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Fair Value Measurements (Tables)

12 Months Ended

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.

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-Topic 820
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-Name Accounting Standards Codification
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