Youdao Balance Sheet

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	439.73	592.72	454.54	783.61	322.78
Short-Term Investments	298.29	63.06	72.13	232.43	504.1
Cash & Short-Term Investments	738.02	655.79	526.66	1,016	826.88
Cash Growth	12.54%	24.52%	-48.16%	22.88%	-30.77%
Accounts Receivable	702.6	498.34	380.12	413.03	254.53
Receivables	702.6	503.38	402.69	439.45	254.53
Inventory	140.78	174.74	217.07	232.26	255.41
Prepaid Expenses	-	51.81	63.63	66.99	61.75
Restricted Cash	1.99	3.57	0.4	0.87	749.77
Other Current Assets	139.12	97.49	89.5	114.36	121.33
Total Current Assets	1,723	1,487	1,300	1,870	2,270
Property, Plant & Equipment	91.55	115.22	159.93	170.52	198.42
Long-Term Investments	19.81	72.38	51.4	90.7	32.52
Goodwill	109.94	109.94	109.94	109.94	109.94
Other Long-Term Assets	31.24	30.08	44.98	35.02	23.52
Total Assets	1,975	1,814	1,666	2,276	2,634
Accounts Payable	132.82	167.15	241.44	351.16	244.05
Accrued Expenses	1,033	862.86	832.58	775.33	724.87
Short-Term Debt	878	878	878	878	878
Current Portion of Leases	-	38.11	38.84	35.56	46.69
Current Income Taxes Payable	43.52	5.89	11.25	14.04	7.66
Current Unearned Revenue	847.71	961.02	1,053	1,067	1,077
Other Current Liabilities	-	33.93	44.56	57.24	55.55
Total Current Liabilities	2,935	2,947	3,099	3,179	3,034
Long-Term Debt	926.59	913	630.36	522.35	255.03
Long-Term Leases	18.84	25.57	49.34	43.64	73.07
Other Long-Term Liabilities	28.8	18.19	16.31	8.83	2.41
Total Liabilities	3,909	3,904	3,795	3,753	3,364
Common Stock	-1,974	0.08	0.08	0.08	0.08
Additional Paid-In Capital	-	4,044	4,029	3,993	3,914
Retained Earnings	-	-5,861	-5,944	-5,394	-4,667
Treasury Stock	-	-210.79	-171.99	-42.33	-
Comprehensive Income & Other	-	-111.54	-100.54	-92.09	-54.35
Total Common Equity	-1,974	-2,140	-2,187	-1,535	-807.07
Minority Interest	39.96	50.65	57.63	57.82	76.67
Shareholders' Equity	-1,934	-2,089	-2,129	-1,477	-730.4
Total Liabilities & Equity	1,975	1,814	1,666	2,276	2,634
Total Debt	1,823	1,855	1,597	1,480	1,253
Net Cash (Debt)	-1,085	-1,199	-1,070	-463.51	-425.91
Net Cash Per Share	-9.06	-10.15	-8.81	-3.75	-3.50
Filing Date Shares Outstanding	118.6	119.57	119.52	124.21	125.97
Total Common Shares Outstanding	118.6	119.38	119.09	123.91	123.27
Working Capital	-1,212	-1,460	-1,799	-1,309	-764.3
Book Value Per Share	-16.64	-17.93	-18.36	-12.39	-6.55
Tangible Book Value	-2,084	-2,250	-2,297	-1,645	-917.01
Tangible Book Value Per Share	-17.57	-18.85	-19.29	-13.28	-7.44
Machinery	-	149.3	154.9	148.53	98.48
Leasehold Improvements	-	26.85	29.73	35.67	38.12

Updated Feb 11, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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