Youdao (DAO): Orbis holds 7,281,408 ADS, 23.3% beneficial stake

Orbis Investment Management Limited filed Amendment No. 14 to Schedule 13G reporting its beneficial ownership in Youdao, Inc. (DAO).

Rhea-AI Filing Summary

Orbis Investment Management Limited filed Amendment No. 14 to Schedule 13G reporting its beneficial ownership in Youdao, Inc. (DAO). Orbis reports 7,281,408 American Depositary Shares (each representing 1 Class A ordinary share), representing 23.3% of the class as of the event date 09/30/2025.

Orbis has sole voting power over 7,281,408 ADS and sole dispositive power over the same amount, with no shared voting or dispositive power. The filing certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. Other persons have rights to receive dividends or sale proceeds related to these securities.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in Youdao (DAO) does Orbis report in this Schedule 13G/A?

Orbis reports beneficial ownership of 7,281,408 ADS, representing 23.3% of the class.

What is the event date referenced in Orbis’s Schedule 13G/A for Youdao (DAO)?

The date of event is 09/30/2025.

What voting and dispositive powers does Orbis report over Youdao (DAO) ADS?

Orbis reports sole voting power of 7,281,408 ADS and sole dispositive power of 7,281,408 ADS; no shared powers.

What type of security is covered in this Youdao (DAO) filing?

American Depositary Shares, each representing 1 Class A ordinary share (par value US$0.0001).

Does Orbis intend to influence control of Youdao (DAO)?

The certification states the securities were acquired and are held not for the purpose of changing or influencing control.

What is the CUSIP for Youdao (DAO) ADS mentioned in the filing?

The CUSIP is 98741T104.

Who is the reporting person and where are they organized?

The reporting person is Orbis Investment Management Limited, organized in Bermuda.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/14/2025 - 12:39 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 14)

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)

09/30/2025

(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 7,281,408.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,281,408.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,281,408.00

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)

23.3 %

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: 7,281,408
(b)	Percent of class: 23.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Orbis Investment Management Limited - 7,281,408
	(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 - 7,281,408
	(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:	Matthew Gaarder
Name/Title:	Attorney-in-Fact
Date:	11/14/2025