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Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible assets, net

Intangible assets consist of the following:


	As of December 31,
	2022			2023
	RMB			RMB
Business Cooperation Agreement		1,554,046			1,554,046
Brand names		321,000			321,000
Non-compete commitment		79,141			79,141
Technology/platform		31,600			31,600
Total		1,985,787			1,985,787
Less: accumulated amortization		(1,234,212	)		(1,508,231	)
Less: accumulated impairment loss		(206,925	)		(206,925	)
Intangible assets, net		544,650			270,631

Amortization expenses related to intangible assets were RMB317,795, RMB324,236, and RMB274,019 for the years ended December 31, 2021, 2022 and 2023, respectively. The Group expects to record amortization expenses of RMB197,141, RMB62,836, RMB3,114, RMB3,114 and RMB4,426 for the years ending December 31, 2024, 2025, 2026, 2027, 2028 and thereafter, respectively.

In the impairment assessment performed in 2022, the Group concluded that the carrying amounts of the intangible assets exceeded their respective fair values and recorded impairment losses of RMB206,925 for the year ended December 31, 2022.