除了行业协会以外，翻译家也很多理由反对AI翻译。比如，AI无法理解上下文、语气、节奏或风格； 它会导致语言"贫乏化"；没有必要翻译世上每一本英文小说；而且它根本算不上"翻译"。 此外，AI翻译的作品往往仍需人工译者检查。"这是个灰色地带，"英国作家协会翻译协会主席伊恩·贾 尔斯补充说。"我们无权规定别人如何翻译，每个人都有不同的方法。你不一定得用圆珠笔和稿纸翻 译。但如果直接使用生成式AI，那不是翻译，那是在'检查电脑作业'，这种方式会扼杀很多可能性。" 现在很多客户开始要求译者对AI产出的译文进行二次加工，这种"后期编辑"的工作反而降低了译者的工 作效率。"有人会把AI吐出来的一堆废话发给我，我得把这块难以驾驭的'文字泥块'变成一本书。"他 说，从零开始"会更轻松，也更快"。 英国作家协会翻译协会主席伊恩·贾尔斯对此变化速度深感忧虑。"我们的问题其实不在于技术进步，而 在于生成式AI使用我们的版权作品来'训练'。我甚至讨厌'训练'这个词，因为它暗示另一端有某种智能 存在。" 今年3月，英国作家协会谴责了用盗版书训练AI的"令人发指"的行为，因为有消息称科技公司Meta使用 了数百万本盗版书来开发其AI程序。 ...

据悉，5月21日开始，义乌国际商贸城还将开启为期7天的各平台实操分享会，手把手指导义乌商家通过线上线下深度融合的模式，用多渠道电商寻找业务增 量。 关税战缓和之后，义乌的对美订单逐步恢复，但国际环境依然有不确定性，义乌商家对此持乐观又谨慎的态度。 前段时间的贸易战给义乌商家们上了一课，大家得出的结论是：做全球生意贸易，鸡蛋不能放在同一个篮子里，要多渠道多点布局，方能应对复杂国际环境 带来的风险。义乌中国小商品城5月20日开启全球数贸中心市场开放日的同时，邀请了全球17大电商平台，发起"全球数贸中心电商引力加速计划"，加速义 乌数字贸易生态建设以及中国制造的出海。 5月20日，在义乌国际博览中心酒店，汇聚了Amazon、淘宝天猫、TikTok、Shein、Walmart、百度、京东跨境、腾讯智慧零售、小红书、Mercadolibre等17家 全球头部电商平台、600多家义乌市场商户及行业领袖，以"聚势义乌 共擎未来"为主题，共同开启数字贸易全渠道生态体系建设的新篇章。活动累计吸引 20多万人次线上线下关注，在义乌掀起了一股数字电商热潮。 潮新闻客户端 通讯员 陈梦蓝 "当亚马逊的算法精准触达全球消费者，TikT ...

