<SEC-DOCUMENT>0000950103-25-002207.txt : 20250220
<SEC-HEADER>0000950103-25-002207.hdr.sgml : 20250220
<ACCEPTANCE-DATETIME>20250220061242
ACCESSION NUMBER:		0000950103-25-002207
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250220
FILED AS OF DATE:		20250220
DATE AS OF CHANGE:		20250220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Youdao, Inc.
		CENTRAL INDEX KEY:			0001781753
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39087
		FILM NUMBER:		25643149

	BUSINESS ADDRESS:	
		STREET 1:		NO. 399, WANGSHANG ROAD
		CITY:			BINJIANG DISTRICT, HANGZHOU
		STATE:			F4
		ZIP:			310051
		BUSINESS PHONE:		86 0571-8985-2163

	MAIL ADDRESS:	
		STREET 1:		8/F, CHUANG'S TOWER
		STREET 2:		30-32 CONNAUGHT ROAD CENTRAL
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			00000
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp225079_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of February 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission file number: 001-39087</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Youdao, Inc.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>No. 399, Wangshang
Road, Binjiang District<BR>
Hangzhou 310051, People&rsquo;s Republic of China<BR>
+86 0571-8985-2163</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F. Form 20-F&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; vertical-align: top; width: 10%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Exhibit No.&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; font-size: 10pt"><B>&nbsp;&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; width: 87%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Description&nbsp;</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><A HREF="dp225079_ex9901.htm">99.1</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="dp225079_ex9901.htm">Press Release</A></TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Signature</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>Youdao, Inc.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Date:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">February  20, 2025</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ Feng Zhou</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 41%">Feng Zhou</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer, Director</TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dp225079_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;<B>Exhibit 99.1<BR>
</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><IMG SRC="image_001.gif" ALT="A picture containing drawing&#10;&#10;Description automatically generated" STYLE="height: 54px; width: 200px"></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>For investor
and media inquiries, please contact: </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In China:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Jeffrey Wang</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Youdao, Inc.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Tel: +86-10-8255-8163
ext. 89980</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">E-mail: IR@rd.netease.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Piacente Financial
Communications</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Helen Wu</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Tel: +86-10-6508-0677</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">E-mail: youdao@thepiacentegroup.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the United States:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Piacente Financial
Communications</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Brandi Piacente</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Tel: +1-212-481-2050</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">E-mail: youdao@thepiacentegroup.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Youdao Reports
Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Hangzhou, China
&ndash; February 20, 2025 &ndash; Youdao, Inc. (&ldquo;Youdao&rdquo; or the &ldquo;Company&rdquo;) (NYSE: DAO), an intelligent learning
company with industry-leading technology in China, today announced its unaudited financial results for the fourth quarter and fiscal
year ended December 31, 2024.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Fourth Quarter
2024 Financial Highlights</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
                                            net revenues </B>were RMB1.3 billion (US$183.6 million), representing a 9.5% decrease from
                                            the same period in 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net
                                            revenues from learning services </B>were RMB617.7 million (US$84.6 million), representing
                                            a 21.2% decrease from the same period in 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net
                                            revenues from smart devices</B> were RMB240.4 million (US$32.9 million), representing an
                                            8.1% increase from the same period in 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net
                                            revenues from online marketing services</B> were RMB481.7 million (US$66.0 million), representing
                                            a modest increase from the same period in 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gross
                                            margin</B> was 47.8%, compared with 49.9% for the same period in 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Income
                                            from operations</B> was RMB84.2 million (US$11.5 million), representing a 10.3% increase
                                            from the same period in 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Basic
                                            and diluted net income per American depositary share (&ldquo;ADS&rdquo;)</B> attributable
