ORBIS INVESTMENT MANAGEMENT LTD - 31 Dec 2025 SCHEDULE 13G/A Report for Youdao, Inc. American Depositary Shares, each representing 1 Class A Ordinary Share, par value US$0.0001 (DAO)

Filing Manager: ORBIS INVESTMENT MANAGEMENT LTD
Reporting Manager: Orbis Investment Management Limited
Security: Youdao, Inc. American Depositary Shares, each representing 1 Class A Ordinary Share, par value US$0.0001
Symbol: DAO
Shares outstanding: 31,278,640 shares
Disclosed Ownership: 6,943,858 shares
Ownership: 22%
Form type: SCHEDULE 13G/A
Filing time: 17 Feb 2026, 12:11:36 UTC
Date of event: 31 Dec 2025
Previous filing: 14 Nov 2025
SEC: View on sec.gov

Reporting Managers (1)

Name	Ownership	Shares Owned	sole voting power	shared voting power	Signature	Title	CIK
Orbis Investment Management Limited	22%	6,943,858	6,943,858	0	Matthew Gaarder	Attorney-in-Fact