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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of the fair value measurement of the Group's assets and liabilities | As of December 31, 2023 and 2024, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:
|  |  |  |  | Fair value measurement at reporting date using |
Description |  | Fair value as of December 31, 2023 |  |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  |  | 58,128 |  |  |  | — |  |  |  | 58,128 |  |  |  | — |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jiayang Investment (1) |  |  | 63,071 |  |  |  | — |  |  |  | — |  |  |  | 63,071 |
Tale Base Investment (1) |  |  | 32,176 |  |  |  | — |  |  |  | — |  |  |  | 32,176 |
Lingdai Investment (1) |  |  | 25,473 |  |  |  | — |  |  |  | — |  |  |  | 25,473 |
Others |  |  | 5,621 |  |  |  | — |  |  |  | — |  |  |  | 5,621 |
Total assets |  |  | 184,469 |  |  |  | — |  |  |  | 58,128 |  |  |  | 126,341 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Conversion feature |  |  | 100,279 |  |  |  | — |  |  |  | — |  |  |  | 100,279 |
|  |  |  |  | Fair value measurement at reporting date using |
Description |  | Fair value as of December 31, 2024 |  |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jiayang Investment (1) |  |  | 61,426 |  |  |  | — |  |  |  | — |  |  |  | 61,426 |
Tale Base Investment (1) |  |  | 29,764 |  |  |  | — |  |  |  | — |  |  |  | 29,764 |
Lingdai Investment (1) |  |  | 17,981 |  |  |  | — |  |  |  | — |  |  |  | 17,981 |
Others |  |  | 5,261 |  |  |  | — |  |  |  | — |  |  |  | 5,261 |
Total assets |  |  | 114,432 |  |  |  | — |  |  |  | — |  |  |  | 114,432 |
(1) | Refer to Note 10—Long-term investments for further information on the Company’s investments
Schedule of the significant unobservable inputs used in the fair value measurement | The following table summarizes information about the significant unobservable inputs used in the fair value measurement for our long-term investments as of December 31, 2023 and 2024:
Investment |  | At initial valuation date |  |  | Fair value method at initial valuation date (and relative weighting) |  | Fair value as of December 31, 2023 |  | Fair value method as of December 31, 2023 (and relative weighting) |  | Key unobservable inputs |  | Range
Financing transaction of Lingdai Investment |  |  | 31,980 |  |  | Financing transactions (100%) |  | 25,473 |  | Market Approach - Guideline company method (100%) |  | Revenue multiple |  | 1.5x-2.5x
|  |  |  |  |  |  |  |  |  |  |  | Volatility |  | 62%-67%
|  |  |  |  |  |  |  |  |  |  |  | Expected terms (expiration/time to exit) |  | 1.5-2.5 years
Investment |  | At initial valuation date |  |  | Fair value method at initial valuation date (and relative weighting) |  | Fair value as of December 31, 2023 |  | Fair value method as of December 31, 2023 (and relative weighting) |  | Key unobservable inputs |  | Range
Financing transaction of Jiayang Investment |  |  | 55,000 |  |  | Financing transactions (100%) |  | 63,071 |  | Market Approach - Guideline company method (100%) |  | Net Profit multiples |  | 18x-20x
|  |  |  |  |  |  |  |  |  |  |  | Volatility |  | 35%-40%
|  |  |  |  |  |  |  |  |  |  |  | Expected terms (expiration/time to exit) |  | 1.0-3.0 years
Investment |  | At initial valuation date |  |  | Fair value method at initial valuation date (and relative weighting) |  | Fair value as of December 31, 2023 |  | Fair value method as of December 31, 2023 (and relative weighting) |  | Key unobservable inputs |  | Range
Financing transaction of Tale Base Investment |  |  | 31,400 |  |  | Financing transactions (100%) |  | 32,176 |  | Market Approach - Guideline company method (100%) |  | Revenue multiples |  | 3.8x-4.3x
|  |  |  |  |  |  |  |  |  |  |  | Volatility |  | 35%-40%
|  |  |  |  |  |  |  |  |  |  |  | Expected terms (expiration/time to exit) |  | 1.0-1.5 years
Investment |  | At initial valuation date |  |  | Fair value method at initial valuation date (and relative weighting) |  |  | Fair value as of December 31, 2024 |  |  | Fair value method as of December 31, 2024 (and relative weighting) |  | Key unobservable inputs |  | Range
Financing transaction of Lingdai Investment |  |  | 31,980 |  |  |  | Financing transactions (100%) |  |  |  | 17,981 |  |  | Market Approach - Guideline company method (100%) |  | Revenue multiples |  | 1.0x-2.5x
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Volatility |  | 50%-60%
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Expected terms (expiration/time to exit) |  | 1.5-2.5 years
Investment |  | At initial valuation date |  |  | Fair value method at initial valuation date (and relative weighting) |  | Fair value as of December 31, 2024 |  | Fair value method as of December 31, 2024 (and relative weighting) |  | Key unobservable inputs |  | Range
Financing transaction of Jiayang Investment |  |  | 55,000 |  |  | Financing transactions (100%) |  | 61,426 |  | Market Approach - Guideline company method (100%) |  | Revenue multiples |  | 0.2x-1.2x
|  |  |  |  |  |  |  |  |  |  |  | Volatility |  | 40%-48%
|  |  |  |  |  |  |  |  |  |  |  | Expected terms (expiration/time to exit) |  | 1.0-3.0 years
Investment |  | At initial valuation date |  |  | Fair value method at initial valuation date (and relative weighting) |  | Fair value as of December 31, 2024 |  | Fair value method as of December 31, 2024 (and relative weighting) |  | Key unobservable inputs |  | Range
Financing transaction of Tale Base Investment |  |  | 31,400 |  |  | Financing transactions (100%) |  | 29,764 |  | Market Approach - Guideline company method (100%) |  | Revenue multiples |  | 2.4x-3x
|  |  |  |  |  |  |  |  |  |  |  | Volatility |  | 38%-42%
|  |  |  |  |  |  |  |  |  |  |  | Expected terms (expiration/time to exit) |  | 1.0-2.0 years
Schedule of reconciliation of derivative liability | For the years ended December 31, 2022, 2023 and 2024, respectively, the roll forward of these conversion features which required to be bifurcated and accounted for as derivative liabilities are as follows:
|  | Year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | RMB |
|  | Conversion feature |  |  | Conversion feature |  |  | Conversion feature |
Balance at beginning of the year |  |  | 170,508 |  |  |  | 202,698 |  |  |  | 100,279 |
The change in fair value |  |  | 32,190 |  |  |  | (102,419 | ) |  |  | (34,378 | )
Exercise of conversion features of convertible redeemable preferred shares upon the consummation of IPO |  |  | — |  |  |  | — |  |  |  | (65,901 | )
Balance at end of the year |  |  | 202,698 |  |  |  | 100,279 |  |  |  | — |
Schedule Of Valuation Methodologies And Assumptions | Significant factors, assumptions and methodologies used in determining the business valuation include applying the discounted cash flow approach, and such approach involves certain significant estimates which are as follows:
|  | As of December 31, 2023 |  |  | As of December 31, 2024 (2) |
Discount rate |  |  | 15.0 | % |  |  | — |
Weighting between IPO scenario and Redemption scenario |  |  | IPO scenario-80 Redemption scenario-20 | % % |  |  | — — |
(2) | Upon the consummation of the IPO and the automatic conversion of preferred shares on August 15, 2024, the conversion feature of preferred shares were exercised, consequently, the derivative liabilities of conversion features were reduced to zero.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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