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20-F false true 2025-12-31 --12-31 false false 001-39591 iHuman Inc. E9 Tower 306 No. 86 Beiyuan Road, Chaoyang District Beijing 100101 CN Vivien Weiwei Wang ir@ihuman.com 86 10 5780-6606 Tower 306 No. 86 Beiyuan Road Chaoyang District Beijing 100101 CN American Depositary Shares, each representing five Class A ordinary shares,par value US$0.0001 per share IH NYSE Class A ordinary shares,par value US$0.0001 per share NYSE true 255541887 111541887 144000000 No No Yes Yes Non-accelerated Filer false false false false true Risk Management and StrategyWe have implemented comprehensive cybersecurity risk assessment procedures that are integrated into our overall risk management system. These procedures aim to identify, assess and manage potential and existing cybersecurity threats. We have a strong in-house information security department, led by our cybersecurity officer, that identifies, assesses and manages cybersecurity risks on a daily basis. Since 2022, we have implemented the following actions:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">conducting regular training sessions on information security and data privacy protection for all employees and specialized trainings for personnel in designated departments through live streaming courses, offline courses and other types of courses;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">organizing “Security Promotion Week” to promote awareness of information security via posters and drills, among others;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">running regular phishing attack simulations for our employees and providing further trainings for employees who failed to identify the phishing attacks; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">requiring all employees to take the information security awareness exams.</td></tr></table><div style="margin-top:12pt;"></div>We have also established the Information Security Incident Response Plan and implemented an information security and data privacy incident response mechanism for external security attacks and violations and safeguarded the confidentiality of information and data of the company, employees and users. In the event of a personal information security breach, we would immediately initiate the information security emergency plan. Through the five stages of event confirmation and recording, preliminary evaluation and emergency measures, notification and reporting, post-event accountability and improvement and strengthening, we implement remedial measures to address the incident and prevent similar incidents from happening again. Moreover, we conduct network information security emergency drills every year to enhance the information security management.Besides, we engaged an evaluation agency which satisfies the conditions under the PRC laws and regulations to conduct evaluations on the security grade status of our information system in accordance with the technical standards such as the Evaluation Requirements on the Hierarchical Security Protection of Information System every year and we have engaged Tian Yuan Law Firm to provide us with legal services in cybersecurity and data compliance since 2024. We strive to ensure the highest standards and procedures to protect data and information security for our users and focus on maintaining and enhancing the reliability, stability and scalability of our network infrastructure. Our information security department regularly monitors the performance of our apps and infrastructure to enable us to respond quickly to potential problems, including potential cybersecurity threats. To ensure the smooth and secure operations during peak traffic that typically occurs during afternoons, evenings and weekends, we intend to continue to conduct regular maintenance of our security system, closely monitor the development of information technology and security technologies used in the industry and make necessary upgrades to enhance our information technology systems. We may grant access of personal information to third parties in very limited occasions and only to the extent necessary. When it is necessary to provide user’s personal information to a third party, we implement measures to manage the entire process of information sharing and usage, evaluate the impact on personal information protection and document the evaluation results. As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition. We have implemented comprehensive cybersecurity risk assessment procedures that are integrated into our overall risk management system. These procedures aim to identify, assess and manage potential and existing cybersecurity threats. We have a strong in-house information security department, led by our cybersecurity officer, that identifies, assesses and manages cybersecurity risks on a daily basis. Since 2022, we have implemented the following actions:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">conducting regular training sessions on information security and data privacy protection for all employees and specialized trainings for personnel in designated departments through live streaming courses, offline courses and other types of courses;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">organizing “Security Promotion Week” to promote awareness of information security via posters and drills, among others;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">running regular phishing attack simulations for our employees and providing further trainings for employees who failed to identify the phishing attacks; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">requiring all employees to take the information security awareness exams.</td></tr></table><div style="margin-top:12pt;"></div> true true true false Our board of directors has established a cybersecurity committee, comprised of the chief executive officer, chief financial officer and other board members, to oversee our cybersecurity risk management. The committee is responsible, on behalf of the board, for setting up cybersecurity measures, overseeing the implementation of the measures and dealing with major cybersecurity issues if such issues arise. Our cybersecurity officer is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation and remediation of cybersecurity incidents. cybersecurity committee The committee is responsible, on behalf of the board, for setting up cybersecurity measures, overseeing the implementation of the measures and dealing with major cybersecurity issues if such issues arise. Our cybersecurity officer is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation and remediation of cybersecurity incidents. Additionally, there is a security working group led by the cybersecurity committee, consisting of the cybersecurity officer, head of human resources, head of legal affairs, head of internal control and other relevant department heads. This working group handles our daily information security and data privacy protection affairs. Each department of our company, guided by the security working group, manages information security and data privacy protection within their respective areas of responsibility. Periodic reviews are held to discuss the landscape of cybersecurity, potential threats, and our preparedness for potential cybersecurity threats and risks to our company. In the case where a material cybersecurity incident occurs, the cybersecurity committee is responsible for reviewing the information and issues involved, disclosures to be made and the procedures followed true cybersecurity officer Additionally, there is a security working group led by the cybersecurity committee, consisting of the cybersecurity officer, head of human resources, head of legal affairs, head of internal control and other relevant department heads. This working group handles our daily information security and data privacy protection affairs. Each department of our company, guided by the security working group, manages information security and data privacy protection within their respective areas of responsibility. Periodic reviews are held to discuss the landscape of cybersecurity, potential threats, and our preparedness for potential cybersecurity threats and risks to our company. In the case where a material cybersecurity incident occurs, the cybersecurity committee is responsible for reviewing the information and issues involved, disclosures to be made and the procedures followed 1408 Ernst & Young Hua Ming LLP Beijing, the People’s Republic of China

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1. ORGANIZATION, CONSOLIDATION AND PRINCIPAL ACTIVITIESiHuman Inc. (the “Company”) is an exempted company incorporated in the Cayman Islands in September 2019. The Company, its subsidiaries, variable interest entity (“VIE”), and VIE’s subsidiaries are hereinafter collectively referred to as the “Group”. The Group is principally engaged in offering an integrated suite of tech-powered, intellectual development products and is committed to making the child-upbringing experience easier for parents and transforming intellectual development into a fun journey for children. The Group generates its revenues from the subscription fees that users paid for the premium content of its self-directed and interactive online applications, as well as from offline products and others. The majority of the Group’s revenues are generated from Chinese mainland.On October 8, 2020, the Company completed its initial public offering (“IPO”) on the New York Stock Exchange.The Company’s principal subsidiaries, the VIE and VIE’s subsidiary as of December 31, 2025 are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:36.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:36.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;">Percentage of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;">equity interest</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;">Date of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;">Place of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;">attributable to</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Name</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">establishment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">establishment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">the Company</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Principal activities</td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;background:#cceeff;margin:0pt;padding:0pt;">Subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:top;width:36.29%;margin:0pt;padding:0pt;">iHuman Online Limited (“iHuman Online”)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;">October 2, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;">Hong Kong</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:top;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:top;width:20.08%;margin:0pt;padding:0pt;">Investment holding and operation of online applications</td></tr><tr style=""><td style="vertical-align:top;width:36.29%;background:#cceeff;margin:0pt;padding:0pt;">Hongen Perfect Future (Tianjin) Investment Co., Ltd. (“Hongen Investment”, or the “WFOE”)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;background:#cceeff;margin:0pt;padding:0pt;">November 11, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;background:#cceeff;margin:0pt;padding:0pt;">Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;background:#cceeff;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:top;white-space:nowrap;width:1.89%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:top;width:20.08%;background:#cceeff;margin:0pt;padding:0pt;">Management and technical consulting</td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;margin:0pt;padding:0pt;">Hongen Perfect (Beijing) Education Technology Development Co., Ltd.</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;">May 19, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;">Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:top;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:top;width:20.08%;margin:0pt;padding:0pt;">Research and development </td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;background:#cceeff;margin:0pt;padding:0pt;">Variable interest entity</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:top;width:20.08%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;margin:0pt;padding:0pt;">Tianjin Hongen Perfect Future Education Technology Co., Ltd. (“Tianjin Hongen”, or the “VIE”)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;">March 30, 2016</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;">Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;">N/A*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:top;width:20.08%;margin:0pt;padding:0pt;">Operation of online applications</td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;background:#cceeff;margin:0pt;padding:0pt;">Subsidiary of the VIE</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:20.08%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:top;width:36.29%;margin:0pt;padding:0pt;">Beijing Jinhongen Education Technology Co., Ltd. (“Beijing Jinhongen”)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;">September 4, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;">Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;">N/A*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:top;width:20.08%;margin:0pt;padding:0pt;">Offering of products and other services</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div>* These entities are controlled by the Company pursuant to the contractual arrangements disclosed below.To comply with laws and regulations in Chinese mainland which have certain limitation of foreign control of companies that engage in value-added telecommunication services and certain other businesses, the Group primarily conducts its business in Chinese mainland through the VIE and VIE’s subsidiaries. The equity interests of the VIE are legally held by the shareholders in Chinese mainland (the “Nominee Shareholders”). Despite the lack of technical majority ownership, the Company through the WFOE has the power to direct activities of the VIE that most significantly impact its economic performance. Through a series of contractual agreements entered into by and among the Company, Hongen Investment, Tianjin Hongen and the Nominee Shareholders (the “Contractual Agreements”), the Nominee Shareholders effectively assigned all of their voting rights underlying their equity interests in the VIE to the WFOE, who immediately assigned the voting rights underlying their equity interests in the VIE to the Company. The Company also has the ability and obligation to absorb substantially all of the profits and all the expected losses of the VIE that potentially could be significant to the VIE. Based on the above, the Company is considered the primary beneficiary of the VIE and consolidates the VIE in accordance with the Securities and Exchange Commission (the “SEC”) Regulation SX-3A-02 and Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”).1. ORGANIZATION, CONSOLIDATION AND PRINCIPAL ACTIVITIES (Continued)The following is a summary of the Contractual Agreements:Powers of AttorneysPursuant to the powers of attorneys executed by the Nominee Shareholders, the Nominee Shareholders agreed to entrust to Hongen Investment an irrevocable proxy to exercise all of their rights as shareholders of Tianjin Hongen, the VIE, and to approve, on behalf of the Nominee Shareholders, all related legal documents pertinent to the exercise of their rights in their capacity as the shareholders of Tianjin Hongen. Hongen Investment is also entitled to transfer or assign its voting rights to any other person or entity at its own discretion and without giving prior notice to the Nominee Shareholders or obtaining their consent. The powers of attorneys remain valid until the exclusive management services and business cooperation agreement expires or terminates.Exclusive Call Option AgreementPursuant to the exclusive call option agreement among Hongen Investment, Tianjin Hongen and its Nominee Shareholders, the Nominee Shareholders irrevocably granted Hongen Investment or its designee(s) an exclusive call option to purchase, when and to the extent permitted under laws and regulations of Chinese mainland, all or part of the equity interests in Tianjin Hongen. Hongen Investment has the sole discretion to decide when to exercise the option, whether in part or full. The exercise price of the call option to purchase all or part of the equity interests in Tianjin Hongen or assets held by Tianjin Hongen will be the minimum amount of consideration permitted under the then-applicable laws and regulations of Chinese mainland. Without the prior consent of Hongen Investment, Tianjin Hongen and its Nominee Shareholders shall not: (i) amend the articles of association, (ii) increase or decrease the registered capital, (iii) sell or otherwise dispose of their assets or beneficial interest, (iv) create or allow any encumbrance on their assets or other beneficial interests, (v) extend any loans to third parties, (vi) enter into any material contracts (except those contracts entered into in the ordinary course of business), (vii) merge with or acquire any other persons or make any investments, or (viii) distribute dividends to their shareholders. The exclusive call option agreement will remain in effect until all the equity interests held by Nominee Shareholders or the assets held by Tianjin Hongen are transferred to Hongen Investment or its designee(s). Hongen Investment may terminate the exclusive call option agreement at its sole discretion, whereas under no circumstances may Tianjin Hongen or its Nominee Shareholders terminate this agreement. Any proceeds received by the Nominee Shareholders from the exercise of the option and distribution of profits or dividends, shall be remitted to Hongen Investment or its designee(s), to the extent permitted under laws and regulations of Chinese mainland.Exclusive Management Services and Business Cooperation AgreementPursuant to the exclusive management services and business cooperation agreement among Hongen Investment, Tianjin Hongen and the Nominee Shareholders, Hongen Investment has the exclusive right to provide technical and consulting services to Tianjin Hongen and its subsidiaries, including but not limited to management consultancy services, permission of intellectual property rights, technical support and business support. Without the prior written consent of Hongen Investment, Tianjin Hongen may not accept any services subject to this exclusive management services and business cooperation agreement from any third party, while Hongen Investment has the right to designate any party to provide such services. In return, Tianjin Hongen agrees to pay a service fee to Hongen Investment. Hongen Investment has the right to unilaterally adjust the service fee. The exclusive management services and business cooperation agreement is effective within the operating period of Tianjin Hongen. Hongen Investment may terminate this agreement unilaterally, whereas under no circumstances can Tianjin Hongen and the Nominee Shareholders terminate this agreement.1. ORGANIZATION, CONSOLIDATION AND PRINCIPAL ACTIVITIES (Continued)Equity Interest Pledge AgreementUnder the equity interest pledge agreement among Hongen Investment, Tianjin Hongen and its Nominee Shareholders, the Nominee Shareholders have pledged all of their equity interests in Tianjin Hongen to Hongen Investment to guarantee the performance of Tianjin Hongen and their obligations under the Contractual Agreements described above. During the term of the equity interest pledge agreement, Hongen Investment has the right to receive all of Tianjin Hongen’s dividends and profits distributed on the pledged equity. In the event of a breach by Tianjin Hongen or any of its Nominee Shareholders of the contractual obligations under the equity interest pledge agreement, Hongen Investment or its designee(s), as pledgee, will have the right to purchase, auction or sell all or part of the pledged equity interests in Tianjin Hongen and will have priority in receiving the proceeds from such disposal. Tianjin Hongen and its Nominee Shareholders, undertake that, without the prior written consent of Hongen Investment, they will not transfer, create or allow any encumbrance on the pledged equity interests. The equity interest pledge agreement will be valid until Tianjin Hongen and its Nominee Shareholders fulfill all contractual obligations under the Contractual Agreements.Financial Support LetterPursuant to the financial support letter, the Company is obligated and hereby undertakes to provide unlimited financial support to Tianjin Hongen, to the extent permissible under the applicable laws and regulations in Chinese mainland. The Company agrees to forego the right to seek repayment in the event if Tianjin Hongen is unable to repay such funding.Resolution of the Company’s Board of DirectorsThe Company’s board of directors resolved that the rights under the powers of attorneys and the exclusive call option agreement were assigned to any officer authorized by the Company’s board of directors.In the opinion of the Company’s legal counsel, (i) the ownership structures of the VIE and the WFOE are not in violation of applicable laws and regulations in Chinese mainland currently in effect; and (ii) the Contractual Agreements are valid, binding and enforceable, and will not result in any violation of applicable laws and regulations in Chinese mainland currently in effect; (iii) the financial support letter issued by the Company to the VIE, and the resolutions are valid in accordance with the articles of association of the Company.However, uncertainties in the legal system of Chinese mainland could cause relevant regulatory authorities to find the current Contractual Agreements and businesses to be in violation of any existing or future laws or regulations in Chinese mainland and could limit the Company’s ability to enforce its rights under these Contractual Agreements. Furthermore, the Nominee Shareholders of the VIE may have interests that are different from those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the Contractual Agreements with the VIE. In addition, if the Nominee Shareholders will not remain the shareholders of the VIE, breach, or cause the VIE to breach, or refuse to renew, the existing Contractual Agreements the Company has with them and the VIE, the Company may not be able to direct activities of the VIE that most significantly impact its economic performance and receive economic benefits from it, which may result in deconsolidation of the VIE.In addition, if the current structure or any of the Contractual Agreements were found to be in violation of any existing or future laws or regulations in Chinese mainland, the Company may be subject to penalties, including but not be limited to, revocation of business and operating licenses, discontinuing or restricting business operations, restricting the Company’s right to collect revenues, temporary or permanent blocking of the Company’s internet platforms, restructuring of the Company’s operations, imposition of additional conditions or requirements with which the Company may not be able to comply, or other regulatory or enforcement actions against the Company.As of December 31, 2024 and 2025, there were no pledge or collateralization of the VIE and VIE’s subsidiaries’ assets that can only be used to settle their obligations. All liabilities of the VIE and VIE’s subsidiaries are without recourse to the Company.1. ORGANIZATION, CONSOLIDATION AND PRINCIPAL ACTIVITIES (Continued)The table sets forth the assets and liabilities of the VIE and VIE’s subsidiaries included in the Group’s consolidated balance sheets:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:30.02%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:30.02%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">ASSETS</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 698,463</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 781,825</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 111,799</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Short-term investments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 30,900</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Accounts receivable, net of allowance of RMB5,565 and RMB554 (US$79) as of December 31, 2024 and 2025, respectively</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 48,375</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 43,985</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 6,290</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Inventories, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 23,957</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 21,808</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> 3,119</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due from related parties (including amounts due from Group entities of RMB171,522 and RMB188,904 (US$27,013) as of December 31, 2024 and 2025, respectively)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 172,992</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 192,673</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 27,552</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Prepayments and other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 81,395</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 68,424</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 9,785</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Total current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,056,082</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,108,715</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 158,545</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Non‑current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Property and equipment, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 3,298</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 2,468</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 353</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Intangible assets, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 15,269</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 16,552</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> 2,367</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Operating lease right‑of‑use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 14,885</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 11,372</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 1,626</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Long-term investment</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 26,333</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 26,333</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> 3,766</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Other non‑current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 21,345</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 11,242</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,608</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Total non‑current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 81,130</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 67,967</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 9,720</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Total assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,137,212</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,176,682</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 168,265</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">LIABILITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Accounts payable</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 26,632</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 24,706</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> 3,533</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Deferred revenue and customer advances</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 280,705</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 218,375</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 31,227</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Amounts due to related parties (including amounts due to Group entities of RMB403 and RMB1,639 (US$234) as of December 31, 2024 and 2025, respectively)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 1,965</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 2,574</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> 368</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Accrued expenses and other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 100,213</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 91,935</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 13,147</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Current operating lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,661</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,166</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Total current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 413,176</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 339,756</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 48,585</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Non‑current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Non‑current operating lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 11,252</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 9,208</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,317</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Total non‑current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 11,252</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 9,208</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,317</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Total liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 424,428</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 348,964</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 49,902</td></tr></table>The VIE and VIE’s subsidiaries’ net asset balances were RMB712,784 thousand and RMB827,718 thousand (US$118,363 thousand) as of December 31, 2024 and 2025, respectively.1. ORGANIZATION, CONSOLIDATION AND PRINCIPAL ACTIVITIES (Continued)The table sets forth the results of operations of the VIE and VIE’s subsidiaries included in the Group’s consolidated statements of comprehensive income for the years ended December 31, 2023, 2024 and 2025, respectively:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;width:43.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:43.91%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;background:#cceeff;margin:0pt;padding:0pt;">Revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 1,010,418</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;background:#cceeff;margin:0pt;padding:0pt;"> 895,193</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;background:#cceeff;margin:0pt;padding:0pt;"> 772,996</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;background:#cceeff;margin:0pt;padding:0pt;"> 110,537</td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;">Net income </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> 258,999</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"> 149,122</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"> 114,314</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"> 16,347</td></tr></table>The table sets forth the cash flows of the VIE and VIE’s subsidiaries included in the Group’s consolidated statements of cash flows for the years ended December 31, 2023, 2024 and 2025, respectively:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;width:42.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:42.74%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;background:#cceeff;margin:0pt;padding:0pt;">Net cash provided by operating activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;background:#cceeff;margin:0pt;padding:0pt;"> 215,169</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;background:#cceeff;margin:0pt;padding:0pt;"> 64,861</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;background:#cceeff;margin:0pt;padding:0pt;"> 67,167</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;background:#cceeff;margin:0pt;padding:0pt;"> 9,605</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;">Net cash provided by (used in) investing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"> 18,960</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"> (48,718)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"> 16,195</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;margin:0pt;padding:0pt;"> 2,316</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;background:#cceeff;margin:0pt;padding:0pt;">Net cash used in financing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;background:#cceeff;margin:0pt;padding:0pt;"> (57,430)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;">Net change in cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"> 234,129</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"> (41,287)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"> 83,362</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;margin:0pt;padding:0pt;"> 11,921</td></tr></table>