                                            to ordinary shareholders was RMB0.71 (US$0.10) and RMB0.70 (US$0.10), respectively, compared
                                            with RMB0.47 for the same period of 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Fiscal Year 2024 Financial Highlights</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
                                            net revenues </B>were RMB5.6 billion (US$770.7 million), representing a 4.4% increase from
                                            2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.15pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net
                                            revenues from learning services </B>were RMB2.7 billion (US$376.4 million), representing
                                            a 12.7% decrease from 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.15pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net
                                            revenues from smart devices</B> were RMB903.7 million (US$123.8 million), remaining stable
                                            compared to 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.15pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net
                                            revenues from online marketing services</B> were RMB2.0 billion (US$270.6 million), representing
                                            a 48.3% increase from 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gross
                                            margin</B> was 48.9%, compared with 51.4% for 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Income
                                            from operations</B> was RMB148.8 million (US$20.4 million), compared with loss from operations
                                            of RMB466.3 million for 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Basic
                                            and diluted net income per ADS</B> attributable to ordinary shareholders was RMB0.70 (US$0.10),
                                            compared with basic and diluted net loss per ADS attributable to ordinary shareholders of
                                            RMB4.53 for 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;We achieved
a significant milestone of first-ever full-year profitability in 2024. In terms of products and services, our AI-based and differentiated
services enhanced customer loyalty, with retention rate surpassing 70% in the fourth quarter for Youdao Lingshi. In addition, we strengthened
collaboration with NetEase in online marketing services, facilitating the long-term development of this segment. AI-driven subscription
services continued to upgrade, leading to elevated customer satisfaction and over 130% year-over-year increase in total sales,&rdquo;
said Dr. Feng Zhou, Chief Executive Officer and Director of Youdao.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Looking
ahead, we are launching our &#145;AI Native&#146; strategy-integrating AI more comprehensively across our business lines, for example,
automating our advertising platforms and introducing AI-driven tutoring for our course customers. We are excited by the rapid maturing
of reasoning models and eager to deliver these innovative projects to our customers,&rdquo; Dr. Zhou concluded.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Fourth Quarter
2024 Financial Results</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net Revenues</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net revenues for
the fourth quarter of 2024 were RMB1.3 billion (US$183.6 million), representing a 9.5% decrease from RMB1.5 billion for the same period
of 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net revenues
from learning services were RMB617.7 million (US$84.6 million) for the fourth quarter of 2024, representing a 21.2% decrease from
RMB784.0 million for the same period of 2023. The year-over-year decrease was due to our continued strategic focus on a more
selective customer acquisition approach, prioritizing higher ROI (return on investment) engagements. We believe despite the
short-term revenue decline, this strategy has enhanced the overall resilience and operational efficiency of our business.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net revenues from
smart devices were RMB240.4 million (US$32.9 million) for the fourth quarter of 2024, representing an 8.1% increase from RMB222.4 million
for the same period of 2023, <FONT STYLE="background-color: white">primarily driven by the continued increase in sales of </FONT><FONT STYLE="color: #1A1919">Youdao
Dictionary Pen </FONT><FONT STYLE="background-color: white">in 2024</FONT>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net revenues from
online marketing services were RMB481.7 million (US$66.0 million) for the fourth quarter of 2024, representing a modest increase from
RMB474.1 million for the same period of 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Gross Profit
and Gross Margin</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Gross profit for
the fourth quarter of 2024 was RMB640.8 million (US$87.8 million), representing a 13.3% decrease from RMB738.8 million for the same period
of 2023. Gross margin was 47.8% for the fourth quarter of 2024, compared with 49.9% for the same period of 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Gross margin for
learning services was 60.0% for the fourth quarter of 2024, compared with 63.6% for the same period of 2023. The decrease was mainly
due to the decline in economies of scale as a result of the decreased revenues from learning services.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Gross margin for
smart devices increased to 43.9% for the fourth quarter of 2024 from 38.3% for the same period of 2023. <FONT STYLE="color: #1A1919">The
