Youdao Inc (DAO) 2025 Q1 法說會逐字稿

Good day, and welcome to Youdao's first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加有道2025年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Jeffrey Wang, Investor Relations Director. Please go ahead.

現在我想將會議交給投資者關係總監 Jeffrey Wang。請繼續。

Thank you, operator.

謝謝您，接線生。

Please note the discussion today will contain forward-looking statements related to the future performance of the company, which are intended to qualify for the safe harbor from liability as established by the US Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors.

請注意，今天的討論將包含與公司未來業績相關的前瞻性陳述，旨在符合美國私人證券訴訟改革法案所規定的免於承擔責任的安全港規定。此類聲明並非對未來績效的保證，且受某些風險和不確定性、假設和其他因素的影響。

Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this discussion. A general discussion of the risk factors that could affect Youdao's business and financial results is included in certain company filings with the US Securities and Exchange Commission. The company does not undertake any obligation to update this forward-looking information, except as required by law.

其中一些風險超出了公司的控制範圍，可能導致實際結果與今天的新聞稿和本次討論中提到的結果大不相同。向美國證券交易委員會提交的某些公司文件中包含了對可能影響有道業務和財務業績的風險因素的一般性討論。除法律要求外，本公司不承擔更新此前瞻性資訊的任何義務。

During today's call, management will also discuss certain non-GAAP financial measures for comparison purpose only. For the definitions of non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial results, please see the 2025 first quarter financial results news release issued earlier today. As a reminder, this conference is being recorded. A webcast replay of this conference call will be available on Youdao's corporate website at ir.youdao.com.

在今天的電話會議中，管理階層還將討論某些非公認會計準則財務指標，僅供比較之用。有關非 GAAP 財務指標的定義以及 GAAP 與非 GAAP 財務結果的調節，請參閱今天早些時候發布的 2025 年第一季財務業績新聞稿。提醒一下，本次會議正在錄製中。本次電話會議的網路回放將在有道公司網站ir.youdao.com上提供。

Joining us today on the call from Youdao's senior management are Dr. Feng Zhou, our Chief Executive Officer; Mr. Lei Jin, our President; Mr. Peng Su, our Senior President; and Mr. Wayne Li, our VP of Finance.

今天參加有道高層電話會議的有我們的執行長週鋒博士、我們的總裁金磊先生、我們的高級總裁蘇鵬先生和我們的財務副總裁李煒先生。

I will now turn the call over to Dr. Zhou to review some of our recent highlights and strategic direction.

現在我將把電話交給週博士，回顧我們最近的一些亮點和策略方向。

Thank you, Jeffrey, and thank you all for participating in today's call. Before we begin, I would like to remind everyone that all numbers are based on renminbi, unless otherwise specifically stated.

謝謝傑弗裡，也謝謝大家參加今天的電話會議。在開始之前，我想提醒大家，所有數字均以人民幣為單位，除非另有說明。

In the first quarter, we significantly boosted profitability while executing our AI native strategy through product development. Operating income reached a Q1 record of RMB104.0 million, a surging 247.7% year-over-year. Net revenues were RMB1.3 billion, declining 6.7%, primarily due to decreased learning services revenue.

第一季度，我們透過產品開發實施AI原生策略，大幅提升了獲利能力。第一季營業收入創歷史新高，達1.04億元，年增247.7%。淨營收為人民幣13億元，下降6.7%，主要因為學習服務收入下降。

Operating cash outflow narrowed by 34.7% to RMB255.5 million, reflecting stronger financial efficiency. Product R&D accelerated in Q1.

經營現金流出收窄34.7%至人民幣2.555億元，財務效率提升。第一季產品研發加速。

We launched Confucius-o1, our first open-source reasoning model. We trialed with key clients Youdao MagicBox, an AI-powered ad creative suite.

我們推出了第一個開源推理模型Confucius-o1。我們與主要客戶有道魔盒進行了試用，這是一款由人工智慧驅動的廣告創意套件。

We also introduced SpaceOne, our first large-screen tutoring pen. These advances reinforce our AI native strategy that is applying large language model technology to critical learning and advertisement scenarios, serving real-world challenges, driving user satisfaction and business growth.

我們也推出了第一款大螢幕輔導筆SpaceOne。這些進步強化了我們的AI原生策略，即將大型語言模型技術應用於關鍵學習和廣告場景，應對現實世界的挑戰，推動使用者滿意度和業務成長。

Now let's look at our business lines. In the first quarter, although net revenues from Learning Services segment declined by 16.1% year-over-year. The rate of decline narrowed by approximately 5 percentage points compared to the previous quarter.

