Document:

EX-10.17

 Exhibit 10.17 

OPERATING AGREEMENT 
 This Operating
Agreement (this “Agreement”) is entered into among the following parties in Beijing as of November 20, 2017: 
  

			
	 Party A:
	  	NetEase Youdao Information Technology (Beijing) Co., Ltd
		
	 Address:
	  	1/F, Tower C, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian District
		
	 Party B:
	  	Beijing NetEase Youdao Computer System Co., Ltd. 
		
	 Address:
	  	2/F, Tower A, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian District
		
	 Party C:
	  	Feng Zhou 
		
	Address:	  	*************

 In this Agreement, Party A, Party B and Party C are called collectively as the “Parties” and each of them is
a “Party.” 
 WHEREAS: 
  

	1.	 Party A is a Wholly foreign owned enterprise duly incorporated and validly existing under the laws of the
People’s Republic of China (the “PRC”); 

  

	2.	 Party B is a limited liability company duly incorporated and validly existing under PRC law, which is
registered in Beijing, to carry out the business; 

  

	3.	 Party C is the shareholder of Party B, in which Party C owns 28.927%of the equity interest;

  

	4.	 Party A has established a business relationship with Party B by entering into a Cooperation Agreement (the
“Cooperation Agreement”) and other agreements; and 

  

	5.	 Pursuant to the above-mentioned agreements between Party A and Party B, Party B shall pay certain sums of money
to Party A. The daily operations of Party B will have a material effect on Party B’s ability to pay such account payable to Party A; 

NOW, THEREFORE, through negotiations, all parties to this Agreement hereby agree as follows: 

 

	1.	 Party A agrees, subject to the satisfaction of the relevant provisions herein by Party B and subject to the
other provisions in this Agreement, to be the guarantor of Party B in the contracts, agreements or transactions entered into between Party B and any third party in connection with Party B’s business and operations, to provide full guarantees
for the performance of such contracts, agreements or transactions by Party B. As counter-guarantee, Party B agrees to pledge the accounts receivable in its operations and all of its assets to Party A. According to the aforesaid guarantee
arrangement, Party A, when necessary, is willing to enter into written guarantee contracts with Party B’s counterparties to assume the guarantor’s liabilities. Party B and Party C shall take all necessary actions (including, but not
limited to, executing the relevant documents and filing the relevant registrations) to carry out the counter-guarantee arrangement with Party A. 

  
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	2.	 In consideration of the requirements of Article 1 hereof and to ensure the performance of the various business
agreements between Party A and Party B and the payment by Party B of the amounts payable to Party A thereunder, Party B, together with its shareholder Party C, hereby jointly agree that, without Party A’s prior written consent, Party B shall
not engage in any transaction that may materially affect its assets, liabilities, rights or operations (except that Party B may, in the ordinary course of its business, enter into business contracts or agreements, sell or purchase assets and create
liens in favor of relevant counter parties as required by law), including, but not limited to, the following: 

  

	 	2.1	 To declare any dividend or distribution to any shareholder; 

 

	 	2.2	 To borrow money from any third party or assume any debt; 

 

	 	2.3	 To sell to or acquire from any third party any asset or rights, including, but not limited to, any intellectual
property rights; 

  

	 	2.4	 To provide a guarantee for any third party using its assets or intellectual property rights as collateral;

  

	 	2.5	 To assign to any third party its business contracts; 

 

	 	2.6	 To engage in any activity beyond its normal business scope; 

 

	 	2.7	 To change or dismiss any of its directors or remove and replace any of its officers; 

 

	 	2.8	 To amend its articles of association or change its business scope; 

 

	 	2.9	 To change its normal business procedures or amend any of its important rules and regulations; or

  

	 	2.10	 To transfer its rights and obligations under this Agreement to any third party. 

 

	3.	 In order to ensure the performance of the various business agreements between Party A and Party B and the
payment by Party B of the amounts payable to Party A thereunder, Party B, together with its shareholder Party C, hereby jointly agree to accept and comply in all respects with advice and guidance provided by Party A from time to time relating to its
corporate policies on matters such as employment and dismissal of employees, daily operations and management, and financial management. 

  

	4.	 Party B, together with its shareholder Party C, hereby jointly agree that Party C shall appoint candidates
recommended by Party A as directors of Party B, and Party B shall appoint Party A’s senior executive officers recommended by Party A as its president, chief financial officer and other senior executive officers. If any of the above-mentioned
senior executive officers of Party A leaves Party A, whether voluntarily or as a result of dismissal by Party A, he or she shall also lose his/her right to hold any position at Party B, and Party B shall appoint other senior executive officers of
Party A recommended by Party A to fill such a position. The persons recommended by Party A in accordance with this Article 4 shall comply with the legal requirements regarding the qualifications of directors, presidents, chief financial officers,
and other senior executive officers. 

