# EDGAR Filing Document

**Accession Number:** 0001768259
**File Stem:** 0001193125-26-092416
**Filing Date:** 2026-3
**Character Count:** 36137
**Document Hash:** 1e684910d02f0720a3462630576baec1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-092416.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-092416

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gaotu Techedu Inc.
- **CENTRAL INDEX KEY:** 0001768259
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38923
- **FILM NUMBER:** 26724038

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 5F, GIENTECH BUILDING, 17 EAST ZONE
- **STREET 2:** 10 XIBEIWANG EAST ROAD, HAIDIAN
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100193
- **BUSINESS PHONE:** 861082826826

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 5F, GIENTECH BUILDING, 17 EAST ZONE
- **STREET 2:** 10 XIBEIWANG EAST ROAD, HAIDIAN
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100193

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GSX Techedu Inc.
- **DATE OF NAME CHANGE:** 20190215

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of March 2026

--------------

Commission File Number: 001-38923

----------

**Gaotu Techedu Inc.**

5F, Gientech Building, 17 East Zone,

10 Xibeiwang East Road

Haidian District, Beijing 100193

People's Republic of China <br>(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ___<u>X</u>____ Form 40-F _________

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<u>Exhibit Index</u>

[<u>Exhibit 99.1—Press Release</u>](gotu-ex99_1.htm)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Gaotu Techedu Inc.** | &nbsp;&nbsp;**Gaotu Techedu Inc.** | &nbsp;&nbsp;**Gaotu Techedu Inc.** |
| &nbsp;&nbsp;By  | &nbsp;&nbsp;: | &nbsp;&nbsp;/s/ Nan Shen |
| &nbsp;&nbsp;Name | &nbsp;&nbsp;: | &nbsp;&nbsp;Nan Shen |
| &nbsp;&nbsp;Title | &nbsp;&nbsp;: | &nbsp;&nbsp;Chief Financial Officer |

---

Date: March 5, 2026

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## Exhibit 99.1

**Exhibit 99.1**

**Gaotu Techedu Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results**

**Beijing, China, March 5, 2026** —Gaotu Techedu Inc. (NYSE: GOTU) ("Gaotu" or the "Company"), a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

**<u>Fourth Quarter 2025 Highlights</u>**<sup>[1]</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net revenues** were RMB1,685.3 million, increased by 21.4% from RMB1,388.6 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gross billings**<sup>[2]</sup> were RMB2,573.7 million, increased by 19.1% from RMB2,160.2 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Loss from operations** was RMB118.0 million, compared with loss from operations of RMB149.3 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net loss** was RMB84.2 million, compared with net loss of RMB135.8 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Non-GAAP net loss** was RMB76.8 million, compared with non-GAAP net loss of RMB123.5 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net operating cash inflow** was RMB964.8 million, increased by 23.1% from RMB783.6 million in the same period of 2024.

**<u>Fourth Quarter 2025 Key Financial and Operating Data</u>**

(In thousands of RMB, except for percentages)

---

| | | | |
|:---|:---|:---|:---|
|  | For the three months ended December 31, | For the three months ended December 31, | For the three months ended December 31, |
|  | 2024 | 2025 | Pct. Change |
| Net revenues | 1388621 | 1685315 | 21.4% |
| Gross billings | 2160179 | 2573685 | 19.1% |
| Loss from operations | (149274) | (118049) | (20.9)% |
| Net loss | (135834) | (84183) | (38.0)% |
| Non-GAAP net loss | (123541) | (76834) | (37.8)% |
| Net operating cash inflow | 783643 | 964763 | 23.1% |

---

<sup>[1]</sup> For a reconciliation of non-GAAP numbers, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" at the end of this press release. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses.

<sup>[2]</sup> Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See "About Non-GAAP Financial Measures" and "Reconciliations of non-GAAP measures to the most comparable GAAP measures" elsewhere in this press release.

------

**<u>Fiscal Year 2025 Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net revenues** were RMB6,146.8 million, increased by 35.0% from RMB4,553.6 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gross billings** were RMB6,903.7 million, increased by 23.0% from RMB5,612.4 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Loss from operations** was RMB503.2 million, compared with loss from operations of RMB1,181.8 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net loss** was RMB323.3 million, compared with net loss of RMB1,049.0 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Non-GAAP net loss** was RMB284.1 million, compared with non-GAAP net loss of RMB995.7 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net operating cash inflow** was RMB416.1 million, increased by 61.3% from RMB258.0 million in the same period of 2024.