現在讓我們看看我們的業務線。第一季度，雖然學習服務部門淨收入年減了16.1%。降幅較上季收窄約5個百分點。

Net revenues covered the segment's costs and operating expenses and yielded meaningful profits. Within the Learning Services segment, net revenues from digital content services were RMB410.8 million in Q1. The product team enhanced Youdao Lingshi, college planning solutions using our proprietary Confucius LLM.

淨收入涵蓋了該部門的成本和營運費用，並產生了可觀的利潤。在學習服務部門，第一季數位內容服務淨收入為人民幣4.108億元。產品團隊利用我們專有的孔子法學碩士技術增強了有道靈石的大學規劃解決方案。

The upgraded AI college admission advisers now features 6 integrated components, 24/7 online Q&A services, comprehensive university and program databases, specialized proprietary courses and materials, professional assessment tools, and an AI-powered recommendation system for school selection and predictive admission analytics. This comprehensive ecosystem has significantly improved our differentiated user experience, contributing to over 25% year-over-year gross billing growth in Q1 and recently improved retention rates. In STEAM courses, our programming courses saw strong gross billing growth of over 40% year-over-year, fueled primarily by strong demand for GESP that is great examination of software programming preparation courses and more efficient customer acquisition channels.

升級後的人工智慧大學招生顧問現在具有 6 個整合組件、24/7 線上問答服務、全面的大學和課程資料庫、專門的專有課程和材料、專業評估工具以及用於學校選擇和預測錄取分析的人工智慧推薦系統。這個全面的生態系統顯著改善了我們差異化的用戶體驗，推動第一季總帳單收入年增超過 25%，最近留存率也有所提高。在 STEAM 課程中，我們的程式設計課程總收入年增超過 40%，這主要得益於對 GESP 的強勁需求，這是對軟體程式設計準備課程和更有效率的客戶獲取管道的極大考驗。

Our AI-driven subscription services generated nearly RMB70 million in Q1 sales, growing over 40% year-over-year. On the model development front, we open-sourced Confucius-o1 in Q1 a lightweight 14 billion parameter reasoning model that delivers competitive K-12 performance while being significantly more cost-effective and easier to deploy than larger alternatives. We also enhanced our flagship translation model through multi-model fusion and online direct preference optimization, DPO training, achieving quality improvements, cost reductions, and increased adoption.

我們的人工智慧訂閱服務在第一季創造了近 7,000 萬元的銷售額，年成長超過 40%。在模型開發方面，我們在第一季開源了 Confucius-o1，這是一個輕量級的 140 億參數推理模型，可提供具有競爭力的 K-12 性能，同時比更大的替代方案更具成本效益且更易於部署。我們還透過多模型融合和線上直接偏好優化、DPO 訓練增強了我們的旗艦翻譯模型，實現了品質提升、成本降低和採用率提高。

The translation model now processes over 1.5 billion tokens daily as of April, representing 100% growth since Q1. Additionally, we recently started self-hosting full-size DeepSeek-R1 inference for our products, instead of relying on third-party DeepSeek model services, improving license fee and stability while reducing costs at the same time. Moving on to our applications.

截至 4 月份，該翻譯模型每天處理超過 15 億個標記，自第一季以來成長了 100%。此外，我們最近開始為我們的產品自行託管全尺寸的 DeepSeek-R1 推理，而不是依賴第三方 DeepSeek 模型服務，從而提高許可費用和穩定性，同時降低成本。繼續我們的應用程式。

The upgraded Mr. P AI Tutor now features a multi-model visual system with over 92% accuracy for K-12 problem solving, up from 85% last year and is available across both the Mr. P app and our hardware devices. We recently launched Youdao AI podcast assistant, Youdao (spoken in foreign language), an innovative audio synthesis platform that instantly converts text documents like PDF, word files and web pages into studio quality podcasts, earning a featured recommendation on the Apple App Store.

升級後的 Mr. P AI Tutor 現已配備多模型視覺系統，K-12 問題解決準確率超過 92%，高於去年的 85%，並且可在 Mr. P 應用程式和我們的硬體設備上使用。我們近期推出了有道AI播客助理－有道（外文版），這是一個創新的音訊合成平台，可以即時將PDF、Word檔案、網頁等文字文件轉換為錄音室品質的播客，並在Apple App Store獲得推薦。

We also introduced our AI-powered academic paper plagiarism detection system which detects AI-generated content in academic writing while providing actionable suggestions to enhance originality and quality. Turning to online marketing services.

我們還推出了基於人工智慧的學術論文抄襲檢測系統，該系統可以檢測學術寫作中人工智慧產生的內容，同時提供可行的建議以提高原創性和品質。轉向線上行銷服務。

Q1 net revenues rose 2.6% year-over-year to RMB505.4 million. Our performance-based advertising client base grew by 20% year-over-year in Q1, reflecting the successful scaling of our client acquisition efforts, a key driver for future performance ad growth. In overseas advertising, we have recently secured Official Google Partner Certification, complementing our existing TikTok partnership. These collaborations provide access to premium ad inventory and optimization tools, enabling more impactful international campaigns.