The Company’s principal subsidiaries, the VIE and VIE’s subsidiary as of December 31, 2025 are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:36.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:36.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;">Percentage of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;">equity interest</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;">Date of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;">Place of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;">attributable to</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Name</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">establishment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">establishment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">the Company</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Principal activities</td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;background:#cceeff;margin:0pt;padding:0pt;">Subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.18%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:20.08%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:top;width:36.29%;margin:0pt;padding:0pt;">iHuman Online Limited (“iHuman Online”)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;">October 2, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;">Hong Kong</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:top;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:top;width:20.08%;margin:0pt;padding:0pt;">Investment holding and operation of online applications</td></tr><tr style=""><td style="vertical-align:top;width:36.29%;background:#cceeff;margin:0pt;padding:0pt;">Hongen Perfect Future (Tianjin) Investment Co., Ltd. (“Hongen Investment”, or the “WFOE”)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;background:#cceeff;margin:0pt;padding:0pt;">November 11, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;background:#cceeff;margin:0pt;padding:0pt;">Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;background:#cceeff;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:top;white-space:nowrap;width:1.89%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:top;width:20.08%;background:#cceeff;margin:0pt;padding:0pt;">Management and technical consulting</td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;margin:0pt;padding:0pt;">Hongen Perfect (Beijing) Education Technology Development Co., Ltd.</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;">May 19, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;">Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:top;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:top;width:20.08%;margin:0pt;padding:0pt;">Research and development </td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;background:#cceeff;margin:0pt;padding:0pt;">Variable interest entity</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:top;width:20.08%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;margin:0pt;padding:0pt;">Tianjin Hongen Perfect Future Education Technology Co., Ltd. (“Tianjin Hongen”, or the “VIE”)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;">March 30, 2016</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;">Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;">N/A*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:top;width:20.08%;margin:0pt;padding:0pt;">Operation of online applications</td></tr><tr style=""><td style="vertical-align:bottom;width:36.29%;background:#cceeff;margin:0pt;padding:0pt;">Subsidiary of the VIE</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:20.08%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:top;width:36.29%;margin:0pt;padding:0pt;">Beijing Jinhongen Education Technology Co., Ltd. (“Beijing Jinhongen”)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;">September 4, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:13.32%;margin:0pt;padding:0pt;">Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;white-space:nowrap;width:9.18%;margin:0pt;padding:0pt;">N/A*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.89%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:top;width:20.08%;margin:0pt;padding:0pt;">Offering of products and other services</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div>* These entities are controlled by the Company pursuant to the contractual arrangements disclosed below.

The table sets forth the assets and liabilities of the VIE and VIE’s subsidiaries included in the Group’s consolidated balance sheets:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:30.02%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:30.02%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">ASSETS</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 698,463</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 781,825</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 111,799</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Short-term investments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 30,900</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Accounts receivable, net of allowance of RMB5,565 and RMB554 (US$79) as of December 31, 2024 and 2025, respectively</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 48,375</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 43,985</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 6,290</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Inventories, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 23,957</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 21,808</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> 3,119</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due from related parties (including amounts due from Group entities of RMB171,522 and RMB188,904 (US$27,013) as of December 31, 2024 and 2025, respectively)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 172,992</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 192,673</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 27,552</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Prepayments and other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 81,395</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 68,424</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 9,785</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Total current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,056,082</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,108,715</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 158,545</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Non‑current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Property and equipment, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 3,298</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 2,468</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 353</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Intangible assets, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 15,269</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 16,552</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> 2,367</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Operating lease right‑of‑use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 14,885</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 11,372</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 1,626</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Long-term investment</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 26,333</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 26,333</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> 3,766</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Other non‑current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 21,345</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 11,242</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,608</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Total non‑current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 81,130</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 67,967</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 9,720</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Total assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,137,212</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,176,682</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 168,265</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">LIABILITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Accounts payable</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 26,632</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 24,706</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> 3,533</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Deferred revenue and customer advances</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 280,705</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 218,375</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 31,227</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Amounts due to related parties (including amounts due to Group entities of RMB403 and RMB1,639 (US$234) as of December 31, 2024 and 2025, respectively)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 1,965</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"> 2,574</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"> 368</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Accrued expenses and other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 100,213</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;margin:0pt;padding:0pt;"> 91,935</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"> 13,147</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Current operating lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,661</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,166</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 310</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Total current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 413,176</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 339,756</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 48,585</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Non‑current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Non‑current operating lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 11,252</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 9,208</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,317</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;margin:0pt;padding:0pt;">Total non‑current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 11,252</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 9,208</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,317</td></tr><tr style=""><td style="vertical-align:bottom;width:67.91%;background:#cceeff;margin:0pt;padding:0pt;">Total liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 424,428</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 348,964</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 49,902</td></tr></table>The table sets forth the results of operations of the VIE and VIE’s subsidiaries included in the Group’s consolidated statements of comprehensive income for the years ended December 31, 2023, 2024 and 2025, respectively:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;width:43.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:43.91%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;background:#cceeff;margin:0pt;padding:0pt;">Revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;background:#cceeff;margin:0pt;padding:0pt;"> 1,010,418</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;background:#cceeff;margin:0pt;padding:0pt;"> 895,193</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;background:#cceeff;margin:0pt;padding:0pt;"> 772,996</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;background:#cceeff;margin:0pt;padding:0pt;"> 110,537</td></tr><tr style=""><td style="vertical-align:bottom;width:54.23%;margin:0pt;padding:0pt;">Net income </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.89%;margin:0pt;padding:0pt;"> 258,999</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"> 149,122</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"> 114,314</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"> 16,347</td></tr></table>The table sets forth the cash flows of the VIE and VIE’s subsidiaries included in the Group’s consolidated statements of cash flows for the years ended December 31, 2023, 2024 and 2025, respectively:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;width:42.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:42.74%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;background:#cceeff;margin:0pt;padding:0pt;">Net cash provided by operating activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;background:#cceeff;margin:0pt;padding:0pt;"> 215,169</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;background:#cceeff;margin:0pt;padding:0pt;"> 64,861</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;background:#cceeff;margin:0pt;padding:0pt;"> 67,167</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;background:#cceeff;margin:0pt;padding:0pt;"> 9,605</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;">Net cash provided by (used in) investing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"> 18,960</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"> (48,718)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"> 16,195</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;margin:0pt;padding:0pt;"> 2,316</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;background:#cceeff;margin:0pt;padding:0pt;">Net cash used in financing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;background:#cceeff;margin:0pt;padding:0pt;"> (57,430)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:55%;margin:0pt;padding:0pt;">Net change in cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.15%;margin:0pt;padding:0pt;"> 234,129</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"> (41,287)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95%;margin:0pt;padding:0pt;"> 83,362</td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.9%;margin:0pt;padding:0pt;"> 11,921</td></tr></table>

