Youdao Reports Second Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

Youdao (NYSE: DAO), an AI-powered learning and advertising solutions provider, reported its Q2 2025 financial results with significant improvements. Total net revenues reached RMB1.4 billion (US$197.9 million), up 7.2% year-over-year, marking the company's first-ever profitable second quarter.

Key performance metrics include a 2.2% increase in learning services revenue to RMB657.8 million, a 23.8% growth in online marketing services to RMB632.9 million, while smart devices revenue declined 23.9%. The company achieved an operating income of RMB28.8 million, compared to a loss of RMB72.6 million in the previous year. Gross margin was 43.0%, down from 48.2% year-over-year.

The company highlighted the success of its AI Native Strategy, including the release of Confucius 3 LLM and AI-driven products that contributed to approximately 30% year-over-year growth in AI-driven subscription services.

Positive

• First-ever profitable second quarter with income from operations of RMB28.8 million
• Total net revenues increased 7.2% year-over-year to RMB1.4 billion
• Online marketing services revenue grew 23.8% year-over-year
• AI-driven subscription services grew approximately 30% year-over-year
• Smart devices gross margin improved to 41.5% from 30.3% year-over-year
• Operating expenses decreased significantly by 18.1% year-over-year

Negative

• Smart devices revenue declined 23.9% year-over-year
• Overall gross margin decreased to 43.0% from 48.2% year-over-year
• Online marketing services gross margin dropped to 25.8% from 39.1%
• Net loss of RMB17.8 million reported for the quarter
• Cash and equivalents decreased to RMB617.0 million from RMB662.6 million in December 2024
• Recorded RMB25.7 million impairment loss from long-term investments

HANGZHOU, China, Aug. 14, 2025 /PRNewswire/ -- Youdao, Inc. ("Youdao" or the "Company") (NYSE: DAO), an AI-powered solutions provider specializing in artificial intelligence applications for the learning and advertising verticals, today announced its unaudited financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Financial Highlights

• Total net revenues were RMB1.4 billion (US$197.9 million), representing a 7.2% increase from the same period in 2024.
  - Net revenues from learning services were RMB657.8 million (US$91.8 million), representing a 2.2% increase from the same period in 2024.
  - Net revenues from smart devices were RMB126.8 million (US$17.7 million), representing a 23.9% decrease from the same period in 2024.
  - Net revenues from online marketing services were RMB632.9 million (US$88.3 million), representing a 23.8% increase from the same period in 2024.
• Gross margin was 43.0%, compared with 48.2% for the same period in 2024. 
• Income from operations was RMB28.8 million (US$4.0 million), compared with loss from operations of RMB72.6 million for the same period in 2024.
• Basic and diluted net loss per American depositary share ("ADS") attributable to ordinary shareholders were RMB0.15 (US$0.02), compared with RMB0.85 for the same period of 2024. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders were RMB0.11 (US$0.02) and RMB0.10 (US$0.01), respectively, compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of RMB0.82 for the same period of 2024.

"Strong execution of our AI Native Strategy drove robust financial results in the second quarter, highlighted by our first-ever profitable second quarter. We released our latest Large Language Model (LLM) Confucius 3 in the second quarter, and open-sourced our Confucius 3-Math. Product wise, we launched the AI Essay Grading function in Youdao Lingshi, leading to a historical high of the retention rate. We also released AI Ad Placement Optimizer enabling end-to-end AI decision-making for our online marketing services. In addition, we deepened the exploration of new AI application scenarios, driving total sales of AI-driven subscription services to approximately 30% year-over-year growth," said Dr. Feng Zhou, Chief Executive Officer and Director of Youdao.

"Looking ahead, we will continue advancing our AI Native Strategy through scenario-driven optimization of our LLMs and accelerated technological innovation and implementation across learning and advertising, aiming to further boost learners' productivity and elevate advertising return on investment. We remain committed to sustainably creating customer value while strengthening our financial metrics," Dr. Zhou concluded.

Second Quarter 2025 Financial Results

Net Revenues 

Net revenues for the second quarter of 2025 were RMB1.4 billion (US$197.9 million), representing a 7.2% increase from RMB1.3 billion for the same period of 2024.