第一季淨營收年增2.6%至5.054億元人民幣。我們基於效果的廣告客戶群在第一季同比增長了 20%，這反映了我們成功擴大了客戶獲取力度，這是未來效果廣告成長的關鍵驅動力。在海外廣告方面，我們最近獲得了 Google 官方合作夥伴認證，這補充了我們現有的 TikTok 合作夥伴關係。這些合作提供了優質廣告資源和優化工具，從而實現了更具影響力的國際廣告活動。

Technology remains at the heart of our advertising strategy. Leveraging our Confucius LLM, we launched Youdao MagicBox, an AI-powered creative suite that automatically produces high-quality ad assets, including images, videos and dynamic templates.

科技仍然是我們廣告策略的核心。利用我們的孔子法學碩士學位，我們推出了有道魔盒，這是一款由人工智慧驅動的創意套件，可自動生成高品質的廣告資產，包括圖像、影片和動態模板。

This innovative solution is poised to play a pivotal role in transforming content creation workflows. In addition, we have deepened the collaboration with NetEase Group through 2 operational initiatives. First, we strengthened our partnership with NetEase Games, driving over 50% year-over-year growth in advertising revenue from gaming industry clients. Second, we enhanced the collaboration with NetEase Cloud Music, expanding the range of advertising scenarios available to advertisers. Gross margin from online marketing services moderated to 30.5% in Q1, an approximately 4 percentage point decline year-over-year.

這項創新解決方案有望在轉變內容創作工作流程方面發揮關鍵作用。此外，我們也透過兩項營運措施深化了與網易集團的合作。首先，我們加強了與網易遊戲的合作關係，推動遊戲產業客戶的廣告收入較去年同期成長超過50％。第二，我們加強了與網易雲音樂的合作，擴大了廣告主可以使用的廣告場景。第一季網路行銷服務的毛利率降至30.5%，年減約4個百分點。

This primarily reflects our strategic emphasis on client acquisition as newer clients typically impact margins during initial onboarding. Looking ahead, we anticipate the segment's gross margin to stabilize between 25% to 35% in the medium- to long-term. Our Smart Devices segment delivered RMB190.5 million in Q1 revenues, representing a 5.1% year-over-year growth. In February, we introduced Youdao SpaceOne, an AI-powered large-screen tutoring pen featuring our Confucius multi-model LLM. This innovative device offers precise image recognition, photo-to-speech conversion and voice dictation capabilities, significantly broadening application scenarios while improving the learning experience.

這主要反映了我們對客戶獲取的策略重點，因為新客戶通常會在初始入職期間影響利潤率。展望未來，我們預期該部門的毛利率將在中長期內穩定在25%至35%之間。我們的智慧設備部門第一季實現營收1.905億元人民幣，年增5.1%。今年 2 月，我們推出了有道 SpaceOne，這是一款採用人工智慧技術的大螢幕輔導筆，搭載了我們的孔子多模型法學碩士課程。這款創新設備提供精確的影像辨識、照片轉語音和語音聽寫功能，大大拓寬了應用場景，同時改善了學習體驗。

The product's strong market reception was evident as the initial inventory sold out within 10 days, contributing to over 20% year-over-year growth in our dictionary pen revenue during the quarter.

該產品的市場反應強烈，首批庫存在 10 天內就銷售一空，推動本季字典筆收入年增超過 20%。

Moving forward, we will accelerate the integration of our ambitious large language model across both learning and advertising verticals, executing our AI native strategy to elevate user experiences while driving greater growth. Having achieved our first full year operating profit in 2024, we are now strategically positioned to maintain this positive trajectory, targeting accelerated profit growth and achieving operating cash flow breakeven for full year 2025.

展望未來，我們將加速在學習和廣告垂直領域整合我們雄心勃勃的大型語言模型，執行我們的人工智慧原生策略，以提升用戶體驗，同時推動更大的成長。在 2024 年實現首個全年營業利潤後，我們現在已做好戰略準備，將保持這一積極趨勢，目標是加速利潤增長，並在 2025 年全年實現營業現金流收支平衡。

With that, I'll pass the call to Su Peng for a detailed review of our financial performance. Thank you.

說完，我就把電話轉給蘇鵬，讓他詳細報告我們的財務表現。謝謝。

Thank you, Dr. Zhou, and hello, everyone. Today, I will be presenting some financial highlights from the first quarter of 2025. We encourage you to read through our press release issued earlier today for further details. For the first quarter, total net revenue were RMB1.3 billion or USD178.9 million, representing a 6.7% decrease from the same period of 2024.

