3. ASSETS ACQUISITION

The Group did not make any material asset acquisitions during the year ended December 31, 2023 and 2024.

In April 2025, the Company entered into an agreement with a related party, which was controlled by the founder and the chief executive officer (“CEO”) of the Company Mr. Larry Xiangdong Chen, to acquire 100% of equity interest of Zhengzhou Weizhen Culture Technology Co., Ltd. (“Zhengzhou Weizhen”) for a consideration of RMB166,000. The underlying assets of Zhengzhou Weizhen is an office building. The Company utilizes the building as a campus premise. As of December 31, 2025, the total acquisition consideration to the transferor has been fully paid.

In November 2025, the Company entered into an agreement with a related party, which was controlled by Mr. Larry Xiangdong Chen to acquire 100% of equity interest of Zhengzhou You’ai Culture Technology Co., Ltd. (“Zhengzhou You’ai”) for a consideration of RMB206,600. The underlying assets of Zhengzhou You’ai are four buildings under construction, which were topped out in November 2025. The Company intends to utilize the buildings as a campus premise upon completion. As of December 31, 2025, the Group had a future obligation to the transferor related to the acquisition amounting to RMB181,736, which was disclosed as the amount due to related party in balance sheet.