Core Viewpoint - Huatai Securities maintains a "buy" rating for NetEase Youdao (NYSE: DAO) with a target price of $11.41, expressing confidence in the company's AI capabilities accelerating commercialization in education and marketing sectors [1] Financial Performance - In Q1 2025, NetEase Youdao reported a net revenue of 1.3 billion RMB, with operating profit reaching 104 million RMB, marking a historical high for the quarter and a year-on-year increase of 247.7%, significantly surpassing market expectations [3] - Operating cash flow net outflow narrowed by 34.7% year-on-year, indicating improved financial efficiency [3] Business Strategy and Growth - The company's "AI-native" strategy is driving sustained profitability, with core business showing robust growth [3] - Youdao's learning services focus on high-demand scenarios, with sales of Youdao Ling Shi increasing over 25% year-on-year in Q1 [3] - AI subscription services generated nearly 70 million RMB in sales in Q1, with a year-on-year growth rate exceeding 40% [3] - Online marketing services are expanding both domestically and internationally, with deeper collaborations with Google and NetEase Group expected to yield accelerated effects in the second half of the year [3] AI Development and Innovation - As one of the earliest companies to develop vertical large models in education, Youdao combines self-research with open-source technology [4] - The company launched the open-source educational reasoning model "ZiYue-o1" in January, which significantly enhances GPU efficiency compared to general large models [4] - The "ZiYue" model is being integrated into the company's learning services, AI subscriptions, and smart hardware, solidifying its leading position in the domestic education large model sector [4] Future Outlook - The CEO of NetEase Youdao stated that after achieving full-year profitability in 2024, the company is positioned for strategic advantages and aims to accelerate the deployment of the "ZiYue" model in both education and advertising sectors in 2025 [4] - Huatai Securities forecasts that NetEase Youdao's operating profit for 2025 could reach 216 million RMB, a year-on-year increase of 45% [4] - The company’s projected net profit under non-GAAP for 2025-2027 is estimated to be 173 million, 243 million, and 343 million RMB respectively [4] Industry Recognition - NetEase Youdao was ranked second in the "2025 Global Top Education Technology Companies" list by Times magazine, reflecting its rapid progress in large model implementation and performance [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $11.41 [5][6]. Core Insights - The company's Q1 2025 performance showed revenue of 1.3 billion RMB, a year-over-year decrease of 6.7%, while operating profit reached 100 million RMB, a significant increase of 247.7%, marking a historical high for Q1 [1]. - The "AI-native" strategy is driving continuous improvement in profitability, focusing on high-demand scenarios and accelerating the commercialization of AI capabilities in education and marketing [1]. - The company is expected to achieve an operating profit of 216 million RMB for the full year 2025, representing a year-over-year increase of 45% due to accelerated AI commercialization and ongoing cost reduction measures [3]. Revenue Breakdown - In Q1 2025, the company's learning services, smart hardware, and online marketing businesses generated revenues of 602 million RMB, 190 million RMB, and 505 million RMB, respectively, with learning services experiencing a year-over-year decline of 16.1% [2]. - The AI enrollment planner has been upgraded, leading to an increase in renewal rates, while AI subscription services saw sales of nearly 70 million RMB, with a growth rate exceeding 40% [2]. Profitability and Cost Management - The operating profit margin for Q1 2025 was 8%, with significant reductions in sales, R&D, and management expenses, which decreased by 21%, 21%, and 25% year-over-year, respectively [3]. - The report anticipates that the company's profitability will continue to improve as it implements further cost optimization strategies [3]. Financial Forecast and Valuation - The report maintains the Non-GAAP net profit forecasts for 2025-2027 at 173 million RMB, 243 million RMB, and 343 million RMB, respectively [4]. - Using the SOTP valuation method, the company is assigned a PE of 23.22x for K12 business and 26.69x for smart hardware, with a target price adjustment to $11.41 based on comparable company valuation changes [4][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $11.41 [5][6][10] Core Insights - The company's Q1 revenue was 1.3 billion RMB, a year-over-year decrease of 6.7%, while operating profit reached 100 million RMB, a significant increase of 247.7%, marking a historical high for Q1 [1][3] - The "AI-native" strategy is driving continuous improvement in profitability by focusing on high-demand scenarios and accelerating the commercialization of AI capabilities in education and marketing [1][2] - The company is expected to achieve an annual operating profit of 216 million RMB in 2025, a year-over-year increase of 45%, supported by accelerated AI commercialization and ongoing cost reduction measures [3] Revenue Breakdown - In Q1, the company's learning services, smart hardware, and online marketing businesses generated revenues of 602 million RMB, 190 million RMB, and 505 million RMB, respectively, with learning services experiencing a year-over-year decline of 16.1% [2] - The AI enrollment planner has been upgraded, leading to an increase in renewal rates, while AI subscription services saw sales of nearly 70 million RMB, with a growth rate exceeding 40% [2] Profitability and Cost Management - The operating profit margin for Q1 was 8%, with significant reductions in sales, R&D, and management expenses, which decreased by 21%, 21%, and 25% year-over-year, respectively [3] - The report anticipates that the company's profitability will continue to improve as it implements further cost optimization strategies [3] Financial Forecast and Valuation - The report maintains the Non-GAAP net profit forecasts for 2025-2027 at 173 million RMB, 243 million RMB, and 343 million RMB, respectively [4] - Using the SOTP valuation method, the company is assigned a PE of 23.22x for K12 business and 26.69x for smart hardware, with a target price adjustment based on comparable company valuation changes [4][10]