improvement was mainly attributable to the higher gross margin arising from the newly launched Youdao Dictionary Pen in 2024.</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Gross margin for
online marketing services was 34.2% for the fourth quarter of 2024, compared with 32.7% for the same period of 2023. The increase was
mainly attributable to improved gross margin profile of performance-based advertisements through third parties&rsquo; internet properties
compared with the same period of last year.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Operating Expenses</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Total operating
expenses for the fourth quarter of 2024 were RMB556.6 million (US$76.3 million), compared with RMB662.5 million for the same period of
last year.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Sales and marketing
expenses for the fourth quarter of 2024 were RMB381.8 million (US$52.3 million), representing a decrease of 13.5% from RMB441.4 million
for the same period of 2023. This decrease was attributable to the reduced marketing expenditures, as well as declined outsourcing labor
service fees and payroll related expenses in learning services.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Research and development
expenses for the fourth quarter of 2024 were RMB120.7 million (US$16.5 million), representing a decrease of 28.2% from RMB168.1 million
for the same period of 2023. The decrease was primarily due to the decreased headcount for research and development employees, leading
to payroll savings in the fourth quarter of 2024.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">General and administrative
expenses for the fourth quarter of 2024 were RMB54.1 million (US$7.4 million), largely flat compared with RMB53.0 million for the
same period of 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income from
Operations</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As a result of
the foregoing, income from operations for the fourth quarter of 2024 was RMB84.2 million (US$11.5 million), representing a 10.3% increase
from RMB76.3 million for the same period in 2023. The margin of income from operations was 6.3%, compared with 5.2% for the same period
of last year.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net Income Attributable
to Youdao&rsquo;s Ordinary Shareholders</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net income attributable
to Youdao&rsquo;s ordinary shareholders for the fourth quarter of 2024 was RMB83.0 million (US$11.4 million), representing a 47.0% increase
from RMB56.5 million for the same period of last year. Non-GAAP net income attributable to Youdao&rsquo;s ordinary shareholders for the
fourth quarter of 2024 was RMB91.8 million (US$12.6 million), representing a 32.5% increase from RMB69.3 million for the same period
of last year.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Basic and diluted
net income per ADS attributable to ordinary shareholders for the fourth quarter of 2024 was RMB0.71 (US$0.10) and RMB0.70 (US$0.10),
respectively, compared with RMB0.47 for the same period of 2023. Non-GAAP basic and diluted net income per ADS attributable to ordinary
shareholders was RMB0.78 (US$0.11) and RMB0.77 (US$0.11), respectively, compared with RMB0.58 for the same period of 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other Information</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of December
31, 2024, Youdao&rsquo;s cash, cash equivalents, current and non-current restricted cash, time deposits and short-term investments totaled RMB662.6
million (US$90.8 million), compared with RMB<FONT STYLE="color: #1A1919; background-color: white">527.1 million</FONT> as of December
31, 2023. For the fourth quarter of 2024, net cash provided by operating activities was RMB158.2 million (US$21.7 million). Youdao&rsquo;s
ability to continue as a going concern is dependent on management&rsquo;s ability to implement an effective business plan amid a changing
regulatory environment, generate operating cash flows, and secure external financing for future development. To support Youdao&rsquo;s
future business, NetEase Group has agreed to provide financial support for ongoing operations in the next thirty-six months starting
from May 2024. As of December 31, 2024, Youdao has received various forms of financial support from the NetEase Group, including, among
others, RMB878.0 million in short-term loan, and US$126.1 million in long-term loans maturing on March 31, 2027 drawn from the US$300.0
million revolving loan facility.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of December
31, 2024, the Company&rsquo;s contract liabilities, which mainly consisted of deferred revenues generated from Youdao&rsquo;s learning
services, were RMB961.0 million (US$131.7 million), compared with RMB1.1 billion as of December 31, 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Fiscal Year
2024 Financial Results</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net Revenues</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net revenues for
2024 were RMB5.6 billion (US$770.7 million), representing a 4.4% increase from RMB5.4 billion for 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net revenues from
learning services were RMB2.7 billion (US$376.4 million) for 2024, representing a 12.7% decrease from RMB3.1 billion for 2023. The decrease
reflects our commitment to a more selective customer acquisition approach, prioritizing higher ROI engagements. This strategy has contributed
to the overall resilience and efficiency of our business.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net revenues from
smart devices were RMB903.7 million (US$123.8 million) for 2024, remaining stable compared to 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net revenues from
online marketing services were RMB2.0 billion (US$270.6 million) for 2024, representing a 48.3% increase from RMB1.3 billion for 2023.
