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20-F false true 2025-12-31 --12-31 2025 false false 001-42291 BingEx Limited E9 Building 6 Zhongguancun Dongsheng International Science Park No.1 Yongtaizhuang North Road Haidian District 100192 CN Le Tang Building 6 Zhongguancun Dongsheng International Science Park No.1 Yongtaizhuang North Road Haidian District 100192 CN +86 (10) 6292-3966 American depositary shares, each representing three Class A ordinary shares FLX NASDAQ Class A ordinary share, par value US$0.0001 per share* true NASDAQ 219389729 0.0001 No No Yes Yes Accelerated Filer true false false false U.S. GAAP false true Risk Management and StrategyWe have implemented comprehensive cybersecurity risk assessment procedures that are integrated into our overall risk management system. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90A_ecyd--CybersecurityRiskManagementProcessesIntegratedTextBlock_c20250101__20251231_zlPVYgJL6bI9">These <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_908_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20250101__20251231_zMKkS4B5d9Wl">procedures aim to identify, assess, and manage potential and existing cybersecurity threats. We have a strong in-house IT department, led by our cybersecurity officer, that identifies, assesses, and manages cybersecurity risks on a daily basis. We have provided training programs to ensure that our employees have full access to the basic knowledge and principles of information security, established a sound responding mechanism for external security attacks and violations and safeguarded the confidentiality of information and data of the company, employees and users, making sure information and data can only be obtained and used when necessary. Our IT department work closely with <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_907_ecyd--CybersecurityRiskManagementThirdPartyEngagedFlag_dbT_c20250101__20251231_zsoVDm3ebFKl">third-party service providers to ensure their compliance with our cybersecurity standards and to assess risks arising from our engagements with them. To ensure the confidentiality and integrity of our data, we maintain a comprehensive and rigorous data security program. We anonymize and encrypt confidential personal information and take other technological measures to ensure the secure processing, transmission and usage of data. We have also established stringent internal protocols under which we grant classified access to confidential personal data only to limited employees with strictly defined and layered access authority. We back-up our data on a daily basis in separate and various secured data back-up systems to minimize the risk of data loss. We also conduct frequent reviews of our back-up systems to ensure that they function properly and are well maintained. In addition, we have set up an emergency response team to conduct disaster recovery drills on important systems on a regular basis and continuously improve the systems. Our back-end security system is capable of handling malicious attacks each day to safeguard the security of our operations and to protect the privacy of our customers. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_901_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_c20250101__20251231_zKhwvwGLbORh">As of the date of this annual report, we have <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_904_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbT_c20250101__20251231_zT6C4XGnqij3">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. These <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_908_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20250101__20251231_zMKkS4B5d9Wl">procedures aim to identify, assess, and manage potential and existing cybersecurity threats. We have a strong in-house IT department, led by our cybersecurity officer, that identifies, assesses, and manages cybersecurity risks on a daily basis. We have provided training programs to ensure that our employees have full access to the basic knowledge and principles of information security, established a sound responding mechanism for external security attacks and violations and safeguarded the confidentiality of information and data of the company, employees and users, making sure information and data can only be obtained and used when necessary. true true As of the date of this annual report, we have <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_904_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbT_c20250101__20251231_zT6C4XGnqij3">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. true GovernanceOur nominating and corporate governance committee of the board of directors is responsible for overseeing our cybersecurity risk management and be informed on risks from cybersecurity threats. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90F_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_c20250101__20251231_zdgMDKWRALAh">Our chief executive officer, chief financial officer, executive president, and cybersecurity officer are <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90A_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20250101__20251231_zyipNGjYVz0c">responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident. The chief executive officer, chief financial officer, executive president and cybersecurity officer periodically meet with our nominating and corporate governance committee to update the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, if any. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_901_ecyd--CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock_c20250101__20251231_zHpQH9xbTAFg">Our cybersecurity officer, who has over 16 years of experience in the field, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. The cybersecurity officer reports to our executive president and provides quarterly updates to our chief executive officer, chief financial officer and the nominating and corporate governance committee on any material cybersecurity incidents or material risks arising from cybersecurity threats. Our chief executive officer, chief financial officer, executive president, and cybersecurity officer are <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90A_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20250101__20251231_zyipNGjYVz0c">responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident. The chief executive officer, chief financial officer, executive president and cybersecurity officer periodically meet with our nominating and corporate governance committee to update the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, if any. true Our cybersecurity officer, who has over 16 years of experience in the field, is primarily responsible for assessing and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents. 1186 KPMG Huazhen LLP Beijing, China

