v3.26.1
ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)
12 Months Ended
Dec. 31, 2025
Summary of subsidiaries, VIE and VIE's subsidiaries

The Company’s major subsidiaries, the VIEs and VIEs’ major subsidiaries as of December 31, 2025 were as follow:

 

Name

 

Later of date
of establishment
or acquisition

 

Place of establishment

 

Percentage of
direct or indirect
economic ownership

 

Principal activities

 

 

 

 

 

 

 

 

 

Subsidiaries:

 

 

 

 

 

 

 

 

BaiJiaHuLian HK

 

Aug 18, 2014

 

Hong Kong, China

 

100%

 

Holding company

Beijing Lexuebang

 

Jan 12, 2015

 

Beijing, China

 

100%

 

Education technical services

Wuhan Yuexuebang

 

May 25, 2020

 

Wuhan, China

 

100%

 

Education technical services

Beijing Yuexuebang

 

Nov 24, 2020

 

Beijing, China

 

100%

 

Education technical services

Chengdu Yuexuebang Network Technology Co., Ltd
("Chengdu Yuexuebang")

 

Oct 20, 2023

 

Chengdu, China

 

100%

 

Education technical services

Shanghai Chuxuebang Network Technology
   Co., Ltd ("Shanghai Chuxuebang")

 

Feb 18, 2021

 

Shanghai, China

 

100%

 

Education technical services

Wuhan Lexuebang Network Technology Co., Ltd
("Wuhan Lexuebang")

 

Jan 16, 2025

 

Wuhan, China

 

100%

 

Education technical services

 

 

 

 

 

 

 

 

 

VIEs:

 

 

 

 

 

 

 

 

Beijing Gaotu

 

Jun 4, 2014

 

Beijing, China

 

100%

 

Education services

Shanghai Duwen

 

May 1, 2025

 

Shanghai, China

 

100%

 

Education services

 

 

 

 

 

 

 

 

 

VIEs' major subsidiaries:

 

 

 

 

 

 

 

 

Beijing GaoTuYunFan Technology Co., Ltd
   ("GaoTuYunFan")

 

May 14, 2015

 

Beijing, China

 

100%

 

Education services

Beijing GaoTuYunJi Education Technology
   Co., Ltd ("GaoTuYunJi")

 

Jul 18, 2017

 

Beijing, China

 

100%

 

Education services

Zhengzhou GaoTuYunJi Education
   Technology Co., Ltd ("ZhengzhouGaoTu")

 

Jan 19, 2020

 

Zhengzhou, China

 

100%

 

Education services

Guangzhou XingHuo Online Computer
   Technology Co., Ltd ("Guangzhou XingHuo")

 

Aug 18, 2022

 

Guangzhou, China

 

100%

 

Education services

Guangzhou GaoTu Technology Co., Ltd
("GuangzhouGaoTu")

 

Dec 9, 2022

 

Guangzhou, China

 

100%

 

Education services

Chengdu GaoTuXingHui Technology Training School Co., Ltd ("Chengdu Xinghui")

 

Mar 30, 2023

 

Chengdu, China

 

100%

 

Education services

Summary of financial information of VIE and VIE's subsidiaries after elimination of inter-company transactions and balances

The following financial information of the Company’s VIEs and VIEs’ subsidiaries after the elimination of inter-company transactions and balances as of December 31, 2024 and 2025, and for the years ended December 31, 2023, 2024 and 2025 was included in the accompanying consolidated financial statements:

 

 

As of December 31,

 

 

2024

 

 

2025

 

 

RMB

 

 

RMB

 

Cash and cash equivalents

 

 

496,489

 

 

 

514,955

 

Restricted cash

 

 

5,222

 

 

 

115,828

 

Short-term investments

 

 

593,393

 

 

 

2,083,401

 

Inventory, net

 

 

36,401

 

 

 

54,950

 

Prepaid expenses and other current assets, net

 

 

392,016

 

 

 

399,829

 

Total current assets

 

 

1,523,521

 

 

 

3,168,963

 

Operating lease right-of-use assets

 

 

460,193

 

 

 

448,837

 

Property, equipment and software, net

 

 

622,641

 

 

 

960,856

 

Intangible assets, net

 

 

17,984

 

 

 

16,697

 

Land use rights, net

 

 

25,762

 

 

 

78,105

 

Long-term investments

 

 

727,571

 

 

 

64,393

 

Goodwill

 

 

331

 

 

 

331

 

Rental deposit

 

 

33,688

 

 

 

36,297

 

Other non-current assets

 

 

1,424

 

 

 

742

 

Total non-current assets

 

 

1,889,594

 

 

 

1,606,258

 

Total assets

 

 

3,413,115

 

 

 

4,775,221

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

—

 

 

 

100,000

 

Accrued expenses and other current liabilities

 

 

811,879

 

 

 

1,131,781

 

Amount due to related party

 

 

—

 

 

 

181,757

 

Deferred revenue, current portion

 

 

1,867,096

 

 

 

2,288,255

 

Operating lease liabilities, current portion

 

 

114,471

 

 

 

129,258

 

Income tax payable

 

 

606

 

 

 

171

 

Total current liabilities

 

 

2,794,052

 

 

 

3,831,222

 

Deferred revenue, non-current portion

 

 

218,797

 

 

 

276,620

 

Operating lease liabilities, non-current portion

 

 

337,258

 

 

 

309,940

 

Deferred tax liabilities

 

 

70,316

 

 

 

75,248

 

Long-term borrowings

 

 

—

 

 

 

31,883

 

Total non-current liabilities

 

 

626,371

 

 

 

693,691

 

Total liabilities

 

 

3,420,423

 

 

 

4,524,913

 

 

 

1.
ORGANIZATION AND PRINCIPAL ACTIVITIES - continued

 

The VIE arrangements - continued

 

 

Year ended December 31,

 

 

2023

 

 

2024

 

 

2025

 

 

RMB

 

 

RMB

 

 

RMB

 

Net revenues

 

 

2,960,813

 

 

 

4,552,921

 

 

 

6,126,081

 

Net income

 

 

598,211

 

 

 

39,838

 

 

 

717,230

 

Net cash generated from operating activities

 

 

919,990

 

 

 

1,227,747

 

 

 

1,450,232

 

Net cash (used in)/generated from investing activities

 

 

(1,157,633

)

 

 

896,344

 

 

 

(1,075,743

)

Net cash generated from financing activities

 

 

—

 

 

 

—

 

 

 

129,220