謝謝週醫生，大家好。今天，我將介紹 2025 年第一季的一些財務亮點。我們鼓勵您閱讀我們今天早些時候發布的新聞稿以了解更多詳細資訊。第一季度，淨收入總額為 13 億元（1.789 億美元），較 2024 年同期下降 6.7%。

Net revenue from our learning services were RMB602.4 million or USD83 million, representing a 16.1% decrease from the same period of 2024. The year-over-year decrease was mainly because we continue to take a strategic approach to customer acquisition, which placed greater emphasis on high ROI, return on investment engagements.

我們學習服務的淨收入為人民幣 6.024 億元（8,300 萬美元），較 2024 年同期下降 16.1%。年比下降主要是因為我們繼續採取策略性的客戶獲取方法，更加重視高投資報酬率和投資回報。

We believe despite the short-term revenue decline, this strategy has enhanced overall resilience and operational efficiency of our business. Net revenue from our smart devices were RMB190.5 million or USD26.3 million, up 5.1% from the same period of 2024, which was primarily driven by the continued increase in sales of Youdao Dictionary Pen in the first quarter of 2025. Net revenue from our online marketing services were RMB505.4 million or USD69.6 million, representing a 2.6% increase from the same period of 2024. For the fourth quarter, our total gross profit was RMB614.2 million or USD84.6 million, representing a 9.9% decrease from the same period of 2024.

我們相信，儘管短期收入下降，但這項策略增強了我們業務的整體彈性和營運效率。我們智慧型設備的淨收入為人民幣 1.905 億元（2,630 萬美元），較 2024 年同期增長 5.1%，這主要得益於 2025 年第一季有道詞典筆銷量的持續增長。我們在網路行銷服務的淨收入為人民幣 5.054 億元（6,960 萬美元），較 2024 年同期成長 2.6%。第四季度，我們的總毛利為人民幣 6.142 億元（8,460 萬美元），較 2024 年同期下降 9.9%。

Gross margin for learning services was 59.8% for the first quarter of 2025 compared with 63.1% for the same period of 2024. Gross margin for smart devices was 52.3% for the first quarter of 2025 compared with 32.6% for the same period of 2024. Gross margin for online marketing services was 3.5% for the first quarter of 2025 compared with 34.3% for the same period of 2024. For the fourth quarter, we reduced our total operating expense to RMB510.2 million or USD70.3 million, compared with RMB651.6 million for the same period of last year. Looking at our expense in more details.

2025 年第一季學習服務的毛利率為 59.8%，而 2024 年同期為 63.1%。2025 年第一季智慧型裝置的毛利率為 52.3%，而 2024 年同期為 32.6%。2025 年第一季線上行銷服務的毛利率為 3.5%，而 2024 年同期為 34.3%。第四季度，我們的總營運費用為人民幣 5.102 億元（7,030 萬美元），而去年同期為人民幣 6.516 億元。更詳細地了解我們的開支。

Sales and marketing expense declined to RMB357.6 million compared with RMB455.4 million in the first quarter of 2024. Research and development expense was decreased to RMB115.5 million compared with RMB146.7 million in the first quarter of 2024. Our operating income margin was 8% in the first quarter of 2025 compared with 2.1% for the same period of last year. For the first quarter of 2025, our net income attributable to ordinary shareholders was RMB76.7 million or USD10.6 million, an increase of over 6x from the RMB12.4 million for the same period of last year. Non-GAAP net income attributable to the ordinary shareholders for the first quarter was RMB81.7 million or USD11.3 million, significantly increased from RMB20.3 million for the same period of last year.

銷售和行銷費用從 2024 年第一季的 4.554 億元人民幣下降至 3.576 億元。研發費用從2024年第一季的1.467億元減少至1.155億元。2025 年第一季我們的營業收入利潤率為 8%，而去年同期為 2.1%。2025年第一季度，我們歸屬於普通股股東的淨利為人民幣7,670萬元（約1,060萬美元），較去年同期的人民幣1,240萬元成長6倍以上。第一季非美國通用會計準則下歸屬於普通股股東的淨利為8,170萬元人民幣（1,130萬美元），較去年同期的2,030萬元人民幣大幅成長。

Basic and diluted net income per ADS attributable to the ordinary shareholders for the first quarter of 2025 were RMB0.65 or USD0.09 and RMB0.64 or USD0.09, respectively.

2025年第一季歸屬於普通股股東的每股美國存託憑證基本淨利為0.65元人民幣，攤薄淨利為0.09美元，攤薄淨利為0.64元人民幣，攤薄淨利0.09美元。

Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders for the first quarter was RMB0.69 or USD0.01 and RMB0.68 or USD0.01, respectively. Our net cash used in operating activities was RMB255.5 million or USD35.2 million for the first quarter.

