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Concentration and Risks | 12 Months Ended
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Dec. 31, 2024
Risks and Uncertainties [Abstract] |
Concentration and Risks | 3. CONCENTRATION AND RISKS 3.1 Concentration of Credit Risk Financial instruments that potentially subject the Group to the concentration of credit risks consist of cash and cash equivalents, restricted cash and short-term investments. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. As of December 31, 2023 and 2024, all of the Company’s cash and cash equivalents, restricted cash and short-term investments were held in major financial institutions located in the PRC, Hong Kong and Singapore, which management considers to be of high credit quality based on their credit ratings. The Group has not experienced any significant recoverability issue with respect to its accounts receivable. The Group assesses the creditworthiness of each customer when providing services and requires the customers to make advance payments or a deposit before the services are rendered. As of December 31, 2023 and 2024, there was no customer with greater than 10% of the accounts receivable, respectively. 3.2 Concentration of Customers and Suppliers Substantially all revenue was derived from customers located in the PRC . There are no customers or suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group in any of the periods presented. As of December 31, 2024, there were two suppliers collectively accounted for 52 % of the Group’s accounts payable. As of December 31, 2023, there were two suppliers collectively accounted for 22 % of the Group’s accounts payable. 3.3 Foreign Currency Exchange Rate Risk In July 2005, the PRC government changed its decades-old policy of pegging the value of the RMB to the US$, and the RMB appreciated more than 20% against the US$ over the following three years. Between July 2008 and June 2010, this appreciation halted and the exchange rate between the RMB and the US$ remained within a narrow band. Since June 2010, the RMB has fluctuated against the US$, at times significantly and unpredictably. The depreciation of the RMB against the US$ was approximately 8.5%, 1.7% and 1.5% in years ended December 31, 2022, 2023 and 2024, respectively. It is difficult to predict how market forces or PRC, or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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