v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of property, equipment and software estimated useful lives

Property, equipment and software are stated at cost less accumulated depreciation and impairment. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows:

 

Category

 

Estimated useful life

Electronic equipment

 

3 years

Furniture and office equipment

 

3-5 years

Software

 

2-10 years

Building

 

35-50 years

Leasehold improvement

 

Shorter of the lease term or estimated economic life

 

 

Summary of land use rights, net Land use rights are recorded at cost and amortized on a straight line basis over the term of the land certificates, as follows:

 

Category

 

Estimated useful life

Land use rights, net

 

37-50 years

Summary of amortization periods by intangible asset classes The estimated useful lives of intangible assets are as follows:

 

Category

 

Estimated useful life

Student base

 

2 years

Trademark

 

10 years

License

 

1.5-10 years

Summary of disaggregated revenue by types The following table provides information about disaggregated revenue by types, including a reconciliation of the disaggregated revenue with the Group’s reportable segment.

 

 

 

Year ended December 31,

 

 

 

2023

 

 

2024

 

 

2025

 

 

 

RMB

 

 

RMB

 

 

RMB

 

Net revenues

 

 

 

 

 

 

 

 

 

- Learning services

 

 

2,872,901

 

 

 

4,419,964

 

 

 

6,039,033

 

- Educational content & digitalized learning products

 

 

55,980

 

 

 

83,930

 

 

 

77,089

 

- Other revenue

 

 

31,932

 

 

 

49,662

 

 

 

30,650

 

Total net revenues

 

 

2,960,813

 

 

 

4,553,556

 

 

 

6,146,772

 

Summary of contract liabilities arising from contract with customers

The following table provides information about the Group's contract liabilities and refund liability arising from contract with customers.

 

 

 

Year ended December 31,

 

 

 

2024

 

 

2025

 

 

 

RMB

 

 

RMB

 

Deferred revenue, current portion

 

 

1,867,096

 

 

 

2,289,322

 

Deferred revenue, non-current portion

 

 

218,797

 

 

 

276,620

 

 

 

2,085,893

 

 

 

2,565,942

 

Refund liability

 

 

127,969

 

 

 

125,813