第一季非美國通用會計準則下歸屬於普通股股東的每股美國存託憑證基本淨利潤為0.69元人民幣，攤薄淨利潤為0.01美元；非美國通用會計準則下歸屬於普通股股東的每股美國存託憑證攤薄淨利潤為0.68元人民幣，攤薄淨利潤為0.01美元。第一季度，我們的經營活動所用淨現金為人民幣 2.555 億元（約 3,520 萬美元）。

Looking at our balance sheet. As of March 31, 2025, our contract liabilities, which mainly consists of the deferred revenue generated from our lending services were RMB711.2 million or USD98 million compared with RMB961 million as of the December 31, 2024. At the end of the period, our cash, cash equivalents, current and noncurrent restricted cash, and short-term investments totaled RMB424.5 million or USD58.5 million. This concludes our prepared remarks.

查看我們的資產負債表。截至 2025 年 3 月 31 日，我們的合約負債（主要包括我們貸款服務產生的遞延收入）為人民幣 7.112 億元或 9,800 萬美元，而截至 2024 年 12 月 31 日為人民幣 9.61 億元。期末，我們的現金、現金等價物、流動和非流動受限現金以及短期投資總額為人民幣4.245億元或5850萬美元。我們的準備好的演講到此結束。

Thank you for your attention. We would now like to open the call to your questions. Operator, please go ahead.

感謝您的關注。我們現在想開始回答你們的問題。接線員，請繼續。

(Operator Instructions) Brian Gong, Citi.

（操作員指示）花旗銀行的 Brian Gong。

A quick question on AI. I noticed our AI thinker integrated ahead of our peers in the first quarter. So, from a medium- to longer perspective, how does management view the differentiation between your large language model fusions and other large language models in educational scenarios?

關於人工智慧的一個簡單問題。我注意到我們的人工智慧思想家在第一季就領先於同業。那麼從中長期來看，管理階層如何看待你們的大型語言模式融合和教育場景下其他大型語言模型的差異化？

Brian, so let me take the question. From day 1 of the large language model development back in early 2023, we've emphasized the importance of embracing open technologies. So, this year, the release of DeepSeek R1 provided the perfect opportunity for us to exercise that strategy. So that is why we are the first in the ad tech industry to integrate it into our LLM stack and Mr. P AI Tutor in Q1, giving users options of models to solve K-12 problems.

布萊恩，請允許我來回答這個問題。從 2023 年初大型語言模型開發的第一天起，我們就強調擁抱開放技術的重要性。因此，今年 DeepSeek R1 的發佈為我們實施該策略提供了絕佳的機會。因此，我們率先在廣告科技產業將其整合到我們的 LLM 堆疊和第一季的 Mr. P AI Tutor 中，為用戶提供解決 K-12 問題的模型選項。

So, at the same time, our proprietary model, Confucius, has been evolving since 2023.

因此，與此同時，我們的專有模型孔子自 2023 年以來一直在不斷發展。

In January, we released a major leap with Confucius-o1, actually before the DeepSeek R1 release. So, Confucius-o1 was the first open-source educational reasoning model capable of step-by-step exposition while being far more GPU-efficient than general-purpose models. So, this next-generation Confucius is now also deeply integrated across our learning services. So, AI-driven subscriptions and also smart devices, solidifying our leadership in deploying large language models for education in China. So let me highlight 3 key advantages of combining open and proprietary technologies for you.

今年 1 月，我們發布了 Confucius-o1，這是一個重大飛躍，實際上早於 DeepSeek R1 的發布。因此，Confucius-o1 是第一個能夠逐步闡述的開源教育推理模型，同時其 GPU 效率遠高於一般模型。因此，下一代孔子現在也深度融入我們的學習服務中。因此，人工智慧驅動的訂閱和智慧型裝置鞏固了我們在中國教育領域部署大型語言模式的領導地位。因此，讓我為您重點介紹一下結合開放技術和專有技術的三個主要優勢。

The first, we believe is this dual approach enhances the user experiences. Confucius delivers faster responses while DeepSeek R1 often provides more comprehensive answers. We've observed that users very naturally adopt to Confucius for quick checks and DeepSeek for in-depth explanation. So currently, actual usage is split roughly evenly. Second, we believe open technologies accelerate our teams and technology growth.

首先，我們相信這種雙重方法可以增強使用者體驗。Confucius 的反應速度更快，而 DeepSeek R1 通常能提供更全面的答案。我們觀察到，使用者自然地採用 Confucius 進行快速檢查，採用 DeepSeek 進行深入解釋。因此，目前實際使用量大致平均分配。其次，我們相信開放科技可以加速我們的團隊和技術的發展。

Just as Google Android leverages the Linux kernel, we benefit from the broader ecosystem while contributing back. This dynamic environment pushes our teams to iterate faster, keep us at the forefront of innovation. Thirdly, Confucius excels in education-specific scenarios. So, thanks to the continuous refinements, it outperforms general purpose models in a few very important areas. First is translation quality.

