# EDGAR Filing Document

**Accession Number:** 0001768259
**File Stem:** 0001193125-25-298087
**Filing Date:** 2025-11
**Character Count:** 34114
**Document Hash:** 6003fd22130bd7771ec7b3d03a5aa65e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298087.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298087

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251523711

**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 November 2025

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

Commission File Number: 001-38923

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**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)

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**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: November 26, 2025

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## Exhibit 99.1

**Exhibit 99.1**

**Gaotu Techedu Announces Third Quarter 2025 Unaudited Financial Results**

**Beijing, China, November 26, 2025** —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 third quarter ended September 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net revenues** were RMB1,579.0 million, increased by 30.7% from RMB1,208.3 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gross billings**<sup>[2]</sup> were RMB1,188.9 million, increased by 11.2% from RMB1,069.2 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Loss from operations** was RMB178.0 million, compared with loss from operations of RMB490.1 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net loss** was RMB147.1 million, compared with net loss of RMB471.3 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Non-GAAP net loss** was RMB137.7 million, compared with non-GAAP net loss of RMB457.2 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net operating cash outflow** was RMB660.2 million, compared with net operating cash outflow of RMB714.4 million in the same period of 2024.

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

(In thousands of RMB, except for percentages)

---

| | | | |
|:---|:---|:---|:---|
|  | For the three months ended September 30, | For the three months ended September 30, | For the three months ended September 30, |
|  | 2024 | 2025 | Pct. Change |
| Net revenues | 1208253 | 1579026 | 30.7% |
| Gross billings | 1069159 | 1188909 | 11.2% |
| Loss from operations | (490107) | (178025) | (63.7)% |
| Net loss | (471273) | (147121) | (68.8)% |
| Non-GAAP net loss | (457195) | (137745) | (69.9)% |
| Net operating cash outflow | (714385) | (660230) | (7.6)% |

---

<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>Nine Months Ended September 30, 2025 Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net revenues** were RMB4,461.5 million, increased by 41.0% from RMB3,164.9 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gross billings** were RMB4,330.0 million, increased by 25.4% from RMB3,452.2 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Loss from operations** was RMB385.1 million, compared with loss from operations of RMB1,032.6 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net loss** was RMB239.1 million, compared with net loss of RMB913.1 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Non-GAAP net loss** was RMB207.3 million, compared with non-GAAP net loss of RMB872.2 million in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net operating cash outflow** was RMB548.7 million, compared with net operating outflow of RMB525.6 million in the same period of 2024.

**<u>First Nine Months 2025 Key Financial and Operating Data</u>**

(In thousands of RMB, except for percentages)

---

| | | | |
|:---|:---|:---|:---|
|  | For the nine months ended September 30, | For the nine months ended September 30, | For the nine months ended September 30, |
|  | 2024 | 2025 | Pct. Change |
| Net revenues | 3164935 | 4461457 | 41.0% |
| Gross billings | 3452211 | 4330021 | 25.4% |
| Loss from operations | (1032559) | (385117) | (62.7)% |
| Net loss | (913120) | (239124) | (73.8)% |
| Non-GAAP net loss | (872196) | (207255) | (76.2)% |
| Net operating cash outflow | (525636) | (548670) | 4.4% |

---

**Larry Xiangdong Chen, the Company's founder, Chairman and CEO, commented,** "With a profound focus on user needs, Gaotu continues to provide end-to-end educational products and solutions across the full learning lifecycle. We have deeply integrated online and offline formats and accelerated full-stack AI integration across our teaching, services, and operations to provide users with increasingly differentiated and personalized services. In the third quarter, we achieved sustained growth momentum and enhanced profitability. Our revenue grew by 30.7% year over year to nearly RMB1.6 billion, while on a non-GAAP basis, both loss from operations and net loss narrowed significantly by 64.6% and 69.9%, respectively. Excluding the impact of share repurchases, our cash position improved year over year, strengthening our balance sheet and demonstrating our disciplined financial management. We also remained committed to delivering shareholder returns, completing our US$80 million share repurchase program initially launched in November 2022 this quarter and initiating the new US$100 million program approved in May."

