REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol |
Name of each exchange on which registered | ||
N/A |
* | Not for trading, but only in connection with the listing of the American depositary shares on the New York Stock Exchange. |
☒ |
Accelerated Filer | ☐ |
Non-accelerated Filer | ☐ | ||||||
Emerging Growth Company |
International Financial Reporting Standards as issued | Other ☐ | |||||||
by the International Accounting Standards Board | ☐ |
• | “Academic AST Business” refers to after-school tutoring services for academic subjects included in China’s compulsory education system; |
• | “ADSs” refers to our American depositary shares, each of which represents one Class A ordinary share; |
• | “AST” refers to after-school tutoring; |
• | “CAC” refers to the Cyberspace Administration of China; |
• | “Class A ordinary share” refers to our Class A ordinary shares, par value US$0.0001 per share; |
• | “Class B ordinary share” refers to our Class B ordinary shares, par value US$0.0001 per share; |
• | “gross billings” for a specific period refers to the total amount of consideration for our tutoring services , |
• | “Linjiedian Education” refers to Hangzhou NetEase Linjiedian Education Technology Co., Ltd., a company incorporated under PRC laws; |
• | “MAA” refers to the fourth amended and restated memorandum and articles of association of our company, currently effective; |
• | “NetEase” refers to NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), our controlling shareholder; |
• | “NetEase Group” refers to NetEase and its subsidiaries and consolidated variable interest entities other than us and the entities controlled by us; |
• | “NYSE” refers to the New York Stock Exchange; |
• | “paid courses” refers to our tutoring services for which we charge not less than RMB50 per course package; |
• | “paid user enrollments” for a specified period refers to the cumulative number of paid courses enrolled in by our users, including multiple paid courses enrolled in by the same user, after deducting the number of courses the tuition of which were fully refunded; |
• | “preferred shares” prior to our initial public offering refers to our Series A preferred shares, par value US$0.0001 per share; |
• | “RMB” or “Renminbi” refers to the legal currency of China; |
• | “shares” or “ordinary shares” refers to our Class A and Class B ordinary shares, per value US$0.0001 per share; |
• | “STEAM courses” refers to courses that offer science, technology, engineering, the arts and mathematics as access points for guiding student inquiry, dialogue, and critical thinking; |
• | “user enrollments” for a specified period refers to the cumulative number of courses enrolled in by our users, including multiple courses enrolled in by the same user, after deducting the number of courses the tuition of which were fully refunded; |
• | “US$,” “dollars” or “U.S. dollars” refers to the legal currency of the United States; |
• | “variable interest entities,” or “VIEs,” refers to the PRC entities of which we have power to control the management, and financial and operating policies and have the right to recognize and receive substantially all the economic benefits and in which we have an exclusive option to purchase all or part of the equity interests at the minimum price possible to the extent permitted by PRC law; |
• | “Youdao,” “we,” “us,” “our company,” and “our” refer to Youdao, Inc., a Cayman Islands company and its subsidiaries and, in the context of describing its consolidated financial information, business operations and operating data, its VIEs and their subsidiaries; |
• | “Youdao Computer” refers to Beijing NetEase Youdao Computer System Co., Ltd., a company incorporated under PRC laws; |
• | “Youdao Education” refers to Youdao Education Technology (Hong Kong) Limited, a company incorporated under Hong Kong laws; |
• | “Youdao Hangzhou” refers to NetEase Youdao Information Technology (Hangzhou) Co., Ltd.; |
• | “Youdao HK” refers to Youdao (Hong Kong) Limited, a company incorporated under Hong Kong laws; |
• | “Youdao Information” refers to NetEase Youdao Information Technology (Beijing) Co., Ltd., a company incorporated under PRC laws; and |
• | “Youdao Smart Technology” refers to NetEase Youdao (Hangzhou) Smart Technology Co., Ltd., a company incorporated under PRC laws. |
• | “monthly active user(s)” or “MAU(s)” for a specified period, with respect to each of our products and services (except for smart devices), refers to the average of the monthly number of unique mobile or PC devices, as the case may be, through which such product and service is accessed at least once in that month. Our total MAUs for a given month is calculated by combining the MAUs of our various products and services (except for smart devices) for that month (duplicate access to different products and services is not eliminated from the calculation); our MAUs are calculated using internal company data, treating each distinguishable device as a separate MAU even though some users may access our products and services using more than one device and multiple users may access our services using the same device; and |
