[SCHEDULE 13G/A] Youdao, Inc. American SEC Filing

Rhea-AI Filing Summary

Orbis Investment Management Limited reports beneficial ownership of 7,497,430 American Depositary Shares of Youdao, representing 24.0% of the ADS class. The filing states Orbis has sole voting and sole dispositive power over those shares and that the position is held in the ordinary course of business, not to change or influence control. Orbis is identified as a Bermuda-registered investment manager and the securities are American Depositary Shares representing Class A ordinary shares.

Positive

• Large institutional stake (24.0%) by Orbis indicates significant investor interest in Youdao ADS
• Sole voting and dispositive power over 7,497,430 ADS provides a clear, centralized reporting of control for that position

Negative

• Concentration risk: a single reporting person holds 24.0% of the ADS class, which may concentrate influence
• Other parties may have rights to dividends or sale proceeds related to the reported holdings, per the filing

Insights

Financial Analyst

TL;DR: A 24.0% institutional stake signals meaningful investor conviction while the filer asserts passive intent.

Orbis' beneficial ownership of 7,497,430 ADS (24.0%) is a material, concentrated position that may influence market perception and liquidity for Youdao ADS. The Schedule 13G presentation and the certification that the position is held in the ordinary course of business indicate the filer is not stating an intent to effect control, which typically limits immediate governance implications. Investors should note the size of the holding relative to the float and that the filer reports sole voting and dispositive power over all reported shares.

Corporate Governance Expert

TL;DR: Single 24.0% holder concentrates voting power but filing asserts passive, non-control purpose.

The filing documents sole voting and dispositive power for 7,497,430 ADS, creating a concentrated ownership position. Although a Schedule 13G signals passive intent, the concentration means Orbis can be an influential shareholder in practice, particularly on major votes if it chooses to engage. The statement also notes other persons have rights to dividends or sale proceeds related to Orbis' holdings, which could affect how the economic interests are ultimately distributed.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 13)

Youdao, Inc.

(Name of Issuer)

American Depositary Shares, each representing 1 Class A Ordinary Share, par value US$0.0001

(Title of Class of Securities)

98741T104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 98741T104

1

Names of Reporting Persons

Orbis Investment Management Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,497,430.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,497,430.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,497,430.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

24 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Youdao, Inc.
(b)	Address of issuer's principal executive offices: NO. 399, WANGSHANG ROAD, BINJIANG DISTRICT, HANGZHOU, CHINA 310051
Item 2.
(a)	Name of person filing: Orbis Investment Management Limited
(b)	Address or principal business office or, if none, residence: 25 Front Street Hamilton HM11, Bermuda
(c)	Citizenship: Orbis Investment Management Limited - BERMUDA
(d)	Title of class of securities: American Depositary Shares, each representing 1 Class A Ordinary Share, par value US$0.0001
(e)	CUSIP No.: 98741T104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Equivalent to IA.
Item 4.	Ownership
(a)	Amount beneficially owned: 7,497,430
(b)	Percent of class: 24.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Orbis Investment Management Limited - 7,497,430
	(ii) Shared power to vote or to direct the vote: Orbis Investment Management Limited - 0
	(iii) Sole power to dispose or to direct the disposition of: Orbis Investment Management Limited - 7,497,430
	(iv) Shared power to dispose or to direct the disposition of: Orbis Investment Management Limited - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Other persons have the right to receive dividends from, the power to direct the receipt of dividends from, or the right to receive the proceeds from the sale of, the securities of the issuer identified in Item 4(a) that are beneficially owned by Orbis Investment Management Limited.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Orbis Investment Management Limited is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Orbis Investment Management Limited

Signature:	Matt Gaarder
Name/Title:	Attorney-in-Fact
Date:	08/14/2025

FAQ

Who filed the Schedule 13G/A for Youdao (DAO)?

Orbis Investment Management Limited, a Bermuda-registered investment manager, filed the statement.

How many Youdao ADS does Orbis beneficially own?

7,497,430 American Depositary Shares are reported as beneficially owned.

What percentage of Youdao's ADS does Orbis own?

24.0% of the ADS class is reported in the filing.

Does Orbis report voting or dispositive power over the shares?

Sole voting power: 7,497,430 ADS; Sole dispositive power: 7,497,430 ADS; Shared powers: 0.

Is the position reported as passive or intended to influence control?

The filing certifies the securities are held in the ordinary course of business and were not acquired to change or influence control, consistent with a Schedule 13G submission.