社会服务 2025 年 05 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 社会服务 沪深300 相关研究报告 《果茶、果咖引领健康新风尚，蜜雪 集 团 加 速 副 牌 拓 展 — 行 业 周 报 》 -2025.5.11 《五一假期旅游供需两旺，国货美妆 加码掘金高端线 — 行 业 周 报 》 -2025.4.20 《生态重构与消费边界突围，IP 潮玩 步入历史机遇期—行业深度报告》 -2025.4.18 蜜雪冰城、古茗 4 月加速开店，618 国货品牌势能向上 推荐标的：（1）旅游：长白山；（2）教育：好未来、科德教育；（3）餐饮/会展： 特海国际、米奥会展；（4）美护：科思股份、水羊股份、康冠科技、倍加洁。 ——行业周报 | 初敏（分析师） | 李睿娴（分析师） | 程婧雅（联系人） | | --- | --- | --- | | chumin@kysec.cn | liruixian@kysec.cn | chengjingya@kysec.cn | | 证书编号：S07905220 ...

Core Viewpoint - The integration of AI in education is becoming increasingly diverse, driving revenue growth for education companies, as evidenced by NetEase Youdao's Q1 2025 financial results [2][3]. Financial Performance - NetEase Youdao reported Q1 2025 net revenue of 1.3 billion yuan, a decrease of 6.7% compared to the same period in 2024 [2]. - The net profit attributable to ordinary shareholders for Q1 was 76.7 million yuan, a significant increase of 518.5% year-over-year [2]. - Total operating expenses for Q1 were 510 million yuan, down 21.7% year-over-year [2]. Business Segments - Learning services net revenue for Q1 was 602 million yuan, a decline of 16.1% year-over-year, but the rate of decline narrowed by approximately 5 percentage points compared to the previous quarter [2]. - The company plans to focus on high-potential services like Youdao Ling Shi while reducing non-core business activities [2]. - Smart device revenue for Q1 was 190 million yuan, an increase of 5.1% year-over-year, driven by strong sales of the Youdao dictionary pen [2]. - Online marketing services net revenue for Q1 was 510 million yuan, a growth of 2.6% year-over-year, with expectations for stronger growth in the second half of the year [3]. Strategic Initiatives - Youdao is accelerating overseas advertising expansion, with ongoing collaboration with Google expected to contribute significantly to revenue in the second half of the year [3]. - The integration of DeepSeek into self-developed large models and Youdao Xiao P has achieved 99.9% availability, lower latency, and higher cost efficiency [3]. - The company is also expediting the deployment of self-hosted DeepSeek R1 inference services to enhance stability and cost control [3]. Industry Trends - More online education companies are integrating products with DeepSeek, with notable players like Xueersi, Yuanfudao, and Zuoyebang announcing similar initiatives [4]. - The AI contribution rate in the online education market is projected to increase from 7% in 2023 to 16% by 2027 [4].