Net revenues from learning services were RMB657.8 million (US$91.8 million) for the second quarter of 2025, representing a 2.2% increase from RMB643.8 million for the same period of 2024.

Net revenues from smart devices were RMB126.8 million (US$17.7 million) for the second quarter of 2025, representing a 23.9% decrease from RMB166.7 million for the same period of 2024, primarily due to the declined demands of consumer electronics in the second quarter of 2025.

Net revenues from online marketing services were RMB632.9 million (US$88.3 million) for the second quarter of 2025, representing a 23.8% increase from RMB511.2 million for the same period of 2024. The year-over-year increase was mainly attributable to the increased demands from gaming industry and overseas markets, which was driven by our continued investments in AI technology.

Gross Profit and Gross Margin

Gross profit for the second quarter of 2025 was RMB609.4 million (US$85.1 million), representing a 4.3% decrease from RMB636.8 million for the same period of 2024. Gross margin was 43.0% for the second quarter of 2025, compared with 48.2% for the same period of 2024.

Gross margin for learning services was 59.8% for the second quarter of 2025, kept flat the same period of 2024.

Gross margin for smart devices increased to 41.5% for the second quarter of 2025 from 30.3% for the same period of 2024. The improvement was mainly attributable to the higher gross margin arising from the newly launched Youdao Dictionary Pen since the second half of 2024.

Gross margin for online marketing services was 25.8% for the second quarter of 2025, compared with 39.1% for the same period of 2024. The decrease was mainly attributable to our strategic expansion of our client base for advertising services. As the collaboration with new clients remains in its nascent stage, the gross margin for these clients holds potential for future improvement.

Operating Expenses

Total operating expenses for the second quarter of 2025 were RMB580.6 million (US$81.0 million), compared with RMB709.3 million for the same period of last year.

Sales and marketing expenses for the second quarter of 2025 were RMB401.8 million (US$56.1 million), representing a decrease of 22.1% from RMB515.7 million for the same period of 2024. This decrease was attributable to the reduced marketing expenditures in learning services in the second quarter of 2025.

Research and development expenses for the second quarter of 2025 were RMB128.3 million (US$17.9 million), representing a decrease of 16.1% from RMB153.0 million for the same period of 2024. The decrease was primarily due to the decreased headcount for research and development employees, leading to payroll savings in the second quarter of 2025.

General and administrative expenses for the second quarter of 2025 were RMB50.4 million (US$7.0 million), representing an increase of 24.1% from RMB40.6 million for the same period of 2024. The increase was mainly attributable to an increase in employee related expenses and expected credit losses on our accounts receivables in the second quarter of 2025.

Income/(Loss) from Operations

As a result of the foregoing, income from operations for the second quarter of 2025 was RMB28.8 million (US$4.0 million), compared with loss from operations of RMB72.6 million for the same period in 2024. The margin of income from operations was 2.0%, compared with margin of loss from operations of 5.5% for the same period of last year.

Others, Net

Others, net for the second quarter of 2025 were RMB29.1 million (US$4.1 million) net loss, compared with RMB0.9 million net loss for the same period of 2024. Others, net for the second quarter of 2025 mainly included RMB25.7 million (US$3.6 million) impairment loss arising from certain long-term investments.

Net (Loss)/Income Attributable to Youdao's Ordinary Shareholders

Net loss attributable to Youdao's ordinary shareholders for the second quarter of 2025 was RMB17.8 million (US$2.5 million), compared with RMB99.5 million for the same period of last year. Non-GAAP net income attributable to Youdao's ordinary shareholders for the second quarter of 2025 was RMB12.5 million (US$1.7 million), compared with non-GAAP net loss attributable to Youdao's ordinary shareholders of RMB96.0 million for the same period of last year.

Basic and diluted net loss per ADS attributable to ordinary shareholders for the second quarter of 2025 was RMB0.15 (US$0.02), compared with RMB0.85 for the same period of 2024. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders was RMB0.11 (US$0.02) and RMB0.10 (US$0.01), respectively, compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of RMB0.82 for the same period of 2024.