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1. DESCRIPTION OF BUSINESS AND ORGANIZATION Description of business BingEx Limited (“the Company”) was incorporated under the laws of the Cayman Islands on May 29, 2014. The Company through its wholly-owned subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiaries (collectively, “the Group”), primarily provides on-demand dedicated courier service to its customers through its mobile platform, Mini-Programs, website and API-connected third-party systems. The Group’s principal operations and geographic markets are in the People’s Republic of China (“PRC”). Organization The Company is a holding company that was incorporated in the Cayman Islands. The Company’s on-demand dedicated courier service was conducted through its wholly-owned subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiaries. Beijing Tongcheng Biying Technology Co., Ltd. (“Beijing Tongcheng”, or “the VIE”), a limited liability company, was established under the laws of the PRC on August 1, 2013 to hold value-added telecommunication business operation license in order to comply with the PRC laws and regulations, which prohibit or restrict control of companies involved in the provision of internet content and other restricted businesses. The Group’s mobile platform, Mini-Programs and website in China was operated by Beijing TongCheng. The on-demand dedicated courier service, which was not subject to the prohibition or restriction, was provided by the Company’s subsidiaries, VIE and VIE’s subsidiaries. The recognized revenue-producing assets of Beijing Tongcheng primarily consists of property and equipment, operating lease right-of-use assets and prepayments on operating leases. The unrecognized revenue-producing assets of Beijing Tongcheng primarily consists of the value-added telecommunication business operation license, trademarks, patents, copyright, domain names and workforce. The equity interests of Beijing Tongcheng are legally held by Mr. Peng Xue, the Founder, Director and Chief Executive Officer of the Group, and Mr. Hongjian Yu, both of whom are the shareholders of the Group and act as nominee equity holders of the VIE on behalf of the WFOE. A series of contractual agreements, including Powers of Attorney, Equity Pledge Agreement, Exclusive Business Cooperation Agreement, Exclusive Option Agreement and Spousal Consent Letters (collectively, “the VIE Agreements”), were entered in 2014 and subsequently updated in May 2021 to reflect the latest ownership structure of the VIE, among the Company, Shansong Technology, Beijing Tongcheng and its nominee equity holders. Through the VIE Agreements, the nominee equity holders of the VIE have granted all their legal rights including voting rights and disposition rights of their equity interests in the VIE to the Company. The nominee equity holders of the VIE do not participate significantly in income and loss and do not have the power to direct the activities of the VIE that most significantly impact their economic performance. Accordingly, the VIE is considered a variable interest entity. In accordance with Accounting Standards Codification (“ASC”) 810-10-25-38A, the Company has a controlling financial interest in the VIE because the Company has (i) the power to direct activities of the VIE that most significantly impact the economic performance of the VIE; and (ii) the obligation to absorb the expected losses and the right to receive expected residual return of the VIE that could potentially be significant to the VIE. Thus, the Company is the primary beneficiary of the VIE. Under the terms of the VIE Agreements, the Company, through the WFOE has (i) the right to receive economic benefits that could potentially be significant to the VIE in the form of service fees under the Exclusive Business Cooperation Agreement; (ii) the right to receive all dividends declared by the VIE and the right to all undistributed earnings of the VIE; (iii) the obligation to absorb the expected losses and the right to receive expected residual return of the VIE through its exclusive option to acquire 100% of the equity interests in the VIE, to the extent permitted under PRC laws. Accordingly, the financial statements of the VIE are consolidated in the Company’s consolidated financial statements. Under the terms of the VIE Agreements, the VIE’s nominee equity holders have no rights to the net assets nor have the obligations to fund the deficit, and such rights and obligations have been vested to the Company. All of the deficit (net liabilities) and net income (loss) of the VIE are attributed to the Company. The principal terms of the VIE Agreements are further described below. 1) Power of Attorney Pursuant to the Powers of Attorney, each nominee equity holder of the VIE has irrevocably authorized the WFOE, or its designee(s) to act on its respective behalf as proxy attorney, to the extent permitted by law, to exercise all equity holder rights, including but not limited to: (i) convening and attending equity holder meetings of the VIE; (ii) exercising voting rights with respect to any matters discussed in equity holder meetings; (iii) signing and delivering any written resolutions and minutes; (iv) selling, transferring, pledging or disposing of equity interests in part or in whole; (v) nominating, electing, designating, appointing or removing the legal representative, directors and other senior management of the VIE; (vi) approving amendments of articles, and (vii) exercising all other rights conferred by the VIE’s memorandum and articles and relevant laws and regulations. The Powers of Attorney remain irrevocably effective as long as such VIE equity holders remain as the VIE’s equity holders, unless otherwise instructed by the WFOE. 2) Equity Pledge Agreement