698463000

781825000

111799000

30900000

5565000

554000

79000

48375000

43985000

6290000

23957000

21808000

3119000

171522000

188904000

27013000

172992000

192673000

27552000

81395000

68424000

9785000

1056082000

1108715000

158545000

3298000

2468000

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of presentationThe consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).Principles of consolidationThe consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, the VIE and VIE’s subsidiaries for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated upon consolidation.Use of estimatesThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s consolidated financial statements include, but are not limited to, allowance for credit losses, reserve for inventories, impairment of long-term investment, realization of deferred tax assets, incremental borrowing rates for leases, expected contract periods for indefinite term subscriptions and determination of the standalone selling prices. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates.Convenience translationAmounts in U.S. dollars are presented for the convenience of the reader and are translated at the rate of RMB6.9931 per US$1.00, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)Foreign currencyThe Group’s financial information is presented in Renminbi (“RMB”). The functional currency of the Company and its subsidiaries in Hong Kong and Singapore is U.S. dollars (“US$”). The functional currency of the WFOE and the WFOE’s subsidiaries, the VIE and VIE’s subsidiaries located in Chinese mainland is RMB.Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive income.For the translation of financial information, assets and liabilities are translated at the exchange rate on the balance sheet date, equity amounts are translated at historical exchange rate, and revenues, costs and expenses, gains and losses are translated using the average rate for the period. Translation differences are recorded in “Accumulated other comprehensive income”, a component of shareholders’ equity.Cash, cash equivalents and short-term investmentsCash and cash equivalents consist of cash on hand, deposits and highly liquid investments placed with banks and securities account and have original maturities of three months or less. Short-term investments represent deposits placed with financial institutions with original maturities of more than three months and less than one year, as well as wealth management deposits placed with financial institutions with original maturities less than one year and is restricted for withdrawal before maturity. The allowance for credit losses, as well as unrecognized holding gains and losses for short-term investments were not material as of December 31, 2024 and 2025.Accounts receivable, netAccounts receivable represent uncollected payments from customers for (i) completed transactions where customer payments have been settled by mobile app stores and third-party online channels but not yet remitted to the Group, or (ii) completed shipments where the Group charges customers and payment has not been received. Accounts receivable are measured at amortized cost basis presented at the net amount expected to be collected and are written off when deemed uncollectible.Allowance for credit lossesThe Group maintains an estimated allowance for credit losses following ASC 326, Financial Instruments—Credit Losses to reduce its financial instruments to the amounts expected to be collected. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group uses the length of time the balances have been outstanding, the payment history, creditworthiness and financial conditions of the customers and forecast industry and economic trend as credit quality indicators to monitor the Group’s receivables within the scope of expected credit loss model and use these as a basis to develop the Group’s expected loss estimates.Inventories, netInventories primarily consist of products available for sale and are stated at the lower of cost or net realizable value. Cost of inventory is determined using the weighted average cost method. Inventory reserve is recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. Write-downs are recorded in cost of revenues in the consolidated statements of comprehensive income.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)As of December 31, 2024 and 2025, the Group had inventory cost of RMB29,644 thousand and RMB29,187 thousand (US$4,173 thousand), and the related inventory reserve was RMB6,169 thousand and RMB7,799 thousand (US$1,115 thousand), respectively.Property and equipment, netProperty and equipment are stated at cost, less accumulated depreciation and any recorded impairment. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:75.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Category</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Estimated Useful Life</td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;background:#cceeff;margin:0pt;padding:0pt;">Electronic equipment</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;background:#cceeff;margin:0pt;padding:0pt;">4 years</td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;margin:0pt;padding:0pt;">Office furniture</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;margin:0pt;padding:0pt;">5 years</td></tr></table>Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive income.Intangible assets, netIntangible assets are carried at cost, less accumulated amortization and any recorded impairment. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful lives for the intangible assets are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:75.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Category</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Estimated Useful Life</td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;background:#cceeff;margin:0pt;padding:0pt;">Intellectual property rights and others</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;background:#cceeff;margin:0pt;padding:0pt;">2-10 years</td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;margin:0pt;padding:0pt;">Licensed software</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;margin:0pt;padding:0pt;">1-5 years</td></tr></table>Long-term investmentThe Group’s long-term investment consists of equity investment without readily determinable fair value. For investments in privately-held companies’ shares that are not ordinary shares or in-substance ordinary shares, and investments in ordinary shares or in-substance ordinary shares issued by privately-held companies on which the Group does not have significant influence, as these equity securities do not have readily determinable fair value, the Group measures them at cost, less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer (referred to as the measurement alternative under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”)). The Group makes a qualitative assessment of whether the equity investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the investment’s fair value is estimated in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, an impairment loss is to be recognized in the consolidated statements of comprehensive income equal to the difference between the carrying value and fair value.In January 2022, the Group acquired 10% of the equity interest of a privately-held company focusing on AI solutions, for a total cash consideration of RMB26,333 thousand. For the years ended December 31, 2023, 2024 and 2025, there was no impairment or upward/downward adjustments resulting from observable price changes of this investment.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)Impairment of long-lived assetsThe Group evaluates its long-lived assets for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For all periods presented, there was no impairment of any of the Group’s long-lived assets.Segment reportingBeginning on January 1, 2024, the Group adopted Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures (“ASU 2023-07”) using the retrospective transition approach. The ASU focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The adoption of ASU 2023-07 did not have a material effect on the Group’s consolidated financial statements for the periods presented.The Group’s chief operating decision makers (“CODM”) has been identified as the Chief Executive Officer in accordance with the updated ASC 280-10, Segment Reporting: Overall (“ASC 280”). The CODM reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one operating segment. The Group does not distinguish between markets or segments for purposes of internal reporting. The majority of the Group’s revenues for the years ended December 31, 2023, 2024 and 2025 were generated from Chinese mainland. As of December 31, 2024 and 2025, substantially all of the long-lived assets of the Group were located in Chinese mainland, and therefore, no geographical segments are presented.The CODM assesses the operating segment’s performance, monitors budget versus actual results, and decides how to allocate resources based on net income that also is reported on the consolidated statements of comprehensive income as consolidated net income. Significant expenses that are regularly reviewed by the CODM within consolidated net income include cost of revenues, research and development expenses, sales and marketing expenses and general and administrative expenses, which are each separately presented on the consolidated statements of comprehensive income. Other segment items within net income include other income, net and income tax expenses.Revenue recognitionThe Group applies the five-step model outlined in ASC 606, Revenue from Contracts with Customers (“ASC 606”), to account for its revenue. The Group accounts for a contract when it has approval and commitment from the customer, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.The Group has elected to exclude from revenue sales taxes and other similar taxes that are both imposed on and are concurrent with revenue producing transactions. Therefore, revenues are recognized net of value added taxes (“VAT”).Online subscriptionsThe majority of the Group’s online subscription revenue is generated from non-cancellable subscriptions on its various self-directed and interactive applications.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)The non-cancellable subscription contracts provide customers the access to hosted contents over a contract term. Subscription revenue is recognized ratably over the contract period as the performance obligation is satisfied. The subscription services are sold in short-term periods, typically no more than 12 months. Certain subscriptions have contracts with no fixed duration and are marketed as indefinite term subscriptions. For these indefinite term subscriptions, the Group considers users’ historical usage patterns and contract periods of comparable subscriptions, or the products’ designed features and anticipated usage patterns, to arrive at the best estimates of the expected contract periods, over which the Group recognizes related revenue ratably.The Group also offers its customers to purchase certain completed digital contents on certain applications. These digital contents can be downloaded and used offline indefinitely. Therefore, customers take possession of these applications and contents, and revenues from sales of them are recognized at a point in time when they are made available for the customers’ use.Offline products and othersThe Group sells materials and smart devices to individual users, kindergartens and distributors. Revenue from offline products is recognized when control of the promised goods is transferred to the customer, at an amount that reflects the consideration the Group expects to be entitled to in exchange for the goods.The Group offers certain customers with rights of return. These rights are accounted for as variable consideration when estimating the amount of revenue to be recognized by utilizing expected value method. As of December 31, 2024 and 2025, the liabilities for return allowances and rights to recover products from customers associated with the Group’s liabilities for return allowances were not material.Some contracts with customers include promises to transfer multiple online subscriptions and offline products. The Group identified the offerings of material online subscriptions and offline products as separate performance obligations if customers can benefit from them on their own and the promises to deliver the subscription interests and the products are separately identifiable from each other in accordance with ASC 606. Revenue is allocated to each identified performance obligation based on its relative standalone selling price. In instances where standalone selling price is not directly observable, considerations are allocated using adjusted market assessment approach or expected cost plus margin approach. Determining the standalone selling price of each separate unit may require management judgments. The Group believes the use of its estimation approach and allocation of the transaction price on a relative standalone selling price basis to each performance obligation results in revenue recognition in a manner consistent with the underlying economics of the transaction and the allocation principle stated in ASC 606.Deferred revenue and customer advancesTiming of revenue recognition may differ from the timing of cash collection. For certain revenue contracts, customers are required to pay before the services and goods are delivered to the customers. The Group recognizes the excess of payments received as compared to the recognized revenue as deferred revenue or customer advances, which primarily consist of unearned revenue related to subscription services which is recognized ratably over the expected contract period, and advanced payments received from customers for goods to be delivered and services to be provided.Payment terms and conditions vary by contract type and customer. For the offerings of online subscriptions and sales of offline products to individual users, immediate payment upon purchase is required. Payments made through certain third-party payment service providers can be collected on a real time basis, and payments made through mobile app stores and other third-party online channels are generally collected within 60 days. For sales of intellectual development materials and devices to kindergartens and distributors, payment terms generally require advanced payments or payment within 180 days. In instances where the timing of revenue recognition differs from the timing of payment, the Group has determined that its contracts do not include a significant financing component.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)Practical expedientsThe Group has utilized the practical expedient available under ASC 606-10-50-14 to not to disclose information about its remaining performance obligations because the Group’s contracts with customers generally have an expected duration of no more than one year.Contract costsThe Group has determined that certain costs, primarily channel costs associated with sales made in mobile app stores or through distributors, meet the requirements to be capitalized as costs of obtaining contracts or costs to fulfill contracts. The Group recognizes an asset for these costs incurred for non-cancellable subscription contracts in “Prepayments and other current assets” (Note 6) in the consolidated balance sheets. The amortization of these costs over the expected contract period are included in cost of revenues.Cost of revenuesCost of revenues represents costs incurred to support and maintain online applications and other offerings, which primarily include channel costs, production and freight costs, salaries and benefits for employees directly involved in revenue generation activities and royalty fees.Research and development expensesResearch and development expenses primarily consist of salaries, benefits and share-based compensation for research and development personnel, third-party outsourcing service provider costs and rental costs. The Group expenses research and development costs as they are incurred.Advertising expendituresAdvertising costs are expensed when incurred and are included in sales and marketing expenses in the consolidated statements of comprehensive income. Advertising expenses were RMB120,794 thousand, RMB133,528 thousand and RMB102,729 thousand (US$14,690 thousand) for the years ended December 31, 2023, 2024 and 2025, respectively.Employee benefit expensesAll eligible employees of the Group in Chinese mainland are entitled to staff welfare benefits including medical care, welfare subsidies, unemployment insurance and pension benefits through a Chinese mainland government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries and to make contributions to the plans out of the amounts accrued. The Chinese mainland government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed. The Group recorded employee benefit expenses of RMB72,583 thousand, RMB71,986 thousand and RMB65,224 thousand (US$9,327 thousand) for the years ended December 31, 2023, 2024 and 2025, respectively.The Group has no further payment obligations once the contributions have been paid.Share-based compensationThe Groups applies ASC 718, Compensation—Stock Compensation (“ASC 718”), to account for its employee share-based payments. In accordance with ASC 718, the Group determines whether an award should be accounted for as a liability award or equity award. All the Group’s share-based awards to employees were classified as equity awards and are recognized in the consolidated financial statements based on their grant date fair values. The Group applies ASC 718 to account for share-based payments for acquiring goods and services from non-employees at grant date fair value.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)The Group has elected to recognize share-based compensation on a straight-line basis over the requisite service period for each separately vesting portion, for all share-based awards granted with graded vesting or cliff vesting based on service conditions and performance conditions and only if performance-based conditions are considered probable to be satisfied. For share-based awards vesting immediately as granted, the Group recognizes share-based compensation at the grant date. The Group elected to account for forfeitures as they occur. The Group, with the assistance of an independent valuation firm, determined the fair value of the share options.Interest incomesInterest incomes are generated from the Group’s interest-bearing bank deposits and are recognized in “Other income, net” in the consolidated statements of comprehensive income. For the years ended December 31, 2023, 2024 and 2025, interest incomes recognized as other income totaled RMB28,542 thousand, RMB32,365 thousand and RMB26,017 thousand (US$3,720 thousand), respectively.Government subsidiesGovernment subsidies primarily consist of financial subsidies received in cash from local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government subsidies the Group received are subject to no further conditions to be met and are not intended to compensate specific operating costs or expenses, and thus are recognized as income in “Other income, net” in the consolidated statements of comprehensive income. Government subsidies received and recognized as other income totaled RMB12,413 thousand, RMB5,908 thousand and RMB9,762 thousand (US$1,396 thousand) for the years ended December 31, 2023, 2024 and 2025, respectively.LeasesThe Group follows ASC 842, Leases (“ASC 842”) to account for its leases. The Group leases real estate property under operating leases. Right-of-use (“ROU”) assets are recognized at the amount of the lease liabilities, adjusted for cumulative prepayments and lease incentives, if any. Lease liabilities are recognized at the present value of the lease payments over the lease term at the commencement date. As the rate implicit in the Group’s leases are not readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis, the amount of the lease payments in the same currency, for a similar term and in a similar economic environment. The Group recognizes operating lease expense on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise. The Group accounts termination of a lease before the expiration of the lease term by removing the ROU asset and the lease liability, with profit or loss recognized for the difference, if any. The Group elected the practical expedient of the short-term lease exemption for contracts with lease terms of 12 months or shorter.Income taxesThe Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is not more likely than not that some portion, or all, of the deferred tax assets will be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expenses in the period that includes the enactment date of the change in tax rate.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)The Group accounts for uncertainties in income taxes in accordance with ASC 740. Interest and penalties arising from underpayment of income taxes shall be computed in accordance with the related tax law in Chinese mainland. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive income as other expenses.In accordance with the provisions of ASC 740, the Group recognizes in its consolidated financial statements the impact of a tax position if a tax return position or future tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax benefits, if any, will be generally recorded in “other non-current liabilities”, while amounts anticipated to be paid within one year will be recorded in “other current liabilities” in the accompanying consolidated financial statements. Such estimated liability for unrecognized tax benefits, if any, will be periodically assessed for adequacy, and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The actual benefits ultimately realized may differ from the Group’s estimates. In future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur.Beginning on January 1, 2025, the Group adopted ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures (“ASU 2023-09”), to provide more detailed disclosure for income taxes paid and the effective tax rate reconciliation using a prospective approach. The adoption of ASU 2023-09 did not have a material impact on the Group’s financial statements.Income per shareIn accordance with ASC 260, Earnings Per Share, basic income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the year using the two-class method. For the years ended December 31, 2023, 2024 and 2025, the two-class method is applicable because the Company has two classes of ordinary shares outstanding, Class A and Class B ordinary shares, respectively.Diluted income per share is calculated by dividing net income as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary and dilutive ordinary share equivalents outstanding during the period. Ordinary share equivalents consist of ordinary shares issuable upon the exercise of share options, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted income per share if their effects would be anti-dilutive. Share options with performance conditions are considered contingently issuable shares and are included in the computation of diluted income per share to the extent that the performance conditions are met such that the ordinary shares will be issued at the end of the reporting period, assuming it was the end of the contingency period.Fair value measurementsFinancial instruments of the Group primarily include cash and cash equivalents, short-term investments, amounts due from and due to related parties, certain other current assets and liabilities, and long-term investment. The Group applies ASC 820 in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and requires disclosures to be provided on fair value measurement. The carrying values of the financial instruments other than long-term investment approximate their fair values due to their short-term maturities. For long-term investment, the Group elected to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any.ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.Level 2—Include other inputs that are directly or indirectly observable in the marketplace.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)Level 3—Unobservable inputs which are supported by little or no market activity.Fair values of time deposits and wealth management deposits placed with financial institutions were estimated using quoted prices for securities with similar characteristics and other observable inputs, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 2.ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.There were no assets and liabilities measured at fair value on a recurring basis or nonrecurring basis as of December 31, 2024 and 2025.Comprehensive incomeComprehensive income is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income includes net income and foreign currency translation adjustment of the Group.Recent accounting pronouncementIn November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), requiring disclosure in the notes to financial statements, of specified information about certain costs and expenses. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group is currently evaluating the ASU to determine its impact on the consolidated financial statements. In July 2025, the FASB issued ASU No. 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), introducing a practical expedient that entities can elect in estimating expected credit losses. Specifically, it permits the assupmtion that current conditions as of the balance sheet date remain unchanged throughout the remaining life of the asset. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and requires prospective application. The Group is currently evaluating the ASU to determine its impact on the consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832)-Accounting for Government Grants Received by Business Entities (“ASU 2025-10”), to improve U.S. GAAP by establishing authoritative guidance on the recognition, measurement, and presentation of government grants received by business entities. ASU 2025-10 is effective for public business entities for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is currently evaluating the ASU to determine its impact on the consolidated financial statements.