**<u>Fiscal Year 2025 Key Financial and Operating Data</u>**

(In thousands of RMB, except for percentages)

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, | For the year ended December 31, | For the year ended December 31, |
|  | 2024 | 2025 | Pct. Change |
| Net revenues | 4553556 | 6146772 | 35.0% |
| Gross billings | 5612390 | 6903706 | 23.0% |
| Loss from operations | (1181833) | (503166) | (57.4)% |
| Net loss | (1048954) | (323307) | (69.2)% |
| Non-GAAP net loss | (995737) | (284089) | (71.5)% |
| Net operating cash inflow | 258007 | 416094 | 61.3% |

---

**Larry Xiangdong Chen, the Company's founder, Chairman and CEO, commented,** "2025 was a year of high-quality growth for Gaotu, with sharpened teaching quality, elevated operating efficiency and strengthened organizational capabilities enabling us to exceed our growth targets. For the full year 2025, revenue grew by 35.0% to RMB6.1 billion, exceeding our initial expectations at the beginning of 2025. Our operating net cash flow reached RMB416 million, a net increase of RMB158 million year over year. After excluding the impact of share repurchases, our cash position increased by RMB221 million year over year. For the fourth quarter, we maintained steady top-line expansion while realizing meaningful operating leverage, with revenue increasing by 21.4% year over year and bottom line improved by 38.0%, driven by continued efficiency gains. We remain firmly committed to enhancing long-term shareholder value. Under our aggregated share repurchase authorization, we have repurchased shares totaling about RMB670 million, representing 12.8% of our total outstanding shares, including RMB343 million in buybacks in 2025.

As we enter 2026, we are prioritizing profitable growth, with the advancement of AI capabilities at the core of our operations — All with AI, always AI. Guided by a strong focus on business health, operational efficiency, and long-term viability, we remain committed to becoming an ed-tech company that accompanies learners across their full learning journey while creating sustainable value for shareholders and society."

------

**Shannon Shen, CFO of the Company, added,** "Driven by both revenue scale expansion and operating efficiency gains, we have realized operating leverage for five consecutive quarters, resulting in continuous bottom line improvement. Throughout 2025, we also advanced our "AI + Education" integration strategy, significantly enhancing our educational products and end-to-end operational efficiency through the systematic optimization of our product portfolio and channel mix, underpinned by vertical AI as our foundation, learning solutions as our core value, and AI-powered organizational digitalization as our operational support. By prioritizing user experience and harnessing AI as a tool and medium to boost our organizational capacity and productivity, we are progressing from scale-oriented growth toward a more efficiency-led model, forging new engines for our profitable growth."

**<u>Financial Results for the Fourth Quarter of 2025</u>**

***Net Revenues***

Net revenues increased by 21.4% to RMB1,685.3 million from RMB1,388.6 million in the fourth quarter of 2024, which was mainly due to the continued year-over-year growth in gross billings as a result of our sufficient and effective response to the strong market demand. Furthermore, our high-quality educational products and learning services resulted in improved recognition of our product and service offerings.

***Cost of Revenues***

Cost of revenues increased by 22.8% to RMB540.9 million from RMB440.3 million in the fourth quarter of 2024. The increase was mainly due to expansion of instructors and tutors workforce, higher rental cost, and increased depreciation and amortization cost.

***Gross Profit and Gross Margin***

Gross profit increased by 20.7% to RMB1,144.5 million from RMB948.3 million in the fourth quarter of 2024. Gross profit margin decreased to 67.9% from 68.3% in the same period of 2024.

Non-GAAP gross profit increased by 20.5% to RMB1,145.6 million from RMB950.8 million in the fourth quarter of 2024. Non-GAAP gross profit margin decreased to 68.0% from 68.5% in the same period of 2024.

***Operating Expenses***

Operating expenses increased by 15.0% to RMB1,262.5 million from RMB1,097.6 million in the fourth quarter of 2024. The increase was primarily due to a higher expenditure on marketing and branding activities, as well as the expansion of employees workforce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Selling expenses increased to RMB885.3 million from RMB736.2 million in the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Research and development expenses increased to RMB165.4 million from RMB145.1 million in the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•General and administrative expenses decreased to RMB211.8 million from RMB216.4 million in the fourth quarter of 2024.