"Going forward, Gaotu will continue to pursue sustainable growth by strengthening our pipeline of high-quality teachers, enhancing execution and leveraging data-driven operations, delivering enduring, long-term value to all our stakeholders."

------

**Shannon Shen, CFO of the Company, added,** "In the third quarter, we sustained solid revenue growth while elevating our overall operational quality and efficiency. Operating expenses as a percentage of net revenues decreased significantly, improving by 27.6 percentage points year-over-year. Additionally, our user acquisition efficiency improved 12.8% year over year, and net operating cash outflow narrowed by approximately RMB54.2 million year over year, reflecting the early benefits of structured efficiency gains across our operations. Deferred revenue grew robustly to nearly RMB1.8 billion, up 23.2% year-over-year, providing greater visibility of revenue for the upcoming quarters. We will remain focused on driving high-quality, sustainable growth by optimizing unit economics, while enhancing our operational quality and resilience through continued product refinement, systematic teacher development and brand building."

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

***Net Revenues***

Net revenues increased by 30.7% to RMB1,579.0 million from RMB1,208.3 million in the third 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 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 24.6% to RMB535.5 million from RMB429.8 million in the third 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 34.0% to RMB1,043.5 million from RMB778.5 million in the third quarter of 2024. Gross profit margin increased to 66.1% from 64.4% in the same period of 2024.

Non-GAAP gross profit increased by 33.8% to RMB1,044.5 million from RMB780.7 million in the third quarter of 2024. Non-GAAP gross profit margin increased to 66.1% from 64.6% in the same period of 2024.

***Operating Expenses***

Operating expenses decreased by 3.7% to RMB1,221.5 million from RMB1,268.6 million in the third quarter of 2024. The decrease was primarily due to our precise efficiency management and implementation of cost reduction, which resulted in year-over-year decreases in personnel expenses of selling, general and administrative, as well as research and development function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Selling expenses decreased to RMB873.4 million from RMB885.8 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Research and development expenses decreased to RMB162.9 million from RMB189.3 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•General and administrative expenses decreased to RMB185.2 million from RMB193.5 million in the third quarter of 2024.

------

***Loss from Operations***

Loss from operations was RMB178.0 million, compared with loss from operations of RMB490.1 million in the third quarter of 2024.

Non-GAAP loss from operations was RMB168.6 million, compared with non-GAAP loss from operations of RMB476.0 million in the third quarter of 2024.

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

Interest income and realized gains from investments, on aggregate, were RMB14.9 million, compared with a total of RMB21.7 million in the third quarter of 2024.

***Other Income, net***

Other income, net was RMB14.6 million, compared with other income, net of RMB4.0 million in the third quarter of 2024.

***Net Loss***

Net loss was RMB147.1 million, compared with net loss of RMB471.3 million in the third quarter of 2024.

Non-GAAP net loss was RMB137.7 million, compared with non-GAAP net loss of RMB457.2 million in the third quarter of 2024.

***Cash Flow***

Net operating cash outflow in the third quarter of 2025 was RMB660.2 million.

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

Basic and diluted net loss per ADS were both RMB0.61 in the third quarter of 2025.

Non-GAAP basic and diluted net loss per ADS were both RMB0.57 in the third quarter of 2025.

***Share Outstanding***

As of September 30, 2025, the Company had 161,367,979 ordinary shares outstanding.

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

As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB3,040.4 million in aggregate, compared with a total of RMB4,094.3 million as of December 31, 2024.

------

**Acquisition of Property**

In November 2025, the Company entered into an agreement to acquire 100% of equity interest of Zhengzhou You'ai Culture Technology Co., Ltd. ("Zhengzhou You'ai") for a consideration of RMB206.6 million. The underlying assets of Zhengzhou You'ai are four buildings currently under construction, which have been topped out in November 2025. The Company intends to utilize the buildings as a campus premise upon completion. The transaction is a related party transaction and has been approved by both the Company's board of directors and the audit committee of the board.

**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 November 25, 2025, the Company had cumulatively repurchased approximately 27.5 million ADSs for approximately US$85.6 million under aforesaid two share repurchase programs.