Basis of presentationThe consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).

Principles of consolidationThe consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, the VIE and VIE’s subsidiaries for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated upon consolidation.

Use of estimatesThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s consolidated financial statements include, but are not limited to, allowance for credit losses, reserve for inventories, impairment of long-term investment, realization of deferred tax assets, incremental borrowing rates for leases, expected contract periods for indefinite term subscriptions and determination of the standalone selling prices. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates.

Convenience translationAmounts in U.S. dollars are presented for the convenience of the reader and are translated at the rate of RMB6.9931 per US$1.00, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

6.9931

Foreign currencyThe Group’s financial information is presented in Renminbi (“RMB”). The functional currency of the Company and its subsidiaries in Hong Kong and Singapore is U.S. dollars (“US$”). The functional currency of the WFOE and the WFOE’s subsidiaries, the VIE and VIE’s subsidiaries located in Chinese mainland is RMB.Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive income.For the translation of financial information, assets and liabilities are translated at the exchange rate on the balance sheet date, equity amounts are translated at historical exchange rate, and revenues, costs and expenses, gains and losses are translated using the average rate for the period. Translation differences are recorded in “Accumulated other comprehensive income”, a component of shareholders’ equity.

Inventories, netInventories primarily consist of products available for sale and are stated at the lower of cost or net realizable value. Cost of inventory is determined using the weighted average cost method. Inventory reserve is recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. Write-downs are recorded in cost of revenues in the consolidated statements of comprehensive income.As of December 31, 2024 and 2025, the Group had inventory cost of RMB29,644 thousand and RMB29,187 thousand (US$4,173 thousand), and the related inventory reserve was RMB6,169 thousand and RMB7,799 thousand (US$1,115 thousand), respectively.

29644000

29187000

4173000

6169000

7799000

1115000

Property and equipment, netProperty and equipment are stated at cost, less accumulated depreciation and any recorded impairment. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:75.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Category</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Estimated Useful Life</td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;background:#cceeff;margin:0pt;padding:0pt;">Electronic equipment</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;background:#cceeff;margin:0pt;padding:0pt;">4 years</td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;margin:0pt;padding:0pt;">Office furniture</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;margin:0pt;padding:0pt;">5 years</td></tr></table>Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive income.

P4Y

P5Y

Intangible assets, netIntangible assets are carried at cost, less accumulated amortization and any recorded impairment. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful lives for the intangible assets are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:75.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Category</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Estimated Useful Life</td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;background:#cceeff;margin:0pt;padding:0pt;">Intellectual property rights and others</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;background:#cceeff;margin:0pt;padding:0pt;">2-10 years</td></tr><tr style=""><td style="vertical-align:bottom;width:75.39%;margin:0pt;padding:0pt;">Licensed software</td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:21.48%;margin:0pt;padding:0pt;">1-5 years</td></tr></table>

P2Y

P10Y

P1Y

P5Y

0.10

26333000

0 0

Revenue recognitionThe Group applies the five-step model outlined in ASC 606, Revenue from Contracts with Customers (“ASC 606”), to account for its revenue. The Group accounts for a contract when it has approval and commitment from the customer, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.The Group has elected to exclude from revenue sales taxes and other similar taxes that are both imposed on and are concurrent with revenue producing transactions. Therefore, revenues are recognized net of value added taxes (“VAT”).Online subscriptionsThe majority of the Group’s online subscription revenue is generated from non-cancellable subscriptions on its various self-directed and interactive applications.The non-cancellable subscription contracts provide customers the access to hosted contents over a contract term. Subscription revenue is recognized ratably over the contract period as the performance obligation is satisfied. The subscription services are sold in short-term periods, typically no more than 12 months. Certain subscriptions have contracts with no fixed duration and are marketed as indefinite term subscriptions. For these indefinite term subscriptions, the Group considers users’ historical usage patterns and contract periods of comparable subscriptions, or the products’ designed features and anticipated usage patterns, to arrive at the best estimates of the expected contract periods, over which the Group recognizes related revenue ratably.The Group also offers its customers to purchase certain completed digital contents on certain applications. These digital contents can be downloaded and used offline indefinitely. Therefore, customers take possession of these applications and contents, and revenues from sales of them are recognized at a point in time when they are made available for the customers’ use.Offline products and othersThe Group sells materials and smart devices to individual users, kindergartens and distributors. Revenue from offline products is recognized when control of the promised goods is transferred to the customer, at an amount that reflects the consideration the Group expects to be entitled to in exchange for the goods.The Group offers certain customers with rights of return. These rights are accounted for as variable consideration when estimating the amount of revenue to be recognized by utilizing expected value method. As of December 31, 2024 and 2025, the liabilities for return allowances and rights to recover products from customers associated with the Group’s liabilities for return allowances were not material.Some contracts with customers include promises to transfer multiple online subscriptions and offline products. The Group identified the offerings of material online subscriptions and offline products as separate performance obligations if customers can benefit from them on their own and the promises to deliver the subscription interests and the products are separately identifiable from each other in accordance with ASC 606. Revenue is allocated to each identified performance obligation based on its relative standalone selling price. In instances where standalone selling price is not directly observable, considerations are allocated using adjusted market assessment approach or expected cost plus margin approach. Determining the standalone selling price of each separate unit may require management judgments. The Group believes the use of its estimation approach and allocation of the transaction price on a relative standalone selling price basis to each performance obligation results in revenue recognition in a manner consistent with the underlying economics of the transaction and the allocation principle stated in ASC 606.Deferred revenue and customer advancesTiming of revenue recognition may differ from the timing of cash collection. For certain revenue contracts, customers are required to pay before the services and goods are delivered to the customers. The Group recognizes the excess of payments received as compared to the recognized revenue as deferred revenue or customer advances, which primarily consist of unearned revenue related to subscription services which is recognized ratably over the expected contract period, and advanced payments received from customers for goods to be delivered and services to be provided.Payment terms and conditions vary by contract type and customer. For the offerings of online subscriptions and sales of offline products to individual users, immediate payment upon purchase is required. Payments made through certain third-party payment service providers can be collected on a real time basis, and payments made through mobile app stores and other third-party online channels are generally collected within 60 days. For sales of intellectual development materials and devices to kindergartens and distributors, payment terms generally require advanced payments or payment within 180 days. In instances where the timing of revenue recognition differs from the timing of payment, the Group has determined that its contracts do not include a significant financing component.Practical expedientsThe Group has utilized the practical expedient available under ASC 606-10-50-14 to not to disclose information about its remaining performance obligations because the Group’s contracts with customers generally have an expected duration of no more than one year.Contract costsThe Group has determined that certain costs, primarily channel costs associated with sales made in mobile app stores or through distributors, meet the requirements to be capitalized as costs of obtaining contracts or costs to fulfill contracts. The Group recognizes an asset for these costs incurred for non-cancellable subscription contracts in “Prepayments and other current assets” (Note 6) in the consolidated balance sheets. The amortization of these costs over the expected contract period are included in cost of revenues.

true

120794000

133528000

102729000

14690000

72583000

71986000

65224000

9327000

Interest incomesInterest incomes are generated from the Group’s interest-bearing bank deposits and are recognized in “Other income, net” in the consolidated statements of comprehensive income. For the years ended December 31, 2023, 2024 and 2025, interest incomes recognized as other income totaled RMB28,542 thousand, RMB32,365 thousand and RMB26,017 thousand (US$3,720 thousand), respectively.

28542000

32365000

26017000

3720000

Government subsidiesGovernment subsidies primarily consist of financial subsidies received in cash from local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government subsidies the Group received are subject to no further conditions to be met and are not intended to compensate specific operating costs or expenses, and thus are recognized as income in “Other income, net” in the consolidated statements of comprehensive income. Government subsidies received and recognized as other income totaled RMB12,413 thousand, RMB5,908 thousand and RMB9,762 thousand (US$1,396 thousand) for the years ended December 31, 2023, 2024 and 2025, respectively. 12413000 5908000 9762000 1396000

LeasesThe Group follows ASC 842, Leases (“ASC 842”) to account for its leases. The Group leases real estate property under operating leases. Right-of-use (“ROU”) assets are recognized at the amount of the lease liabilities, adjusted for cumulative prepayments and lease incentives, if any. Lease liabilities are recognized at the present value of the lease payments over the lease term at the commencement date. As the rate implicit in the Group’s leases are not readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis, the amount of the lease payments in the same currency, for a similar term and in a similar economic environment. The Group recognizes operating lease expense on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise. The Group accounts termination of a lease before the expiration of the lease term by removing the ROU asset and the lease liability, with profit or loss recognized for the difference, if any. The Group elected the practical expedient of the short-term lease exemption for contracts with lease terms of 12 months or shorter.

Income taxesThe Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is not more likely than not that some portion, or all, of the deferred tax assets will be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expenses in the period that includes the enactment date of the change in tax rate.The Group accounts for uncertainties in income taxes in accordance with ASC 740. Interest and penalties arising from underpayment of income taxes shall be computed in accordance with the related tax law in Chinese mainland. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive income as other expenses.In accordance with the provisions of ASC 740, the Group recognizes in its consolidated financial statements the impact of a tax position if a tax return position or future tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax benefits, if any, will be generally recorded in “other non-current liabilities”, while amounts anticipated to be paid within one year will be recorded in “other current liabilities” in the accompanying consolidated financial statements. Such estimated liability for unrecognized tax benefits, if any, will be periodically assessed for adequacy, and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The actual benefits ultimately realized may differ from the Group’s estimates. In future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur.Beginning on January 1, 2025, the Group adopted ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures (“ASU 2023-09”), to provide more detailed disclosure for income taxes paid and the effective tax rate reconciliation using a prospective approach. The adoption of ASU 2023-09 did not have a material impact on the Group’s financial statements.

Income per shareIn accordance with ASC 260, Earnings Per Share, basic income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the year using the two-class method. For the years ended December 31, 2023, 2024 and 2025, the two-class method is applicable because the Company has two classes of ordinary shares outstanding, Class A and Class B ordinary shares, respectively.Diluted income per share is calculated by dividing net income as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary and dilutive ordinary share equivalents outstanding during the period. Ordinary share equivalents consist of ordinary shares issuable upon the exercise of share options, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted income per share if their effects would be anti-dilutive. Share options with performance conditions are considered contingently issuable shares and are included in the computation of diluted income per share to the extent that the performance conditions are met such that the ordinary shares will be issued at the end of the reporting period, assuming it was the end of the contingency period.

Fair value measurementsFinancial instruments of the Group primarily include cash and cash equivalents, short-term investments, amounts due from and due to related parties, certain other current assets and liabilities, and long-term investment. The Group applies ASC 820 in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and requires disclosures to be provided on fair value measurement. The carrying values of the financial instruments other than long-term investment approximate their fair values due to their short-term maturities. For long-term investment, the Group elected to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any.ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.Level 2—Include other inputs that are directly or indirectly observable in the marketplace.Level 3—Unobservable inputs which are supported by little or no market activity.Fair values of time deposits and wealth management deposits placed with financial institutions were estimated using quoted prices for securities with similar characteristics and other observable inputs, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 2.ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.There were no assets and liabilities measured at fair value on a recurring basis or nonrecurring basis as of December 31, 2024 and 2025.

Comprehensive incomeComprehensive income is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income includes net income and foreign currency translation adjustment of the Group.