------

***Loss from Operations***

Loss from operations was RMB118.0 million, compared with loss from operations of RMB149.3 million in the fourth quarter of 2024.

Non-GAAP loss from operations was RMB110.7 million, compared with non-GAAP loss from operations of RMB137.0 million in the fourth quarter of 2024.

***Interest Income and Realized Gains from Investments***

Interest income and realized gains from investments, on aggregate, were RMB22.9 million, compared with a total of RMB19.8 million in the fourth quarter of 2024.

***Other Income/(Expenses), net***

Other income, net was RMB9.9 million, compared with other expenses, net of RMB6.4 million in the fourth quarter of 2024.

***Net Loss***

Net loss was RMB84.2 million, compared with net loss of RMB135.8 million in the fourth quarter of 2024.

Non-GAAP net loss was RMB76.8 million, compared with non-GAAP net loss of RMB123.5 million in the fourth quarter of 2024.

***Cash Flow***

Net operating cash inflow in the fourth quarter of 2025 was RMB964.8 million.

***Basic and Diluted Net Loss per ADS***

Basic and diluted net loss per ADS were both RMB0.35 in the fourth quarter of 2025.

Non-GAAP basic and diluted net loss per ADS were both RMB0.32 in the fourth quarter of 2025.

***Share Outstanding***

As of December 31, 2025, the Company had 159,979,164 ordinary shares outstanding.

***Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments***

As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB3,972.5 million in aggregate, compared with a total of RMB4,094.3 million as of December 31, 2024.

------

**<u>Financial Results for the Fiscal Year of 2025</u>**

***Net Revenues***

Net revenues increased by 35.0% to RMB6,146.8 million from RMB4,553.6 million in 2024. The increase was

mainly due to the growth of gross billings in 2025.

***Cost of Revenues***

Cost of revenues increased by 37.6% to RMB2,001.7 million from RMB1,454.9 million in 2024. The increase

was mainly due to expansion of instructors and tutors workforce, higher rental cost, and increased depreciation and amortization cost.

***Gross Profit and Gross Margin***

Gross profit increased by 33.8% to RMB4,145.1 million from RMB3,098.6 million in 2024. Gross profit

margin decreased to 67.4% from 68.0% in 2024.

Non-GAAP gross profit increased by 33.7% to RMB4,150.7 million from RMB3,105.6 million in 2024. Non-GAAP gross profit margin decreased to 67.5% from 68.2% in 2024.

***Operating Expenses***

Operating expenses increased by 8.6% to RMB4,648.2 million from RMB4,280.5 million in 2024. The

increase was primarily due to the expansion of employees workforce and a higher expenditure on marketing and

branding activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Selling expenses increased to RMB3,289.1 million from RMB2,963.7 million in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Research and development expenses decreased to RMB626.9 million from RMB648.1 million in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•General and administrative expenses increased to RMB732.2 million from RMB668.7 million in 2024.

***Loss from Operations***

Loss from operations was RMB503.2 million, compared with loss from operations of RMB1,181.8 million in

2024. Non-GAAP loss from operations was RMB463.9 million, compared with non-GAAP loss from operations of

RMB1,128.6 million in 2024.

***Interest Income and Realized Gains from Investments***

Interest income and realized gains from investments, on aggregate, were RMB74.0 million, compared with a total of RMB95.7 million in 2024.

***Other Income, net***

Other income, net was RMB101.8 million, compared with other income, net of RMB45.8 million in 2024.

------

***Net Loss***

Net loss was RMB323.3 million, compared with net loss of RMB1,049.0 million in 2024.

Non-GAAP net loss was RMB284.1 million, compared with non-GAAP net loss of RMB995.7 million in

2024. ***Cash Flow***

Net operating cash inflow in 2025 was RMB416.1 million.

***Basic and Diluted Net Loss per ADS***

Basic and diluted net loss per ADS were both RMB1.32 in 2025.

Non-GAAP basic and diluted net loss per ADS were both RMB1.16 in 2025.

**Share Repurchase**

In November 2022, the Company's board of directors authorized a share repurchase program ("2022 Share Repurchase Program"), under which the Company may repurchase up to US$30 million of its shares, effective until November 22, 2025. In November 2023, the Company's board of directors authorized modifications to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025.

As of September 22, 2025, the Company's repurchase amount had reached US$80 million and the 2022 Share Repurchase Program was completed.

