Exhibit 99.1

GSX Announces Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results

Beijing, March 5, 2021 — GSX Techedu Inc. (NYSE: GSX) (“GSX” or the “Company”), a leading online K-12 large-class after-school tutoring service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020.

Fourth Quarter 2020 Highlights¹

Fourth Quarter 2020 Key Financial and Operating Data

(In thousands of RMB, except for paid course enrollments and percentages)

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Fiscal Year Ended December 31, 2020 Highlights

Fiscal Year 2020 Key Financial and Operating Data

(In thousands of RMB, except for paid course enrollments and percentages)

Larry Xiangdong Chen, GSX’s founder, Chairman and CEO, commented, “Our quarterly net revenues hit an all-time high of RMB2.2 billion. Full-year net revenues in 2020 jumped 236.9% year-over-year to reach RMB7.1 billion. We attribute such outstanding growth and upsized scale to our highly efficient operations, as demonstrated by our net operating cash inflow of RMB636.4 million in the fourth quarter. Moreover, full-year net operating cash flow continues to be positive. Despite the intense competition over the past year, we remained dedicated to maintaining our focused strategy, refining our online live large class business model and constantly improving our educational quality and services. In the meantime, we intend to continue investing extensively in technology research and development, building distinguished organizational capabilities, sticking to a sustainable and long-term philosophy, and executing an effective growth strategy on a lifetime value basis. We believe these commitments have enabled us to achieve excellent operational efficiency in 2020, and will empower us to create more value for our students, parents, teachers, investors and society.”

Shannon Shen, CFO of GSX, added, “In 2020, we achieved satisfying breakthroughs in terms of both overall development and industry position. With a relatively low spending level, we have achieved great improvements in terms of scale and operational efficiency. Our revenue of core K-12 online large class business recorded RMB6.2 billion in 2020, representing a year-over-year increase of 265.5%. This revenue grew to be more than 3.5 times of the prior year’s figure for the past three consecutive years. Online education has entered an era that requires meticulous and refined operations. We will continue to invest in our educational products, teaching quality improvement and tutoring services to achieve sustainable and healthy long-term development. Meanwhile, we completed a private placement of USD870 million on December 9, 2020, which gives us ample cash resources to support our efficient operations and demonstrates investors’ long-term confidence in us.”

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Financial Results for the Fourth Quarter of 2020

Net Revenues

Net revenues reached RMB2,211.0 million, a 136.5% increase from RMB935.0 million in the fourth quarter of 2019. The increase was mainly driven by the growth in paid course enrollments for K-12 courses. The number of online K-12 paid course enrollments increased 112.8% year-over-year to 2,139 thousand, which was contributed by both first-time paid course enrollments and retention of existing students. The increase in first-time paid course enrollments was primarily driven by our effective investment in sales and marketing efforts, and the increase in retention was primarily driven by high teaching quality and optimized services that we provided.

Cost of Revenues

Cost of revenues rose 214.5% to RMB616.4 million from RMB196.0 million in the fourth quarter of 2019, mainly due to the increase in compensation for instructors and tutors, as well as increase in learning material cost and rental expenses.

Gross Profit and Gross Margin

Gross profit increased 115.8% to RMB1,594.7 million from RMB739.0 million in the fourth quarter of 2019. Gross profit margin decreased to 72.1% from 79.0% in the same period of 2019. The decrease was primarily due to the increase in compensation for instructors and tutors, simultaneously resulting from the increased numbers and more competitive salaries provided, to attract excellent talents to improve teaching quality and students’ learning experience, which would lay a solid foundation for the company’s long-term development.

Non-GAAP gross profit increased 116.5% to RMB1,613.6 million from RMB745.3 million in the same period of 2019. Non-GAAP gross profit margin decreased to 73.0% from 79.7% in the same period of 2019.

Operating Expenses

Operating expenses were RMB2,290.8 million, increasing from RMB571.4 million in the fourth quarter of 2019.

Selling expenses increased to RMB1,798.4 million from RMB442.0 million in the fourth quarter of 2019. The increase was primarily a result of higher marketing expenses to expand user base and enhance our brands, and an increase in compensation to sales and marketing staff.

Research and development expenses increased 229.0% to RMB274.7 million, from RMB83.5 million in the fourth quarter of 2019. The increase was primarily due to an increase in the number of education content development professionals and technology development personnel, as well as an increase in compensation for such staff.

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General and administrative expenses increased to RMB217.7 million from RMB46.0 million in the fourth quarter of 2019. The increase in general and administrative expenses was mainly due to an increase in the number of general and administrative personnel, an increase in compensation paid to general and administrative staff, and an increase in fees related to independent internal review.