就像 Google Android 利用 Linux 核心一樣，我們在回饋社會的同時也從更廣泛的生態系統中受益。這種動態環境促使我們的團隊更快地迭代，讓我們始終處於創新的前沿。第三，孔子在教育具體場景方面表現優異。因此，由於不斷的改進，它在一些非常重要的領域中表現優於通用模型。首先是翻譯品質。

Confucius leads the industry in translation accuracy, a core capability for our platforms while operating at a fraction of the cost of general-purpose models. As noted earlier, we've completed our year-long transition from NMT to LLM translation, now processing over 1.5 billion tokens every day. The second strength of Confucius models is Q&A accuracy. So, with recent multimodal upgrades, Mr. P AI Tutor achieves over 92% accuracy in K-12 problem solving.

孔子在翻譯準確性方面處於行業領先地位，這是我們平台的一項核心功能，而其運行成本僅為通用模型的一小部分。如前所述，我們已經完成了從 NMT 到 LLM 翻譯的為期一年的過渡，現在每天處理超過 15 億個標記。孔子模式的第二個優點是問答的準確性。因此，透過最近的多模式升級，Mr. P AI Tutor 在 K-12 問題解決中實現了超過 92% 的準確率。

So that is a 7-point year-over-year improvement over last year, significantly surpassing stand-alone DeepSeek performance in these scenarios. So, we're also optimizing our use of DeepSeek by migrating DeepSeek R1 inference to our fully-internal deployment. We've achieved 99.9% availability, lower latency and also greater cost with further optimization still ongoing. So, our progress has gained a lot of recognition. Actually, the Time Magazine recently ranked Youdao as the world's #2 ad tech companies among over 7,000 firms, underscoring our leadership in LLM deployment and operational excellence.

因此，與去年相比，這是一個 7 個百分點的同比增長，顯著超越了獨立的 DeepSeek 在這些場景中的表現。因此，我們也透過將 DeepSeek R1 推理遷移到我們的完全內部部署來優化我們對 DeepSeek 的使用。我們已經實現了 99.9% 的可用性、更低的延遲以及更低的成本，並且仍在進一步優化。所以，我們的進步得到了很多的認可。事實上，《時代》雜誌最近將有道評為全球 7,000 多家廣告科技公司中排名第二的廣告科技公司，凸顯了我們在 LLM 部署和卓越營運方面的領導地位。

So, moving forward, we will deepen our focus on educational verticals, enhancing Mr. P's accuracy while also expanding Confucius into more areas, including lesson planning, grading and assessments. So exciting products and model updates are coming this summer, and we look forward to sharing them soon. Thank you.

因此，展望未來，我們將深入關注教育垂直領域，提高 Mr. P 的準確性，同時將孔子擴展到更多領域，包括課程規劃、評分和評估。因此令人興奮的產品和模型更新將於今年夏天推出，我們期待很快與大家分享。謝謝。

Liping Zhao, CICC.

趙利平，中金公司。

My question is about your learning service. So, I noticed that the net revenue from the learning service segment remained year-over-year decline during the first quarter. When do you project the segment's revenue to return to growth?

我的問題是關於你們的學習服務。因此，我注意到第一季學習服務部門的淨收入比去年同期仍然下降。您預期該部門的收入何時會恢復成長？

Thank you, Brenda. This is Su Peng. I will handle the question first. And I think our adjustment for the learning services segment initiated last year remains ongoing right now. And we have intensified our focus on service with robust demand and significant growth potentials such as the Youdao Lingshi while scaling back nonessential offerings.

謝謝你，布倫達。我是蘇鵬。我先來處理一下這個問題。我認為我們去年針對學習服務部門所發起的調整目前仍在進行中。我們更重視有道靈石等需求強勁、成長潛力巨大的服務，同時縮減非必要服務。

And as we mentioned in the last 2 quarters, it will be accomplished in this year. And although the net revenue from the learning services segment still declined from a year-over-year basis in Q1, the rate of decline narrowed by roughly 5% compared to the previous quarters. This improvement was primarily driven by the resilient performance of the Youdao Lingshi during this quarter. And we believe there are several points to support the sustainable growth of Youdao Lingshi's business. The first is about China's paid college entrance exam advisory service market has demonstrated significant growth potential in recent years, driven by the evolving college and school selection rules under the new Youdao policies and at the same time, the family's urgent needs to bridge the information gaps.