3. CONCENTRATION OF RISKSBusiness, customer, political, social and economic risksThe Group participates in a dynamic and competitive high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations or cash flows: changes in the overall demand for the product offerings; competitive pressures due to existing competitors; new trends in new technologies and industry standards; changes in certain strategic relationships or customer relationships; regulatory considerations; and risks associated with the Group’s ability to attract and retain employees necessary to support its growth. The Group’s operations could be adversely affected by significant political, economic and social uncertainties in Chinese mainland. The Group did not have customers accounted for more than 10% of the revenues for the years ended December 31, 2023, 2024 and 2025.Concentration of credit riskAssets that potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, short-term investments and accounts receivable.The Group expects that there is no significant credit risk associated with cash, cash equivalents and short-term investments, substantially all of which were held by reputable financial institutions located in Chinese mainland and Hong Kong. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality and the deposits are covered by governmental insurance systems. In May 2015, a new Deposit Insurance System (“DIS”) managed by the People’s Bank of China (“PBOC”) was implemented by the Chinese mainland government. Deposits in the licensed banks in Chinese mainland are protected by DIS, up to a limit of RMB500 thousand. Hong Kong has an official Deposit Protection Scheme (“DPS”). Deposits in the licensed banks in Hong Kong are protected by DPS, up to a limit of HK$800 thousand.Accounts receivable are typically unsecured and denominated in RMB. Accounts receivable primarily comprise of net cash to be collected from reputable mobile app stores, third-party online payment channels, child-upbringing organizations and distributors. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances.Currency convertibility riskThe Group transacts a majority of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the Chinese mainland government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the PBOC. However, the unification of the exchange rates does not imply that the RMB may be readily convertible into U.S. dollar or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the foreign exchange trading system market of Chinese mainland.Foreign currency exchange rate riskFrom July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. For RMB against U.S. dollar, there were depreciations of 2.9% and 2.8% during the years ended December 31, 2023 and 2024, respectively, and appreciation of 4.2% during the year ended December 31, 2025. It is difficult to predict how market forces or Chinese mainland or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. To the extent that the Group needs to convert U.S. dollar into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Group would receive from the conversion. Conversely, if the Group decides to convert RMB into U.S. dollar for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Group. In addition, a significant depreciation of the RMB against the U.S. dollar may significantly reduce the U.S. dollar equivalent of the Group’s financial results.

500000

800000

-0.029 -0.028 0.042

4. REVENUE AND DEFERRED REVENUEThe following table presents the Group’s revenues from contracts with customers disaggregated by timings of revenue recognition:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:44.14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:44.14%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:54%;background:#cceeff;margin:0pt;padding:0pt;">Revenues:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:54%;margin:0pt;padding:0pt;">Recognized over time</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;margin:0pt;padding:0pt;"> 926,479</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;margin:0pt;padding:0pt;"> 818,711</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;margin:0pt;padding:0pt;"> 701,505</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;margin:0pt;padding:0pt;"> 100,314</td></tr><tr style=""><td style="vertical-align:bottom;width:54%;background:#cceeff;margin:0pt;padding:0pt;">Recognized at a point in time</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 91,660</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 103,490</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 105,514</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 15,088</td></tr><tr style=""><td style="vertical-align:bottom;width:54%;margin:0pt;padding:0pt;">Total revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,018,139</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 922,201</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 807,019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 115,402</td></tr></table>Contract costsDeferred channel and other costs were recorded under “Prepayments and other current assets” (Note 6). For the years ended December 31, 2023, 2024 and 2025, the Group recognized RMB192,122 thousand, RMB161,624 thousand and RMB139,740 thousand (US$19,983 thousand) of amortization of deferred channel costs as “Cost of revenues”, respectively. There was no impairment recognized to the deferred costs during the years ended December 31, 2023, 2024 and 2025.Deferred revenue and customer advancesDeferred revenue and customer advances primarily consist of deferred revenue from online subscriptions and advanced consideration received from customers for the sales of offline products and others, which are recognized as contract liability until services are provided to the customers and products are delivered at customers. The balance of deferred revenue and customer advances as of December 31, 2025 decreased from the higher balance as of December 31, 2024 due to decline in China’s newborn population, as well as increasingly conservative consumer spending in recent years.Revenue recognized during the year ended December 31, 2025 that was included in the deferred revenue and customer advances balance of RMB283,251 thousand at January 1, 2025 was RMB275,158 thousand (US$39,347 thousand).

926479000

818711000

701505000

100314000

91660000

103490000

105514000

15088000

1018139000

922201000

807019000

115402000

192122000

161624000

139740000

19983000

283251000

275158000

39347000

5. ACCOUNTS RECEIVABLE, NET<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.81%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Accounts receivable</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 57,599</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 47,625</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 6,810</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;">Allowance for credit losses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (5,569)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (555)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (79)</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Accounts receivable, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 52,030</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 47,070</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,731</td></tr></table>The movements in the allowance for credit losses were as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:55.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:55.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:42.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:55.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:55.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.92%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:55.01%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:42.7%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:55.01%;background:#cceeff;margin:0pt;padding:0pt;">Balance at beginning of the year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;background:#cceeff;margin:0pt;padding:0pt;"> 5,407</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;background:#cceeff;margin:0pt;padding:0pt;"> 5,926</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;background:#cceeff;margin:0pt;padding:0pt;"> 5,569</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.92%;background:#cceeff;margin:0pt;padding:0pt;"> 796</td></tr><tr style=""><td style="vertical-align:bottom;width:55.01%;margin:0pt;padding:0pt;">Provisions/(reversals)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;margin:0pt;padding:0pt;"> 519</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;margin:0pt;padding:0pt;"> (357)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;margin:0pt;padding:0pt;"> (199)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.92%;margin:0pt;padding:0pt;"> (28)</td></tr><tr style=""><td style="vertical-align:bottom;width:55.01%;background:#cceeff;margin:0pt;padding:0pt;">Write-off of uncollectible receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,815)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (689)</td></tr><tr style=""><td style="vertical-align:bottom;width:55.01%;margin:0pt;padding:0pt;">Balance at end of the year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5,926</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5,569</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.98%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 555</td><td style="vertical-align:bottom;white-space:nowrap;width:2.28%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.92%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 79</td></tr></table>

57599000

47625000

6810000

5569000

555000

79000

52030000

47070000

6731000

5407000

5926000

5569000

796000

519000

-357000

-199000

-28000

4815000

689000

5926000

5569000

555000

79000

6. PREPAYMENTS AND OTHER CURRENT ASSETS<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.81%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Deferred channel and other costs (Note 4)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 54,668</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 45,144</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 6,456</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;">VAT prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 18,060</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 11,191</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 1,600</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Produced animation content</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 2,337</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 5,351</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 765</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;">Prepayments of marketing expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 2,255</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 2,170</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 310</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12,192</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,627</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,520</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 89,512</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 74,483</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;">　</td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 10,651</td></tr></table> <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.81%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Deferred channel and other costs (Note 4)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 54,668</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 45,144</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 6,456</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;">VAT prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 18,060</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 11,191</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 1,600</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Produced animation content</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 2,337</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 5,351</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;margin:0pt;padding:0pt;"> 765</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;">Prepayments of marketing expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 2,255</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 2,170</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;margin:0pt;padding:0pt;"> 310</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12,192</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,627</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,520</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 89,512</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 74,483</td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;">　</td><td style="vertical-align:bottom;white-space:nowrap;width:8.49%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 10,651</td></tr></table> 54668000 45144000 6456000

18060000

11191000

1600000

2337000 5351000 765000

2255000

2170000

310000

12192000

10627000

1520000

89512000

74483000

10651000

7. PROPERTY AND EQUIPMENT, NET<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:30.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:30.09%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;background:#cceeff;margin:0pt;padding:0pt;">Electronic equipment and others</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;background:#cceeff;margin:0pt;padding:0pt;"> 19,489</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;background:#cceeff;margin:0pt;padding:0pt;"> 17,527</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;background:#cceeff;margin:0pt;padding:0pt;"> 2,507</td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;">Less: accumulated depreciation</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16,013)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (14,964)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,140)</td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;background:#cceeff;margin:0pt;padding:0pt;">Property and equipment, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,476</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,563</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 367</td></tr></table>Depreciation expense for the years ended December 31, 2023, 2024 and 2025 was RMB4,065 thousand, RMB3,466 thousand and RMB1,522 thousand (US$218 thousand), respectively.

19489000

17527000

2507000

16013000

14964000

2140000

3476000

2563000

367000

4065000

3466000

1522000

218000

8. INTANGIBLE ASSETS, NET<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:30.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:30.09%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;background:#cceeff;margin:0pt;padding:0pt;">Intellectual property rights and others(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;background:#cceeff;margin:0pt;padding:0pt;"> 22,424</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;background:#cceeff;margin:0pt;padding:0pt;"> 26,670</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;background:#cceeff;margin:0pt;padding:0pt;"> 3,814</td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;">Licensed software</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;margin:0pt;padding:0pt;"> 8,724</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;margin:0pt;padding:0pt;"> 11,298</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;margin:0pt;padding:0pt;"> 1,616</td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;background:#cceeff;margin:0pt;padding:0pt;">Less: accumulated amortization</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (14,719)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (20,334)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,908)</td></tr><tr style=""><td style="vertical-align:bottom;width:67.88%;margin:0pt;padding:0pt;">Intangible assets, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 16,429</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 17,634</td><td style="vertical-align:bottom;white-space:nowrap;width:2.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.35%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,522</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(1)</td><td style="padding:0pt;">Intellectual property rights represent acquired titles or copyrights of assorted digital contents that can be used in developing and operating the Group’s online applications and other products.</td></tr></table><div style="margin-top:12pt;"></div>The Group recorded amortization expense of RMB7,625 thousand, RMB10,190 thousand and RMB6,225 thousand (US$890 thousand) for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2025, estimated amortization expense of the existing intangible assets for each of the next five years is RMB5,459 thousand (US$781 thousand), RMB3,860 thousand (US$552 thousand), RMB2,447 thousand (US$350 thousand), RMB2,325 thousand (US$332 thousand) and RMB1,638 thousand (US$234 thousand), respectively.

22424000

26670000

3814000

8724000

11298000

1616000

14719000

20334000

2908000

16429000

17634000

2522000

7625000

10190000

6225000

890000

5459000

781000

3860000

552000

2447000

350000

2325000

332000

1638000

234000

9. LEASESThe Group’s leases represent office facilities and warehouse leased for business operation. Total lease costs for the years ended December 31, 2023, 2024 and 2025 were RMB20,875 thousand, RMB19,103 thousand and RMB18,700 thousand (US$2,674 thousand), comprised of operating lease costs of RMB10,349 thousand, RMB2,093 thousand and RMB3,515 thousand (US$503 thousand), and short-term lease costs of RMB10,526 thousand, RMB17,010 thousand and RMB15,185 thousand (US$2,171 thousand), respectively. Cash payments for operating leases for the years ended December 31, 2023, 2024 and 2025 were RMB11,749 thousand, RMB2,085 thousand and RMB3,697 thousand (US$529 thousand), respectively. The weighted-average remaining lease terms as of December 31, 2024 and 2025 were 4.68 years and 5.88 years, respectively. The weighted average incremental borrowing rates as of December 31, 2024 and 2025 were 6.32% and 5.34%, respectively. The undiscounted future minimum payments under the Group’s operating lease liabilities and reconciliation to the operating lease liabilities recognized on the consolidated balance sheet were as below:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:59.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:59.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:36.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, 2025</td></tr><tr style=""><td style="vertical-align:bottom;width:59.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">US$</td></tr><tr style="height:0pt;visibility:hidden;"><td colspan="5" style="padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:59.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:36.75%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:59.69%;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.59%;background:#cceeff;margin:0pt;padding:0pt;"> 2,222</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.62%;background:#cceeff;margin:0pt;padding:0pt;"> 318</td></tr><tr style=""><td style="vertical-align:bottom;width:59.69%;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.59%;margin:0pt;padding:0pt;"> 2,222</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.62%;margin:0pt;padding:0pt;"> 318</td></tr><tr style=""><td style="vertical-align:bottom;width:59.69%;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.59%;background:#cceeff;margin:0pt;padding:0pt;"> 2,222</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.62%;background:#cceeff;margin:0pt;padding:0pt;"> 318</td></tr><tr style=""><td style="vertical-align:bottom;width:59.69%;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.59%;margin:0pt;padding:0pt;"> 2,222</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.62%;margin:0pt;padding:0pt;"> 318</td></tr><tr style=""><td style="vertical-align:bottom;width:59.69%;background:#cceeff;margin:0pt;padding:0pt;">2030 and thereafter</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.59%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,367</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 624</td></tr><tr style=""><td style="vertical-align:bottom;width:59.69%;margin:0pt;padding:0pt;">Total lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.59%;margin:0pt;padding:0pt;"> 13,255</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.62%;margin:0pt;padding:0pt;"> 1,896</td></tr><tr style=""><td style="vertical-align:bottom;width:59.69%;background:#cceeff;margin:0pt;padding:0pt;">Less: Imputed interest</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.59%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,881)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (269)</td></tr><tr style=""><td style="vertical-align:bottom;width:59.69%;margin:0pt;padding:0pt;">Present value of lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.59%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 11,374</td><td style="vertical-align:bottom;white-space:nowrap;width:3.54%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.62%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,627</td></tr></table>

20875000

19103000

18700000

2674000

10349000

2093000

3515000

503000

10526000

17010000

15185000

2171000

11749000

2085000

3697000

529000

P4Y8M4D

P5Y10M17D

0.0632

0.0534

2222000

318000

2222000

318000

2222000

318000

2222000

318000

4367000 624000

13255000

1896000

1881000

269000

11374000

1627000

10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.81%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Payroll payable</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 71,529</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 55,612</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 7,952</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;">Accrued expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 30,252</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 33,557</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 4,799</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Tax payable</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 16,175</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 16,477</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 2,356</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;">Deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 2,729</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 2,887</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 413</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,816</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,216</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,032</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 126,501</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 115,749</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;">　</td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 16,552</td></tr></table> <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.81%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Payroll payable</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 71,529</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 55,612</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 7,952</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;">Accrued expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 30,252</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 33,557</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 4,799</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Tax payable</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 16,175</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 16,477</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> 2,356</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;">Deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 2,729</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 2,887</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 413</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 5,816</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,216</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,032</td></tr><tr style=""><td style="vertical-align:bottom;width:68.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 126,501</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 115,749</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;">　</td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 16,552</td></tr></table>

