地，在教育和广告领域商业化成果显著，推动其 实现连续第四个季度的可持续盈利。 财报显示，有道Q2净收入达14.2亿元，同比增长7.2%;经营利润为2880万元，首次实现二季度盈利。 二季度，在线营销服务板块创下6.3亿元收入新高，同比增长23.8%。全链路AI化是增长关键。报告期 内，有道推出AI广告投放优化师"有道小智"，基于AI投放决策模型和自有数据库，该产品能实现从需求 分析到效果追踪的全链路AI决策。此外，有道加强了与网易游戏和其他游戏广告商在国内外活动中的 合作，驱动游戏广告收入同比上涨50%以上。 智能硬件业务在报告期内持续改善业务健康度。有道词典笔保持市场领先地位，连续6年蝉联电商平台 销量冠军。二季度推出的有道词典笔S7 Pro和A7，正在逐步扩大对中端市场的覆盖范围。 网易有道 CEO周枫透露，即将推出全新智能硬件新品。 大模型加速渗透行业，开源赋能生态繁荣 有道通过对"子曰"大模型的深度优化构建其技术护城河。报告期内，有道开源了"子 ...

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) opened in Shanghai, featuring a focus on AI-driven educational technology, particularly the launch of NetEase Youdao's AI-powered learning hardware, the Youdao AI Answer Pen SpaceOne [1][3] - NetEase Youdao showcased a comprehensive ecosystem of AI applications in education, integrating technology, products, and scenarios, including various AI models and tools for both consumer and business sectors [1][7] Group 1: Product Highlights - The Youdao AI Answer Pen SpaceOne combines the DeepSeek-R1 reasoning model with Youdao's proprietary "Ziyue" educational model, effectively addressing common learning challenges by visualizing problem-solving processes [3][6] - The design of the Youdao AI Answer Pen features a unique sliding body, a 4.4-inch eye-protecting screen certified by TÜV Rheinland, and an 8-megapixel AI camera, enhancing the learning experience [4][6] - The AI Answer Pen can analyze classical literature and provide step-by-step solutions for complex math problems, showcasing its versatility and depth of knowledge [6][12] Group 2: AI Application Matrix - The AI application matrix presented by NetEase Youdao highlights its capabilities in language learning, question answering, and content generation, demonstrating a systematic approach to educational technology [7][9] - The Youdao Dictionary, now fully AI-integrated, surpasses many domestic and international models in translation quality, offering over 20 AI features for various high-frequency scenarios [7][9] - New products like Youdao Audio-Video Translation address industry challenges, providing innovative solutions for real-time translation and content adaptation [7][9] Group 3: Comprehensive Educational Solutions - NetEase Youdao's core educational brand, Youdao Premium Courses, showcased a full-chain solution for talent development, from potential assessment to career planning [10][12] - The Youdao Original English program features AI-powered speaking assessment technology, allowing learners to engage in immersive speaking practice with instant feedback [12] - The company also presented diverse products aimed at enhancing student engagement and learning efficiency, including AI chess platforms and potential assessment systems [12][13] Group 4: Industry Impact and Future Directions - The Youdao Fun Motion Screen, an integrated smart sports terminal, promotes physical health among students and has been implemented in over 300 schools [13][15] - NetEase Youdao's MOOC platform offers 15,000 online courses, serving over 20 million students daily, reflecting its significant impact on the education sector [15] - The company continues to innovate in AI technology, with recent releases of open-source reasoning models aimed at reducing barriers to AI application in education [15][17]

Core Insights - The AI wave in education is expected to transform the industry significantly by 2025, with the market size projected to exceed 70 billion yuan, creating a dual-loop of commercial and educational integration [1][26] - AI is seen as a key to resolving the challenges of personalized, high-quality, and large-scale education, with major educational technology companies integrating AI technologies into their products [2][13] Policy Support - The integration of AI in education is driven by favorable policies, with the government establishing a comprehensive framework for AI education since 2017, including recent guidelines released in May 2025 [4][5] - Policies emphasize the importance of personalized teaching systems, intelligent product development, and large-scale resource sharing to enhance educational efficiency [2][4] Technological Advancements - The evolution of AI technologies, particularly the rise of large models like DeepSeek, is reshaping the educational landscape, enabling significant improvements in language understanding and logical reasoning [9][13] - DeepSeek's open-source nature and low-cost advantages are attracting educational institutions, facilitating the spread of AI capabilities across various educational entities [14][26] Industry Structure - The AI+education industry is characterized by a clear division of roles along the supply chain, with upstream players focusing on core technology support and downstream players addressing diverse user needs [6][15] - The market is witnessing a growing number of participants, including traditional educational institutions and new AI technology companies, leading to a rich ecosystem of educational solutions [15][26] Commercial Models - The AI education market is developing differentiated commercial models across government (G), business (B), and consumer (C) segments, each targeting specific customer needs and offering tailored solutions [21][22] - The projected market size for AI+education is expected to reach nearly 300 billion yuan by 2030, with a compound annual growth rate of 47% [26] Global Expansion - Chinese companies are increasingly looking to international markets, leveraging their technological advancements and cost advantages to explore opportunities in diverse global education sectors [24][26]