Income (Loss) from Operations

Loss from operations was RMB696.1 million, compared with the income from operations of RMB167.6 million in the fourth quarter of 2019. The decrease was primarily due to higher spending in sales and marketing activities to extend volume growth and strengthen brand perception.

Non-GAAP⁴ loss from operations was RMB623.4 million, compared with non-GAAP income from operations of RMB190.9 million in the fourth quarter of 2019.

Interest Income and Realized Gains from Investment

Aggregation of interest income and realized gains from investments, representing income received from cash, cash equivalents, short-term and long-term wealth management investments, increased 86.0% to RMB18.6 million, from RMB10.0 million in the fourth quarter of 2019. This increase was primarily due to increase of cash, cash equivalents and short-term wealth management investments, as well as the realization of gains generated from short-term and long-term wealth management investments during this quarter.

Other Income

Other income increased to RMB54.1 million, from RMB4.2 million in the fourth quarter of 2019. The increase was primarily due to the value-added tax exemption offered by the government, partially offset by the related cost, during the COVID-19 outbreak, which amounted to RMB62.8 million, net of other expenses of RMB8.7 million.

Net Income (Loss)

Net loss was RMB627.0 million, compared with net income of RMB174.5 million in the fourth quarter of 2019.

Non-GAAP net loss was RMB554.4 million, compared with non-GAAP net income of RMB197.8 million in the fourth quarter of 2019.

Cash Flow

Net operating cash inflow for the fourth quarter of 2020 was RMB636.4 million. Cash used in capital expenditures was RMB162.6 million, primarily due to an installment payment of RMB85.8 million for the Zhengzhou properties purchases. Additionally, an installment payment for the acquisition of Tianjin Puxin Online School Education Technology Co., Ltd amounting to RMB35.5 million was also made in the fourth quarter of 2020.

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Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were RMB2.59 and RMB2.59, respectively, in the fourth quarter of 2020.

Non-GAAP basic and diluted net loss per ADS, were RMB2.29 and RMB2.29, respectively, in the fourth quarter of 2020.

Share Outstanding

As of December 31, 2020, the Company had 169,761,062 ordinary shares outstanding.

Cash and Cash Equivalents, Short-term Investments and Long-term Investments

As of December 31, 2020, the Company had cash and cash equivalents, short-term investments and long-term investments of RMB8,217.2 million in the aggregate, compared with a total of RMB2,735.7 million of cash and cash equivalents, short-term investments and long-term investments as of December 31, 2019.

Inventory

As of December 31, 2020, the Company’s inventory amounted to RMB48.1 million, compared with RMB8.8 million as of December 31, 2019. This increase was primarily resulting from the increase of learning materials to support the rapid growth of students.

Accrued expenses and other current liabilities

As of December 31, 2020, the Company’s accrued expenses and other current liabilities balance was RMB1,315.5 million, increasing from RMB228.8 million as of December 31, 2019. This increase was mainly resulting from the increase in marketing expenses, salary and welfare payables, as well as the remaining consideration of purchasing the Zhengzhou properties.

Deferred Revenue

As of December 31, 2020, the Company’s deferred revenue balance was RMB2,733.7 million, increasing 104.4% from RMB1,337.6 million as of December 31, 2019. Deferred revenue primarily consisted of tuition collected in advance.

Other Payables

As of December 31, 2020, other payables in non-current liabilities totaled RMB26.6 million, all of which were payables to purchase the Zhengzhou properties.

Financial Results for the Fiscal Year of 2020

Net Revenues

Net revenues reached RMB7,124.7 million, a 236.9 % increase from RMB2,114.9 million in 2019. The increase was mainly driven by the growth in paid course enrollments for K-12 courses.

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Cost of revenues

Cost of revenues increased 228.9% to RMB1,762.5 million, from RMB535.9 million in 2019. The increase was mainly due to an increase in compensation for instructors and tutors, as well as increases in learning material cost and other operating related expenses.

Gross Profit and Gross Margin

Gross profit increased 239.6% to RMB5,362.2 million, from RMB1,578.9 million in 2019. Gross profit margin increased to 75.3%, from 74.7% in 2019, primarily as a result of economies of scale. Non-GAAP gross profit increased by 240.3% to RMB5,428.6 million, from RMB1,595.4 million in 2019. Non-GAAP gross profit margin increased to 76.2%, from 75.4% in 2019.

Operating Expenses

Operating expenses were RMB7,117.2 million, an increase from RMB1,363.2 million in 2019.

Selling expenses increased to RMB5,816.2 million, from RMB1,040.9 million in 2019. The increase was primarily a result of an increase in marketing expenses to expand the customer base and for brand enhancement, as well as an increase in compensation for sales and marketing staff.

