Liping Zhao • China International Capital Corporation (CICC)

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CEO Tony Han explained that WeRide uses a single universal platform, 'WeRide One,' to power all its products. This multi-product strategy enhances data collection for corner cases and provides market entry flexibility, as Robobuses can build trust in regions not yet ready for Robotaxis. CFO Jennifer Li affirmed that the strong Robotaxi revenue trend is sustainable, driven by fleet expansion, a multi-faceted growth model (hardware, services, revenue sharing), and a focus on markets with superior unit economics.

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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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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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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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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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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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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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