71529000

55612000

7952000

30252000

33557000

4799000

16175000

16477000

2356000

2729000 2887000 413000

5816000

7216000

1032000

126501000 115749000 16552000

11. TAXATIONCayman IslandsUnder the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.Hong KongiHuman Online and the Company’s other subsidiaries incorporated in Hong Kong are subject to Hong Kong Profits Tax, which is currently imposed at the rate of 16.5%, with half-rate of 8.25% that may be applied for the first HK$2 million of assessable profits for years of assessment beginning on or after April 1, 2018. The Hong Kong subsidiaries may be exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.SingaporeThe Company’s subsidiaries incorporated in Singapore are subject to corporate income tax. Under the Singapore tax laws, subsidiaries in Singapore are subject to a unified 17% tax rate, except for certain entities that are entitled to preferential tax treatments, and there are no withholding taxes in Singapore on remittance of dividends.Chinese mainlandThe Company’s subsidiaries, the VIE and VIE’s subsidiaries domiciled in Chinese mainland are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the “EIT Law”), which was effective since January 1, 2008 except for the following entity which is eligible for preferential tax rates.Tianjin Hongen is qualified as a Software Enterprise (“SE”) and is entitled to an income tax exemption for two years beginning from its first profitable taxation year of 2020, and a reduced tax rate of 12.5% for the subsequent three years starting from 2022. The qualification as SE is subject to annual evaluation by the relevant authorities in Chinese mainland. Meanwhile, in 2021, Tianjin Hongen was granted the High and New Technology Enterprise (“HNTE”) certificate, which was most recently renewed in 2024, and thus is also entitled to a preferential tax rate of 15% as a qualified HNTE from 2021 to 2026.Dividends, interests, rent or royalties payable by the Company’s subsidiaries in Chinese mainland, to non-resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective non-resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with Chinese mainland that provide for a reduced withholding tax rate or an exemption from withholding tax.To the extent that the subsidiaries, the VIE and VIE’s subsidiaries in Chinese mainland have undistributed earnings, the Group may need to accrue relevant taxes associated with repatriation of such undistributed earnings. As of December 31, 2024 and 2025, the Group did not record any such taxes based on its current intent to permanently reinvest the profits of entities in Chinese mainland. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable.11. TAXATION (Continued)The current and deferred components of income tax expenses appearing in the consolidated statements of comprehensive income are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;margin:0pt;padding:0pt;">For the year ended </td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;background:#cceeff;margin:0pt;padding:0pt;">Current income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 21,666</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 12,012</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 6,387</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;background:#cceeff;margin:0pt;padding:0pt;"> 913</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;">Deferred income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;background:#cceeff;margin:0pt;padding:0pt;">Total income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 21,666</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 12,012</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,387</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 913</td></tr></table>Substantially all of the Group’s income from continuing operations are generated from Chinese mainland, for this reason substantially all of the Group’s income tax expenses were income taxes assessed and paid in Chinese mainland.Reconciliations of the differences between the statutory tax rate and the effective tax rate for enterprise income tax are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:27.02%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:27.02%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Income before income tax</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;background:#cceeff;margin:0pt;padding:0pt;"> 202,573</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;background:#cceeff;margin:0pt;padding:0pt;"> 110,601</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Income tax computed at the statutory tax rate of 25% of Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;"> 50,643</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;"> 27,650</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Effect of differing tax rates in different jurisdictions</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;background:#cceeff;margin:0pt;padding:0pt;"> 2,740</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;background:#cceeff;margin:0pt;padding:0pt;"> 795</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Research and development super‑deduction</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;"> (29,192)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;"> (13,223)</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Shared‑based compensation expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;background:#cceeff;margin:0pt;padding:0pt;"> 2,359</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;background:#cceeff;margin:0pt;padding:0pt;"> 688</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Non‑deductible expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;"> 2,928</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;"> 2,397</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Effect of preferential tax rates and tax holiday in Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;background:#cceeff;margin:0pt;padding:0pt;"> (28,489)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;background:#cceeff;margin:0pt;padding:0pt;"> (19,704)</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Change in valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;"> 22,950</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;"> 11,785</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,273)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,624</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 21,666</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 12,012</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:34.65%;margin:0pt;padding:0pt;">For the year ended</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:34.65%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;">US$</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;">Percent</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:34.65%;margin:0pt;padding:0pt;">(in thousands, except for percentages)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Income tax computed at the statutory tax rate of 25% of Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;margin:0pt;padding:0pt;"> 25,447</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;margin:0pt;padding:0pt;"> 3,639</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;margin:0pt;padding:0pt;"> 25.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Foreign tax effects</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"> (232)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"> (33)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;"> (0.2)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Research and development super‑deduction</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;margin:0pt;padding:0pt;"> (9,241)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;margin:0pt;padding:0pt;"> (1,321)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;margin:0pt;padding:0pt;"> (9.1)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Change in valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"> (7,302)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"> (1,044)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;"> (7.2)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Nontaxable or nondeductible items:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Shared‑based compensation expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"> 171</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"> 24</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;">0.2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;margin:0pt;padding:0pt;"> 2,618</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;margin:0pt;padding:0pt;"> 374</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;margin:0pt;padding:0pt;">2.6</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Effect of preferential tax rates and tax holiday in Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"> (9,912)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"> (1,417)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;"> (9.7)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Other adjustments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Expired tax losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"> 2,717</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"> 389</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;"> 2.7</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,121</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 302</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,387</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 913</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6.3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr></table>11. TAXATION (Continued)Deferred taxThe significant components of the Group’s deferred tax assets and liabilities are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:26.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:26.94%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Deferred tax assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Tax losses carry forward</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"> 111,923</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"> 114,176</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;margin:0pt;padding:0pt;"> 16,327</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Deferred revenue and customer advances</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"> 33,902</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"> 26,178</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;background:#cceeff;margin:0pt;padding:0pt;"> 3,743</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Intangible assets acquired under common control</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"> 13,161</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"> 11,725</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;margin:0pt;padding:0pt;"> 1,677</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"> 3,631</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"> 2,843</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;background:#cceeff;margin:0pt;padding:0pt;"> 407</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"> 3,188</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"> 3,253</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;margin:0pt;padding:0pt;"> 465</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Less: valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (162,218)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (155,332)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (22,212)</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"> 3,587</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"> 2,843</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;margin:0pt;padding:0pt;"> 407</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Deferred tax liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">ROU assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,587)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,843)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (407)</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (3,587)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (2,843)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (407)</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Presentation in the consolidated balance sheets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Deferred tax assets, net</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Deferred tax liabilities, net</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Net deferred tax assets, net</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.07%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr></table>The Company operates through its WFOE, the VIE and VIE’s subsidiaries and valuation allowance is considered on an individual entity basis. The Group recorded valuation allowance against deferred tax assets of those entities when the Group determines that it is not more likely than not that the deferred tax assets will be utilized in the future. In making such determination, the Group considered factors including the entities’ operating history, accumulated earnings or deficits, existence of taxable temporary differences and reversal periods, tax planning strategies, and forecasted profits, as applicable.As of December 31, 2025, the Group had tax losses of approximately RMB470,612 thousand (US$67,297 thousand) mainly deriving from entities in Chinese mainland. The tax losses in Chinese mainland can be carried forward for five years to offset future taxable profits. The tax losses of entities in Chinese mainland will begin to expire between 2026 and 2030 if not utilized.Unrecognized tax benefitAs of and for the years ended December 31, 2023, 2024 and 2025, there were no significant tax uncertainties on the Group’s financial position and result of operations.In general, the tax authority in Chinese mainland has up to five years to conduct examinations of the tax filings. Accordingly, as of December 31, 2025, the tax years of 2020 through 2025 for the Company’s entities in Chinese mainland remain open to examination by tax authorities. The Group may also be subject to examination of tax filings in other jurisdictions, which are not material to the consolidated financial statements.

0.165

0.0825 2000000

0.17

0.25

0.125 0.15 0.10

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;margin:0pt;padding:0pt;">For the year ended </td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;background:#cceeff;margin:0pt;padding:0pt;">Current income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 21,666</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 12,012</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 6,387</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;background:#cceeff;margin:0pt;padding:0pt;"> 913</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;">Deferred income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;background:#cceeff;margin:0pt;padding:0pt;">Total income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 21,666</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 12,012</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,387</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 913</td></tr></table>

21666000

12012000

6387000

913000

21666000

12012000

6387000

913000

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:27.02%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:27.02%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Income before income tax</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;background:#cceeff;margin:0pt;padding:0pt;"> 202,573</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;background:#cceeff;margin:0pt;padding:0pt;"> 110,601</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Income tax computed at the statutory tax rate of 25% of Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;"> 50,643</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;"> 27,650</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Effect of differing tax rates in different jurisdictions</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;background:#cceeff;margin:0pt;padding:0pt;"> 2,740</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;background:#cceeff;margin:0pt;padding:0pt;"> 795</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Research and development super‑deduction</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;"> (29,192)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;"> (13,223)</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Shared‑based compensation expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;background:#cceeff;margin:0pt;padding:0pt;"> 2,359</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;background:#cceeff;margin:0pt;padding:0pt;"> 688</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Non‑deductible expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;"> 2,928</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;"> 2,397</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Effect of preferential tax rates and tax holiday in Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;background:#cceeff;margin:0pt;padding:0pt;"> (28,489)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;background:#cceeff;margin:0pt;padding:0pt;"> (19,704)</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Change in valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;margin:0pt;padding:0pt;"> 22,950</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;margin:0pt;padding:0pt;"> 11,785</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,273)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,624</td></tr><tr style=""><td style="vertical-align:bottom;width:71.12%;margin:0pt;padding:0pt;">Income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.99%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 21,666</td><td style="vertical-align:bottom;white-space:nowrap;width:3.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 12,012</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:34.65%;margin:0pt;padding:0pt;">For the year ended</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:34.65%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;">US$</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;">Percent</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:34.65%;margin:0pt;padding:0pt;">(in thousands, except for percentages)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Income tax computed at the statutory tax rate of 25% of Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;margin:0pt;padding:0pt;"> 25,447</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;margin:0pt;padding:0pt;"> 3,639</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;margin:0pt;padding:0pt;"> 25.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Foreign tax effects</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"> (232)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"> (33)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;"> (0.2)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Research and development super‑deduction</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;margin:0pt;padding:0pt;"> (9,241)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;margin:0pt;padding:0pt;"> (1,321)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;margin:0pt;padding:0pt;"> (9.1)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Change in valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"> (7,302)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"> (1,044)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;"> (7.2)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Nontaxable or nondeductible items:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Shared‑based compensation expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"> 171</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"> 24</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;">0.2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;margin:0pt;padding:0pt;"> 2,618</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;margin:0pt;padding:0pt;"> 374</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;margin:0pt;padding:0pt;">2.6</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Effect of preferential tax rates and tax holiday in Chinese mainland</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"> (9,912)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"> (1,417)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;"> (9.7)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Other adjustments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Expired tax losses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;margin:0pt;padding:0pt;"> 2,717</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;margin:0pt;padding:0pt;"> 389</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;margin:0pt;padding:0pt;"> 2.7</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,121</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 302</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2.0</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:61.18%;margin:0pt;padding:0pt;">Income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.31%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,387</td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.3%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 913</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.32%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6.3</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;">%</td></tr></table>

202573000

110601000

0.25

50643000

27650000

2740000

795000

29192000

13223000

2359000

688000

2928000

2397000

28489000

19704000

22950000

11785000

-2273000

1624000

21666000

12012000

0.25

25447000

3639000

0.25

-232000

-33000

-0.002

9241000

1321000

0.091

-7302000

-1044000

-0.072

171000

24000

0.002

2618000

374000

0.026

9912000

1417000

0.097

-2717000

-389000

-0.027

2121000

302000

0.02

6387000

913000

0.063

111923000

114176000

16327000

33902000

26178000

3743000

13161000 11725000 1677000 3631000 2843000 407000

3188000

3253000

465000

162218000

155332000

22212000

3587000

2843000

407000

3587000 2843000 407000

3587000

2843000

407000

470612000

67297000

12. ORDINARY SHARESAs of December 31, 2024 and 2025, the authorized share capital consisted of 1,000,000,000 shares, of which 700,000,000 shares were designated as Class A ordinary shares, 200,000,000 as Class B ordinary shares, and 100,000,000 shares of such class (or classes) as the board of directors may determine. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to ten votes per share. Each Class B ordinary share can be converted into one Class A ordinary share at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares. No Class B ordinary shares were converted into Class A ordinary shares during the years ended December 31, 2023, 2024 and 2025.

1000000000

700000000

200000000

100000000

1 10 13. SPECIAL CASH DIVIDENDOn February 29, 2024, the Company’s board of directors approved a special cash dividend of US$0.02 per ordinary share, or US$0.10 per ADS, to holders of ordinary shares and holders of ADSs as of the close of business on March 28, 2024 New York Time, to be paid in U.S. dollars. The aggregate amount of the special dividend was approximately US$5.3 million.On March 25, 2025, the Company’s board of directors approved a special cash dividend of US$0.02 per ordinary share, or US$0.10 per ADS, to holders of ordinary shares and holders of ADSs as of the close of business on April 17, 2025 New York Time, to be paid in U.S. dollars. The aggregate amount of the special dividend was approximately US$5.2 million.The cash dividends were recorded as reduction of additional paid-in capital when declared. There was no dividend declared for the year ended December 31, 2023.