正如我們在過去兩個季度中提到的那樣，它將在今年完成。雖然第一季學習服務部門淨營收年增仍有下降，但降幅較前幾季收窄約5%。這項改善主要得益於本季有道靈石的強勁表現。而我們認為有幾點可以支撐有道靈石業務的持續成長。一是近年來，我國付費高考諮詢服務市場展現出顯著的成長潛力，這得益於有道新政下高校選校規則的不斷演變，同時，家庭對彌補資訊差距的迫切需求。

In Q1, we launched an upgraded AI college admission advisers powered by our large language models, offering the user professional, efficient and tailor-made one-stop services. This service gained immediate users' recognition and drove the Youdao interest Q1's gross billing to grow by over 25% year-over-year. And looking forward, we expect a sustained rapid growth for our AI college admission advisers. Our computer model in continuous advancements will further refine the recommendation accuracy of our pricing, which at least -- at less than 10% of the traditional advisory fee and make quality guidance accessible to more families. At the same time, we just noticed that the recent education construction plan online has been released, which emphasizes cultivating the top tiers innovative talents and including the outstanding talent program for exceptional high school students.

第一季度，我們推出了升級版的AI升學顧問，該顧問基於我們龐大的語言模型，為用戶提供專業、高效、客製化的一站式服務。該服務立即獲得了用戶的認可，並帶動有道Q1總流水年增超過25%。展望未來，我們預計我們的人工智慧大學招生顧問將持續快速成長。我們的電腦模型不斷進步，將進一步提高我們定價的推薦準確性，至少低於傳統諮詢費的10%，讓更多家庭能夠獲得優質的指導。同時，我們剛剛注意到，最近在網路上發布的教育建設規劃，強調要培養拔尖創新人才，其中就包括針對優秀高中生的卓越人才計畫。

We will definitely actively monitor policy development and leverage our premium resources and product expertise to capitalize on these emerging opportunities. And in summary, we anticipate completing our segment restructuring in the second half of this year with revenue stabilization expected thereafter. For our flagship Youdao Lingshi services, we project both revenue and profit to achieve year-over-year growth in this year. Thank you, Brenda.

我們一定會積極關注政策發展，並利用我們的優質資源和產品專業知識來抓住這些新興機會。總而言之，我們預計在今年下半年完成分部重組，之後收入可望穩定。對於我們的旗艦有道靈視服務，我們預計今年的收入和利潤都將實現同比增長。謝謝你，布倫達。

Thomas Chong, Jefferies.

湯瑪斯‧張 (Thomas Chong)，傑富瑞 (Jefferies)。

My question is about online marketing services. As we see, revenue from online marketing services has remained at around RMB500 million for 6 consecutive quarters. When does management anticipate a reacceleration in revenue growth?

我的問題是關於網路行銷服務。我們看到，網路行銷服務收入已經連續6季維持在5億元左右。管理階層預計何時收入成長會再次加速？

This is Lei Jin. Assuming the stable market conditions and the execution of our business plan, we expect online marketing services revenue will show stronger growth momentum in the second half of this year compared to the first half, driven by 3 key factors. First, accelerated overseas advertising expansion. After obtaining Google's official partnership status in Q1 and completing certification, we are now implementing collaborative initiatives that should contribute meaningful to H2 revenue. Additionally, our TikTok advertising revenue maintained a strong growth in Q1, a trend we expect to continue through the year-end.

我是雷進。假設市場狀況穩定且我們的業務計劃得到執行，我們預計今年下半年線上行銷服務收入將比上半年呈現更強勁的成長勢頭，這主要得益於三個關鍵因素。一是加速海外廣告擴張。在第一季獲得 Google 官方合作夥伴身分並完成認證後，我們目前正在實施合作計劃，這將對下半年的收入做出有意義的貢獻。此外，我們的 TikTok 廣告收入在第一季保持了強勁成長，我們預計這一趨勢將持續到年底。

Second, updated AI-powered advertising solutions. Our Q1 launch of Youdao MagicBox and AI-driven one-click AD Creator tool marked the first step to our enhanced capabilities.

第二，更新人工智慧廣告解決方案。我們在第一季推出的有道魔盒和人工智慧驅動的一鍵廣告創建工具標誌著我們增強能力的第一步。

We are currently developing our AI advertising optimizer with a beta version launching in Q2 and a full release planned for H2. This system will automatically generate comp strategies, including targeting scenarios and budget allocation aligned with advertiser objectives while continuously optimizing through real-time RLM insights and adaptive recommendation models. Third, deepen the collaboration with NetEase School. In Q1, we leveraged our algorithmic and data analytics expertise to enhance the efficiency of NetEase's gaming promotions.

