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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2025
INTANGIBLE ASSETS |
INTANGIBLE ASSETS | 14. INTANGIBLE ASSETS ​ Intangible assets are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2025
​ | ​ | Gross | ​ | Accumulated amortization | ​ | Net
​ | ​ | carrying value | ​ | and impairment | ​ | carrying value
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | USD
​ | ​ | ​ | ​ | (in thousands) | ​ | ​ | ​ | (Note 3)
AI-driven User Acquisition & Platform Distribution Hub |  | 14,510 |  | (1,209) |  | 13,301 | ​ | 1,902
Game licensing |  | 2,830 |  | (330) |  | 2,500 | ​ | 357
Total |  | 17,340 |  | (1,539) |  | 15,801 | ​ | 2,259
​ In July 2025, the Group paid RMB 3 million (US$0.4 million) to a third-party game publisher to acquire game licenses of The Greed of Man. The initial cost of the licenses was RMB 2.8 million (net of recoverable taxes of RMB 0.2 million). The licenses are valid for 5 years and are amortized on a straight-line basis. In July 2025, the Group paid RMB7.5 million (US$1.1 million) to acquire an AI software- AI-driven User Acquisition & Platform Distribution Hub. The total purchase price is RMB 14.5 million (US$2.1 million), of which RMB 7.0 million (US$1.0 million) remained payable as of December 31, 2025. The acquired game licenses are amortized on a straight-line basis over the shorter of the useful economic life or five years. ​ Amortization expenses for the year ended December 31, 2025, amounted to approximately RMB 1.5 million (US$0.2 million) The future amortization for the intangible assets is expected to be as follows: ​
​ | ​ | ​ | ​ | ​
For the years ending December 31, | ​ ​ ​ | RMB | ​ ​ ​ | USD
​ | ​ | (in thousands)
2026 | ​ | 3,468 | ​ | 496
2027 | ​ | 3,468 | ​ | 496
2028 | ​ | 3,468 | ​ | 496
2029 | ​ | 3,468 | ​ | 496
2030 | ​ | 1,929 | ​ | 275
​

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