2024-02-29

0.02

0.1

2024-03-28

5300000

2025-03-25

0.02

0.1

2025-04-17

5200000

14. SHARE REPURCHASE PROGRAMIn December 2021, the Company’s board of directors authorized a share repurchase program (the “2021 Share Repurchase Program”) under which the Company may repurchase up to US$10 million worth of its ADSs over the following 12 months, and further authorized a 12-month extension of the share repurchase program in each of December 2022, December 2023, December 2024 and December 2025, extending the program until December 31, 2026. Pursuant to the initial and extended share repurchase program, the Company’s proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the SEC Rule 10b-18 and/or Rule 10b5-1 requirements. The board of directors will continue to review the extended share repurchase program periodically, and may authorize adjustments to its terms and size. The Company expects to continue to fund the repurchases under the extended share repurchase program with its existing cash balance. For the years ended December 31, 2023, 2024 and 2025, the Company repurchased 420,274, 735,714 and 959,565 ADSs, equivalent of 2,101,370, 3,678,570 and 4,797,825 Class A ordinary shares for US$1,385 thousand, US$1,354 thousand and US$2,399 thousand, on the open market, at a weighted average price of US$3.29, US$1.84 and US$2.50 per ADS, respectively. The Company accounts for the repurchased ADSs under the cost method and includes such treasury stock as a component of the shareholders’ equity. 10000000

P12M

P12M P12M P12M P12M

420274

735714

959565

2101370

3678570

4797825

1385000

1354000

2399000

3.29

1.84

2.5

15. SHARE-BASED PAYMENTSShare incentive planIn 2020, the Company adopted a share incentive plan (the “2020 Plan”), to provide additional incentives to employees, directors and consultants, under which options previously granted by the VIE were carried over on a one-for-one basis with identical terms and conditions under the 2020 Plan. The maximum aggregate number of ordinary shares that may be issued pursuant to all awards under the 2020 Plan was initially 19,684,555 ordinary shares, plus an annual increase on the first day of each fiscal year during the ten-year term of the plan commencing with the fiscal year beginning January 1, 2021, by an amount equal to 2.0% of the total number of issued and outstanding shares on the last day of the immediately preceding fiscal year. The options granted under the 2020 Plan have a contractual term of 10 years. The options granted prior to IPO are accounted for as equity awards and contain both service and performance vesting conditions. The options generally vest in several installments over certain service periods, subject to certain specified performance targets. In addition, majority of the options granted will not be vested and exercisable until the closing of an IPO and the completion of the requisite service periods after such IPO. Certain options granted would be fully vested and exercisable upon the closing of an IPO. In 2021 and 2022, the option terms were further modified by removing certain performance vesting conditions and amending the exercise prices for eligible outstanding options, respectively.In December 2022, 4,868,000 shares options were granted to certain directors and employees. The options granted are subject to service condition only, and vest in several installments with vesting schedules ranging from immediate to 4 years. The options were accounted for as equity awards with shared-based compensation expenses recognized over the vesting periods.A summary of the option activities under the 2020 Plan is stated below:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:37.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">Weighted‑</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">Weighted‑</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">Weighted‑</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">average</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">average</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">average</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">remaining</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;margin:0pt;padding:0pt;">Aggregate</td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">exercise</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">grant‑date</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">contractual</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;margin:0pt;padding:0pt;">intrinsic</td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">options</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">price</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">fair value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">term</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">value</td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">US$</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">US$</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;">Years</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;margin:0pt;padding:0pt;">US$ in thousands</td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;background:#cceeff;margin:0pt;padding:0pt;">Outstanding, December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;margin:0pt;padding:0pt;"> 14,506,693</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;margin:0pt;padding:0pt;"> 0.12</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;margin:0pt;padding:0pt;"> 1.02</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;margin:0pt;padding:0pt;"> 5.88</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;background:#cceeff;margin:0pt;padding:0pt;"> 3,289</td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;margin:0pt;padding:0pt;">Forfeited/expired</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"> (285,269)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"> 0.84</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"> 0.71</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;background:#cceeff;margin:0pt;padding:0pt;">Exercised</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (255,505)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;margin:0pt;padding:0pt;"> 0.10</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;margin:0pt;padding:0pt;">Outstanding, December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 13,965,919</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"> 0.11</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"> 1.04</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"> 4.87</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;margin:0pt;padding:0pt;"> 4,337</td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;background:#cceeff;margin:0pt;padding:0pt;">Vested and expected to vest at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 13,965,919</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;margin:0pt;padding:0pt;"> 0.11</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;margin:0pt;padding:0pt;"> 1.04</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;background:#cceeff;margin:0pt;padding:0pt;"> 4.87</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;background:#cceeff;margin:0pt;padding:0pt;"> 4,337</td></tr><tr style=""><td style="vertical-align:bottom;width:37.16%;margin:0pt;padding:0pt;">Exercisable at December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 13,531,214</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"> 0.11</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"> 1.06</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.28%;margin:0pt;padding:0pt;"> 4.80</td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.03%;margin:0pt;padding:0pt;"> 4,176</td></tr></table>The aggregate intrinsic value in the table above represents the difference between the Company’s closing stock price on the last trading day in 2024 and 2025, and the options’ exercise price, respectively. The total intrinsic value of options exercised was RMB272 thousand, RMB95 thousand and RMB560 thousand (US$80 thousand) during the years ended December 31, 2023, 2024 and 2025, respectively.The total fair value of share options vested during the years ended December 31, 2023, 2024 and 2025 was RMB18,099 thousand, RMB16,259 thousand and RMB1,978 thousand (US$283 thousand), respectively. There were no options granted during the years ended December 31, 2023, 2024 and 2025. As of December 31, 2025, total unrecognized share-based compensation expenses related to unvested share-based awards were RMB265 thousand (US$38 thousand), which were expected to be recognized over a weighted-average vesting period of 0.30 year.15. SHARE-BASED PAYMENTS (Continued)The following table sets forth the amount of share-based compensation expense included in each of the relevant financial statement line items:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;margin:0pt;padding:0pt;">For the year ended </td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;background:#cceeff;margin:0pt;padding:0pt;">Cost of revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 299</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 106</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 31</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;background:#cceeff;margin:0pt;padding:0pt;"> 4</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;">Research and development expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"> 4,055</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"> 1,303</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"> 362</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;margin:0pt;padding:0pt;"> 52</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;background:#cceeff;margin:0pt;padding:0pt;">Sales and marketing expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 707</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 164</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 62</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;background:#cceeff;margin:0pt;padding:0pt;"> 9</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;">General and administrative expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,374</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,251</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 267</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 38</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 9,435</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,824</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 722</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 103</td></tr></table>

19684555

P10Y 0.02

P10Y

4868000

P4Y

14506693

0.12

1.02

P5Y10M17D

3289000

285269

0.84

0.71

255505

0.1

13965919

0.11

1.04

P4Y10M13D

4337000

13965919

0.11

1.04

P4Y10M13D

4337000

13531214

0.11

1.06

P4Y9M18D

4176000

272000

95000

560000

80000

18099000

16259000

1978000

283000

265000

38000

P0Y3M18D

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;margin:0pt;padding:0pt;">For the year ended </td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:32.7%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;background:#cceeff;margin:0pt;padding:0pt;">Cost of revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 299</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 106</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 31</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;background:#cceeff;margin:0pt;padding:0pt;"> 4</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;">Research and development expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"> 4,055</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"> 1,303</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;margin:0pt;padding:0pt;"> 362</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;margin:0pt;padding:0pt;"> 52</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;background:#cceeff;margin:0pt;padding:0pt;">Sales and marketing expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 707</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 164</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;margin:0pt;padding:0pt;"> 62</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;background:#cceeff;margin:0pt;padding:0pt;"> 9</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;margin:0pt;padding:0pt;">General and administrative expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,374</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,251</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 267</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 38</td></tr><tr style=""><td style="vertical-align:bottom;width:65.23%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 9,435</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,824</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.63%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 722</td><td style="vertical-align:bottom;white-space:nowrap;width:2.05%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.62%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 103</td></tr></table>

299000

106000

31000

4000

4055000

1303000

362000

52000

707000

164000

62000

9000

4374000

1251000

267000

38000

9435000

2824000

722000

103000

16. INCOME PER SHAREBasic and diluted income per share for each of the years presented are calculated as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:53.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:53.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;width:45.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:53.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:53.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:53.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:45.2%;margin:0pt;padding:0pt;">(in thousands, except for number of shares and per share data)</td></tr><tr style=""><td style="vertical-align:bottom;width:53.31%;background:#cceeff;margin:0pt;padding:0pt;">Numerator:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:53.31%;margin:0pt;padding:0pt;">Net income</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;"> 180,907</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;"> 98,589</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"> 95,402</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"> 13,643</td></tr><tr style=""><td style="vertical-align:bottom;width:53.31%;background:#cceeff;margin:0pt;padding:0pt;">Denominator:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:middle;width:53.31%;margin:0pt;padding:0pt;">Weighted average number of ordinary shares outstanding—basic</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;">264,052,936</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;">262,001,916</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"> 256,975,188</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"> 256,975,188</td></tr><tr style=""><td style="vertical-align:middle;width:53.31%;background:#cceeff;margin:0pt;padding:0pt;">Effect of dilutive share options</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">9,712,192</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">9,196,839</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,639,784</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 10,639,784</td></tr><tr style=""><td style="vertical-align:bottom;width:53.31%;margin:0pt;padding:0pt;">Weighted average number of ordinary shares outstanding—diluted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">273,765,128</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">271,198,755</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 267,614,972</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 267,614,972</td></tr><tr style=""><td style="vertical-align:bottom;width:53.31%;background:#cceeff;margin:0pt;padding:0pt;">Basic income per ordinary share</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;background:#cceeff;margin:0pt;padding:0pt;"> 0.69</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;background:#cceeff;margin:0pt;padding:0pt;"> 0.38</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"> 0.37</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;">　</td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"> 0.05</td></tr><tr style=""><td style="vertical-align:bottom;width:53.31%;margin:0pt;padding:0pt;">Diluted income per ordinary share</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;"> 0.66</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.81%;margin:0pt;padding:0pt;"> 0.36</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"> 0.36</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;">　</td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"> 0.05</td></tr></table>Basic and diluted income per share are computed using the weighted average number of ordinary shares outstanding during the period.For the years ended December 31, 2023, 2024 and 2025, the two-class method is applicable because the Company has two classes of ordinary shares, Class A and Class B. However, basic and diluted income per share are not reported separately for Class A ordinary shares or Class B ordinary shares as each class of shares has the same rights to undistributed and distributed earnings. The effects of outstanding share options were included in the computation of diluted income per share using the treasury stock method for the years ended December 31, 2023, 2024 and 2025.

180907000

98589000

95402000

13643000

264052936

262001916

256975188

9712192

9196839

10639784

273765128

271198755

267614972

0.69

0.38

0.37

0.05

0.66

0.36

0.05

17. RELATED PARTY TRANSACTIONS<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">a)</td><td style="padding:0pt;">Related parties</td></tr></table><div style="margin-top:12pt;"></div>Controlling shareholder of the Group<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Mr. Michael Yufeng Chi</td></tr></table><div style="margin-top:12pt;"></div>Entities controlled by controlling shareholder<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Hongen Education & Technology Co., Ltd. and certain of its subsidiaries (collectively, “Hongen Education”)</td></tr></table><div style="margin-top:12pt;"></div>17. RELATED PARTY TRANSACTIONS (Continued)<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:9pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Controlled entities and affiliates of Perfect World Holding Group Co., Ltd. (“Perfect World Group”)</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Entities involved in the operation of kindergarten business of Hongen Education (“Hongen Kindergartens”)</td></tr></table><div style="margin-top:9pt;"></div>Equity investee of the Group (See Note 2—Long-term Investment) (“Equity Investee”)<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">b)</td><td style="padding:0pt;">The Group had the following related party transactions:</td></tr></table><div style="margin-top:9pt;"></div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:61.47%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:61.47%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;width:36.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:61.47%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:61.47%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.72%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:61.47%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:36.58%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:61.47%;background:#cceeff;margin:0pt;padding:0pt;">Product sales to Hongen Kindergartens</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 1,291</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 991</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 932</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.72%;background:#cceeff;margin:0pt;padding:0pt;"> 133</td></tr><tr style=""><td style="vertical-align:bottom;width:61.47%;margin:0pt;padding:0pt;">Product sales to Perfect World Group</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 97</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 5</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.72%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:61.47%;background:#cceeff;margin:0pt;padding:0pt;">Rental and property management services from Perfect World Group(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 24,666</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 22,663</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 18,742</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.72%;background:#cceeff;margin:0pt;padding:0pt;"> 2,681</td></tr><tr style=""><td style="vertical-align:bottom;width:61.47%;margin:0pt;padding:0pt;">Research and development outsourcing, administrative, IP licensing and other services from Perfect World Group</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 5,136</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 2,232</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 463</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.72%;margin:0pt;padding:0pt;"> 67</td></tr><tr style=""><td style="vertical-align:bottom;width:61.47%;background:#cceeff;margin:0pt;padding:0pt;">Research and development outsourcing and other services from Hongen Education</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 576</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 412</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 304</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.72%;background:#cceeff;margin:0pt;padding:0pt;"> 43</td></tr><tr style=""><td style="vertical-align:bottom;width:61.47%;margin:0pt;padding:0pt;">Research and development outsourcing services from Equity Investee</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> 52</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.72%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:61.47%;background:#cceeff;margin:0pt;padding:0pt;">Assets acquired from Perfect World Group(2)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> 64,046</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.67%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.72%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr></table>17. RELATED PARTY TRANSACTIONS (Continued)The Group had the following related party balances at the end of the year:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:68.11%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:68.11%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:68.11%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:68.11%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:29.73%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:68.11%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due from related parties, current:</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:68.11%;margin:0pt;padding:0pt;">Perfect World Group(3)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;margin:0pt;padding:0pt;"> 1,751</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;margin:0pt;padding:0pt;"> 4,136</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 592</td></tr><tr style=""><td style="vertical-align:bottom;width:68.11%;background:#cceeff;margin:0pt;padding:0pt;">Hongen Kindergartens</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 300</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 178</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 25</td></tr><tr style=""><td style="vertical-align:bottom;width:68.11%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,051</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,314</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 617</td></tr><tr style=""><td style="vertical-align:bottom;width:68.11%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due to related parties, current:</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:68.11%;margin:0pt;padding:0pt;">Perfect World Group(1)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;margin:0pt;padding:0pt;"> 1,666</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;margin:0pt;padding:0pt;"> 949</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;margin:0pt;padding:0pt;"> 135</td></tr><tr style=""><td style="vertical-align:bottom;width:68.11%;background:#cceeff;margin:0pt;padding:0pt;">Hongen Education</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 68</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 117</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 17</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:68.11%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,734</td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.51%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,066</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 152</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin-bottom:8pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(1)</td><td style="padding:0pt;">Since January 2021, the majority of the Group’s office space was leased from Perfect World Group. Lease payments due at December 31, 2024 and 2025 pursuant to the lease contracts were recognized as amounts due to related parties as of December 31, 2024 and 2025, respectively. Accompanying the lease arrangement, Perfect World Group also provided the Group with property management services.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(2)</td><td style="padding:0pt;">In February 2024, the Group acquired certain intellectual property assets related to “Cosmicrew” from Kunpeng, an animation production studio within Perfect World Group, including copyrights and trademarks, among others, for a total consideration of RMB64.0 million, which was fully paid in 2024. The consideration of the transaction was determined with the assistance of an independent third-party valuation firm, and the transaction has been approved by the board of directors and the audit committee of the board of directors.</td></tr></table><div style="margin-top:8pt;"></div>Since the Group and Perfect World Group are under common control of Mr. Michael Yufeng Chi, the transaction was considered an asset transfer under common control. The assets acquired were initially measured at their carrying values in the accounts of transferring entity, and the difference between consideration paid and initial measured amounts of transferred assets was recognized as a reduction in additional paid-in capital in accordance with ASC 805-50.<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(3)</td><td style="padding:0pt;">Amounts due from Perfect World Group primarily consist of rental deposits and prepayments paid to Perfect World Group and its affiliates.</td></tr></table>

1291000

991000

932000

133000

97000

5000

24666000

22663000

18742000

2681000

5136000

2232000

463000

67000

576000

412000

304000

43000

52000

64046000

1751000

4136000

592000

300000

178000

25000

2051000

4314000

617000

1666000

949000

135000

68000

117000

17000

1734000

1066000

152000

64000000

18. RESTRICTED NET ASSETSThe Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant statutory laws and regulations in Chinese mainland permit payments of dividends by the Group’s subsidiaries in Chinese mainland only out of their retained earnings, if any, as determined in accordance with accounting standards and regulations in Chinese mainland. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries in Chinese mainland.In accordance with the PRC Company Laws, the Group’s subsidiaries and the VIE and VIE’s subsidiaries in Chinese mainland must make appropriations from their annual after-tax profits as reported in their statutory accounts to non-distributable reserve funds, namely statutory reserve and discretionary surplus reserve. These entities are required to allocate at least 10% of their after-tax profits to the statutory reserve until such fund has reached 50% of their respective registered capital, while appropriation to discretionary surplus reserve is at their discretion. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances, or cash dividends. As of December 31, 2024 and 2025, the Group’s subsidiaries, the VIE and VIE’s subsidiaries in Chinese mainland had appropriated RMB8,395 thousand and RMB8,463 thousand (US$1,210 thousand) to their reserves.Furthermore, registered share capital and capital reserve accounts of the Company’s subsidiaries, the VIE and VIE’s subsidiaries in Chinese mainland are also restricted from distribution. As a result, the restrictions amounted to approximately RMB309,296 thousand (US$44,229 thousand), or 31.08% of the Company’s total consolidated net assets as of December 31, 2025.Cash transfers from the Company’s subsidiaries in Chinese mainland to its subsidiaries outside of Chinese mainland are subject to Chinese mainland government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the subsidiaries, the VIE and VIE’s subsidiaries in Chinese mainland to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations.

