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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of assets and liabilities, consolidated revenues, net loss and cash flow information information of the VIE's

The following consolidated revenues, net income and cash flow information for the period between January 1, 2022 and the completion of the Restructuring, have been included in the accompanying consolidated financial statements. All intercompany transactions and balances with the Company and its subsidiaries, prior to the Restructuring, have been eliminated upon consolidation.

						From January 1, 2022 to the completion of the Restructuring
						RMB
Revenues (i)						936,520
Net income (ii)						2,793,301
Net cash provided by operating activities (iii)						224,031
Net cash provided by investing activities						165,672
Net cash used in financing activities (iv)						(1,055,000)
Net decrease in cash and restricted cash						(665,297)
Cash and restricted cash at the beginning of the period						665,297
Cash and restricted cash at the end of the period						—

___________________________

(i)From January 1, 2022 to the completion of the Restructuring, revenues include RMB265,452 from the Company and its subsidiaries, which are eliminated upon consolidation.

(ii)From January 1, 2022 to the completion of the Restructuring, net income includes RMB2,981,707 from the Company and its subsidiaries, which are eliminated upon consolidation.

(iii)From January 1, 2022 to the completion of the Restructuring, net cash provided by operating activities includes RMB228,428 generated from the Company and its subsidiaries which are eliminated upon consolidation.

(iv)From January 1, 2022 to the completion of the Restructuring, net cash used in financing activities includes RMB157,000 provided by the Company and its subsidiaries which are eliminated upon consolidation.

The following table summarizes the results of operations* and net assets of HF EU consolidated in the Group’s consolidated financial statements. The amounts are after eliminating transactions between the Group and HF EU.

			As of December 31,
			2023
			RMB
Assets
Current assets			39,580
Total assets			39,580
Liabilities
Current liabilities			36,749
Total liabilities			36,749

			Year ended December 31,
			2023
			RMB
Revenue			33,527
Cost of revenues			(30,849)
Gross profit			2,678
Loss from operations			(28)
Loss before income taxes			(314)
Net loss			(314)

Schedule of purchase price to the fair value of the assets acquired and liabilities assumed

The allocation of purchase price to the fair value of the assets acquired and liabilities assumed were as follows:

						RMB
Cash						374
Accounts receivable - third parties, net						31,602
Prepayments and other current assets						801
Inventories						7,054
Notes receivable						4,401
Property and equipment, net						12,974
Intangible assets, net						724
Non-deductible goodwill						25,727
Short-term borrowings						(7,140)
Accounts payable - third parties						(27,634)
Accrued expenses and other current liabilities						(3,183)
Carrying value of existing investment						(21,026)
Gain on equity method investment derecognized						(1,174)
Total consideration						23,500
Supplemental schedule of noncash investing and financing activities
Fair values of assets acquired and liabilities assumed excluding cash of RMB374						19,599
Non-deductible goodwill						25,727
Fair value of derecognized investment						(22,200)
Consideration payable as included in "accrued expenses and other current liabilities"						(11,750)
Consideration paid						11,376

						RMB
Supplemental schedule of noncash investing and financing activities
Assets acquired and liabilities assumed excluding cash of RMB1,121						100,002
Carrying amount of derecognized investment						(34,829)
Noncontrolling interest						14,360
Deferred tax liability						(34,348)
Consideration paid						45,185

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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