In May 2025, the Company's board of directors authorized a new share repurchase program ("2025 Share Repurchase Program"), under which the Company may repurchase up to an aggregate value of US$100 million of its shares during the three-year period beginning upon the completion of the Company's 2022 Share Repurchase Program.

As of March 4, 2026, the Company had cumulatively repurchased approximately 30.6 million ADSs for approximately US$93.0 million under aforesaid two share repurchase programs.

**Business Outlook**

Based on the Company's current estimates, total net revenues for the first quarter of 2026 are expected to be between RMB1,578 million and RMB1,598 million, representing an increase of 5.7% to 7.0% on a year-over-year basis. These estimates reflect the Company's current expectations, which are subject to change.

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**Conference Call**

The Company will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Thursday, March 5, 2026 (9:00 PM Beijing/Hong Kong Time on Thursday, March 5, 2026). Dial-in details for the earnings conference call are as follows:

International: 1-412-317-6061

United States: 1-888-317-6003

Hong Kong: 800-963-976

Mainland China: 400-120-6115

Passcode: 6408607

A telephone replay will be available two hours after the conclusion of the conference call through March 12, 2026. The dial-in details are:

International: 1-412-317-0088

United States: 1-855-669-9658

Passcode: 4998130

Additionally, a live and archived webcast of this conference call will be available at <u>https://ir.gaotu.cn/home</u>.

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**Safe Harbor Statement**

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to continue to attract students to enroll in its courses; the Company's ability to continue to recruit, train and retain qualified teachers; the Company's ability to improve the content of its existing course offerings and to develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

**About Gaotu Techedu Inc.**

Gaotu is a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions that cultivate interest and drive continuous growth. The Company provides AI-powered, product-led learning solutions for learners from pre-school to adulthood. By combining rare, high-caliber teaching resources with AI-enhanced tools and content, Gaotu creates engaging and effective learning experiences delivered through both online and offline channels. AI and data analytics permeate throughout the Company's operations to adapt content and teaching methods to individual learner needs, enhance efficiency and drive sustained learning progress.

**About Non-GAAP Financial Measures**

The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company's management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.

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Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.

The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

**Exchange Rate**

The Company's business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi ("RMB"). This announcement contains currency conversions of RMB amounts into U.S. dollars ("USD") solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB6.9931 to USD1.0000, the effective noon buying rate for December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2025, or at any other rate.

**For further information, please contact:**

Gaotu Techedu Inc.

Investor Relations

E-mail: ir@gaotu.cn

Piacente Financial Communications

Brandi Piacente

Tel: +1 212 481-2050

Jenny Cai

Tel: +86 10 6508-0677

E-mail: Gaotu@tpg-ir.com

------

**Gaotu Techedu Inc.**

**Unaudited condensed consolidated balance sheets**

**(In thousands of RMB and USD, except for share, per share and per ADS data)**

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1321118 | 596195 | 85255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 5222 | 115828 | 16563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 1845242 | 2708788 | 387352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory, net | 36401 | 54950 | 7858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets, net | 431829 | 504779 | 72182 |
| **Total current assets** | **3639812** | **3980540** | **569210** |
| **Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 503601 | 476705 | 68168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, equipment and software, net | 670237 | 1009132 | 144304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land use rights, net | 25762 | 78105 | 11169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term investments | 922740 | 551641 | 78884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental deposit | 45834 | 49199 | 7035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 20091 | 54364 | 7774 |
| **TOTAL ASSETS** | **5828077** | **6199686** | **886544** |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings of the consolidated VIE without recourse <br>&nbsp;&nbsp;&nbsp;&nbsp; to the Group | **-** | 100000 | 14300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities (including accrued <br>&nbsp;&nbsp;&nbsp;&nbsp; expenses and other current liabilities of the consolidated VIE <br>&nbsp;&nbsp;&nbsp;&nbsp; without recourse to the Group of RMB811,879 and RMB1,313,538 <br>&nbsp;&nbsp;&nbsp;&nbsp; as of December 31, 2024 and December 31, 2025, respectively) | 1245207 | 1719234 | 245847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current portion (including current portion of <br>&nbsp;&nbsp;&nbsp;&nbsp; deferred revenue of the consolidated VIE without recourse to the <br>&nbsp;&nbsp;&nbsp;&nbsp; Group of RMB1,867,096 and RMB2,288,255 as of December <br>&nbsp;&nbsp;&nbsp;&nbsp; 31, 2024 and December 31, 2025, respectively) | 1867096 | 2289322 | 327369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion (including current <br>&nbsp;&nbsp;&nbsp;&nbsp; portion of operating lease liabilities of the consolidated VIE <br>&nbsp;&nbsp;&nbsp;&nbsp; without recourse to the Group of RMB114,471 and RMB129,258 <br>&nbsp;&nbsp;&nbsp;&nbsp; as of December 31, 2024 and December 31, 2025, respectively) | 147635 | 136709 | 19549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable (including income tax payable of the <br>&nbsp;&nbsp;&nbsp;&nbsp; consolidated VIE without recourse to the Group of RMB606 <br>&nbsp;&nbsp;&nbsp;&nbsp; and RMB171 as of December 31, 2024 and December 31, 2025,<br>&nbsp;&nbsp;&nbsp;&nbsp; respectively) | 665 | 222 | 32 |
| **Total current liabilities** | **3260603** | **4245487** | **607097** |