0.10 0.50 8395000 8463000 1210000

309296000

44229000

0.3108

19. COMMITMENTS AND CONTINGENCIESa)Purchase commitmentsThe following table sets forth the Group’s purchase obligations as of December 31, 2025:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:57.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:57.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.16%;margin:0pt;padding:0pt;">Less than 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.44%;margin:0pt;padding:0pt;">Over 5</td></tr><tr style=""><td style="vertical-align:bottom;width:57.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Year</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1-3 Years</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.52%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">3-5 Years</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years</td></tr><tr style="height:0pt;visibility:hidden;"><td colspan="11" style="padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:57.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td colspan="9" style="vertical-align:bottom;white-space:nowrap;width:40.3%;margin:0pt;padding:0pt;">(RMB in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:57.91%;background:#cceeff;margin:0pt;padding:0pt;">Purchase commitments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;background:#cceeff;margin:0pt;padding:0pt;"> 480</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.16%;background:#cceeff;margin:0pt;padding:0pt;"> 480</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.52%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.44%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr></table>The Group’s purchase obligations represent commitment to acquire certain intellectual property rights.b)ContingenciesThe Group is currently not involved in any legal or administrative proceedings that may have a material adverse impact on the Group’s business, financial position or results of operations.

The following table sets forth the Group’s purchase obligations as of December 31, 2025:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:57.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:57.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.16%;margin:0pt;padding:0pt;">Less than 1</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.52%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.44%;margin:0pt;padding:0pt;">Over 5</td></tr><tr style=""><td style="vertical-align:bottom;width:57.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Year</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1-3 Years</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.52%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">3-5 Years</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years</td></tr><tr style="height:0pt;visibility:hidden;"><td colspan="11" style="padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:57.91%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;margin:0pt;padding:0pt;"></td><td colspan="9" style="vertical-align:bottom;white-space:nowrap;width:40.3%;margin:0pt;padding:0pt;">(RMB in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:57.91%;background:#cceeff;margin:0pt;padding:0pt;">Purchase commitments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;background:#cceeff;margin:0pt;padding:0pt;"> 480</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.16%;background:#cceeff;margin:0pt;padding:0pt;"> 480</td><td style="vertical-align:bottom;white-space:nowrap;width:1.77%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.51%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.52%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:6.44%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr></table>

480000

20. SUBSEQUENT EVENTSpecial Cash DividendIn March 2026, the Company’s board of directors approved a special cash dividend of US$0.02 per ordinary share, or US$0.10 per ADS, to holders of ordinary shares and holders of ADSs as of the close of business on April 17, 2026 New York Time, to be paid in U.S. dollars. The aggregate amount of the special dividend is approximately US$5.1 million. The payment date is expected to be on or around May 8, 2026 and May 15, 2026 for holders of ordinary shares and holders of ADSs, respectively.

0.02

0.1

2026-04-17

5100000

2026-05-08

2026-05-15

21. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:39.71%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:39.71%;margin:0pt;padding:0pt;">(in thousands, except for number of shares and per share data)</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">ASSETS</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 155,828</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 30,786</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 4,402</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Amounts due from subsidiaries </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 253,441</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 349,029</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 49,910</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Prepayments and other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,266</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,932</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 420</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Total current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 413,535</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 382,747</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 54,732</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Non-current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Investments in subsidiaries, the VIE and VIE’s subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 555,621</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 654,883</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 93,647</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Other non-current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,229</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Total non-current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 556,850</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 654,883</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 93,647</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Total assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 970,385</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,037,630</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 148,379</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">LIABILITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Amounts due to subsidiaries and the VIE</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 4,148</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 40,332</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 5,767</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Accrued expenses and other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 3,228</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 2,128</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 304</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Dividend payable</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,164</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Total current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 9,540</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 42,460</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,071</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Total liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 9,540</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 42,460</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,071</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">SHAREHOLDERS’ EQUITY</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Ordinary shares (par value of US$0.0001 per share, 700,000,000 Class A shares authorized as of December 31, 2024 and December 31, 2025; 125,122,382 Class A shares issued and 116,084,207 outstanding as of December 31, 2024; 125,122,382 Class A shares issued and 111,541,887 outstanding as of December 31, 2025; 200,000,000 Class B shares authorized, 144,000,000 Class B ordinary shares issued and outstanding as of December 31, 2024 and December 31, 2025; 100,000,000 shares (undesignated) authorized, nil shares (undesignated) issued and outstanding as of December 31, 2024 and December 31, 2025)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 185</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 186</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 27</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Additional paid-in capital</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 996,657</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 960,641</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 137,370</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Treasury stock</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> (26,296)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> (43,483)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> (6,218)</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Accumulated other comprehensive income </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 24,009</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 16,134</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 2,307</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Retained earnings (accumulated deficit)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (33,710)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 61,692</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 8,822</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Total shareholders’ equity</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 960,845</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 995,170</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 142,308</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Total liabilities and shareholders’ equity</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 970,385</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,037,630</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 148,379</td></tr></table>21. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued)<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:54.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:54.92%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Operating expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">General and administrative expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16,011)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,449)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8,094)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,157)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Total operating expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16,011)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,449)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8,094)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,157)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Operating loss</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16,011)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,449)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8,094)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,157)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Share of income from subsidiaries, the VIE and VIE’s subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 190,880</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 102,725</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 98,583</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 14,097</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Other income, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,038</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,313</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,913</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 703</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Income before income taxes</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 180,907</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 98,589</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 95,402</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 13,643</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Net income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 180,907</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 98,589</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 95,402</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 13,643</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Total comprehensive income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 188,365</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 104,643</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 87,527</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 12,517</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Net cash used in operating activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (15,968)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (2,663)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (482)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (69)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Net cash provided by (used in) investing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> (25,483)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 62,597</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> (67,149)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> (9,602)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Net cash used in financing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (9,448)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (44,853)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (56,088)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (8,021)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Effect of exchange rate changes on cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,648</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,173</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,323)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (189)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Net change in cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (48,251)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> 17,254</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (125,042)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (17,881)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Cash and cash equivalents at the beginning of the year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 186,825</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 138,574</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 155,828</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 22,283</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Cash and cash equivalents at the end of the year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 138,574</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 155,828</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 30,786</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,402</td></tr></table>Basis of presentationCondensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investments in its subsidiaries, the VIE and VIE’s subsidiaries. The parent company records its investments in its subsidiaries, the VIE and VIE’s subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Under the equity method of accounting, the Company shall adjust the carrying amount of the investments for its share of the subsidiaries’ and other equity investees’ cumulative losses until the investment balance reaches zero, unless it is contractually obligated to continue to pick up the subsidiaries’ and other equity investees’ losses. The Company confirmed its unlimited financial support to its subsidiaries for their operations. Consequently, the Company recognized its investments in excess of its share of cumulative losses in “Investments in subsidiaries, the VIE and VIE’s subsidiaries” on the condensed balance sheets, and the respective share in income (loss) in “Share of income from subsidiaries, the VIE and VIE’s subsidiaries” on the condensed statements of comprehensive income. The subsidiaries did not pay any dividends to the Company for the periods presented.The parent company’s condensed financial statements should be read in conjunction with the Group’s consolidated financial statements.

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:39.71%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:39.71%;margin:0pt;padding:0pt;">(in thousands, except for number of shares and per share data)</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">ASSETS</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 155,828</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 30,786</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 4,402</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Amounts due from subsidiaries </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 253,441</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 349,029</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 49,910</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Prepayments and other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,266</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,932</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 420</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Total current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 413,535</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 382,747</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 54,732</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Non-current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Investments in subsidiaries, the VIE and VIE’s subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 555,621</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 654,883</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 93,647</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Other non-current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,229</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Total non-current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 556,850</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 654,883</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 93,647</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Total assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 970,385</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,037,630</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 148,379</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">LIABILITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Amounts due to subsidiaries and the VIE</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 4,148</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 40,332</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 5,767</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Accrued expenses and other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 3,228</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 2,128</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 304</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Dividend payable</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,164</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Total current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 9,540</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 42,460</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,071</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Total liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 9,540</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 42,460</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,071</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">SHAREHOLDERS’ EQUITY</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Ordinary shares (par value of US$0.0001 per share, 700,000,000 Class A shares authorized as of December 31, 2024 and December 31, 2025; 125,122,382 Class A shares issued and 116,084,207 outstanding as of December 31, 2024; 125,122,382 Class A shares issued and 111,541,887 outstanding as of December 31, 2025; 200,000,000 Class B shares authorized, 144,000,000 Class B ordinary shares issued and outstanding as of December 31, 2024 and December 31, 2025; 100,000,000 shares (undesignated) authorized, nil shares (undesignated) issued and outstanding as of December 31, 2024 and December 31, 2025)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 185</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> 186</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 27</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Additional paid-in capital</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 996,657</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 960,641</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 137,370</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Treasury stock</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> (26,296)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;margin:0pt;padding:0pt;"> (43,483)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> (6,218)</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Accumulated other comprehensive income </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 24,009</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"> 16,134</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 2,307</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Retained earnings (accumulated deficit)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (33,710)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 61,692</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 8,822</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;background:#cceeff;margin:0pt;padding:0pt;">Total shareholders’ equity</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 960,845</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 995,170</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 142,308</td></tr><tr style=""><td style="vertical-align:bottom;width:58.8%;margin:0pt;padding:0pt;">Total liabilities and shareholders’ equity</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 970,385</td><td style="vertical-align:bottom;white-space:nowrap;width:2.32%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.69%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,037,630</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 148,379</td></tr></table>

155828000

30786000

4402000

253441000

349029000

49910000

4266000

2932000

420000

413535000

382747000

54732000

555621000

654883000

93647000

1229000

556850000

654883000

93647000

970385000

1037630000

148379000

4148000

40332000

5767000

3228000 2128000 304000

2164000

9540000

42460000

6071000

9540000

42460000

6071000

0.0001

700000000

125122382

116084207

125122382

111541887

200000000

144000000

100000000

185000

186000

27000

996657000

960641000

137370000

26296000

43483000

6218000

24009000

16134000

2307000

-33710000

61692000

8822000

960845000

995170000

142308000

970385000

1037630000

148379000

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:54.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the year ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:54.92%;margin:0pt;padding:0pt;">(in thousands)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Operating expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">General and administrative expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16,011)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,449)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8,094)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,157)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Total operating expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16,011)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,449)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8,094)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,157)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Operating loss</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16,011)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,449)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (8,094)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,157)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Share of income from subsidiaries, the VIE and VIE’s subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 190,880</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 102,725</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 98,583</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 14,097</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Other income, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,038</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,313</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,913</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 703</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Income before income taxes</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 180,907</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 98,589</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 95,402</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 13,643</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Income tax expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Net income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 180,907</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 98,589</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 95,402</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 13,643</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Total comprehensive income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 188,365</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 104,643</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 87,527</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 12,517</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Net cash used in operating activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (15,968)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (2,663)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (482)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (69)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Net cash provided by (used in) investing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> (25,483)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> 62,597</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> (67,149)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"> (9,602)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Net cash used in financing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (9,448)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (44,853)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (56,088)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (8,021)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Effect of exchange rate changes on cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,648</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,173</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,323)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (189)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Net change in cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (48,251)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> 17,254</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (125,042)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"> (17,881)</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;background:#cceeff;margin:0pt;padding:0pt;">Cash and cash equivalents at the beginning of the year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 186,825</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 138,574</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 155,828</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 22,283</td></tr><tr style=""><td style="vertical-align:bottom;width:42.55%;margin:0pt;padding:0pt;">Cash and cash equivalents at the end of the year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 138,574</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 155,828</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 30,786</td><td style="vertical-align:bottom;white-space:nowrap;width:2.51%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,402</td></tr></table>

16011000

11449000

8094000

1157000

16011000

11449000

8094000

1157000

-16011000

-11449000

-8094000

-1157000

190880000

102725000

98583000

14097000

6038000

7313000

4913000

703000

180907000

98589000

95402000

13643000

180907000

98589000

95402000

13643000

188365000

104643000

87527000

12517000

-15968000

-2663000

-482000

-69000

-25483000

62597000

-67149000

-9602000

-9448000

-44853000

-56088000

-8021000

2648000

2173000

-1323000

-189000

-48251000

17254000

-125042000

-17881000

186825000

138574000

155828000

22283000

138574000

155828000

30786000

4402000