Research and development expenses increased 246.1% to RMB734.5 million, from RMB212.2 million in 2019. The increase was primarily due to an increase in the number of education content development professionals, and technology development personnel, as well as an increase in compensation paid to such staff.

General and administrative expenses increased 414.6% to RMB566.6 million, from RMB110.1 million in 2019. The increase was mainly due to an increase in the number of general and administrative personnel and an increase in compensation paid to such staff.

Interest Income and Realized Gains from Investment

Aggregation of interest income and realized gains from investments, solely representing the income received from cash, cash equivalents and short-term wealth management products, increased 263.5% to RMB73.8 million, from RMB20.3 million in 2019. The increase was primarily due to an increase in the cash generated and the efficient deployment of capital.

Income (Loss) from Operations

Loss from operations was RMB1,755.0 million, compared with income from operations of RMB215.7 million in 2019.

Non-GAAP loss from operations was RMB1,516.6 million, compared with non-GAAP income from operations of RMB276.0 million in 2019.

Net Income (Loss)

Net loss was RMB1,392.9 million, compared with net income of RMB226.6 million in 2019.

Non-GAAP net loss was RMB1,154.5 million, compared with non-GAAP net income of RMB286.9 million in 2019.

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Cash Flow

Net operating cash inflow was RMB603.3 million, compared with RMB1,285.1 million in 2019. The decrease was primarily due to higher marketing expenses paid to improve our market share and brand awareness, an increase in compensation paid to fast-growing staff, payment for independent internal review, and increased expenditures paid to support our rapid growth of students and daily operation activities.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were RMB5.81 and RMB5.81 respectively, in 2020.

Recent Developments

In December 2020, the Company issued an aggregate of 10,611,072 Class A ordinary shares in a private placement that raised a total of US$870 million in proceeds.

In December 2020, the Company acquired 100% of the equity interest in Tianjin Puxin Online School Education Technology Co., Ltd, a K-12 education institution, for a total consideration of RMB37.4 million.

Business Outlook

Based on the Company’s current estimates, total net revenues for the first quarter of 2021 are expected to be between RMB1,816 million and RMB1,856 million, representing an increase of 40% to 43% on a year-over-year basis. These estimates reflect the Company’s current expectations, which are subject to change.

Conference Call

The Company will hold an earnings conference call on Friday, March 5, 2021, at 8:00 AM U.S. Eastern Time (9:00 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:

International: 1-412-317-6061

US:1-888-317-6003

Hong Kong: 800-963976

Mainland China: 4001-206115

Passcode: 9813833

A telephone replay will be available two hours after the conclusion of the conference call through March 12, 2021. The dial-in details are:

International: 1-412-317-0088

US: 1-877-344-7529

Passcode: 10152425

Additionally, a live and archived webcast of this conference call will be available at http://gsx.investorroom.com/.

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Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the outlook for the first quarter of 2021 and GSX’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to continue to attract students to enroll in its courses; the Company’s ability to continue to recruit, train and retain qualified teachers; the Company’s ability to improve the content of its existing course offerings and to develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and GSX undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About GSX Techedu Inc.

GSX is a technology-driven education company and leading online K-12 large-class after-school tutoring service provider in China. GSX offers K-12 courses covering all primary and secondary grades through the brand Gaotuketang as well as foreign language, professional and interest courses through the brand Genshuixue. GSX adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates each aspect of the Company’s business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency.

About Non-GAAP Financial Measures

The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

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The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company’s management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered over usually no more than 60 classes for K-12 courses. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.

Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses, and such adjustment excludes the impact on income tax. GSX believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. GSX believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to GSX’s historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.

The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“USD”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB6.5250 to USD1.00, the effective noon buying rate for December 31, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2020, or at any other rate.

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For further information, please contact:

GSX Techedu Inc.

Ms. Sandy Qin, CFA

E-mail: ir@genshuixue.com

Christensen

In China

Mr. Andrew MclLeod

Phone: +852-2232-3941

E-mail: gsx@christensenir.com

In US

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: lbergkamp@christensenir.com

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GSX Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

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GSX Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

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GSX Techedu Inc.

Unaudited condensed consolidated statements of operations

(In thousands of RMB and USD, except for share, per share and per ADS data)

Note: Three ADS represents two ordinary shares.

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GSX Techedu Inc.

Reconciliations of non-GAAP measures to the most comparable GAAP measures

(In thousands of RMB and USD, except for share, per share and per ADS data)

Note (1): Include miscellaneous revenues generated from services other than courses.

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