In March, Beijing gradually embraces the warmth of spring. In the offices of Gaotu Techedu Inc. (NYSE: GOTU) located in the Zhongguancun Software Park, the demeanor of founder Chen Xiangdong is particularly striking. When playfully teased by a reporter about his "ageless" appearance, he waved his hand with a laugh: "I don't do any specific fitness regimen; I just pay a bit more attention to my diet and maintain a regular lifestyle."

This sense of relaxed ease, which seems to handle weighty matters with lightness, is, for Chen Xiangdong, a resilience that has grown from the depths of his soul after navigating the challenges of Gaotu's "three entrepreneurial phases."

The Darkest Hour: "I'm Sorry to Those Who Entrusted Their Youth to Me" Looking back to 2015, Chen Xiangdong, then basking in the entrepreneurial spotlight of a "Series A funding round of $50 million," was simultaneously experiencing the longest night of his life. The funding was nearly depleted, yet a viable business model remained elusive.

"The anxiety and pain back then weren't about being unable to repay the money; I believed I had the capability to repay it," Chen Xiangdong recalled, a trace of barely perceptible gravity flashing in his eyes. "My pain came from the fact that the young colleagues who followed me had dedicated their prime years here, accepting relatively low salaries. If the venture failed, I would have failed them; I would have been unworthy of their trust."

As someone who came from a rural background, "letting others down" was a burden Chen Xiangdong could not bear. For over a year during that period, he suffered from severe insomnia. Working until 2 a.m. each night, he would return to his rented apartment near the company and collapse into sleep, only to be plagued by incessant nightmares. His dreams often took him back to his impoverished rural hometown. He would wake with a start at 4 a.m., sitting on the edge of his bed in a daze.

"Before the age of forty, I didn't understand what extreme anxiety was; I didn't know the meaning of despair," Chen Xiangdong said self-deprecatingly. "It was only at that moment that I truly comprehended anxiety and depression."

Yet, he never abandoned his conviction. "I forcefully told myself: Chen Xiangdong, you have no problem; you will definitely succeed. You work so hard, you give your heart to everyone around you – how could you not succeed?" This almost stubborn self-belief supported him through those days, when even core managers stayed with him for late-night reviews, and over a hundred team members celebrated small morale boosts with "extra chicken legs" and barbecues.

The turning point arrived in 2017. At that time, Gaotu was emerging from the shadows and onto a track of rapid development through its "online live-streamed dual-teacher large-class model." One morning, sunlight streamed through the window, casting the shadow of a small leaf onto the wall. Staring at that shadow, Chen Xiangdong felt a sudden tremor in his heart: "It's so good." In that moment, the power of faith reignited his vital energy.

Reshaping: Reconstructing the "Lifelong Learning" Landscape Amidst Waves of Change If the 2016 crisis were the growing pains of a startup, then the 2021 "Double Reduction" policy was a tidal wave impacting the entire industry. While other tutoring and training institutions pivoted to selling coffee, developing hardware, or even crossing into healthcare, Chen Xiangdong demonstrated remarkable strategic resolve.

"Embrace all changes. Small changes present small opportunities; major changes present major opportunities." This is Chen Xiangdong's philosophy on crisis. During the industry's winter, he swiftly established a "Strategic Reserve Team," recruiting against the trend by hiring educational talent displaced by the policy shifts. "While others were laying off, we were hiring. Because we needed to think about how to develop future-facing products within the new major policy environment."

Gaotu did not leave education. On the contrary, it undertook a thorough self-iteration and upgrade, embarking on its "third entrepreneurial venture."

The company evolved from solely offering K-12 online live large-class courses to now covering study abroad services, postgraduate and civil service exam preparation for university students, psychological services, English learning, and literacy education through nearly 200 offline learning centers nationwide. It transitioned from a purely online model to an integrated online-offline approach, and from "mobile internet + education" to full-chain AI enablement.

"We have made significant investments over the past few years. You could say we've essentially built another startup company, all within the Gaotu system," Chen Xiangdong revealed. Over 70% of Gaotu's current business was developed *after* the "Double Reduction" policy. Cash revenue grew from 2.5 billion RMB in 2022 to nearly 7 billion RMB by 2025.

Although financial reports indicate the company is still in a phase of narrowing losses, Chen Xiangdong looks further ahead. "After these years of strategic layout, the entire company is expected to achieve comprehensive profitability by 2026. We've spent four or five years driving so much innovation; the offline business alone is equivalent to building a new listed company."

