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CONSOLIDATED BALANCE SHEETS
¥ in Thousands, $ in Thousands
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Current assets      
Cash and cash equivalents ¥ 692,663 $ 99,049 ¥ 1,188,911
Restricted cash 12,031 1,720 17,031
Short-term deposits 3,125,760 446,978 4,075,048
Accounts receivable, net 238,569 34,115 76,044
Prepaid assets and amounts due from related parties, net 290,747 41,576 207,565
Prepayments and other current assets, net 547,078 78,232 523,674
Total current assets 4,906,848 701,670 6,088,273
Non-current assets      
Long-term deposits     1,470,000
Investments 296,165 42,351 440,790
Goodwill 453,498 64,849 463,796
Property and equipment, net 604,368 86,423 484,008
Intangible assets, net 127,633 18,251 153,190
Right-of-use assets, net 304,017 43,474 339,492
Prepayments and other non-current assets 8,843 1,265 128,262
Total non-current assets 1,794,524 256,613 3,479,538
Total assets 6,701,372 958,283 9,567,811
Current liabilities (including amounts of the consolidated variable interest entity and its subsidiaries ("VIEs") without recourse to the Company of RMB 884,541 and RMB 719,725 as of December 31, 2024 and 2025, respectively)      
Accounts payable 237,903 34,020 66,613
Advances from customers and deferred revenue 228,167 32,627 265,628
Income taxes payable 61,479 8,791 54,594
Accrued liabilities and other current liabilities 1,032,437 147,637 1,360,949
Amounts due to related parties 150,166 21,473 161,529
Lease liabilities due within one year 18,982 2,714 28,581
Total current liabilities 1,729,134 247,262 1,937,894
Non-current liabilities (including amounts of the consolidated VIEs without recourse to the Company of RMB42,431 and RMB32,364 as of December 31, 2024 and 2025, respectively)      
Lease liabilities 1,766 253 20,047
Deferred tax liabilities 18,932 2,707 23,405
Deferred revenue 31,824 4,551 35,786
Total non-current liabilities 52,522 7,511 79,238
Total liabilities 1,781,656 254,773 2,017,132
Commitments and contingencies (Note 26)
Shareholders' equity      
Treasury shares (128,056) (18,312) (108,101)
Additional paid-in capital 6,466,101 924,640 8,866,492
Statutory reserves 122,429 17,507 122,429
Accumulated deficit (2,219,365) (317,365) (2,100,291)
Accumulated other comprehensive income 678,455 97,018 770,000
Total shareholders' equity 4,919,716 703,510 7,550,679
Total liabilities and shareholders' equity 6,701,372 958,283 9,567,811
Class A ordinary shares      
Shareholders' equity      
Ordinary shares 54 8 52
Class B ordinary shares      
Shareholders' equity      
Ordinary shares ¥ 98 $ 14 ¥ 98