TableofContents UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549 FORM20-F (MarkOne) ☐REGISTRATIONSTATEMENTPURSUANTTOSECTION12(b)OR(g)OFTHESECURITIACTOF1934 OR ☒ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHAN1934 ForthefiscalyearendedDecember31,2022OR ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXC1934 Forthetransitionperiodfromto OR ☐SHELLCOMPANYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESACTOF1934 Dateofeventrequiringthisshellcompanyreport Forthetransitionperiodfromto Commissionfilenumber:001-39087 Youdao,Inc. (ExactnameofRegistrantasspecifiedinitscharter) N/A (TranslationofRegistrant’snameintoEnglish) CaymanIslands (Jurisdictionofincorporationororganization) No.399,WangshangRoad,BinjiangDistrictHangzhou310051, People’sRepublicofChina (Addressofprincipalexecutiveoffices) FengZhou ChiefExecutiveOfficerTel:+860571-8985-2163 E-mail:zf@rd.netease.com No.399,WangshangRoad,BinjiangDistrictHangzhou310051,People’sRepublicofChina (Name,Telephone,E-mailand/orFacsimilenumberandAddressofCompanyContactPerson) SecuritiesregisteredortoberegisteredpursuanttoSection12(b)oftheAct: Titleofeachclass TradingSymbol Nameofeachexchangeonwhichregistered Americandepositaryshares,eachADS representsoneClassAordinaryshare,par valueUS$0.0001pershareClassAordinaryshares,parvalueUS$0.0001pershare* DAOTheNewYorkStockExchange N/ATheNewYorkStockExchange *Notfortrading,butonlyinconnectionwiththelistingoftheAmericandepositarysharesontheNewYorkStockExchange. SecuritiesregisteredortoberegisteredpursuanttoSection12(g)oftheAct:[None] SecuritiesforwhichthereisareportingobligationpursuanttoSection15(d)oftheAct:[None] Indicatethenumberofoutstandingsharesofeachoftheissuer’sclassesofcapitalorcommonstockasofthecloseoftheperiodcoveredbytheannualreport. 124,795,260ordinaryshares,comprisedof36,506,900ClassAordinaryshares,parvalueUS$0.0001pershare,and88,288,360ClassBordinaryshares,parvalueUS$0.0001pershare,asofDecember31,2022. Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes☐No☒ Ifthisreportisanannualortransitionreport,indicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934.Yes☐No☒ Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuch files).Yes☒No☐ LargeAcceleratedFiler☐ AcceleratedFiler☒ Non-acceleratedFiler ☐ EmergingGrowthCompany ☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfileroranon-acceleratedfileroranemerginggrowthcompany.Seedefinitionof“largeacceleratedfiler,”“acceleratedfiler,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. IfanemerginggrowthcompanythatpreparesitsfinancialstatementsinaccordancewithU.S.GAAP,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandards†providedpursuanttoSection13(a)oftheExchangeAct.☐ †Theterm“neworrevisedfinancialaccountingstandard”referstoanyupdateissuedbytheFinancialAccountingStandardsBoStandardsCodificationafterApril5,2012. Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.☒ IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements.☐ Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-basedcompensationreceivedbyanyoftheregistrant’sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.10D-1(b).☐ Indicatebycheckmarkwhichbasisofaccountingtheregistranthasusedtopreparethefinancialstatementsincludedinthisfiling: U.S.GAAP☒InternationalFinancialReportingStandardsasissuedOther☐ bytheInternationalAccountingStandardsBoard☐ If“Other”hasbeencheckedinresponsetothepreviousquestion,indicatebycheckmarkwhichfinancialstatementitemtheregistranthaselectedtofollow.☐Item17☐Item18 Ifthisisanannualreport,indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).Yes☐No☒ (APPLICABLEONLYTOISSUERSINVOLVEDINBANKRUPTCYPROCEEDINGSDURINGTHEPASTFIVEYEARS) IndicatebycheckmarkwhethertheregistranthasfiledalldocumentsandreportsrequiredtobefiledbySection12,13or15(d)oftheSecuritiesExchangeActof1934subsequentt