  
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	5.	 Party B, together with its shareholder Party C, hereby jointly agree and confirm that Party B shall first seek
a guarantee from Party A if Party B needs any guarantee for its performance of any of its contracts or for any borrowing for working capital purposes in the course of its operations. In such cases, Party A shall have the right, but not the
obligation, to provide the appropriate guarantee to Party B at Party A’s sole discretion. If Party A decides not to provide such a guarantee, Party A shall immediately issue a written notice to Party B and Party B may seek a guarantee from
third parties. 

  

	6.	 In the event that any of the agreements between Party A and Party B terminates or expires, Party A shall have
the right, but not the obligation, to terminate all agreements between Party A and Party B including, but not limited to, the Cooperation Agreement. 

  

	7.	 Any amendment or supplement to this Agreement shall be made in writing. The amendment or supplement duly
executed by all Parties shall form an integral part of this Agreement and shall have the same legal effect as this Agreement. 

  

	8.	 Should any provision of this Agreement be held invalid or unenforceable because of inconsistency with
applicable laws, such provision shall be invalid or unenforceable only to the extent of such applicable laws without affecting the validity or enforceability of the remainder of this Agreement. 

 

	9.	 Party B shall not assign its rights and obligations under this Agreement to any third party without the prior
written consent of Party A. Party B hereby agrees that Party A may assign its rights and obligations under this Agreement as Party A sees fit, in which case Party A only needs to give a written notice to Party B and no further consent of Party B is
required. 

  

	10.	 All Parties acknowledge and confirm that any oral or written materials exchanged pursuant to this Agreement are
confidential. Each Party shall keep confidential all such materials and not disclose any such materials to any third Party without the prior written consent from the other Parties except in the following situations: (a) such materials are or
will become known by the public (through no fault of the receiving Party); (b) any materials as required to be disclosed by the applicable laws or rules of any stock exchange or governmental entity; and (c) any materials disclosed by each Party
to its legal or financial advisors relating to the transactions contemplated by this Agreement, and such legal or financial advisors shall comply with the confidentiality provisions set forth in this Article 10. Any disclosure of confidential
information by the personnel of any Party or by the institutions engaged by such Party shall be deemed as a disclosure by such Party, and such Party shall be liable for the breach under this Agreement. Both Parties agree that this Article 10 shall
survive the invalidity, cancellation, termination or unenforceability of this Agreement. 

  

	11.	 The formation, validity, interpretation and performance of and settlement of disputes under this Agreement
shall be governed by the laws of the PRC. 

  
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	12.	 Any dispute, conflict, or claim arising in connection with the interpretation and performance of the provisions
of this Agreement (including any issue relating to the existence, validity, and termination of this Agreement) shall be resolved by the Parties in good faith through negotiations. In case no resolution can be reached by the Parties within thirty
(30) days after a Party makes a request for dispute resolution through negotiations, any Party may refer such dispute to a competent court having legal jurisdiction over the registration place of Party A. The Parties agree to submit to the
jurisdiction of such court. The Parties agree that the dispute and any court proceedings shall be kept confidential and that the existence of the proceedings and any element of it (including but not limited to any pleadings, briefs or other
documents submitted or exchanged, any testimony or other oral submissions, and any awards) shall not be disclosed beyond the court, the Parties, their counsels and any person necessary to the conduct of the proceeding, except as may be lawfully
required in judicial proceedings or as required by the rules of the U.S. Securities and Exchange Commission, the NASDAQ stock market rules or the rules of any other quotation system or exchange on which the securities of the disclosing Parties or
their affiliates are listed or as otherwise required by applicable law. The Parties further agree to request that the court conduct any proceedings in closed session and to keep the existence of the proceedings and any element of it, including the
decision of the court, confidential and refrain from publishing or otherwise disclosing any of the foregoing information to the public, except as may be lawfully required in judicial proceedings or as otherwise required by applicable law.

  

	13.	 This Agreement shall be executed by a duly authorized representative of each Party and become effective as of
the date first written above. 

  

	14.	 Notwithstanding Article 13 hereof, once effective, this Agreement shall constitute the entire agreement of the
Parties hereto with respect to the subject matters hereof and supersede all prior oral and/or written agreements and understandings by the Parties with respect to the subject matters hereof. 

