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I'll definitely be back. 有道的商业模式与市场表现：AI订阅驱动的新增长
从产品到生态，从技术到商业，有道正构建一个可持续发展的商业模式。2025年，有道实现全年净收入59.1亿元，同比增长5.0%，经营利润达2.2亿元，同比增长48.7%，并首次实现全年经营性现金流转正。

AI订阅服务已成为有道增长的核心引擎。2026年第一季度，有道AI订阅服务总销售额超1亿元，同比增长超过70%，标志着该业务已成长为驱动公司增长的新引擎。这一成绩得益于“子曰”教育大模型的持续迭代，以及聚焦学习与生产力场景不断丰富的AI Agent产品矩阵。在线营销服务方面，2025年实现了29%的增长，达到25亿元人民币。自2025年第三季度起，在线营销服务收入已连续创下历史新高。

从软件订阅到智能硬件销售，从在线营销到教育服务，有道的多元化商业模式正在被市场验证。连续七个季度经营利润为正的稳健表现，以及AI订阅业务的快速增长，展示了一条以AI技术为核心的可持续发展路径。有道正以技术创新为驱动，为股东、用户和行业创造长期价值。
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