• | “average total MAUs” for a given period refers to the monthly average of the sum of our total MAUs of such period; and |
• | our MAUs are calculated using internal company data, treating each distinguishable device as a separate MAU even though some users may access our products and services using more than one device and multiple users may access our services using the same device. |
• | general economic, political, demographic and business conditions in China and globally; |
• | our ability to implement our growth strategies; |
• | the success of operating initiatives, including advertising and promotional efforts and new product and content development by us and our competitors; |
• | our ability to develop and apply our technologies to support and expand our offerings; |
• | the expected growth of the intelligent learning industry in China and globally; |
• | our ability to compete and conduct our business in the future; |
• | our ability to offer new learning content; |
• | the availability of qualified personnel and the ability to retain such personnel; |
• | competition in the intelligent learning industry, particularly the segments of learning services and smart devices in China; |
• | the outbreak of COVID-19; |
• | changes in government policies and regulations and our ability to adapt our operations and business practices to the evolving PRC regulatory environment; |
• | other factors that may affect our financial condition, liquidity and results of operations; and |
• | other risk factors discussed under “Item 3. Key Information—3.D. Risk Factors.” |
ITEM 1. |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2. |
OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3. |
KEY INFORMATION |
(1) | Youdao HK currently operates our overseas knowledge tool and related businesses, including U-Dictionary. |
(2) | Shareholders of Linjiedian Education are William Lei Ding, our director (who is also the chief executive officer, a director and a major shareholder of NetEase, our controlling shareholder), and Feng Zhou, our Chief Executive Officer and director, each holding 99% and 1%, respectively, of Linjiedian Education’s equity interests. |
(3) | Shareholders of Youdao Computer are William Lei Ding, our director (who is also the chief executive officer, a director and a major shareholder of NetEase, our controlling shareholder), and Feng Zhou, our Chief Executive Officer and director, each holding approximately 71% and 29%, respectively, of Youdao Computer’s equity interests. |
• | the development of computer software (including, but not limited to, producing online advertisement and distribution and maintenance of software) and technical support and maintenance for computer software operation; |
• | the design, development, update and upgrade of platforms for online advertisement; and |
• | the provision of technology support, including, but not limited to, server maintenance, development of server software and related maintenance and updates. |
• | the development of computer software (including, but no limited to information management software and other technical software) and technical support and maintenance for computer software operation; |
• | licensing of software, trademark, domains, technical secrets and other associated intellectual property rights; and |
• | the provision of R&D services in relation to education courseware and teaching support services. |
• | The changes in our business strategies and offerings may make it difficult to evaluate our future prospects. |
• | Significant uncertainties exist in relation to the interpretation and implementation of, or proposed changes to, the PRC laws, regulations and policies regarding the private education industry. In particular, our compliance with the Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education and the implementation measures issued thereunder by the relevant PRC government authorities has materially and adversely affected and will materially and adversely affect our business, financial condition, results of operations and prospect. |
• | We have a limited history in operating on a consolidated basis and, particularly, operating certain of our products and services. This may make it difficult to evaluate our future prospects and the risks and uncertainties associated with these products and services. |
• | If we fail to develop and apply our technologies to support and expand our product and service offerings or if we fail to timely respond to the rapid changes in industry trends and users’ preference, we may lose market share and our business may be materially and adversely affected. |