---

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**Gaotu Techedu Inc.**

**Unaudited condensed consolidated balance sheets**

**(In thousands of RMB and USD, except for share, per share and per ADS data)**

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** |
| **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, non-current portion of the consolidated VIE <br>&nbsp;&nbsp;&nbsp;&nbsp; without recourse to the Group | 218797 | 276620 | 39556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current portion (including <br>&nbsp;&nbsp;&nbsp;&nbsp; non-current portion of operating lease liabilities of the <br>&nbsp;&nbsp;&nbsp;&nbsp; consolidated VIE without recourse to the Group of RMB337,258 <br>&nbsp;&nbsp;&nbsp;&nbsp; and RMB309,940 as of December 31, 2024 and December 31, <br>&nbsp;&nbsp;&nbsp;&nbsp; 2025, respectively) | 344609 | 316703 | 45288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities (including deferred tax liabilities of the <br>&nbsp;&nbsp;&nbsp;&nbsp; consolidated VIE without recourse to the Group of RMB70,316 <br>&nbsp;&nbsp;&nbsp;&nbsp; and RMB75,248 as of December 31, 2024 and December 31, <br>&nbsp;&nbsp;&nbsp;&nbsp; 2025, respectively) | 70604 | 75248 | 10760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term borrowings of the consolidated VIE without recourse <br>&nbsp;&nbsp;&nbsp;&nbsp; to the Group | - | 31883 | 4559 |
| **TOTAL LIABILITIES** | **3894613** | **4945941** | **707260** |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares | 116 | 116 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | (242866) | (496132) | (70946) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 7991421 | 7933515 | 1134478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (2832) | (48072) | (6874) |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory reserve | 66042 | 66042 | 9444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (5878417) | (6201724) | (886835) |
| **TOTAL SHAREHOLDERS' EQUITY** | **1933464** | **1253745** | **179284** |
| **TOTAL LIABILITIES AND TOTAL <br> SHAREHOLDERS' EQUITY** | **5828077** | **6199686** | **886544** |