 

	15.	 The term of this Agreement is twenty (20) years unless terminated earlier in accordance with the
provisions of this Agreement or related agreements entered into by the Parties. This Agreement may be extended only with the written consent of Party A before its expiration. The term of the extension shall be decided by the Parties through
negotiation. If the duration of operation (including any extension thereof) of Party A or Party B is expired or terminated for other reasons within the aforesaid term of this Agreement, this Agreement shall be terminated simultaneously, unless such
Party has already assigned its rights and obligations hereunder in accordance with Article 9 hereof. 

  

	16.	 This Agreement will terminate on the expiration date unless it is renewed in accordance with the relevant
provision herein. During the term of this Agreement, Party B shall not terminate this Agreement. Notwithstanding the above stipulation, Party A shall have the right to terminate this Agreement at any time by issuing a thirty (30) days’
prior written notice to Party B. 

 [Signature page follows] 

  
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 IN WITNESS THEREOF, each Party hereto has caused this Agreement to be duly executed by
himself/herself or a duly authorized representative on its behalf as of the date first written above. 
 Party A: NetEase Youdao Information Technology
(Beijing) Co., Ltd. 
 /s/ Seal of NetEase Youdao Information Technology (Beijing) Co., Ltd. 

Party B: Beijing NetEase Youdao Computer System Co., Ltd. 

/s/ Seal of Beijing NetEase Youdao Computer System Co., Ltd. 

Party C: Feng Zhou 
 /s/ Feng Zhou 

  
 5EX-10.18

 Exhibit 10.18 

Cooperation Agreement 
 Party A:
Hangzhou Netease Linjiedian Education Technology Co., Ltd. (杭州网易临界点教育科技有限公司) 

Address: Room 508, No. 599 Changhe Road, Changhe Street, Binjiang District, Hangzhou, Zhejiang Province 

Party B: Netease Youdao Information Technology (Beijing) Co., Ltd.
(网易有道信息技术(北京)有限公司
) 
 Address: Floor 1, Building A, Building No. 7, West Zone, Zhongguancun Software Park, No. 10 Xibeiwang East Road, Haidian District,
Beijing, China. 
 WHEREAS: 
 1. Party A is a company
registered at Hangzhou under the laws of the People’s Republic of China. 
 2. Party B is a company registered at Beijing under the laws of the
People’s Republic of China, mainly engaging in development and manufacturing of computer software and hardware, system integration, providing technical consultation, technical training and technical services. 

3. Party A and Party B wish to cooperate jointly to have the services hereunder to be provided by Party B to Party A. 

THEREFORE, it is agreed below on the basis of mutual negotiations between Party A and Party B: 

1.    Contents of Cooperation 
 Party
B will provide to Party A, according to this Agreement, the services including but not limited to the following: 
 (i) Research and development of computer
software (including but not limited to information management software and other technical software), and providing technical support and maintenance services in connection with the operation of computer software; 

(ii) License for use of software, trademark, domains, technical secrets and other varied intellectual property rights; and 

  
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 (iii) Research and development of education courseware and teaching support services. 

2.    Cooperation Methods of Services 

1) Party B shall bear the costs and expenses related to the services described in Section 1 above, including but not limited to remuneration of the
research and development personnel, equipment purchase costs, preparation and promotion expenses, et cetera. 
 2) Both Party A and Party B agree that Party
A shall charge the customers the service revenue to be distributed with Party B as per the method set forth in Section 3 below. 
 3) Party A agrees to
specify Party B as the exclusive partner in connection with the cooperation contents under this Agreement. Party B agrees that Party A may cooperate with any other Youdao cooperation companies elected by Party B and jointly provide services to the
customers. 
 3.    Distribution of Service Revenue; Method of Payment 

Both Party A and Party B agree that the services revenue hereunder shall be distributed as per the following calculation formula: 

1) Calculation of the Distributable Revenue 
 Both Party A and
Party B agree that the Distributable Revenue shall be all the monthly service revenue obtained by Party A from customers with deduction of the payable turnover tax (e.g., all kinds of surcharges; hereinafter, the “Payable Turnover Tax”),
the costs and expenses in connection with Party A’s provision of services (exclusive of the amounts distributed to Party B and other Youdao cooperation companies) and the Profit Retainable by Party A. The foregoing Distributable Revenue shall
be the basis of distribution between Party A, Party B and other Youdao cooperation companies. The formula for calculation of the Distributable Revenue is below: 

The Distributable Revenue = service revenue - Payable Turnover Tax - costs and expenses in connection with Party A’s provision of services - Profit
Retainable by Party A. 
 2) Profit Retainable by Party A 
 The
formula for calculation of the Profit Retainable by Party A is below: 
 The Profit Retainable by Party A = 5% of the aggregate costs and expenses in
connection with Party A’s provision of services (exclusive of the amounts distributed to Party B and other Youdao cooperation companies and the Payable Turnover Tax). 