• | We may not be effective in broadening our monetization channels. |
• | The success and future growth of our business will be affected by the user acceptance and market trend of integration of technology and learning. |
• | We may not be able to improve or expand our product and service offerings in a timely and cost- effective manner. |
• | We have a history of net losses and we may not achieve profitability in the future. |
• | A significant interruption in the operations of our suppliers for smart devices could potentially affect our operations and any material misconduct or disputes against our suppliers could potentially harm our business and reputation. |
• | Our business depends on the continued success of our brand, and if we fail to maintain and enhance recognition of our brand, our reputation and operating results may be harmed. |
• | We require a significant amount of capital to fund our operations and respond to business opportunities. If we cannot obtain sufficient capital on acceptable terms, or at all, our business, financial condition and results of operations may be materially and adversely affected. |
• | We have significant working capital requirements and have historically experienced working capital deficits. If we continue to experience working capital deficits in the future, our business, liquidity, financial condition and results of operations may be materially and adversely affected. |
• | We face risks associated with our long-term and short-term investments. |
• | The approval, filing or other requirements of the China Securities Regulatory Commission or other PRC government authorities may be required under PRC law in connection with our issuance of securities overseas or maintenance of the listing status of our ADSs, and the PRC government’s oversight and discretion over our business operations could result in a material adverse change in our operations and the value of our ADSs. |
• | If we are no longer able to benefit from our business cooperation with NetEase, our business may be adversely affected. |
• | We have limited experience operating as a stand-alone public company. |
• | Any negative development in NetEase’s market position, brand recognition or financial condition may materially and adversely affect us. |
• | There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIEs and, consequently, significantly affect our financial condition and results of operations. If the PRC government finds our contractual arrangements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIEs. |
• | Any failure by the VIEs or their shareholders to perform their obligations under our contractual arrangements with them would have a material adverse effect on our business. |
• | Uncertainties exist with respect to the interpretation and implementation of the newly enacted Foreign Investment Law and how it may impact our business, financial condition and results of operations. |
• | We rely on contractual arrangements with Youdao’s VIEs and their shareholders for a large portion of our business operations which may not be as effective as equity ownership in providing operational control. |
• | Changes in China’s economic, political or social conditions or government policies could have a material adverse effect on our business and operations. |
• | Uncertainties with respect to the PRC legal system, including uncertainties regarding the enforcement of laws, and sudden or unexpected changes in policies, laws and regulations in China, could adversely affect us. |
• | You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our management named in the annual report based on foreign laws. |
• | The PCAOB is currently unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of such inspections. |
• | Our ADSs may be delisted and our ADSs and Class A ordinary shares may be prohibited from trading in the over-the-counter over-the-counter non-U.S. exchange or that a market for our ADSs or Class A ordinary shares will develop outside of the U.S. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. |
• | The potential enactment of the Accelerating Holding Foreign Companies Accountable Act would decrease the number of non-inspection years from three years to two years, thus reducing the time period before our ADSs may be delisted or prohibited from over-the-counter over-the-counter |
• | It may be difficult for overseas regulators to conduct investigation or collect evidence within China. |
• | The trading price of our ADSs has been volatile and may continue to be volatile, regardless of our operating performance. |
• | You may experience dilution of your holdings due to the inability to participate in rights offerings. |