我們目前正在開發我們的 AI 廣告優化器，並將於第二季推出測試版，並計劃於下半年發布完整版本。該系統將自動產生補償策略，包括與廣告主目標一致的定位場景和預算分配，同時透過即時 RLM 洞察和自適應推薦模型不斷優化。第三是深化與網易學校的合作。第一季度，我們利用演算法和數據分析專業知識來提高網易遊戲促銷的效率。

In particular, for global promotions, our overseas influencer network now encompass 15 million creators across 75 countries, reaching over 2 billion users directly. NetEase advertising with us grew steadily in Q1 with this positive trajectory is expected to continue. Regarding tariff impact, while the uncertainty duties may present challenges for acquiring overseas e-commerce clients. This segment currently represents a minimal portion of total AD revenue, making the overall effect notably stable. We should note that H2 performance remains subject to macroeconomic conditions in domestic and international markets, which could introduce operational variabilities.

特別是在全球推廣方面，我們的海外影響力網路現已覆蓋 75 個國家的 1500 萬名創作者，直接覆蓋超過 20 億用戶。網易與我們合作的廣告在第一季穩步增長，預計這種積極的趨勢將持續下去。至於關稅影響，不確定性關稅可能會為獲取海外電子商務客戶帶來挑戰。該部分目前佔廣告總收入的比重很小，因此整體效果相當穩定。我們應該注意到，下半年的業績仍然受到國內和國際市場的宏觀經濟狀況的影響，這可能會帶來營運上的波動。

Thank you.

謝謝。

(inaudible), Huatai Securities.

（聽不清楚），華泰證券。

My question is, last year was Youdao's first full year of profitability. Among the 4 quarters, the second quarter reported an operating loss. Is there a possibility of the profitability in the second quarter this year?

我的問題是，去年是有道實現盈利的第一個全年。4季中，第二季出現經營虧損。今年第二季還有獲利的可能性嗎？

This is Wayne Li. I will take your question. Our financial performance throughout 2024 and Q1 2025 demonstrates significant and sustained profitability improvement. This progress validates the success of our strategic initiatives across 3 critical areas: first, sharpen focus on high-margin digital content, advertising and AI-powered subscriptions; second, comprehensive AI native transformation boosting operational efficiency. The last one is the simplified cost optimization.

我是 Wayne Li。我回答你的問題。我們的 2024 年全年及 2025 年第一季的財務表現顯示出顯著且持續的獲利能力提升。這項進展驗證了我們在三個關鍵領域的策略性舉措的成功：第一，更重視高利潤的數位內容、廣告和人工智慧訂閱；第二，全面的人工智慧原生轉型，提高營運效率。最後一個是簡化的成本優化。

By concentrating resources on Youdao online marketing services and other key initiatives, we've successfully contained the losses from non-core operations.

透過將資源集中在有道網路行銷服務和其他重點措施上，我們成功遏制了非核心業務的損失。

Our AI integration has revolutionized multiple business functions from cost operations to AD production and R&D, delivering higher efficiency and profitability levels compared to our historical performance. Historically, Q2 has remained unprofitable mainly due to 2 seasonality reasons. First, Q2 is traditionally the weakest quarter for revenue generation from learning services and smart devices. Second, substantial sales and marketing campaign for summer enrollment, which typically begin in June. For Q2 this year, we will maintain our strategic priorities like large language model deployment and cost development while further optimizing our cost structure in line with our full year profitability goals.

我們的人工智慧整合徹底改變了從成本營運到 AD 生產和研發的多項業務功能，與我們的歷史業績相比，實現了更高的效率和盈利水平。從歷史上看，第二季一直沒有獲利主要是因為兩個季節性原因。首先，第二季傳統上是學習服務和智慧型設備收入最弱的季度。第二，大力開展夏季招生的銷售和行銷活動，夏季招生通常在六月開始。今年第二季度，我們將持續堅持大型語言模型部署、成本發展等策略重點，進一步優化成本結構，實現全年獲利目標。

Our ongoing investments in core offerings --like you may temporarily-- competitive position and drive full fiscal profitability. In summary, we expect to reduce Q2's operation losses year-over-year while acknowledging potential macroeconomic uncertainty that may affect results. Wish it is helpful. Thank you.

我們對核心產品的持續投資——就像您可能暫時投資的那樣——提高了競爭地位並推動了全面的財務盈利。綜上所述，我們預期第二季的營運虧損將年減，但同時也承認潛在的宏觀經濟不確定性可能會影響績效。希望它有幫助。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Jeffrey Wang for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Jeffrey Wang 做最後發言。

Thank you once again for joining us today. If you have any further questions, please feel free to contact us now at Youdao directly or reach out to Piacente Financial Communications in China or the U.S. Have a nice day.

再次感謝您今天加入我們。如果您還有其他問題，請隨時直接透過有道聯絡我們，或聯絡中國或美國的 Piacente Financial Communications。祝您有愉快的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。