**Business Outlook**

Based on the Company's current estimates, total net revenues for the fourth quarter of 2025 are expected to be between RMB1,628 million and RMB1,648 million, representing an increase of 17.2% to 18.7% 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 Wednesday, November 26, 2025 (9:00 PM Beijing/Hong Kong Time on Wednesday, November 26, 2025). 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: 5199067

A telephone replay will be available two hours after the conclusion of the conference call through December 3, 2025. The dial-in details are:

International: 1-412-317-0088

United States: 1-855-669-9658

Passcode: 2149536

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

------

**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 RMB7.1190 to USD1.0000, the effective noon buying rate for September 30, 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 September 30, 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)**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1321118 | 318731 | 44772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 5222 | 125272 | 17597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 1845242 | 2095986 | 294421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory, net | 36401 | 53401 | 7501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets, net | 431829 | 526989 | 74026 |
| **Total current assets** | **3639812** | **3120379** | **438317** |
| **Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 503601 | 506882 | 71201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, equipment and software, net | 670237 | 834745 | 117256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land use rights, net | 25762 | 45424 | 6381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term investments | 922740 | 500401 | 70291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental deposit | 45834 | 49271 | 6921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 20091 | 57636 | 8096 |
| **TOTAL ASSETS** | **5828077** | **5114738** | **718463** |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings of the consolidated VIE without recourse <br>&nbsp;&nbsp;&nbsp;&nbsp; to the Group | **-** | 48544 | 6819 |
| &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 RMB944,484 <br>&nbsp;&nbsp;&nbsp;&nbsp; as of December 31, 2024 and September 30, 2025, respectively) | 1245207 | 1320853 | 185539 |
| &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 RMB1,534,148 as of December <br>&nbsp;&nbsp;&nbsp;&nbsp; 31, 2024 and September 30, 2025, respectively) | 1867096 | 1534246 | 215515 |
| &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 RMB132,281 <br>&nbsp;&nbsp;&nbsp;&nbsp; as of December 31, 2024 and September 30, 2025, respectively) | 147635 | 140337 | 19713 |
| &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 RMB39 as of December 31, 2024 and September 30, 2025,<br>&nbsp;&nbsp;&nbsp;&nbsp; respectively) | 665 | 88 | 12 |
| **Total current liabilities** | **3260603** | **3044068** | **427598** |

---

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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)**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of September 30,** | **As of September 30,** |
|  | **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 | 238924 | 33561 |
| &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 RMB332,307 as of December 31, 2024 and September 30, <br>&nbsp;&nbsp;&nbsp;&nbsp; 2025, respectively) | 344609 | 343158 | 48203 |
| &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 RMB76,056 as of December 31, 2024 and September 30, <br>&nbsp;&nbsp;&nbsp;&nbsp; 2025, respectively) | 70604 | 76073 | 10686 |
| **TOTAL LIABILITIES** | **3894613** | **3702223** | **520048** |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares | 116 | 116 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | (242866) | (461340) | (64804) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 7991421 | 7950976 | 1116867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (2832) | (25738) | (3615) |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory reserve | 66042 | 66042 | 9277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (5878417) | (6117541) | (859326) |
| **TOTAL SHAREHOLDERS' EQUITY** | **1933464** | **1412515** | **198415** |
| **TOTAL LIABILITIES AND TOTAL <br> SHAREHOLDERS' EQUITY** | **5828077** | **5114738** | **718463** |