Core Insights - The article discusses the transformation of the intelligent language service industry, highlighting the shift from simple language conversion to knowledge understanding and application [2][3][4] - The competitive landscape of large models is evolving, with new players emerging and the industry still in its early stages, akin to the electrical era of the 1920s [2][12] - The paradox of increasing order volume but stagnant profitability in the intelligent language service sector is emphasized, indicating a need for companies to adapt their strategies [5][6] Industry Trends - The intelligent language service industry is experiencing a significant transformation, where machine translation is becoming more prevalent, yet human translators are still needed for quality assurance [4][5] - The demand for intelligent language services is growing, with a reported 30% increase in order volume for a leading company, while revenue only grew by 10% [5] - The industry is moving towards a model where companies provide foundational technologies and tools to partners rather than directly serving end customers [6][7] Data Quality vs. Quantity - The focus is shifting from "big data" to the quality of data, as high-quality data is essential for effective machine learning and AI applications [7][8] - Companies are encouraged to separate data from reasoning to enhance AI systems' adaptability and efficiency [8][9] - The value of data is increasingly recognized as being tied to its knowledge density rather than sheer volume [9][10] Future of Large Models - The current state of large models is not yet mature, and the market dynamics are still evolving, with many applications yet to be discovered [10][12] - The competition in AI is expected to focus more on foundational technology frameworks rather than just parameter size [11][12] - The future of AI services in the enterprise market is unlikely to be free, as solving business problems incurs costs [12]

创投机构对"AI+费控管理"的投资兴趣明显复苏。 "今年以来，已有多家创投机构找到我磋商股权投资的机会，因为他们认为AI正给费控管理带来全新的 发展前景。"近日，合思创始人兼CEO马春荃接受记者专访时说。 马春荃向记者透露，AI正在企业费控管理每个流程环节提升效率与体验，尤其在单据填报、票据识 别、差旅规划、风险审批、经营分析、多语言翻译等场景，AI正将断断续续的流程变成7*24小时无缝 流转。在AI时代的模型驱动趋势下，每家企业都在经历AI in ALL的解构期，实现更大范畴的降本增效 成绩。 一位创投机构合伙人向记者透露，今年以来，他感受到众多行业企业在AI+费控管理方面的应用投入明 显增加——前些年，这些企业家还在犹豫是否有必要增加AI投入。但如今，他们一面感受到AI的确能 助力企业进一步降本增效，一面给企业业务出海与拓展新市场提供必要的费控管理支持，帮助企业更高 效地挖出利润。这也是他们近期重新关注AI+费控管理赛道股权投资机会的一大因素。 头部企业加码AI 作为国内费控管理领域头部企业，合思已完成多轮股权融资，累计募资额超过15亿元人民币。 这位创投机构合伙人告诉记者，今年以来，他们对AI+费控管理 ...

本次展会旨在推动区域数字经济合作。多家中国企业首次参展，展示了具身AI、智能制造等最新成 果。 宇树科技带来的人形机器人和仿生四足机器人在主舞台表演，吸引众多观众。 在会展上还可以看到科大讯飞、中国电信、中国移动、阿里云在内的多家中资科技企业亮相。科大讯飞 展位设计前卫，展示AI翻译、语音交互等多项技术应用。中国电信主打"全球数字信息基础设施"概念， 展位互动频繁。中国移动则以"AI驱动，未来启发"为主题，呈现数据中心与AI应用场景，吸引大量观众 驻足体验。 转自：新华财经 新华财经新加坡4月25日电（记者刘春涛）全球科技盛会海湾信息技术展（GITEX）首次登陆亚洲。 GITEX Asia 2025于23日至25日在新加坡滨海湾金沙会展中心举行，吸引来自70多个国家和地区的700余 家企业参展，聚焦人工智能、机器人、网络安全、智慧城市等领域。 据世界经济论坛预测，到2030年，东南亚数字经济规模有望达到1万亿美元。 编辑：罗浩 来自中国香港的AT-VIBE Technology展示智慧工业监控系统，服务客户包括中国银行（香港）、 Manulife、香港特区政府多部门。电竞硬件厂商七彩虹展出与巴塞罗那俱乐部联名 ...