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ACCOUNTS RECEIVABLE, NET
12 Months Ended
Dec. 31, 2025
ACCOUNTS RECEIVABLE, NET  
ACCOUNTS RECEIVABLE, NET

7. ACCOUNTS RECEIVABLE, NET

Accounts receivable, net are as follows:

December 31,

  ​ ​ ​

December 31,

December 31,

2024

2025

2025

RMB

RMB

US$

  ​ ​ ​

(in thousands)

  ​ ​ ​

(Note 3)

Accounts receivable-third parties

 

505

 

4,287

 

612

Allowance for credit losses for accounts receivable

 

(505)

 

(505)

 

(72)

Accounts receivable-third parties, net

 

 

3,782

 

540

Accounts receivable- related party

 

 

6,284

 

899

Accounts receivable - related party represents amounts due from Shanghai ZSHX, the 49% noncontrolling interest holder of the Group’s Shanghai joint venture, arising from online game revenue generated through the joint venture’s operations. Shanghai ZSHX became a related party of the Group in September 2025. As of December 31, 2025, accounts receivable - related party amounted to RMB 6.3 million (US$0.9 million). No allowance for credit losses has been recorded against accounts receivable - related party as the amounts are considered fully collectible. See Note 6 for further details on the Group’s JVA, Zhongxinshun, the consolidated subsidiary.