| 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:
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Name |
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Later of date of establishment or acquisition |
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Place of establishment |
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Percentage of direct or indirect economic ownership |
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Principal activities |
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Subsidiaries: |
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BaiJiaHuLian HK |
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Aug 18, 2014 |
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Hong Kong, China |
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100% |
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Holding company |
Beijing Lexuebang |
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Jan 12, 2015 |
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Beijing, China |
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100% |
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Education technical services |
Wuhan Yuexuebang |
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May 25, 2020 |
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Wuhan, China |
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100% |
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Education technical services |
Beijing Yuexuebang |
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Nov 24, 2020 |
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Beijing, China |
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100% |
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Education technical services |
Chengdu Yuexuebang Network Technology Co., Ltd ("Chengdu Yuexuebang") |
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Oct 20, 2023 |
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Chengdu, China |
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100% |
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Education technical services |
Shanghai Chuxuebang Network Technology Co., Ltd ("Shanghai Chuxuebang") |
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Feb 18, 2021 |
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Shanghai, China |
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100% |
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Education technical services |
Wuhan Lexuebang Network Technology Co., Ltd ("Wuhan Lexuebang") |
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Jan 16, 2025 |
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Wuhan, China |
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100% |
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Education technical services |
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VIEs: |
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Beijing Gaotu |
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Jun 4, 2014 |
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Beijing, China |
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100% |
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Education services |
Shanghai Duwen |
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May 1, 2025 |
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Shanghai, China |
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100% |
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Education services |
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VIEs' major subsidiaries: |
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Beijing GaoTuYunFan Technology Co., Ltd ("GaoTuYunFan") |
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May 14, 2015 |
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Beijing, China |
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100% |
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Education services |
Beijing GaoTuYunJi Education Technology Co., Ltd ("GaoTuYunJi") |
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Jul 18, 2017 |
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Beijing, China |
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100% |
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Education services |
Zhengzhou GaoTuYunJi Education Technology Co., Ltd ("ZhengzhouGaoTu") |
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Jan 19, 2020 |
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Zhengzhou, China |
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100% |
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Education services |
Guangzhou XingHuo Online Computer Technology Co., Ltd ("Guangzhou XingHuo") |
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Aug 18, 2022 |
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Guangzhou, China |
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100% |
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Education services |
Guangzhou GaoTu Technology Co., Ltd ("GuangzhouGaoTu") |
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Dec 9, 2022 |
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Guangzhou, China |
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100% |
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Education services |
Chengdu GaoTuXingHui Technology Training School Co., Ltd ("Chengdu Xinghui") |
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Mar 30, 2023 |
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Chengdu, China |
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100% |
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Education services |
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| 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:
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As of December 31, |
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2024 |
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2025 |
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RMB |
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RMB |
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Cash and cash equivalents |
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496,489 |
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514,955 |
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Restricted cash |
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5,222 |
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115,828 |
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Short-term investments |
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593,393 |
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2,083,401 |
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Inventory, net |
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36,401 |
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54,950 |
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Prepaid expenses and other current assets, net |
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392,016 |
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399,829 |
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Total current assets |
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1,523,521 |
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3,168,963 |
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Operating lease right-of-use assets |
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460,193 |
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448,837 |
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Property, equipment and software, net |
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622,641 |
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960,856 |
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Intangible assets, net |
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17,984 |
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16,697 |
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Land use rights, net |
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25,762 |
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78,105 |
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Long-term investments |
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727,571 |
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64,393 |
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Goodwill |
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331 |
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331 |
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Rental deposit |
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33,688 |
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36,297 |
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Other non-current assets |
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1,424 |
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742 |
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Total non-current assets |
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1,889,594 |
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1,606,258 |
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Total assets |
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3,413,115 |
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4,775,221 |
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Short-term borrowings |
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— |
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100,000 |
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Accrued expenses and other current liabilities |
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811,879 |
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1,131,781 |
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Amount due to related party |
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— |
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181,757 |
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Deferred revenue, current portion |
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1,867,096 |
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2,288,255 |
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Operating lease liabilities, current portion |
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114,471 |
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129,258 |
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Income tax payable |
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606 |
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171 |
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Total current liabilities |
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2,794,052 |
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3,831,222 |
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Deferred revenue, non-current portion |
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218,797 |
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276,620 |
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Operating lease liabilities, non-current portion |
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337,258 |
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309,940 |
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Deferred tax liabilities |
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70,316 |
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75,248 |
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Long-term borrowings |
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— |
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31,883 |
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Total non-current liabilities |
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626,371 |
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693,691 |
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Total liabilities |
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3,420,423 |
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4,524,913 |
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1.ORGANIZATION AND PRINCIPAL ACTIVITIES - continued The VIE arrangements - continued
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Year ended December 31, |
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2023 |
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2024 |
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2025 |
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RMB |
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RMB |
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RMB |
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Net revenues |
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2,960,813 |
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4,552,921 |
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6,126,081 |
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Net income |
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598,211 |
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39,838 |
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717,230 |
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Net cash generated from operating activities |
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919,990 |
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1,227,747 |
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1,450,232 |
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Net cash (used in)/generated from investing activities |
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(1,157,633 |
) |
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896,344 |
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(1,075,743 |
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Net cash generated from financing activities |
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— |
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— |
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129,220 |
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