网易有道Youdao, Inc.（DAO）2025年第四季度及全年业绩投资者展示报告「NYSE」（英文版）（18页）.pdf

1、1YoudaoPremium CoursesYoudao LingshiYoudaoDictionaryYoudao DesktopTranslationHi EchoMr.P AI TutorAI+Online Marketing Services AI+Smart Devices AI+Learning Services Smart DevicesOnline Marketing ServicesLearning Services1,339.8481.7240.4617.71,298.3505.4190.5602.41,417.5632.9126.8657.81,628.6739.7245

2、.8643.11,564.6660.9176.5727.25,625.91,975.0903.62,747.35,909.02,538.8739.62,630.6RMB MillionsRMB MillionsRMB Millions1501005002004Q241Q252Q253Q254Q2525028.884.2104.028.360.215010050020020242025250148.8221.3RMB MillionsRMB Millions4Q241Q252Q253Q254Q25（400）（300）（200）（100）0100200300RMB Millions20242025

3、（400）（300）（200）（100）010020030055.2(67.9)184.2（58.6）185.0（255.5）158.2Hi EchoU-DictionaryiRecordLectMateMr.P AI TutorYoudao Desktop TranslationYoudao DictionaryiArchBaby GeniusOne Translate TranslatorYoudao AI Podcast AssistantYoudaoAnydub0102030504Driven by strengthened NetEase synergy and active exp

4、ansion of third-party clients Capitalizing on the flourishing LLMecosystem and increased marketing demand for AI appsGlobal footprint expanded to 50+countries in 2025*Cash assets include cash and cash equivalents,restricted cash and short-term investments.Summary of Key Financial Information(in RMB0

5、00)Key balance sheet itemsDecember 31,2025December 31,2024Cash Assets*740,011 659,352Accounts Receivable,Net381,243 418,644Inventories140,776 174,741Total Current Assets1,722,506 1,486,768Total Assets1,975,045 1,814,395Contract Liabilities847,707 961,024Short-term Loan from NetEase Group878,000 878,

6、000Total Current Liabilities2,934,912 2,946,952Long-term Loans from NetEase Group926,588 913,000Total Liabilities3,909,142 3,903,707 Summary of Key Financial Information(in RMB000,except for percentages)Key Income Statement Items4Q253Q254Q2