Other Information

As of June 30, 2025, Youdao's cash, cash equivalents, current and non-current restricted cash, and short-term investments totaled RMB617.0 million (US$86.1 million), compared with RMB662.6 million as of December 31, 2024. For the second quarter of 2025, net cash provided by operating activities was RMB185.0 million (US$25.8 million). Youdao's ability to continue as a going concern is dependent on management'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'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 June 30, 2025, Youdao has received various forms of financial support from the NetEase Group, including, among others, RMB878.0 million in short-term loan, and US$130.7 million in long-term loans maturing on March 31, 2027 drawn from the US$300.0 million revolving loan facility.

As of June 30, 2025, the Company's contract liabilities, which mainly consisted of deferred revenues generated from Youdao's learning services, were RMB856.7 million (US$119.6 million), compared with RMB961.0 million as of December 31, 2024.

Share Repurchase Program

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 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 June 30, 2025, 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.

Conference Call

Youdao's management team will host a teleconference call with simultaneous webcast at 6:00 a.m. Eastern Time on Thursday, August 14, 2025 (Beijing/Hong Kong Time: 6:00 p.m., Thursday, August 14, 2025). Youdao's management will be on the call to discuss the financial results and answer questions.

Dial-in details for the earnings conference call are as follows:

United States (toll free):	+1-888-346-8982
International:	+1-412-902-4272
Mainland China (toll free):	400-120-1203
Hong Kong (toll free):	800-905-945
Hong Kong:	+852-3018-4992
Conference ID:	7085699

A live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.youdao.com.

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 August 21, 2025:

United States:			+1-877-344-7529
International:			+1-412-317-0088
Replay Access Code:			7085699

About Youdao, Inc. 

Youdao, Inc. (NYSE: DAO) is strategically positioned as an AI-powered solutions provider specializing in artificial intelligence applications for the learning and advertising verticals. Youdao now mainly offers learning services, online marketing services and smart devices – all powered by advanced technologies. Youdao was founded in 2006 as part of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), a leading internet technology company in China.

For more information, please visit: http://ir.youdao.com.

Non-GAAP Measures

Youdao considers and uses non-GAAP financial measures, such as non-GAAP net income/(loss) attributable to the Company'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 ("U.S. GAAP").

Youdao defines non-GAAP net income/(loss) attributable to the Company's ordinary shareholders as net income/(loss) attributable to the Company's ordinary shareholders excluding share-based compensation expenses, impairment of long-term investments, gain from fair value change of long-term investment and adjustment for GAAP to non-GAAP reconciling item for the income/(loss) attributable to noncontrolling interests. Non-GAAP net income/(loss) attributable to the Company's ordinary shareholders enables Youdao'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's current operating performance and prospects in the same manner as management does, if they so choose.

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.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this release.

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.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1636 to US$1.00, the exchange rate on June 30, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, 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 "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" 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's filings with the SEC. 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.

For investor and media inquiries, please contact: 

In China:
Jeffrey Wang
Youdao, Inc.
Tel: +86-10-8255-8163 ext. 89980
E-mail: IR@rd.netease.com 

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: youdao@thepiacentegroup.com 

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: youdao@thepiacentegroup.com 

 

YOUDAO, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(RMB and USD in thousands)
		As of December 31,		As of June 30,		As of June 30,
		2024		2025		2025
		RMB		RMB		USD (1)
Assets
Current assets:
Cash and cash equivalents		592,721		536,228		74,855
Restricted cash		3,567		2,924		408
Short-term investments		63,064		74,695		10,427
Accounts receivable, net		418,644		329,523		46,000
Inventories		174,741		166,288		23,213
Amounts due from NetEase Group		79,700		322,428		45,009
Prepayment and other current assets		154,331		141,197		19,710
Total current assets		1,486,768		1,573,283		219,622
Non-current assets:
Property, equipment and software, net		46,725		45,381		6,335
Operating lease right-of-use assets, net		68,494		49,596		6,923
Long-term investments		72,380		31,785		4,437
Goodwill		109,944		109,944		15,348
Other assets, net		30,084		31,087		4,339
Total non-current assets		327,627		267,793		37,382
Total assets		1,814,395		1,841,076		257,004
Liabilities and Shareholders' Deficit
Current liabilities:
Accounts payables		145,148		99,659		13,912
Payroll payable		264,520		209,735		29,278
Amounts due to NetEase Group		21,997		46,825		6,537
Contract liabilities		961,024		856,684		119,588
Taxes payable		37,603		51,823		7,234
Accrued liabilities and other payables		638,660		738,837		103,138
Short-term loan from NetEase Group		878,000		878,000		122,564
Total current liabilities		2,946,952		2,881,563		402,251
Non-current liabilities:
Long-term lease liabilities		25,566		14,685		2,050
Long-term loans from NetEase Group		913,000		935,999		130,660
Other non-current liabilities		18,189		19,116		2,669
Total non-current liabilities		956,755		969,800		135,379
Total liabilities		3,903,707		3,851,363		537,630
Shareholders' deficit:
Youdao's shareholders' deficit		(2,139,958)		(2,059,016)		(287,428)
Noncontrolling interests		50,646		48,729		6,802
Total shareholders' deficit		(2,089,312)		(2,010,287)		(280,626)
Total liabilities and shareholders' deficit		1,814,395		1,841,076		257,004
Note 1:
The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB7.1636 on the last trading day of June  (June 30, 2025) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.