The increase was mainly attributable to the increased demand for performance-based advertisements through third parties&rsquo; internet
properties, which was driven by our continued investments in cutting-edge AI technology.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Gross Profit and Gross Margin</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Gross profit for
2024 was RMB2.7 billion (US$376.5 million), remaining stable compared to 2023. Gross margin for 2024 was 48.9%, compared with 51.4% for
2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Gross margin for
learning services was 61.4% for 2024, compared with 63.2% for 2023. The decrease was mainly due to the decline in economies of scale
as a result of the decreased revenues from learning services.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Gross margin for
smart devices was 38.7% for 2024, remaining stable compared to 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Gross margin for
online marketing services increased to 36.0 % for 2024 from 31.7% for 2023. The increase was mainly attributable to improved gross margin
profile of performance-based advertisements through third parties&rsquo; internet properties compared with last year.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Operating Expenses</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Total operating
expenses for 2024 were RMB2.6 billion (US$356.2 million), representing a decrease of 19.6%, compared with RMB3.2 billion for 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Sales and marketing
expenses for 2024 were RMB1.9 billion (US$256.5 million), representing a decrease of 17.5%, compared with RMB2.3 billion for 2023. This
decrease was primarily attributable to the reduced marketing expenditures, as well as declined outsourcing labor service fees and payroll
related expenses in learning services.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Research and development
expenses for 2024 were RMB540.0 million (US$74.0 million), representing a decrease of 27.4%, compared with RMB743.4 million for 2023.
The decrease was primarily due to the decreased headcount for research and development employees, leading to payroll savings in 2024.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">General and administrative
expenses for 2024 were RMB187.1 million (US$25.6 million), representing a decrease of 15.7%, compared with RMB222.0 million for 2023.
The decrease was primarily due to the decreased headcount for general and administrative employees, leading to payroll savings in 2024.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income/(Loss)
from Operations</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Income from operations
for 2024 was RMB148.8 million (US$20.4 million), compared with loss from operations of RMB466.3 million for 2023. The margin of income
from operations was 2.6%, compared with margin of loss from operations of 8.7% for 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net Income/(Loss)
Attributable to Youdao&rsquo;s Ordinary Shareholders</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net income attributable
to Youdao&rsquo;s ordinary shareholders for 2024 was RMB82.2 million (US$11.3 million), compared with net loss attributable to Youdao&rsquo;s
ordinary shareholders of RMB549.9 million for 2023. Non-GAAP net income attributable to Youdao&rsquo;s ordinary shareholders for 2024
was RMB104.8 million (US$14.4 million), compared with non-GAAP net loss attributable to Youdao&rsquo;s ordinary shareholders of RMB475.4
million for 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Basic and diluted
net income per ADS attributable to ordinary shareholders for 2024 was RMB0.70 (US$0.10), compared with basic and diluted net loss per
ADS attributable to ordinary shareholders of RMB4.53 for 2023. Non-GAAP basic and diluted net income per ADS attributable to ordinary
shareholders was RMB0.89 (US$0.12), compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of
RMB3.92 for 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Operating Cash Flow</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For 2024, net cash
used in operating activities was RMB67.9 million (US$9.3 million), compared with RMB438.1 million for 2023.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Share Repurchase
Program</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On November 17,
2022, the Company announced that its board of directors had authorized the Company to adopt a share repurchase program in accordance
with applicable laws and regulations for up to US$20.0 million of its Class A ordinary shares (including in the form of ADSs) during
a period of up to 36 months. This amount was subsequently increased to US$40.0 million in August 2023. As of December 31, 2024, the Company
had repurchased a total of approximately 7.5 million ADSs for a total consideration of approximately US$33.8 million in the open market
under the share repurchase program.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Conference Call</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Youdao&rsquo;s
management team will host a teleconference call with simultaneous webcast at 5:00 a.m. Eastern Time on Thursday, February 20, 2025 (Beijing/Hong
Kong Time: 6:00 p.m., Thursday, February 20, 2025). Youdao&rsquo;s management will be on the call to discuss the financial results and
answer questions.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Dial-in details
for the earnings conference call are as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States (toll free):</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1-888-346-8982</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1-412-902-4272</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mainland China (toll free):</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">400-120-1203</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong (toll free):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">800-905-945</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+852-3018-4992</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conference ID:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6589745</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A live and archived
webcast of the conference call will be available on the Company&rsquo;s investor relations website at <FONT STYLE="color: Blue"><U>http://ir.youdao.com</U></FONT>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A replay of the
conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until February 27,
2025:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1-877-344-7529</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1-412-317-0088</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Replay Access Code:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6589745</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>About Youdao,
Inc. </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Youdao, Inc. (NYSE:
DAO) is an intelligent learning company with industry-leading technology in China dedicated to developing and using technologies to provide
learning content, applications and solutions to users of all ages. Building on the popularity of its online knowledge tools such as Youdao
Dictionary and Youdao Translation, Youdao now offers smart devices, STEAM courses, adult and vocational courses, and education digitalization
solutions. In addition, Youdao has developed a variety of interactive learning apps. Youdao was founded in 2006 as part of NetEase, Inc.