• | Some users, customers and business partners may not receive the changes in our business strategies and offerings in a positive manner, and relationships with these parties may be jeopardized; |
• | Our new products and services may not be accepted by our users as we expect; |
• | Our new products and services may not attract users and customers or generate the revenue required to succeed; |
• | The underlying assumptions and estimates about our new businesses and the new markets that we attempt to enter into may prove incorrect, which may cause our actual results of operations to fall short of our expectations; |
• | To the extent we enter into new businesses, our previous operating history may be of limited use for investors to evaluate our future performance and prospects; |
• | The development of new products and services could be costly and time-consuming and requires us to make significant investments in research and product development, develop new technologies, and increase sales and marketing efforts, all of which may not be successful; |
• | Expenses will be incurred in the implementation of the new business strategies, which could be substantial; and |
• | The changes in organizational structure that will be required to support the changes in our business strategies and offerings may lead to dissatisfaction among employees which could make it more difficult for us to retain key employees. |
• | integrate our operational, administrative and financial systems and internal controls across business segments; |
• | educate the market on, and monetize the user bases of, our new products and services; |
• | keep up with the evolving industry standards and market developments; |
• | secure sufficient financing to support the operations of new products and services and acquired businesses; |
• | develop and apply technologies necessary to support our expanded product and service offerings; |
• | respond to changes in the regulatory environment; |
• | cross-sell our various offerings and achieve synergies and cost savings among different business units; and |
• | address competitive, regulatory, marketing and other challenges encountered in connection with expansion into new businesses and markets. |
• | heightened regulatory scrutiny affecting our businesses and industry; |
• | alleged misconduct, improper activities or non-compliance with applicable laws, regulations and rules committed by our directors, officers, instructors, teaching assistants and other employees, including misrepresentation made by our employees to prospective users during sales and marketing activities and providing prospective users with advertising and promotional content that allegedly constitute unfair competition; |
• | false or malicious allegations or rumors about us or our directors, shareholders, affiliates, officers, instructors, teaching assistants and other employees; |
• | complaints by our users about our products and services; |
• | security breaches of private user or transaction data; |
• | employment-related claims relating to alleged employment discrimination, wage and hour violations; and |
• | government and regulatory investigations or penalties resulting from our failure to comply with applicable laws and regulations. |
• | significant costs of identifying and consummating acquisitions; |
• | diversion of management time and focus from operating our business to acquisition integration challenges; |
• | difficulties in integrating the management, technologies and employees of the acquired businesses; |
• | implementation or remediation of controls, procedures and policies at the acquired company; |
• | coordination of products and services, engineering and sales and marketing functions; |
• | retention of employees from the businesses we acquire; |
• | liability for activities of the acquired company before the acquisition; |
• | potential significant impairment losses related to goodwill and other intangible assets acquired or investments in other businesses; |
• | litigation or other claims in connection with the acquired company; |
• | significant expenses in obtaining approvals for the transaction from shareholders and relevant government authorities in China; |
• | in the case of overseas acquisitions, the need to integrate operations across different cultures and languages and to address the particular economic, currency, political and regulatory risks associated with specific countries; and |
• | failure to achieve the intended objectives, benefits or revenue-enhancing opportunities. |
• | dissatisfaction with these online payment services or decreased use of their services; |
• | increasing competition, including from other established Chinese internet companies, payment service providers and companies engaged in other financial technology services; |
• | changes to rules or practices applicable to payment systems that link to third-party online payment service providers; |