Pursuant to Equity Pledge Agreement, the nominee equity holders of the VIE pledged all of their equity interests in the VIE to WFOE as security for the nominee equity holders’ and the VIE’s performance of their obligations under the contractual arrangements, which include Exclusive Business Cooperation Agreement, Exclusive Option Agreement and Powers of Attorney. During the term of the Equity Pledge Agreement, WFOE has the right to receive all of the VIE’s dividends distributed on the pledged equity to the extent permitted under PRC laws. If any of the specified events of default occurs, WFOE as pledgee, will be entitled to certain rights and remedies including priority in receiving the proceeds from the auction or disposal of the pledged equity interests in the VIE. WFOE may transfer all or any of its rights and obligations under the Equity Pledge Agreement to its designee(s) at any time. The VIE and its nominee equity holders undertake that, without the prior written consent of WFOE, they will not transfer, or create or allow any encumbrance on the pledged equity interests. The agreement will remain in effect until the fulfillment of all the obligations under the Exclusive Option Agreement, the Exclusive Business Cooperation Agreement and the Powers of Attorney. The Company completed the registration of the equity pledge under the latest Equity Pledge Agreement in relation to the VIE with the relevant office of the State Administration for Market Regulation in accordance with the PRC Civil Code. 3) Exclusive Business Cooperation Agreement The WFOE and the VIE entered into an Exclusive Business Cooperation Agreement, whereby WFOE has the exclusive right to provide, among other things, technological development, technological support, consultation and related services to the VIE. In exchange, the VIE pays service fees at any time agreed by the parties to WFOE in an amount consisting of management fee and fee for services provided, which shall be reasonably determined by WFOE based on the factors as provided in the Exclusive Business Cooperation agreement. Without the prior written consent of WFOE, the VIE cannot assign its rights and obligations to any third party. WFOE has the exclusive and complete ownership of all intellectual property rights created as a result of the performance of this agreement. The Exclusive Business Cooperation Agreement will remain effective for thirty years upon its execution by the parties and be automatically extended for another thirty years upon expiration date, unless otherwise agreed by WFOE. 4) Exclusive Option Agreement Pursuant to the Exclusive Option Agreement, each of the equity holders of the VIE has irrevocably granted the Company or its designee(s) an exclusive option to purchase, at any time and to the extent permitted under PRC laws, all or part of the equity interests in the VIE at an aggregate minimal consideration, or the lowest price permitted under applicable PRC laws if there is any statutory requirement about the consideration under PRC laws. Without prior written consent of the Company, the VIE and the equity holders shall not, among other things, (i) sell, transfer, mortgage or otherwise dispose of their equity interests in the VIE, or create any encumbrance on their equity interests in the VIE, except for those encumbrances created by the VIE’s equity holders on the VIE under the Equity Pledge Agreement, the powers of attorney of the VIE’s equity holders, and the Exclusive Option Agreement; (ii) amend the VIE’s articles of association, or change the VIE’s registered capital or shareholding structure in any other manners; (iii) cause the VIE to enter into any material contract, except in the ordinary course of business; (iv) allow the VIE to incur, inherit, guarantee or permit any debts, except for those payables incurred in the ordinary course of business but not incurred by way of borrowing; (v) merge or consolidate the VIE with any other entity or acquire or invest in any other entity; (vi) distribute any dividend, however, upon request by the Company, the VIE shall immediately distribute all distributable profits to its equity holders; (vii) sell, transfer, mortgage or otherwise dispose of any of the VIE’s material assets or legal or beneficial interest in the material business or revenues of the VIE, or allow any encumbrance of any security interest thereon; or (viii) liquidate or dissolve the VIE unless otherwise required by PRC Law. The Exclusive Option Agreement will be terminated when the entire equity interests in the VIE have been transferred to the Company or its designee(s) pursuant to the agreement. 5) Spousal Consent Letters Pursuant to the Spousal Consent Letters, the spouses of the individual nominee equity holders of the VIE, the signing spouses unconditionally and irrevocably agreed that the equity interest in VIE held by the individual nominee equity holders of the VIE, which registered in the name of the individual nominee equity holders of the VIE will be disposed of pursuant to the Powers of Attorney, Equity Pledge Agreement and Exclusive Option Agreement, and that the individual nominee equity holders of the VIE may perform, amend or terminate such agreements without the signing spouses’ additional consent. Additionally, the signing spouses agreed not to assert any rights over the equity interest in the VIE held by the individual nominee equity holders of the VIE. In addition, in the event that the signing spouses obtain any equity interest in the VIE held by the individual nominee equity holders of the VIE for any reason, they agree to be bound by and sign any legal documents substantially similar to the contractual arrangements described above, as may be amended from time to time. The Company relies on the VIE Agreements to operate and control the VIE. All of the VIE Agreements are governed by the PRC laws and provide for the resolution of disputes through arbitration in China. Accordingly, these contracts would be interpreted in accordance with the PRC laws and any disputes would be resolved in accordance with the PRC legal procedures. As a result, changes in the interpretation and application of the PRC laws and regulations could limit the Company’s ability to enforce these contractual arrangements. In the event that the Company is unable to enforce these