3) Calculation formula of the Amount Distributable to Party B 

  
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 The Amount Distributable to Party B (exclusive of value added taxes) = The Distributable Revenue
×[Party B’s costs / (Party B’s costs + other Youdao cooperation companies’ costs)]. 
 3) Calculation formula of the Amount
Distributable to other Youdao cooperation companies 
 The Amount distributable to other Youdao cooperation companies (exclusive of value added taxes) = The
Distributable Revenue ×[other Youdao cooperation companies’ costs / (Party B’s costs + other Youdao cooperation companies’ costs)]. 

4) Both Party A and Party B agree that: 
 If Party A’s
service revenue after deduction of the Payable Turnover Tax is greater than the sum of the actual costs in connection with Party A’s operation of the website(s) and the Profit Retainable by Party A, the distribution will be made as per the
calculation formula of the Distributable Revenue set forth in Paragraphs 1) through 4) above. 
 If Party A’s service revenue after deduction of the
Payable Turnover Tax is less than or equal to the sum of the actual costs in connection with Party A’s operation of the website(s), at that month Party B shall pay to Party A the service fees and shall procure that the Profit Retainable by
Party A shall satisfy 5% of the actual costs in connection with Party A’s operation of the website(s). 
 5) Method of Payment 

Party A and Party B shall ensure that the distributable amounts / service fees of the immediately preceding month shall be paid to the other party’s
account below by bank transfer within one (1) month following each settlement: 
 Party A’s account information: 

Bank of Deposit: Beijing Jianguomen Outside Street Branch of China Construction Bank Co., Ltd. 

Account Name: Hangzhou Netease Linjiedian Education Technology Co., Ltd.
(杭州网易临界点教育科技有限公司) 

Account Number: ******************** 
 Party B’s account
information 
 Bank of Deposit: Beijing Jianguomen Outside Street Branch of China Construction Bank Co., Ltd. 

Account Name: Netease Youdao Information Technology (Beijing) Co., Ltd.
(网易有道信息技术(北京
)有限公司) 

Account Number: ******************** 
 In case the Payable
Turnover Tax in connection with the foregoing services is adjusted due to adjustment of the governmental policy, both parties hereto may negotiate and determine a new distribution method through a written amendment hereto. 

  
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 4.    Intellectual Property Rights and Confidentiality 

1) The rights, titles, ownerships and interests in, to and of any and all intellectual properties arising out of the performance by Party B of this Agreement
shall belong to Party B exclusively, including but not limited to, the copyrights, patents, know-how, trade secrets. 

2) With the right-holders’ written declaration of consent, Party A may accept as the assignee the rights, titles, ownerships and interests in, to and of
any and all intellectual properties arising out of the performance by Party B of this Agreement, with the method of assignment to be separately negotiated and determined by the parties hereto. 

3) Party B agrees that it will use its reasonable and best efforts to protect and keep confidential partial or all of Party A’s information that is
marked as “Confidential” or known by Party B as confidential information (“Confidential Information”). Unless agreed by Party A in writing in advance, Party B shall not disclose, provide or transfer, to any third party any of
such Confidential Information. Upon expiry or termination of this Agreement, Party B shall return to the owner(s) of the Confidential Information as requested by Party A, or destroy on its own, any and all documents, materials and/or software
containing the Confidential Information, and shall delete any and all Confidential Information in all electronic devices owned by Party B and shall not use any of such Confidential Information any longer. 

4) Upon expiry or termination of this Agreement, Paragraphs 1), 2) and 3) of this Section 4 shall survive. 

5.    Representations and Warranties 

1) Party A hereby represents and warrants below: 
 (1) Party A is
a company lawfully registered at Hangzhou, and lawfully existing, under the laws of the People’s Republic of China. 
 (2) Party A has all the rights,
powers, authorities and capabilities, and all the consents and approvals, necessary for execution, delivery and performance of this Agreement. 
 (3) This
Agreement shall be lawful, effective and binding upon it after being signed and may be enforced against it pursuant to its terms. 
 2) Party B hereby
represents and warrants below: 
 (1) Party B is a company lawfully registered at Beijing, and lawfully existing, under the laws of the People’s
Republic of China. 