(NASDAQ: NTES; HKEX: 9999), a leading internet technology company in China.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more information, please visit: <FONT STYLE="color: Blue"><U>http://ir.youdao.com</U></FONT></FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Non-GAAP Measures</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Youdao considers
and uses non-GAAP financial measures, such as non-GAAP net income/(loss) attributable to the Company&rsquo;s ordinary shareholders and
non-GAAP basic and diluted net income/(loss) per ADS, as supplemental metrics in reviewing and assessing its operating performance and
formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United
States of America (&ldquo;U.S. GAAP&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Youdao defines
non-GAAP net income/(loss) attributable to the Company&rsquo;s ordinary shareholders as net income/(loss) attributable to the Company&rsquo;s
ordinary shareholders excluding share-based compensation expenses and impairment of long-term investments. Non-GAAP net income/(loss)
attributable to the Company&rsquo;s ordinary shareholders enables Youdao&rsquo;s management to assess its operating results without considering
the impact of these items, which are non-cash charges in nature. Youdao believes that these non-GAAP financial measures provide useful
information to investors in understanding and evaluating the Company&rsquo;s current operating performance and prospects in the same
manner as management does, if they so choose.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Non-GAAP financial
measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations
as analytical tools, which possibly do not reflect all items of expense that affect our operations. In addition, the non-GAAP financial
measures Youdao uses may differ from the non-GAAP measures uses by other companies, including peer companies, and therefore their comparability
may be limited.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For more information
on these non-GAAP financial measures, please see the table captioned &ldquo;Unaudited Reconciliation of GAAP and Non-GAAP Results&rdquo;
set forth at the end of this release.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The accompanying
table has more details on the reconciliation between our GAAP financial measures that are mostly directly comparable to non-GAAP financial
measures. Youdao encourages you to review its financial information in its entirety and not rely on a single financial measure.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exchange Rate
Information</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This announcement
contains translations of certain RMB amounts into U.S. dollars (&ldquo;US$&rdquo;) at specified rates solely for the convenience of the
reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the exchange rate on
December 31, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the
RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Safe Harbor
Statement</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This press release
contains forward-looking statements. These statements are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company&rsquo;s beliefs and expectations,
are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause
actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements
can be identified by words or phrases such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;target,&rdquo; &ldquo;aim,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo; &ldquo;potential,&rdquo;
&ldquo;continue,&rdquo; &ldquo;is/are likely to&rdquo; or other similar expressions. 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. Further
information regarding such risks, uncertainties or factors is included in the Company&rsquo;s filings with the SEC. The announced results
of the fourth quarter and full year of 2024 are preliminary and subject to adjustments. All information provided in this press release
is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under
applicable law.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">YOUDAO, INC.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(RMB and
USD in thousands)</FONT></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 55%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>As of December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>As of December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>As of December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>USD <SUP>(1)</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Current assets:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">454,536</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">592,721</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">81,202</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Time deposits</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">277</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Restricted cash</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">395</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">3,567</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">489</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Short-term investments</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">71,848</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">63,064</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">8,640</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Accounts receivable, net</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">354,006</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">418,644</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">57,354</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">217,067</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">174,741</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">23,939</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Amounts due from NetEase Group</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">26,117</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">79,700</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">10,919</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Prepayment and other current assets</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">175,705</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">154,331</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">21,143</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,299,951</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,486,768</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>203,686</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Non-current assets:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Property, equipment and software, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">70,906</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">46,725</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">6,401</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Operating lease right-of-use assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">89,022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">68,494</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">9,384</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Long-term investments</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">51,396</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">72,380</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">9,916</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Goodwill</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">109,944</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">109,944</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">15,062</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Other assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">44,976</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">30,084</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">4,122</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>366,244</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>327,627</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>44,885</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,666,195</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,814,395</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>248,571</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Liabilities, Mezzanine Equity and Shareholders' Deficit</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Current liabilities:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Accounts payables</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">159,005</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">145,148</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">19,885</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Payroll payable</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">282,679</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">264,520</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">36,239</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Amounts due to NetEase Group</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">82,430</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">21,997</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">3,014</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Contract liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,052,622</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">961,024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">131,660</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Taxes payable</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">52,781</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">37,603</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">5,152</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Accrued liabilities and other payables</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">591,770</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">638,660</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">87,495</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Short-term loans from NetEase Group</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">878,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">878,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">120,286</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,099,287</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,946,952</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>403,731</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Non-current liabilities:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Long-term lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">49,337</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">25,566</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">3,503</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Long-term loans from NetEase Group</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">630,360</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">913,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">125,080</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Other non-current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">16,314</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">18,189</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2,492</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>696,011</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>956,755</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>131,075</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,795,298</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,903,707</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>534,806</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Mezzanine equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>37,961</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Shareholders' deficit:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Youdao's shareholders' deficit</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,186,736)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,139,958)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(293,173)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">19,672</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">50,646</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">6,938</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total shareholders' deficit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(2,167,064)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(2,089,312)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(286,235)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total liabilities, mezzanine equity and shareholders&rsquo; deficit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,666,195</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,814,395</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>248,571</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Note
1:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">The conversion
of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of <B>USD1.00=RMB7.2993 </B>on the last trading day
of December (December 31, 2024) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">YOUDAO, INC.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(RMB and
USD in thousands, except share and per ADS data)</FONT></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three Months Ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year Ended</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 44%; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>September 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>USD <SUP>(1)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Net revenues:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Learning services</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">784,012</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">767,859</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">617,673</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">84,621</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">3,148,114</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2,747,290</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Smart devices</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">222,407</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">315,305</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">240,444</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">32,941</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">909,192</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">903,669</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Online marketing services</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">474,102</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">489,377</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">481,681</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">65,990</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,331,902</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,974,960</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total net revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,480,521</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,572,541</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,339,798</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>183,552</B></FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,389,208</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,625,919</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-size: 10pt">Cost of revenues <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(741,720)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(783,085)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(699,045)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(95,769)</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,621,746)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,877,428)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>738,801</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>789,456</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>640,753</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>87,783</B></FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,767,462</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,748,491</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Operating expenses:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Sales and marketing expenses <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(441,399)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(519,620)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(381,815)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(52,308)</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,268,428)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,872,586)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Research and development expenses <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(168,130)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(119,594)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(120,694)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(16,535)</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(743,364)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(539,998)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">General and administrative expenses <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(52,989)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(42,968)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(54,068)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(7,408)</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(221,996)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(187,086)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total operating expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(662,518)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(682,182)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(556,577)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(76,251)</B></FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,233,788)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(2,599,670)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Income/(Loss) from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>76,283</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>107,274</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>84,176</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,532</B></FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(466,326)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>148,821</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,733</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,057</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">970</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">133</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">8,348</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">3,919</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Interest expense</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(18,869)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(15,112)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(16,828)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,305)</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(69,472)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(73,090)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Others, net</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,589)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,992)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,594</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">218</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(11,578)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,585</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Income/(Loss) before tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>56,558</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>91,227</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>69,912</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>9,578</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(539,028)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>81,235</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Income tax (expenses)/benefits</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(441)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,370)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2,386</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">327</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(11,089)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(6,009)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Net income/(loss)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>56,117</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>88,857</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>72,298</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>9,905</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(550,117)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>75,226</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Net loss/(income) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">365</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,604)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">10,705</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,466</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">182</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">6,987</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Net income/(loss) attributable to ordinary shareholders of the Company</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>56,482</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>86,253</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>83,003</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,371</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(549,935)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>82,213</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Basic net income/(loss) per ADS</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.47</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.74</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.71</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(4.53)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.70</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Diluted net income/(loss) per ADS</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.47</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.74</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.70</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(4.53)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.70</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Shares used in computing basic net income/(loss) per ADS</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">119,764,891</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">116,965,181</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">117,259,091</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">117,259,091</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">121,381,857</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">117,426,938</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Shares used in computing diluted net income/(loss) per ADS</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">120,426,624</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">117,343,848</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">118,705,233</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">118,705,233</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">121,381,857</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">118,173,469</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="13">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>Note 1:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;The conversion of Renminbi (RMB) into United States dollars
(USD) is based on the noon buying rate of <B>USD1.00=RMB7.2993 </B>on the last trading day of December (December 31, 2024) as set forth