contractual arrangements, or if the Company suffers significant time delays or other obstacles in the process of enforcing these contractual arrangements, it would be difficult to exert effective control over the VIE, and the Company’s ability to conduct its business and the results of operations and financial condition may be materially and adversely affected. In the opinion of management, based on the legal opinion obtained from the Company’s PRC legal counsel, the contractual arrangements among the Company, WFOE, the VIE and its equity holders governed by PRC laws are valid, binding and enforceable in accordance with their terms and applicable PRC laws and regulations currently in effect and does not violate any explicit provisions of applicable PRC laws currently in effect. However, the interpretation and application of current or future PRC laws and regulations are subject to change due to the changes of facts and circumstances. The relevant PRC regulatory authorities have authority in determining whether a particular contractual structure violates PRC laws and regulations. Thus, the Company cannot be assured that the PRC government will not ultimately take a view contrary to the opinion. If the Company’s corporate structure is found in violation of any PRC laws or regulations or if the contractual arrangements among the Company, WFOE, the VIE, and its equity holders are determined as illegal or invalid by any PRC court, arbitral tribunal or regulatory authorities, the relevant governmental authorities may take the following actions in dealing with such violation, including, without limitation: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">revoking the agreements constituting the contractual arrangements;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">revoking the business and operating licenses;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">requiring to discontinue or restrict operations;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">restricting right to collect revenue;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">restricting or prohibit the use of the proceeds from the Company’s public offering to fund the business and operations in China;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">shutting down all or part of the Company’s websites, apps, or services;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">levying fines on the Company or confiscate the proceeds that they deem to have been obtained through non-compliant operations;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">requiring the Company to restructure the operations in such a way as to compel the Company to establish a new enterprise;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">re-applying for the necessary licenses or relocate the Company’s businesses, staff, and assets;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">imposing additional conditions or requirements with which the Company may not be able to comply; or</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify">taking other regulatory or enforcement actions that could be harmful to the Company’s business.</td></tr> </table> If the imposition of any of these penalties or requirement to restructure the Company’s corporate structure causes it to lose the rights to direct the activities of the VIE or the Company’s right to receive its economic benefits, the Company would no longer be able to consolidate the financial results of the VIE in its consolidated financial statements. In the opinion of management, the likelihood of deconsolidation of the VIE is remote based on current facts and circumstances. The equity interests of the VIE are legally held by the nominee equity holders of the VIE on behalf of the Company. The Company cannot assure that when conflicts of interest arise, either of the nominee equity holders will act in the best interests of the Company or such conflicts will be resolved in the Company’s favor. Currently, the Company does not have any arrangements to address potential conflicts of interest between the nominee equity holders and the Company, except that the Company could exercise the purchase option under the Exclusive Option Agreement with the nominee equity holders to request them to transfer all of their equity ownership in the VIE to a PRC entity or individual designated by the Company, to the extent permitted by the PRC laws. The equity holders of the VIE have executed power of attorney to appoint WFOE to vote on their behalf and exercise voting rights as equity holders of the VIE. If the Company cannot resolve any conflict of interest or dispute between the Company and the nominee equity holders of the VIE, the Company would have to rely on legal proceedings, which could result in disruption of the Company’s business and subject the Company to substantial uncertainty as to the outcome of any such legal proceedings. The Company’s involvement with the VIE under the VIE Agreements affected the Company’s consolidated financial position, results of operations, and cash flows as indicated below. The following consolidated assets and liabilities information of the Group’s VIE as of December 31, 2024 and 2025, and consolidated revenues, net income (loss) and cash flow information for the years ended December 31, 2023, 2024 and 2025 have been included in the accompanying consolidated financial statements. All intercompany transactions and balances among the Company, its wholly-owned subsidiaries, the VIE and the VIE’s wholly-owned subsidiaries have been eliminated upon