• | breach of customers’ personal information and concerns over the use and security of information collected from buyers; |
• | service outages, system failures or failures to effectively scale the system to handle large and growing transaction volumes; |
• | increasing costs to third-party online payment service providers, including fees charged by banks to process transactions through online payment channels, which would also increase our costs of revenues; and |
• | failure to manage funds accurately or loss of funds, whether due to employee fraud, security breaches, technical errors or otherwise. |
• | Agreements with NetEase. non-competition agreement, with NetEase in connection with our initial public offering, which has become effective after the completion of our initial public offering in October 2019. These agreements may be less favorable to us than similar agreements negotiated between unaffiliated third parties. Additionally, NetEase may use its control over us to prevent us from bringing a legal claim against it in the event of a contractual breach by it, notwithstanding our contractual rights under such agreements and any other agreement we may enter into with NetEase from time to time. |
• | Competition with NetEase and allocation of business opportunities. non-competition agreement, NetEase and we have each agreed to be subject to certain non-compete restrictions, including an obligation to refer to the other party certain types of business opportunities. These non-compete restrictions may significantly affect our ability to diversify our revenue sources and may materially and adversely impact our business and prospects. In addition, there may arise business opportunities in the future that both we and NetEase are interested in and which may complement each of our respective businesses. NetEase holds a large number of business interests, some of which may directly or indirectly compete with us. We may be prevented from taking advantages of new business opportunities that NetEase has entered into or decides to take up such opportunities itself. |
• | Employee recruiting and retention. non-solicitation arrangement with NetEase under the non-competition agreement that restricts each of NetEase and us from hiring the other party’s employees. |
• | Sale of shares in our company. |
• | Developing business relationships with NetEase’s competitors |
• | Our directors may have conflicts of interest. |
• | revoking the business licenses and/or operating licenses of such entities; |
• | discontinuing or placing restrictions or onerous conditions on our operation through any transactions between our PRC subsidiaries and the VIEs; |
• | imposing fines, confiscating the income from our PRC subsidiaries or the VIEs, or imposing other requirements with which we or the VIEs may not be able to comply; or |
• | requiring us to restructure our ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect our ability to consolidate, derive economic interests from, or exert effective control over the VIEs. |
• | macro-economic factors in China; |
• | variations in our net revenues, earnings and cash flows; |
• | announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors; |
• | announcements of new offerings, solutions and expansions by us or our competitors; |
• | changes in financial estimates by securities analysts; |
• | detrimental adverse publicity about us, our services or our industry; |
• | announcements of new regulations, rules or policies relevant to our business; |
• | additions or departures of key personnel; |
• | our controlling shareholder’s business performance and reputation; |
• | allegations of a lack of effective internal control over financial reporting resulting in financial; inadequate corporate governance policies, or allegations of fraud, among other things, involving China-based issuers; |
• | release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and |
• | actual or potential litigation or regulatory investigations. |
• | the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K; |
• | the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; |
• | the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and |
• | the selective disclosure rules by issuers of material nonpublic information under Regulation FD. |
ITEM 4. |
INFORMATION ON THE COMPANY |
Taxation Scenario (1) |
||||
Statutory Tax and Standard Rates |
||||
Hypothetical pre-tax earnings(2) |
100 | % | ||
Tax on earnings at statutory rate of 25% |
-25 | % | ||
Net earnings available for distribution |
75 | % | ||
Withholding tax at standard rate of 10% (3) |
-7.5 | % | ||
Net distribution to Parent/Shareholders |
67.5 | % |
(1) | The tax calculation has been simplified for the purpose of this example. The hypothetical book pre-tax earnings amount, which does not consider timing differences, is assumed to equal the taxable income in the PRC. |