This certainty stems from his adherence to fundamental truths. "The Chinese people's aspiration for quality education is eternal and unchanging," he said. "Within change lies constancy – that is our opportunity." The major policy shift did not cripple Gaotu; instead, it acted as a catalyst for business diversification and ecosystem development, allowing Gaotu to take root in the broader lifelong learning赛道 (track).

The Mindset Code: Small Victories Are the Mother of Success Within Chen Xiangdong's educational philosophy lies a counter-intuitive view: he believes the saying "failure is the mother of success" can ruin most children.

"I believe that 'small victories are the mother of success'," Chen Xiangdong emphasized. "It's essential to enable children to continuously achieve small victories. Reflecting on my own growth, it was when my parents asked me to do something, I did it well, and others praised me for doing a good job. The small victories and successes along the way eventually accumulate into significant success."

This philosophy applies not only to students but also to Gaotu as an enterprise. From a team of a dozen people starting in a basement to tens of thousands of employees today; from being questioned on its ability to survive to becoming a forerunner in the industry's recovery – each step of Gaotu's journey has been built upon the accumulation of "small victories." Every business expansion, every new product launch, represents another "small victory" for Gaotu amidst the waves of change.

Chen Xiangdong particularly advocates the formula by Kazuo Inamori: Success = Mindset × Passion × Ability. "Where does the gap between people lie? Who isn't hardworking? Many people have sufficient ability, so why such big differences in the end? The difference lies in mindset."

This mindset also keeps Chen Xiangdong clear-headed when facing the AI wave. He visited Silicon Valley, met with hundreds of AI entrepreneurs, and invested hundreds of millions in R&D. "Gaotu is not lagging at all in AI." However, he also points out, "Teachers will not be replaced, but teachers who don't use AI will be replaced. Education requires human communication; children need emotional companionship."

In his view, AI is a tool, a means to enhance efficiency, but the essence of education – "igniting interest, cultivating habits, shaping character" – will never change.

Gratitude and Altruism: The Ultimate Practice for an Entrepreneur This Spring Festival, Chen Xiangdong wrote four characters: "始善利人" (Begin with Goodness, Benefit Others). "When a thought arises in your mind, consider: Is my intention good? Can it benefit others?"

"What is the most important quality a person should possess? Some say authenticity, some say goodness. I think it should be gratitude," Chen Xiangdong said. "The energy in our hearts comes from this world; we should be grateful."

From the rural boy who often went hungry and whose family placed basins to catch rainwater, to the entrepreneur leading a listed company today, Chen Xiangdong has never forgotten his origins. He is grateful for the life given by his parents, the guidance of past teachers, the trust of Gaotu's partners, and even for the painful setbacks and industry upheavals he has experienced.

"Low points are actually when you grow the fastest; be grateful for that opportunity," he said. "If you have an origin-point mindset, a present-moment mindset, you feel the pain now. But if you adopt a long-term mindset, an ultimate-outcome mindset, you discover the beauty; the future will surely be beautiful."

Today, Gaotu's culture wall bears the motto "Pour Your Heart Into It, Go All Out." This is not just a slogan but a reflection of Chen Xiangdong's life. Whether personally engaging in Douyin live streams or pushing forward with relentless determination – "crying, shouting, crawling, kneeling" – to encourage young teachers, he firmly believes: "Setting an example is not the best way to lead a team; it is the *only* way."

Despite the immense workload as a founder, Chen Xiangdong maintains his long-standing habits: a strict schedule dictating wake-up times and daily tasks. He says that loving oneself means loving one's body – eating well, sleeping well, and smiling every day.

"Your body is the vessel that stores energy. If you don't love your body, your energy depletes. Then how can you take care of others?"

Perhaps it is this near-rigorous self-discipline towards himself, coupled with his boundless love for others, that allows Chen Xiangdong, after weathering countless storms, to still smile and say those words: "It's so good."

In this era full of uncertainty, Chen Xiangdong and his "Gaotu" are interpreting the resilience and responsibility of Chinese entrepreneurs with a long-termist posture. They are no longer merely profit-chasing businesspeople but also guardians illuminating the hopes of countless families. Policy transformations have not caused them to retreat; instead, they have found a new course in a broader expanse.

As he wrote in his article "The Code to Wealth": "The foundation of the code to wealth is the 'Zhi Zhen Thinking Mode' we advocate. Mindset is crucial, and its foundation is about renewing and understanding oneself."

For Chen Xiangdong, the greatest wealth lies in seeing those partners who once worked late nights and ate barbecues with him now able to look ahead with light in their eyes and love in their hearts, stepping towards an even broader future.