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Concentration and Risks
 12 Months Ended
Dec. 31, 2025
Concentration and Risks [Abstract]  
Concentration and Risks

3. Concentration and Risks

Financial instruments that potentially expose the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term investments and accounts receivable. As of December 31, 2024 and 2025, substantially all of the Group’s cash and cash equivalents, restricted cash and short-term investments were held in major financial institutions located in Mainland China and Hong Kong, which management considered being of high credit quality.

Accounts receivable are typically unsecured and are derived from revenues earned from reputable customers. There was one customer with a receivable balance exceeding 10% of the total accounts receivable balance as of December 31, 2024 and 2025, respectively as follows. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances.

 

 

As of December 31,

 

 

2024

 

 

2025

 

Customer A

 

 

16

%

 

 

20

%

 

No single customer represented greater than 10% of the total net revenues for the year ended December 31, 2024. There was one customer which individually represented greater than 10% of the total net revenues for the years ended December 31, 2023 and 2025, respectively as follows:

 

 

For the year ended December 31,

 

 

 

2023

 

 

2024

 

2025

 

Customer B

 

 

11

%

 

*

 

*

 

Customer C

 

*

 

 

*

 

 

16

%

 

There was one instructor, through whom the Group’s net learning services revenue earned was more than 10% of the Group’s net learning services revenue for the years ended December 31, 2023, 2024 and 2025, respectively.

 

 

For the year ended December 31,

 

 

 

2023

 

 

2024

 

 

2025

 

Instructor A

 

 

17

%

 

 

14

%

 

*

 

Instructor B

 

*

 

 

*

 

 

 

15

%

 

* The percentage was below 10% for the year.