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Youdao Premium Courses Youdao Lingshi Youdao Dictionary Youdao Desktop Translation Hi Echo Mr. P AI Tutor
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AI + Online Marketing Services AI + Smart Devices AI + Learning Services
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Smart Devices Online Marketing ServicesLearning Services 1,339.8 481.7 240.4 617.7 1,298.3 505.4 190.5 602.4 1,417.5 632.9 126.8 657.8 1,628.6 739.7 245.8 643.1 1,564.6 660.9 176.5 727.2 5,625.9 1,975.0 903.6 2,747.3 5,909.0 2,538.8 739.6 2,630.6 RMB Millions RMB Millions
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RMB Millions 150 100 50 0 200 4Q24 1Q25 2Q25 3Q25 4Q25 250 28.8 84.2 104.0 28.3 60.2 150 100 50 0 200 2024 2025 250 148.8 221.3 RMB Millions
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RMB Millions 4Q24 1Q25 2Q25 3Q25 4Q25 （400） （300） （200） （100） 0 100 200 300 RMB Millions 2024 2025 （400） （300） （200） （100） 0 100 200 300 55.2 (67.9) 184.2 （58.6） 185.0 （255.5） 158.2
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Hi Echo U-Dictionary iRecord LectMate Mr. P AI Tutor Youdao Desktop Translation Youdao Dictionary iArch Baby Genius One Translate Translator Youdao AI Podcast Assistant Youdao Anydub
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Driven by strengthened NetEase synergy and active expansion of third-party clients Capitalizing on the flourishing LLM ecosystem and increased marketing demand for AI apps Global footprint expanded to 50+ countries in 2025
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*Cash assets include cash and cash equivalents, restricted cash and short-term investments. Summary of Key Financial Information (in RMB’000) Key balance sheet items December 31, 2025 December 31, 2024 Cash Assets* 740,011 659,352 Accounts Receivable, Net 381,243 418,644 Inventories 140,776 174,741 Total Current Assets 1,722,506 1,486,768 Total Assets 1,975,045 1,814,395 Contract Liabilities 847,707 961,024 Short-term Loan from NetEase Group 878,000 878,000 Total Current Liabilities 2,934,912 2,946,952 Long-term Loans from NetEase Group 926,588 913,000 Total Liabilities 3,909,142 3,903,707
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Summary of Key Financial Information (in RMB’000, except for percentages) Key Income Statement Items 4Q25 3Q25 4Q24 Net Revenues 1,564,692 1,628,524 1,339,798 Learning Services 727,233 643,086 617,673 Smart Devices 176,545 245,780 240,444 Online Marketing Services 660,914 739,658 481,681 Cost of Revenues (859,314) (940,661) (699,045) Gross Profit 705,378 687,863 640,753 Gross Margin 45.1% 42.2% 47.8% Operating Expenses (645,175) (659,597) (556,577) Income from Operations 60,203 28,266 84,176 Net Income 35,954 4,025 72,298 Net Income Attributable to Ordinary Shareholders of the Company 48,246 120 83,003