金吾财讯 | 网易有道(DAO)发布 2026 年第一季度财报，核心指标呈现 “增收不增利” 态势，营收小幅增长但低于市场预期，毛利率同比明显回落，盈利空间持续收窄。
一季度，有道实现营收 1.954 亿美元，同比增长 3.8%，较市场预期值少 578 万美元；非 GAAP 每股收益为 0.05 美元，盈利规模维持低位。拆分来看，学习服务与在线营销服务分别同比增长 4.2%、20.9%，但智能设备收入大幅下滑 42.6%，成为拖累整体表现的核心因素。
盈利端压力更为显著，当期毛利率仅为 44.7%，较 2025 年同期的 47.3% 下滑 2.6 个百分点。毛利率下行主因智能硬件业务收缩及产品结构调整，叠加行业竞争加剧导致的获客成本高企，进一步压缩利润空间。
尽管有道 AI 教育转型持续推进，在线营销与学习服务展现韧性，但硬件业务疲软、毛利率下滑等问题仍待解决。后续公司能否依托 AI 产品迭代优化盈利结构，仍需观察。
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