---

****

<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 September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** | **RMB** | **RMB** | **USD** |
| **Net revenues** | **1208253** | **1579026** | **221804** | **3164935** | **4461457** | **626697** |
| **Cost of revenues** | **(429791)** | **(535528)** | **(75225)** | **(1014638)** | **(1460829)** | **(205201)** |
| **Gross profit** | **778462** | **1043498** | **146579** | **2150297** | **3000628** | **421496** |
| **Operating expenses:** |  |  |  |  |  |  |
| Selling expenses | (885769) | (873399) | (122686) | (2227547) | (2403766) | (337655) |
| Research and development expenses | (189305) | (162912) | (22884) | (503013) | (461562) | (64835) |
| General and administrative expenses | (193495) | (185212) | (26017) | (452296) | (520417) | (73103) |
| **Total operating expenses** | **(1268569)** | **(1221523)** | **(171587)** | **(3182856)** | **(3385745)** | **(475593)** |
| **Loss from operations** | **(490107)** | **(178025)** | **(25008)** | **(1032559)** | **(385117)** | **(54097)** |
| Interest income | 15661 | 8577 | 1205 | 55608 | 31553 | 4432 |
| Realized gains from investments | 6001 | 6346 | 891 | 20285 | 19566 | 2748 |
| Other income, net | 3964 | 14621 | 2054 | 52220 | 91822 | 12898 |
| **Loss before provision for income tax and share of results of equity investees** | **(464481)** | **(148481)** | **(20858)** | **(904446)** | **(242176)** | **(34019)** |
| Income tax (expenses)/benefits | (6792) | 1360 | 191 | (8674) | 3052 | 429 |
| **Net loss** | **(471273)** | **(147121)** | **(20667)** | **(913120)** | **(239124)** | **(33590)** |
| **Net loss attributable to Gaotu Techedu Inc.'s ordinary shareholders** | **(471273)** | **(147121)** | **(20667)** | **(913120)** | **(239124)** | **(33590)** |
| **Net loss per ordinary share** |  |  |  |  |  |  |
| Basic | (2.75) | (0.91) | (0.13) | (5.30) | (1.46) | (0.20) |
| Diluted | (2.75) | (0.91) | (0.13) | (5.30) | (1.46) | (0.20) |
| **Net loss per ADS** |  |  |  |  |  |  |
| Basic | (1.83) | (0.61) | (0.09) | (3.54) | (0.97) | (0.14) |
| Diluted | (1.83) | (0.61) | (0.09) | (3.54) | (0.97) | (0.14) |
| **Weighted average shares used in net loss per share** |  |  |  |  |  |  |
| Basic | 171135287 | 161927833 | 161927833 | 172165794 | 163986613 | 163986613 |
| Diluted | 171135287 | 161927833 | 161927833 | 172165794 | 163986613 | 163986613 |

---

Note: Three ADSs represent two ordinary shares.

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**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 September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** | **RMB** | **RMB** | **USD** |
| **Net revenues** | **1208253** | **1579026** | **221804** | **3164935** | **4461457** | **626697** |
| Less: other revenues<sup>(1)</sup> | 60581 | 41708 | 5859 | 117081 | 78624 | 11044 |
| Add: VAT and surcharges | 72056 | 98101 | 13780 | 192049 | 277259 | 38946 |
| Add: ending deferred revenue | 1439217 | 1773170 | 249076 | 1439217 | 1773170 | 249076 |
| Add: ending refund liability | 77869 | 110621 | 15539 | 77869 | 110621 | 15539 |
| Less: beginning deferred revenue | 1582135 | 2196993 | 308610 | 1237621 | 2085893 | 293004 |
| Less: beginning refund liability | 85520 | 133308 | 18726 | 67157 | 127969 | 17976 |
| **Gross billings** | **1069159** | **1188909** | **167004** | **3452211** | **4330021** | **608234** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** | **RMB** | **RMB** | **USD** |
| **Gross profit** | **778462** | **1043498** | **146579** | **2150297** | **3000628** | **421496** |
| Share-based compensation expenses<sup>(1)</sup> in cost of revenues | 2265 | 1017 | 143 | 4543 | 4480 | 629 |
| **Non-GAAP gross profit** | **780727** | **1044515** | **146722** | **2154840** | **3005108** | **422125** |
| **Loss from operations** | **(490107)** | **(178025)** | **(25008)** | **(1032559)** | **(385117)** | **(54097)** |
| Share-based compensation expenses<sup>(1)</sup> | 14078 | 9376 | 1317 | 40924 | 31869 | 4477 |
| **Non-GAAP loss from operations** | **(476029)** | **(168649)** | **(23691)** | **(991635)** | **(353248)** | **(49620)** |
| **Net loss** | **(471273)** | **(147121)** | **(20667)** | **(913120)** | **(239124)** | **(33590)** |
| Share-based compensation expenses<sup>(1)</sup> | 14078 | 9376 | 1317 | 40924 | 31869 | 4477 |
| **Non-GAAP net loss** | **(457195)** | **(137745)** | **(19350)** | **(872196)** | **(207255)** | **(29113)** |

---

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

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