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Concentrations and Risks | 12 Months Ended
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Dec. 31, 2024
Concentrations and Risks |
Concentrations and Risks |
5. | Concentrations and Risks
(a) | Server and bandwidth service provider
The Group relied on over 100 telecommunications service providers and their affiliates for server and bandwidth service to support its operations during fiscal years 2022, 2023 and 2024 as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2022 |  | 2023 |  | 2024 | ​
Number of service providers, offering 10% or more of the Group’s server and bandwidth service expenditure |  | 4 | ​ | 4 | ​ | 4 | ​
Total% of the Group’s server and bandwidth service expenditure provided by 10% or greater service providers |  | 62.7 | % | 59.4 | % | 63.1 | %
​
(b) | Credit risk
Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash equivalents, time deposits, restricted cash, accounts receivable and short-term investments. As of December 31, 2023 and 2024, substantially all of the Group’s cash and cash equivalents, time deposits and restricted cash were held in major financial institutions located in the PRC or Hong Kong, which management considers being of high credit quality. Accounts receivable are typically unsecured and are generally derived from revenue earned from mobile games services, online music services and advertising services. One channel had a receivable balance exceeding 10% of the total accounts receivable balance as of December 31, 2023 and 2024, respectively as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31, |
​ |  | 2023 |  | 2024 |
Channel A |  | 23.5 | % | 14.0 | %
​ In addition, receivable from one customer accounted for 11% of the total accounts receivable balance as of December 31, 2024. Short-term investments consist of financial products issued by commercial banks in China with a variable interest rate indexed to performance of underlying assets, which have a maturity date within one year as of the purchase date. The effective yields of the short-term investments range from 1.41% to 6.70% per annum as of December 31, 2024. Any negative events or deterioration in financial well-being with respect to the counterparties of the above investments and the underlying collateral may cause a material loss to the Group and have a material effect on the Group’s financial condition and results of operations.
(c) | Major customers
No single customer represented 10% or more of the Group’s total net revenues for the years ended December 31, 2022, 2023 and 2024.
(d) | Online games
The Group derived 29.6%, 36.8% and 35.7% of its total net revenues from its top 5 online games for the years ended December 31, 2022, 2023 and 2024, respectively.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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