  
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 (2) Party B has all the rights, powers, authorities and capabilities, and all the consents and approvals,
necessary for execution, delivery and performance of this Agreement. 
 (3) This Agreement shall be lawful, effective and binding upon it after being signed
and may be enforced against it pursuant to its terms. 
 6.    Effect; Term of Cooperation 

This Agreement shall take effect as of the date of January 18, 2019, and will continue to be effective unless earlier terminated pursuant to this
Agreement. 
 7.    Termination 
 1)
Under the condition that rights and remedies entitled to the party claiming termination hereof are not damaged under the laws or for other reasons, either party may immediately terminate this Agreement by issuing a notice to the other party that
materially violates this Agreement and fails to make remedies within thirty (30) days after its receipt of a notice regarding the occurrence, and existence, of such violation. During the effective term of this Agreement, either party may
terminate this Agreement by issuing a written notice to the other party thirty (30) days in advance. 
 2) Section 4 will survive after the expiry
or termination of this Agreement. 
 8.    Force Majeure 

1) A Force Majeure Event shall refer to any event that is out of control of either party hereto and cannot be avoided with due care of the affected party,
including but not limited to, governmental acts, natural force, fires, explosions, storms, floods, earthquakes, tides, lightning or wars. However, insufficiency in credit, funds or financing shall not be deemed to be an Force Majeure Event. The
party that is affected by a Force Majeure Event and seeks to exempt from the performance of its obligations hereunder shall notify such event to the other party as soon as practical. 

2) In the event that either party’s performance of this Agreement is delayed or prevented by a Force Majeure Event, either party t shall not be held
liable for the other party’s loss, increased expenses or damages arising out of or in connection with such party’s delay or failure in performance of this Agreement due to the Force Majeure Event, which shall not be deemed to be a default
under this Agreement. However, the party asserting the occurrence of a Force Majeure Event shall use its reasonable efforts to reduce or eliminate the influences from the Force Majeure Event. Once the Force Majeure Event is eliminated, the parties
affected by the Force Majeure Event agree to use their best efforts to restore the performance of this Agreement. 

  
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 9.    Governing Law 

The validity, interpretation and performance of this Agreement shall be governed by the laws of the People’s Republic of China. 

10.    Notice 
 Any notice or other
communication sent pursuant to the provisions of this Agreement shall be made in Chinese and English, and shall be sent to the following address of the corresponding party or parties by personal delivery, registered airmail, airmail with postage
prepaid, or recognized express service or facsimile (if sent by facsimile, the facsimile shall be accompanied by sending of a photocopy of the document to be sent). 

Party A: Hangzhou Netease Linjiedian Education Technology Co., Ltd.
(杭州网易临界点教育科技有限公司) 

Address: Room 508, No. 599 Changhe Road, Changhe Street, Binjiang District, Hangzhou, Zhejiang Province 

Party B: Netease Youdao Information Technology (Beijing) Co., Ltd.
(网易有道信息技术(北京)有限公司
) 
 Address: Floor 1, Building A, Building No. 7, West Zone, Zhongguancun Software Park, No. 10 Xibeiwang East Road, Haidian District,
Beijing, China 
 11.    Assignment 

1) Neither party may transfer any of its rights or obligations hereunder to any third party unless agreed by the other party in advance. 

2) Party A hereby agrees that Party B may decide at its own discretion to transfer any of its rights or obligations hereunder to any third party and Party B
only need to send a written notice to Party A regarding such assignment, without seeking consent from Party A regarding such assignment. 

12.    Severability 
 In case any
provision hereof is held to be invalid, illegal or unenforceable due to any law, such provision shall be invalid only within that jurisdiction, shall not affect the validity of the other provisions hereof within that jurisdiction, and shall not
result in invalidity, illegality or unenforceability of such provision or other provisions under any other jurisdictions. 

  
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 13.    Amendment 

This Agreement may be amended or supplemented through a written agreement by Party A and Party B. The amendment(s) or supplement agreement hereto properly
signed by the parties hereto shall form part of this Agreement and shall have same legal force with this Agreement. 
 14.     Miscellaneous 
 This Agreement is made in four (4) copies, two
(2) for each party. 
 [The remainder of this page is intentionally left blank.] 

  
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 Party A: Hangzhou Netease Linjiedian Education Technology Co., Ltd. (杭州网易临界点教育科技有限公司) 

Authorized Representative: /s/ Feng Zhou 

/s/ Seal of Hangzhou Netease Linjiedian Education Technology Co., Ltd. 

Party B: Netease Youdao Information Technology (Beijing) Co., Ltd.
(网易有道信息技术(北京)有限公司
) 
 Authorized Representative: /s/ Feng Zhou 

/s/ Seal of Netease Youdao Information Technology (Beijing) Co., Ltd. 

  
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