有道2026年第二季度财报及业务战略电话会议纪要

发布时间：2026-08-20 一、AI总结内容 一、核心财务表现（2026年二季度及上半年） 1. 二季度总净营收15亿元，同比增3.5%；上半年总净营收28亿元，同比增3.6%2. 二季度经营利润1.115亿元，同比增长近4倍，为连续第八个季度盈利，上半年经营利润1.69亿元，同比增27.3%3. 二季度经营活动净现金流3.342亿元，同比增80.7%；上半年经营活动净现金流2.411亿元，去年同期为净流出0.705亿元4. 二季度总毛利率28.7%，同比提升约3个百分点；上半年总毛利率47%，同比提升约2个百分点 二、核心业务板块表现 1. 学习服务：二季度营收7.956亿元，同比增24.9%，智能学习产品营收超1亿元，同比增超20%；AI英语作文评分Q2环比翻倍，Youdao Ling Shi二季度 retention超75%；AI同传用户互动量同比增100%；上线14语言跨口音克隆模型，开放模型权重供本地部署 2. 在线营销服务：二季度营收5.844亿元，同比降7.7%；Q2毛利率同比提升3个百分点；二季度新增广告主超100家，广告主留存同比提升约5个百分点；AI应用及短剧广告营收连续两个季度同比增超50%；计划Q3推出海外QL营销代理，上线第二代AI广告投放优化器 3. 智能设备：二季度营收0.868亿元，同比降31.5%；Q2毛利率约7%，同比降约11个百分点；预计下半年毛利率恢复至超40%，降低存储成本压力 三、AI战略与产品规划 1. 核心AI模型：推出Confucius IV大模型，多模态语音、翻译及推理能力升级，复杂图表、物理推理表现提升，推理成本降低，翻译推理速度提升约80% 2. 产品规划：计划9月推出多款AI智能体；AI战略为各业务核心驱动力，学习服务的AI作文评分、智能推荐、留学咨询等功能带动用户留存 四、后续运营目标 1. 短期优先高质量可持续增长，不追求快速扩张；中期深耕AI原生战略，全产品线布局垂直大模型与AI智能体 2. Q3营销板块推进AI+广告能力升级、广告主拓展及盈利能力提升；学习服务深化AI应用，推动毛利率提升 五、风险与关注 1. 智能设备业务面临存储芯片成本上升压力，短期毛利率承压2. 在线营销服务短期营收因聚焦高ROI客户出现同比下降，但长期效率提升 二、音频原文（转写） financial performance. So I would like to ask management what is the cost strength of this modeland are there new product launches in the pipel ine targeting this capability?Thank you. Hello Brian, I will take the question. For large language models, we focus on areas where we see stronguser demand, significant potential for value creation and also differentiated strengths for Utah. In addition to translation, which has long been one of our core strengths, I'd like to highlight two areas today. Advanced voice in audio andmathematics learning. So in both areas, we believe Utah has significant strengths. For voice, we have seen a strong user adoption for several years already. The success of our products high echo and simultaneous interpretation. demonstrated clear demand for high quality low latency voice interactions in both learning and communications. in queue to using engagements with Simultaneous interpretation increased by approximately 100%. 啊，业务员。 So while higher cost growth billings also grew by more than 100%. sense. 啊 So one recent development I want to highlight is confucius for tps 啊as we discussed in our prepared remarks, this modern text of speech model. supports crossling box and free voice cloning. across. fourteen languages while preserving speaker identity and emotional expressions. So we see. broad potential applications in areas such as cross-angled learning啊 Multilingual content creation. dabbing and international communications. for this model. So we plan to launch more voice related models him products in the coming months. So the second areaI want to highlight is mathematics. Mathematicsis another very important focus for us. 啊 AI driven mass earning is highly demanded by users. And it's also an area where we have a strong technology and learning expertise. yeah. Math is, weall know, a challenging subject for many learners. and is foundational to almost all stem. disciplines So at the same time, students needs a math learning are highly personalized and often re solve around very specific problems and knowledge gaps. So this makes master learning a significant opportunity for AI to provide personalized explanation, to provide diagnosis, practice and tutoring at scale. for significantly improved modeling reasoning for visual maps and physics problems, particularly those involving complex diagrams. Going forward, we plan to introduce additional model capabilities and also AI agents for map learning, which has similar opportunities across other STEM subjects. 嗯。 I'm also pleased to share that we plan to launchmultiple new AI agents and model products in September next month. So we will continue expanding our models and agent capabilities around thesecarriers. so We look forward to share more Verysoon. yeah thank you Thank you. 嗯。 Our next question. comes from a jink one with. TI C C 其实佢系。Good evening management. Thank you for taking that question. My question is also about AI, but it's more about AI features of. 呃，连续AI I C greetings。 We all know that Ling Shu's AI as a grading feature has earned well spread user recognition. tobe planning to further expand its ai powered features in the in the future. Thanks. Thank you. Just to answer, I will handle the question first.yeah and for the link we will receive the a i creating values for link in two important ways. By improving to a learning. and those. All right.expanding what we can offer to the users. and by improving the scalability and operational efficiency of our services. over the past four years. Power by our. continue investments in our large language model computers. 有道理是。 has focused on resolving the coping points. across the learning and college application scenario s. to really continue with the products, refinements. and exploration. It is use case. We have built a comprehensive AI interactive courses. anda service metric. This platform empowers students to enhance their learning quality and efficiency. Winning broad acclaim from our users. I