“双减”政策后在线教育企业盈利能力重塑研究——以网易有道为例

The Profitability Reconstruction of Online Education Companies after The “Double Reduction” Policy—Taking NetEase Youdao as an Example

摘要: 为揭示“双减”政策对在线教育企业盈利能力的冲击与重塑机制，本文以网易有道为研究案例，综合运用案例研究法与财务指标分析法，系统探究政策约束下企业盈利重塑路径的演化逻辑，重点剖析业务战略调整、资源配置优化与盈利表现演变的内在关联。受“双减”政策强制规制，网易有道主动退出K12学科培训业务，聚焦智能硬件、AI赋能教育等合规赛道布局；同时优化研发资源分配结构，以技术研发投入替代原高额营销支出，构建“成本管控 + 营收结构升级”的双重驱动模式。企业依托感知、抓住与重构的动态能力完成盈利能力重塑。随着转型战略落地，研发投入成效逐步释放，网易有道销售费用率与管理费用率持续回落，营收规模稳步增长并实现年度盈利，成功完成从持续亏损到长效可持续盈利的转型。

Abstract: This paper endeavors to show how the “Double Reduction” policy has influenced online education companies’ profitability and discuss their mechanism of reshaping corporate profit models. Through taking NetEase Youdao as an example, it systematically and profoundly employs both the method of case studies and financial indicator analysis method in an all-around manner, concentrating on analyzing enterprise internal relations concerning strategic adjustment and resource allocation and enterprise’s profits and its transformations under policy constraints. Under the compulsory policy environment of the “Double Reduction” policy, Youdao has actively abandoned its K12 educational training industry and devoted itself exclusively to making track arrangements in smart hardware and AI-based education. At the same time, it has endeavored to optimize its research and development resource allocation, shifting its high marketing expenses into technical and scientific research and development inputs, building up its dual-drive development pattern concerning “cost control and revenue structure upgrading”. The enterprise relies on the dynamic ability of perception, grasp and reconstruction to complete the reconstruction of profitability. As its transformation strategy was carried out, the influence of its research and development inputs has manifested step by step. NetEase Youdao’s sales expense ratio and management expense ratio have both kept on decreasing, and their revenue size and annual profitability have both kept on rising, fulfilling enterprise transformations from chronic losses into long-term and sustainable profitability.