 

 

YOUDAO, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(RMB and USD in thousands, except share and per ADS data)
		Three Months Ended								Six Months Ended
		June 30,		March 31,		June 30,		June 30,		June 30,		June 30,
		2024		2025		2025		2025		2024		2025
		RMB		RMB		RMB		USD (1)		RMB		RMB
Net revenues:
Learning services		643,762		602,414		657,838		91,831		1,361,758		1,260,252
Smart devices		166,722		190,498		126,821		17,704		347,920		317,319
Online marketing services		511,237		505,350		632,882		88,346		1,003,902		1,138,232
Total net revenues		1,321,721		1,298,262		1,417,541		197,881		2,713,580		2,715,803
Cost of revenues (2)		(684,942)		(684,035)		(808,181)		(112,817)		(1,395,298)		(1,492,216)
Gross profit		636,779		614,227		609,360		85,064		1,318,282		1,223,587
Operating expenses:
Sales and marketing expenses (2)		(515,711)		(357,641)		(401,826)		(56,093)		(971,151)		(759,467)
Research and development expenses (2)		(152,987)		(115,474)		(128,321)		(17,913)		(299,710)		(243,795)
General and administrative expenses (2)		(40,634)		(37,071)		(50,414)		(7,038)		(90,050)		(87,485)
Total operating expenses		(709,332)		(510,186)		(580,561)		(81,044)		(1,360,911)		(1,090,747)
(Loss)/Income from operations		(72,553)		104,041		28,799		4,020		(42,629)		132,840
Interest income		917		517		628		88		1,892		1,145
Interest expense		(20,816)		(16,104)		(16,566)		(2,313)		(41,150)		(32,670)
Others, net		(909)		(960)		(29,118)		(4,065)		1,983		(30,078)
(Loss)/Income before tax		(93,361)		87,494		(16,257)		(2,270)		(79,904)		71,237
Income tax expenses		(7,053)		(9,895)		(4,279)		(597)		(6,025)		(14,174)
Net (loss)/income		(100,414)		77,599		(20,536)		(2,867)		(85,929)		57,063
Net loss/(income) attributable to noncontrolling interests		939		(856)		2,773		387		(1,114)		1,917
Net (loss)/income attributable to ordinary shareholders of the Company		(99,475)		76,743		(17,763)		(2,480)		(87,043)		58,980
Basic net (loss)/income per ADS		(0.85)		0.65		(0.15)		(0.02)		(0.74)		0.50
Diluted net (loss)/income per ADS		(0.85)		0.64		(0.15)		(0.02)		(0.74)		0.49
Shares used in computing basic net (loss)/income per ADS		117,173,272		117,594,976		117,868,295		117,868,295		117,745,253		117,732,413
Shares used in computing diluted net (loss)/income per ADS		117,173,272		119,504,097		117,868,295		117,868,295		117,745,253		119,583,256
Note 1:
The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB7.1636 on the last trading day of June (June 30, 2025) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.
Note 2:
Share-based compensation in each category:
Cost of revenues		727		612		152		21		1,505		764
Sales and marketing expenses		337		728		840		117		1,473		1,568
Research and development expenses		939		2,352		2,898		405		4,442		5,250
General and administrative expenses		1,506		1,538		2,695		376		3,985		4,233