---

****

<br> ------

**Gaotu Techedu Inc.**

**Unaudited condensed consolidated statements of operations** 

**(In thousands of RMB and USD, except for share, per share and per ADS data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** | **RMB** | **RMB** | **USD** |
| **Net revenues** | **1388621** | **1685315** | **240997** | **4553556** | **6146772** | **878977** |
| **Cost of revenues** | **(440279)** | **(540864)** | **(77343)** | **(1454917)** | **(2001693)** | **(286238)** |
| **Gross profit** | **948342** | **1144451** | **163654** | **3098639** | **4145079** | **592739** |
| **Operating expenses:** |  |  |  |  |  |  |
| Selling expenses | (736189) | (885298) | (126596) | (2963736) | (3289064) | (470330) |
| Research and development expenses | (145050) | (165385) | (23650) | (648063) | (626947) | (89652) |
| General and administrative expenses | (216377) | (211817) | (30289) | (668673) | (732234) | (104708) |
| **Total operating expenses** | **(1097616)** | **(1262500)** | **(180535)** | **(4280472)** | **(4648245)** | **(664690)** |
| **Loss from operations** | **(149274)** | **(118049)** | **(16881)** | **(1181833)** | **(503166)** | **(71951)** |
| Interest income | 14776 | 8366 | 1196 | 70384 | 39919 | 5708 |
| Realized gains from investments | 5017 | 14499 | 2073 | 25302 | 34065 | 4871 |
| Other (expenses)/income, net | (6395) | 9942 | 1422 | 45825 | 101764 | 14552 |
| **Loss before provision for income tax and share of results of equity investees** | **(135876)** | **(85242)** | **(12190)** | **(1040322)** | **(327418)** | **(46820)** |
| Income tax benefits/(expenses) | 42 | 1059 | 151 | (8632) | 4111 | 588 |
| **Net loss** | **(135834)** | **(84183)** | **(12039)** | **(1048954)** | **(323307)** | **(46232)** |
| **Net loss attributable to Gaotu Techedu Inc.'s ordinary shareholders** | **(135834)** | **(84183)** | **(12039)** | **(1048954)** | **(323307)** | **(46232)** |
| **Net loss per ordinary share** |  |  |  |  |  |  |
| Basic | (0.80) | (0.52) | (0.07) | (6.12) | (1.98) | (0.28) |
| Diluted | (0.80) | (0.52) | (0.07) | (6.12) | (1.98) | (0.28) |
| **Net loss per ADS** |  |  |  |  |  |  |
| Basic | (0.53) | (0.35) | (0.05) | (4.08) | (1.32) | (0.19) |
| Diluted | (0.53) | (0.35) | (0.05) | (4.08) | (1.32) | (0.19) |
| **Weighted average shares used in net loss per share** |  |  |  |  |  |  |
| Basic | 169167503 | 160543202 | 160543202 | 171412125 | 163118684 | 163118684 |
| Diluted | 169167503 | 160543202 | 160543202 | 171412125 | 163118684 | 163118684 |

---

Note: Three ADSs represent two ordinary shares.

------

**Gaotu Techedu Inc.**

**Reconciliations of non-GAAP measures to the most comparable GAAP measures**

**(In thousands of RMB and USD, except for share, per share and per ADS data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** | **RMB** | **RMB** | **USD** |
| **Net revenues** | **1388621** | **1685315** | **240997** | **4553556** | **6146772** | **878977** |
| Less: other revenues<sup>(1)</sup> | 16510 | 29114 | 4163 | 133591 | 107738 | 15406 |
| Add: VAT and surcharges | 91292 | 109520 | 15661 | 283341 | 386779 | 55309 |
| Add: ending deferred revenue | 2085893 | 2565942 | 366925 | 2085893 | 2565942 | 366925 |
| Add: ending refund liability | 127969 | 125813 | 17991 | 127969 | 125813 | 17991 |
| Less: beginning deferred revenue | 1439217 | 1773170 | 253560 | 1237621 | 2085893 | 298279 |
| Less: beginning refund liability | 77869 | 110621 | 15819 | 67157 | 127969 | 18299 |
| **Gross billings** | **2160179** | **2573685** | **368032** | **5612390** | **6903706** | **987218** |

---

Note (1): Include miscellaneous revenues generated from services other than courses.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** | **RMB** | **RMB** | **USD** |
| **Gross profit** | **948342** | **1144451** | **163654** | **3098639** | **4145079** | **592739** |
| Share-based compensation expenses<sup>(1)</sup> in cost of revenues | 2460 | 1161 | 166 | 7003 | 5641 | 807 |
| **Non-GAAP gross profit** | **950802** | **1145612** | **163820** | **3105642** | **4150720** | **593546** |
| **Loss from operations** | **(149274)** | **(118049)** | **(16881)** | **(1181833)** | **(503166)** | **(71951)** |
| Share-based compensation expenses<sup>(1)</sup> | 12293 | 7349 | 1051 | 53217 | 39218 | 5608 |
| **Non-GAAP loss from operations** | **(136981)** | **(110700)** | **(15830)** | **(1128616)** | **(463948)** | **(66343)** |
| **Net loss** | **(135834)** | **(84183)** | **(12039)** | **(1048954)** | **(323307)** | **(46232)** |
| Share-based compensation expenses<sup>(1)</sup> | 12293 | 7349 | 1051 | 53217 | 39218 | 5608 |
| **Non-GAAP net loss** | **(123541)** | **(76834)** | **(10988)** | **(995737)** | **(284089)** | **(40624)** |

---

Note (1): The tax effects of share-based compensation expenses adjustments were nil.

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