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    Liping Zhao

    Research Analyst at China International Capital Corporation (CICC)

    Liping Zhao serves as an Equity Analyst at China International Capital Corporation (CICC), focusing on telecommunications sector research and analysis. He covers leading companies such as China Telecom Corporation Limited, providing in-depth insights and investment recommendations to institutional investors. Zhao has established a reputation for rigorous equity research, demonstrated by his regular inclusion in China Telecom’s analyst coverage roster and long-term engagement with CICC. While professional credentials like FINRA registration or specific securities licenses are not publicly documented, Zhao’s recognized analytical expertise and impactful research reports distinguish his career.

    Liping Zhao's questions to WeRide (WRD) leadership

    Liping Zhao's questions to WeRide (WRD) leadership • Q2 2025

    Question

    Liping Zhao of CICC inquired about WeRide's multi-product strategy, specifically the relationship between Robotaxi and other products like Robobus, and asked whether the strong revenue contribution from the Robotaxi segment is sustainable.

    Answer

    CEO Tony Han explained that WeRide uses a single universal platform, 'WeRide One,' to power all its vehicle types. This approach enhances data collection for corner cases and allows entry into markets with products like Robobus to build public trust. CFO Jennifer Li confirmed the Robotaxi revenue trend is expected to continue, driven by fleet expansion, a multi-faceted growth model (hardware, services, revenue sharing), and a focus on markets with strong unit economics.

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    Liping Zhao's questions to WeRide (WRD) leadership • Q2 2025

    Question

    Liping Zhao of CICC inquired about WeRide's multi-product strategy, specifically the relationship between Robotaxi and other products like Robobus, and asked if the strong revenue contribution from the Robotaxi business is sustainable.

    Answer

    CEO Tony Han explained that WeRide uses a single universal platform, 'WeRide One,' to power all its products. This strategy provides a larger pool of high-quality data for training, as data from Robobuses and Robovans helps improve the Robotaxi system by capturing more corner cases. He also noted that this flexibility allows entry into markets not yet ready for full Robotaxi deployment. CFO Jennifer Li confirmed the Robotaxi revenue trend is sustainable, driven by fleet expansion, a multi-faceted growth model (hardware sales, service revenue, revenue sharing), and a focus on markets with strong unit economics.

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    Liping Zhao's questions to Youdao (DAO) leadership

    Liping Zhao's questions to Youdao (DAO) leadership • Q1 2025

    Question

    Liping Zhao from CICC asked for a projection on when the Learning Services segment, which saw a year-over-year revenue decline in Q1, is expected to return to growth.

    Answer

    Senior President Peng Su stated that the segment's restructuring is ongoing and should conclude in the second half of the year, with revenue stabilization expected thereafter. He highlighted the strong performance of the Youdao Lingshi college planning service, which saw over 25% year-over-year gross billing growth in Q1, driven by its AI-powered features. Mr. Su projects both revenue and profit for Youdao Lingshi to achieve year-over-year growth for the full year.

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    Liping Zhao's questions to Youdao (DAO) leadership • Q4 2024

    Question

    Liping Zhao from CICC asked about the online marketing business, questioning its flattish Q4 growth and seeking details on its opportunities and overseas expansion strategy for 2025.

    Answer

    President Lei Jin detailed a three-part strategy for the online marketing business in 2025. First, intensifying collaboration with NetEase Group, where ad revenue grew over 200% in 2024 but still represents less than 10% of the total. Second, accelerating global expansion, building on partnerships with TikTok and Google. Third, innovating the ad-tech stack by developing an AI advertising optimizer that leverages their proprietary LLM and DeepSeek to automate campaign strategy and execution.

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    Liping Zhao's questions to Youdao (DAO) leadership • Q3 2024

    Question

    Liping Zhao from CICC questioned the future growth potential of Youdao's online marketing services, given the strong growth momentum and a high comparative base in the fourth quarter of last year.

    Answer

    President Lei Jin acknowledged the high base but expressed confidence in medium- to long-term growth from both domestic and international markets. Domestically, he sees opportunities in online entertainment, AI tools, and the automotive industry. Internationally, partnerships with platforms like TikTok are expected to drive expansion. He noted short-term challenges, including a less robust Double 11, but expects profitability to remain solid in Q4.

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    Liping Zhao's questions to Agora (API) leadership

    Liping Zhao's questions to Agora (API) leadership • Q4 2024

    Question

    Liping Zhao of CICC asked for details on Agora's strong 13.7% year-over-year growth in Q4, its sustainability into 2025, and how the company views the demand for voice and multimodal AI interactions over the next two years, particularly in light of innovations like DeepSeek.

    Answer

    Executive Jingbo Wang attributed Agora's strong Q4 growth to the expansion of novel use cases like live commerce, which has grown to over 10% of global revenue and is still in its early stages in Western markets. Executive Bin Zhao discussed the impact of models like DeepSeek, stating they accelerate the development of AI agents. He anticipates voice and multimodal experiences will become critical capabilities for agents in the next two years, with priorities in service agents, companionship apps, education, and IoT devices.

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    Liping Zhao's questions to TAL Education (TAL) leadership

    Liping Zhao's questions to TAL Education (TAL) leadership • Q3 2025

    Question

    Liping Zhao of CICC noted the company's current breakeven profitability and asked for insights into the bottom-line performance and any plans to improve margins moving forward.

    Answer

    Executive Jackson Ding explained that the company's overall margin is a blend of businesses at different maturity stages. The more mature Peiyou business has a stable profit margin, while the learning device business is still in an investment phase and operates at a loss. Ding stated that TAL will continue to prioritize innovation and investment in high-value strategic initiatives, balancing growth with efficiency, which means some early-stage businesses will remain unprofitable for a period.

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    Liping Zhao's questions to TAL Education (TAL) leadership • Q2 2025

    Question

    Liping Zhao requested an elaboration on the strategy for the xueersi.com business and its long-term growth outlook.

    Answer

    Executive Jackson Ding positioned xueersi.com as a strategic priority, focusing on product quality over aggressive customer acquisition. He noted a market shift toward enrichment learning, particularly in science and technology, which the platform is addressing with innovative, interactive programs like hands-on science experiments. Ding stated that the main growth driver is product quality and innovation. He also clarified that xueersi.com does not yet have a mature unit economics model, and the company is still exploring the operating model while balancing growth and profitability.

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