"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 ...

北京商报讯（记者 吴其芸）8月14日，网易有道公布2025年二季度未经审计的财务报告，报告期内，网 易有道净收入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。 网易有道方面表示，智能硬件业务在报告期内持续改善业务健康度。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。 ...

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 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-over-year and quarter-over-quarter growth in revenue and net profit, driven by its gaming and educational segments [1][4]. Financial Performance - In Q1 2025, the company achieved revenue of 28.829 billion yuan, representing a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [1] - The net profit attributable to shareholders was 10.301 billion yuan, showing a year-over-year growth of 34.9% and a quarter-over-quarter growth of 17.5% [1] - The adjusted net profit was 11.237 billion yuan, with a year-over-year increase of 32% and a quarter-over-quarter increase of 16.1% [1] - Gross margin improved to 64.1%, up 0.7 percentage points year-over-year and 3.3 percentage points quarter-over-quarter [1] Gaming Business - The gaming and value-added services segment generated revenue of 28.83 billion yuan, with a gross margin of 68.8% [2] - New game releases contributed significantly to revenue growth, with titles like "Marvel Duel" and "Yanyun Sixteen Sounds" achieving high player engagement [2] - Long-standing games like "Identity V" and "Blood Strike" also saw substantial revenue increases, with "Identity V" experiencing a 123% rise in global revenue [2] Educational Segment (Youdao) - Youdao reported revenue of 1.298 billion yuan, a decline of 6.7% year-over-year and 3.1% quarter-over-quarter [4] - Operating profit increased by 247.7% to 104 million yuan, marking a historical high for Q1 [4] - The AI-driven strategy led to significant improvements in profitability, with learning services revenue reaching 602 million yuan, and AI subscription services growing over 40% year-over-year [4] Music and Other Segments - NetEase Cloud Music generated revenue of 1.858 billion yuan, down 8.4% year-over-year, but showed effective cost control with a gross margin of 36.7% [5] - The innovation and other business segment reported revenue of 1.624 billion yuan, a decrease of 17.6% year-over-year [6] - The company is focusing on enhancing product offerings and leveraging AI technology across various segments to improve user experience and operational efficiency [6] Future Outlook - The company plans to continue its focus on innovation and long-term operations in Q2 2025, with multiple game releases and expansions in the educational sector [3][4] - The company expects to maintain strong revenue growth across its diversified product matrix, with a target price of 203 HKD and a "buy" rating [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][12][13] Core Views - The company reported Q1 2025 revenue of 28.829 billion yuan, representing a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8%. The net profit attributable to the parent company was 10.301 billion yuan, with a year-over-year increase of 34.9% and a quarter-over-quarter increase of 17.5% [4][8] - The gaming business showed strong growth, with revenue from games and value-added services reaching 28.83 billion yuan, driven by new game launches and a robust strategy of "refinement and longevity" [8][10] - The company is expected to continue focusing on innovation and long-term operations, enhancing the gaming experience for global players [8][10] Financial Performance - Key financial metrics for Q1 2025 include: - Revenue: 28.829 billion yuan (YoY +7.4%, QoQ +7.8%) - Net profit: 10.301 billion yuan (YoY +34.9%, QoQ +17.5%) - Non-GAAP net profit: 11.237 billion yuan (YoY +32%, QoQ +16.1%) - Gross margin: 64.1% (YoY +0.7pct, QoQ +3.3pct) [4][8] - The company’s total market capitalization is approximately 601.54 billion HKD, with a current share price of 190.00 HKD [6][8] Business Segments - **Gaming Business**: Revenue from gaming and value-added services was 28.83 billion yuan, with a gross margin of 68.8%. New games contributed significantly to revenue growth, with titles like "Marvel Duel" and "Yanyun Sixteen Sounds" achieving notable success [8][10] - **Youdao**: Revenue for Q1 2025 was 1.298 billion yuan, a decrease of 6.7% year-over-year. However, operating profit increased significantly, indicating improved financial efficiency [8][10] - **NetEase Cloud Music**: Revenue was 1.858 billion yuan, down 8.4% year-over-year, but cost control measures led to a gross margin of 36.7% [8][10] - **Innovative and Other Businesses**: Revenue decreased by 17.6% year-over-year to 1.624 billion yuan, with a focus on high-quality products and services [8][10] Forecasts - Revenue projections for 2025-2027 are as follows: - 2025: 1140 billion yuan - 2026: 1239 billion yuan - 2027: 1303 billion yuan - Adjusted net profit forecasts are: - 2025: 39 billion yuan - 2026: 43.5 billion yuan - 2027: 46.1 billion yuan [11][12]