in the H.10 statistical release of the U.S. Federal Reserve Board.</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Note 2:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Share-based compensation in each category:</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-size: 10pt">Cost of revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,975)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(171)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">140</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,645</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2,359</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-size: 10pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">865</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,359)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,069</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">146</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">6,071</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,183</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-size: 10pt">Research and development expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(312)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,868</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2,402</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">329</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">8,020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">8,712</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt; text-indent: 20pt"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">5,224</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2,072</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">4,285</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">588</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">15,061</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">10,342</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">YOUDAO, INC.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">UNAUDITED
ADDITIONAL INFORMATION</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(RMB and
USD in thousands)</FONT></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three Months Ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year Ended</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 44%; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt"><B>September 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>USD</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white"><FONT STYLE="font-size: 10pt"><B>Net revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Learning services</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">784,012</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">767,859</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">617,673</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">84,621</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,148,114</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,747,290</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Smart devices</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">222,407</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">315,305</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">240,444</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32,941</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">909,192</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">903,669</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Online marketing services</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">474,102</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">489,377</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">481,681</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">65,990</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,331,902</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,974,960</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><B>Total net revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,480,521</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,572,541</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,339,798</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>183,552</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,389,208</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,625,919</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt"><B>Cost of revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Learning services</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">285,383</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">290,877</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">247,059</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">33,847</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,159,357</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,060,177</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Smart devices</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">137,150</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">180,390</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">134,896</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18,481</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">552,810</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">553,620</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Online marketing services</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">319,187</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">311,818</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">317,090</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">43,441</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">909,579</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,263,631</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><B>Total cost of revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>741,720</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>783,085</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>699,045</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>95,769</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,621,746</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,877,428</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt"><B>Gross margin</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Learning services</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">63.6%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">62.1%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">60.0%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">60.0%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">63.2%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">61.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Smart devices</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">38.3%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">42.8%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">43.9%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">43.9%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">39.2%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">38.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; text-indent: 10pt"><FONT STYLE="font-size: 10pt">Online marketing services</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32.7%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">36.3%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34.2%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34.2%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31.7%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">36.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><B>Total gross margin</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>49.9%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>50.2%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>47.8%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>47.8%</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>51.4%</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>48.9%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">YOUDAO, INC.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(RMB and
USD in thousands, except share and per ADS data)</FONT></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three Months Ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year Ended</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 45%; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: white; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>September 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>RMB</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Net income/(loss) attributable to ordinary shareholders of the Company</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>56,482</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>86,253</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>83,003</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,371</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(549,935)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>82,213</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-size: 10pt">Add: share-based compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2,802</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">2,410</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">8,781</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,203</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">30,797</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">22,596</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;impairment of long-term investments</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">43,740</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Non-GAAP net income/(loss) attributable to ordinary shareholders of the Company</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>69,284</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>88,663</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>91,784</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>12,574</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(475,398)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>104,809</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Non-GAAP basic net income/(loss) per ADS</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.58</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.76</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.78</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(3.92)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.89</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Non-GAAP diluted net income/(loss) per ADS</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.58</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.76</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.77</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">(3.92)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">0.89</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Non-GAAP shares used in computing basic net income/(loss) per ADS</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">119,764,891</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">116,965,181</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">117,259,091</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">117,259,091</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">121,381,857</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">117,426,938</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-size: 12pt"><FONT STYLE="font-size: 10pt">Non-GAAP shares used in computing diluted net income/(loss) per ADS</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">120,426,624</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">117,343,848</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">118,705,233</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">118,705,233</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">121,381,857</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">118,173,469</FONT></TD></TR>
  </TABLE>
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