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Leidi Network, Lei Jianping, April 15
NetEase Youdao today released its 20-F filing, which shows that as of April 15, 2025, the executive directors of Youdao are NetEase CEO Ding Lei, Youdao CEO Zhou Feng, President Jin Lei, and Senior Vice Presidents Yinghui Wu and Peng Su, with Yongwei Li as Vice President.
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As of March 15, 2026, NetEase holds 8.9% of Class A shares, 74.3% of Class B shares, totaling 56.6% equity and 67.1% voting rights;
Orbis holds 20.7% of Class A shares, with 5.6% equity and 2.3% voting rights.
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As of March 15, 2026, the equity structure of NetEase Youdao
Zhou Feng holds 23.1% of Class B shares, with 16.9% equity and 20.6% voting rights; Jin Lei holds 1.1% of Class A shares and 0.7% of Class B shares, totaling 0.8% equity and 0.7% voting rights.
Yinghui Wu holds 0.1% of Class A shares and 1.9% of Class B shares, with 1.4% equity and 1.7% voting rights; Peng Su holds 0.8% of Class A shares, with 0.2% equity and 0.1% voting rights; Yongwei Li holds 0.1% of Class A shares.
Harry Heung Yeung Shum and Jimmy Lai hold 67,419 shares each, accounting for 0.2% of Class A shares, with 0.1% equity;
Annual revenue of 5.9 billion, net profit of 97.04 million
The annual report shows that Youdao's revenue for 2023, 2024, and 2025 is expected to be 5.389 billion, 5.626 billion, and 5.9 billion (approximately 845 million USD); gross profit is expected to be 2.767 billion, 2.748 billion, and 2.616 billion (approximately 374 million USD);
The gross profit margins were 51.4%, 48.9%, and 44.3%, respectively.
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Youdao's operating profits for 2023, 2024, and 2025 are projected to be -466 million, 149 million, and 221 million yuan (approximately 31.65 million USD); net profits are projected to be -550 million, 75.23 million, and 97.04 million yuan, with net profit margins of -10.2%, 1.4%, and 1.6%, respectively.
Among them, Youdao's revenue for the fourth quarter of 2025 is expected to be 1.565 billion yuan (approximately 224 million USD), an increase of 16.8% compared to 1.3 billion yuan in the same period last year.
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Youdao's net income from learning services in the fourth quarter of 2025 is expected to be 727.2 million yuan (104 million USD), an increase of 17.7% compared to 617.7 million yuan in the same period of 2024. The year-on-year growth is mainly attributed to the sales performance of AI-driven subscription services, which increased compared to the same period in 2024.
Youdao's net income from smart devices in the fourth quarter of 2025 is expected to be 176.5 million yuan (25.2 million USD), a decrease of 26.6% compared to 240.4 million yuan in the same period of 2024, mainly due to a decline in demand for smart learning devices in the fourth quarter of 2025.
Youdao's net income from online marketing services in the fourth quarter of 2025 is expected to be 660.9 million yuan (94.5 million USD), an increase of 37.2% compared to 481.7 million yuan in the same period of 2024. The year-on-year growth is mainly attributed to increased demand from NetEase Group and overseas markets, which benefited from continued investment in AI technology.
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Youdao's net profit for the fourth quarter of 2025 is expected to be 35.95 million yuan, a decrease of 50% compared to 72.3 million yuan in the same period last year; the net profit attributable to ordinary shareholders of the company is expected to be 48.25 million yuan, a decrease of 41.9% compared to 83 million yuan in the same period last year.
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NTES

NetEase Youdao disclosed its equity structure in the latest 20-F filing. Zhou Feng holds 16.9% of the equity and 20.6% of the voting rights, while NetEase holds 56.6% of the equity and 67.1% of the voting rights. It is expected that from 2023 to 2025, NetEase Youdao's annual revenue will be 5.389 billion, 5.626 billion, and 5.9 billion RMB respectively, with net profit gradually improving from -550 million to 97.04 million, and the net profit margin increasing from -10.2% to 1.6%

- NetEase Youdao's 20-F filing discloses that as of April 15, 2025, NetEase holds significant stakes in Class A and Class B shares, totaling 56.6% ownership and 67.1% voting rights.  
- For fiscal years 2023 to 2025, Youdao's revenues are projected to increase from 5.389 billion to 5.9 billion yuan, while net profits are expected to rise from a loss to a profit of 97.04 million yuan.  
- The fourth quarter of 2025 reports a revenue increase in learning services, driven by AI subscription sales, though smart device revenue has declined due to reduced demand.

Youdao equity exposure: Zhou Feng holds 16.9% of the shares with 20.6% voting rights, NetEase holds 56.6%