(2) | Under the terms of the VIE agreements, sales service fees are charged by our PRC subsidiaries to the VIEs. For all the periods presented, these fees are recognized as cost of revenues of the VIEs, with a corresponding amount as service income by our PRC subsidiaries and eliminated in consolidation. For income tax purposes, our PRC subsidiaries and VIEs file income taxes on a separate company basis. The fees paid are recognized as a tax deduction by the VIEs and as income by our PRC subsidiaries and are tax neutral. |
(3) | China’s Enterprise Income Tax Law imposes a withholding income tax of 10% on dividends distributed by a Foreign Invested Enterprises (“FIE”) to its immediate holding company outside of China. A lower withholding income tax rate of 5% is applied if the FIE’s immediate holding company is registered in Hong Kong or other jurisdictions that have a tax treaty arrangement with China, subject to a qualification review at the time of the distribution. For the purpose of this hypothetical example, this table has been prepared based on a taxation scenario under which the full withholding tax would be applied. |
As of December 31, 2020 |
||||||||||||||||||||||||
Youdao, Inc. |
Other Subsidiaries |
Primary beneficiary of VIEs |
VIEs and their subsidiaries |
Eliminations |
Total |
|||||||||||||||||||
(RMB in thousands) |
||||||||||||||||||||||||
Cash and cash equivalents |
117,400 | 184,995 | 299,113 | 7,691 | — | 609,199 | ||||||||||||||||||
Time deposits |
— | — | 263 | — | — | 263 | ||||||||||||||||||
Short-term investments |
— | 524,526 | 50,119 | 10,354 | — | 584,999 | ||||||||||||||||||
Accounts receivable, net |
— | 38,606 | 85,012 | 145,212 | — | 268,830 | ||||||||||||||||||
Amounts due from NetEase Group |
— | 2,231 | 1,705 | 145 | — | 4,081 | ||||||||||||||||||
Amounts due from Youdao Group Companies (1) |
1,011,360 | 127,259 | 2,127 | 1,242,980 | (2,383,726 | ) | — | |||||||||||||||||
Other assets |
9,277 | 52,303 | 370,509 | 170,787 | — | 602,876 | ||||||||||||||||||
Total assets |
1,138,037 |
929,920 |
808,848 |
1,577,169 |
(2,383,726 |
) |
2,070,248 |
|||||||||||||||||
Contract liabilities |
— | 16,105 | 35,817 | 842,296 | — | 894,218 | ||||||||||||||||||
Amounts due to NetEase Group |
2,059 | 9,945 | 28,498 | 26,728 | — | 67,230 | ||||||||||||||||||
Amounts due to Youdao Group Companies (1) |
— | 629,070 | 1,754,656 | — | (2,383,726 | ) | — | |||||||||||||||||
Short-term loans from NetEase Group |
— | — | 878,000 | — | — | 878,000 | ||||||||||||||||||
Other current liabilities |
3,655 | 144,773 | 754,702 | 650,987 | — | 1,554,117 | ||||||||||||||||||
Investments in subsidiaries and VIEs (3) |
2,536,385 | 2,656,830 | (171,895 | ) | — | (5,021,320 | ) | — | ||||||||||||||||
Total liabilities |
2,546,142 |
3,465,308 |
3,350,718 |
1,520,234 |
(7,405,046 |
) |
3,477,356 |
|||||||||||||||||
Youdao’s shareholders’ (deficit)/equity (3) |
(1,408,105 |
) |
(2,536,385 |
) |
(2,541,870 |
) |
56,935 |
5,021,320 |
(1,408,105 |
) | ||||||||||||||
Noncontrolling interests |
— | 997 | — | — | — | 997 | ||||||||||||||||||
Total shareholders’ (deficit)/equity |
(1,408,105 |
) |
(2,535,388 |
) |
(2,541,870 |
) |
56,935 |
5,021,320 |
(1,407,108 |
) | ||||||||||||||
Total liabilities and shareholders’ (deficit)/equity |
1,138,037 |
929,920 |
808,848 |
1,577,169 |
(2,383,726 |
) |
2,070,248 |
As of December 31, 2021 |
||||||||||||||||||||||||
Youdao, Inc. |
Other Subsidiaries |
Primary beneficiary of VIEs |
VIEs and their subsidiaries |
Eliminations |
Total |
|||||||||||||||||||
(RMB in thousands) |
||||||||||||||||||||||||
Cash and cash equivalents |
122,765 | 27,172 | 38,201 | 134,639 | — | 322,777 | ||||||||||||||||||
Time deposits |
— | — | 268 | — | — | 268 | ||||||||||||||||||
Restricted cash |
— | — | — | 749,770 | — | 749,770 | ||||||||||||||||||
Short-term investments |
— | 490,214 | — | 13,617 | — | 503,831 | ||||||||||||||||||
Accounts receivable, net |
— | 77,637 | 24,445 | 146,257 | — | 248,339 | ||||||||||||||||||
Amounts due from NetEase Group |
— | 2,389 | 3,627 | 176 | — | 6,192 | ||||||||||||||||||
Amounts due from Youdao Group Companies (1) |
2,658,772 | 72,465 | 536,080 | 442,110 | (3,709,427 | ) | — | |||||||||||||||||
Other assets |
229 | 318,149 | 202,851 | 281,661 | — | 802,890 | ||||||||||||||||||
Total assets |
2,781,766 |
988,026 |
805,472 |
1,768,230 |
(3,709,427 |
) |
2,634,067 |
|||||||||||||||||
Contract liabilities |
— | 40,678 | 13,227 | 1,011,734 | — | 1,065,639 | ||||||||||||||||||
Amounts due to NetEase Group |
221 | 19,174 | 39,662 | 23,984 | — | 83,041 | ||||||||||||||||||
Amounts due to Youdao Group Companies (1) |
— | 488,385 | 2,740,421 | 480,621 | (3,709,427 | ) | — | |||||||||||||||||
Short-term loans from NetEase Group |
— | — | 878,000 | — |