 

 

YOUDAO, INC.
UNAUDITED ADDITIONAL INFORMATION
(RMB and USD in thousands)
		Three Months Ended								Six Months Ended
		June 30,		March 31,		June 30,		June 30,		June 30,		June 30,
		2024		2025		2025		2025		2024		2025
		RMB		RMB		RMB		USD		RMB		RMB
Net revenues
Learning services		643,762		602,414		657,838		91,831		1,361,758		1,260,252
Smart devices		166,722		190,498		126,821		17,704		347,920		317,319
Online marketing services		511,237		505,350		632,882		88,346		1,003,902		1,138,232
Total net revenues		1,321,721		1,298,262		1,417,541		197,881		2,713,580		2,715,803
Cost of revenues
Learning services		257,482		242,111		264,734		36,955		522,241		506,845
Smart devices		116,274		90,851		74,135		10,349		238,334		164,986
Online marketing services		311,186		351,073		469,312		65,513		634,723		820,385
Total cost of revenues		684,942		684,035		808,181		112,817		1,395,298		1,492,216
Gross margin
Learning services		60.0 %		59.8 %		59.8 %		59.8 %		61.6 %		59.8 %
Smart devices		30.3 %		52.3 %		41.5 %		41.5 %		31.5 %		48.0 %
Online marketing services		39.1 %		30.5 %		25.8 %		25.8 %		36.8 %		27.9 %
Total gross margin		48.2 %		47.3 %		43.0 %		43.0 %		48.6 %		45.1 %

 

 

YOUDAO, INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(RMB and USD in thousands, except share and per ADS data)
		Three Months Ended								Six Months Ended
		June 30,		March 31,		June 30,		June 30,		June 30,		June 30,
		2024		2025		2025		2025		2024		2025
		RMB		RMB		RMB		USD		RMB		RMB
Net (loss)/income attributable to ordinary shareholders of the Company		(99,475)		76,743		(17,763)		(2,480)		(87,043)		58,980
Add: share-based compensation		3,509		5,230		6,585		919		11,405		11,815
impairment of long-term investments		-		-		25,730		3,592		-		25,730
Less: gain from fair value change of long-term investment		-		-		(1,765)		(246)		-		(1,765)
Less: GAAP to non-GAAP reconciling item for the loss/(income) attributable to          noncontrolling interests		-		(297)		(272)		(38)		-		(569)
Non-GAAP net (loss)/income attributable to ordinary shareholders of the Company		(95,966)		81,676		12,515		1,747		(75,638)		94,191
Non-GAAP basic net (loss)/income per ADS		(0.82)		0.69		0.11		0.02		(0.64)		0.80
Non-GAAP diluted net (loss)/income per ADS		(0.82)		0.68		0.10		0.01		(0.64)		0.79
Shares used in computing non-GAAP basic net (loss)/income per ADS		117,173,272		117,594,976		117,868,295		117,868,295		117,745,253		117,732,413
Shares used in computing non-GAAP diluted net (loss)/income per ADS		117,173,272		119,504,097		119,660,859		119,660,859		117,745,253		119,583,256

 

 

 

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SOURCE Youdao, Inc.

FAQ

What were Youdao's (DAO) Q2 2025 revenue and growth rate?

Youdao reported total net revenues of RMB1.4 billion (US$197.9 million), representing a 7.2% increase from the same period in 2024.

Did Youdao (DAO) achieve profitability in Q2 2025?

Yes, Youdao achieved its first-ever profitable second quarter with an operating income of RMB28.8 million (US$4.0 million), compared to a loss of RMB72.6 million in Q2 2024.

How did Youdao's AI initiatives perform in Q2 2025?

Youdao's AI initiatives showed strong performance with the release of Confucius 3 LLM, AI Essay Grading function, and AI Ad Placement Optimizer, driving approximately 30% year-over-year growth in AI-driven subscription services.

What was Youdao's (DAO) gross margin in Q2 2025?

Youdao's gross margin was 43.0% in Q2 2025, compared with 48.2% for the same period in 2024.

How much cash does Youdao (DAO) have as of Q2 2025?

As of June 30, 2025, Youdao's cash, cash equivalents, restricted cash, and short-term investments totaled RMB617.0 million (US$86.1 million).