consolidation. SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20241231__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_z3AEIxnxK4Dl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_497_20251231__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_z6Hp5WBtYwtg" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsAbstract_iB_zhChqEXwD5Vd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">ASSETS</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_405_eus-gaap--AssetsCurrentAbstract_i01B_zfRzYhzGGj45" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_pn3n3_maACz79U_zPvIImT0Au0i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">47,309</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">48,058</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RestrictedCashCurrent_i02I_pn3n3_maACz79U_zZ2XsH7UQvg6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ShortTermInvestments_i02I_pn3n3_maACz79U_zCBDKY0XiDd8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,233</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsReceivableNetCurrent_i02I_pn3n3_maACz79U_zoSOotLnNPob" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,726</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_pn3n3_maACz79U_zIDkPmp5bQpd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,897</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherReceivablesNetCurrent_i02I_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntraGroupCompaniesMember_maACz79U_z43WkH0bOkI1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Amounts due from inter-companies</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">160,413</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">181,880</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsCurrent_i02TI_pn3n3_mtACz79U_maAzixQ_z4mSPp9P01S7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">270,508</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">383,818</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AssetsNoncurrentAbstract_i01B_pn3n3_zU4Swnj1ZRTg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LongTermInvestments_i02I_pn3n3_maANz6PF_zYz2nRCl29Ri" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Long-term investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_i02I_pn3n3_maANz6PF_z8ggm84aV1We" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,814</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,357</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_pn3n3_maANz6PF_zqKbZW3mZwV3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,164</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,982</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherAssetsNoncurrent_i02I_pn3n3_maANz6PF_z5Z8XDGy19Z3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,600</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,062</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AssetsNoncurrent_i02TI_pn3n3_mtANz6PF_maAzixQ_zR2OlPo7SJNe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">102,668</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,401</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Assets_i01TI_pn3n3_mtAzixQ_zkCcbUL8hWZi" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">373,176</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">413,219</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesAbstract_iB_pn3n3_zeMsm2ZZ7uxe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">LIABILITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LiabilitiesCurrentAbstract_i01B_pn3n3_zXMktmq9k8z9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsPayableCurrent_i02I_pn3n3_maLCzUij_ziZ7RA9gZJ7g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,865</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredRevenueCurrent_i02I_pn3n3_maLCzUij_z96487tDGPvc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,768</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,541</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherLiabilitiesCurrent_i02I_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntraGroupCompaniesMember_maLCzUij_zrGX3CLKV9u4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amounts due to inter-companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">457,895</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">465,171</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_pn3n3_maLCzUij_zjBX2w4SmTV8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease liabilities, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,770</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,728</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AccruedExpensesAndOtherLiabilitiesCurrent_i02I_pn3n3_maLCzUij_z7A4wpze9ond" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accrued expenses and other current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,035</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24,053</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesCurrent_i02TI_pn3n3_mtLCzUij_maLzPRM_zQeuFgYYtOMj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">666,021</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">720,358</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_pn3n3_zmnt0VkgucWg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Non-current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_pn3n3_maLNzUaT_z4fu22Ko6pR7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities, non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">29,395</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,879</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LiabilitiesNoncurrent_i02TI_pn3n3_maLzPRM_mtLNzUaT_zWIbT2wgHfS1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,395</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,879</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Liabilities_i01TI_pn3n3_mtLzPRM_zgnhbOOpwJP2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">695,416</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">733,237</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_495_20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zUlaLG56MTWj" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2023</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20240101__20241231__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zkPFJzcPxBVb" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20250101__20251231__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_z0bKWbib6O2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zJczWeEnJRu6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Total revenues</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,097,261</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,033,333</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">961,102</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_pn3n3_zaJNWe84Ix9k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,738</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,093</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,644</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivities_pn3n3_zb9ibHG0Y9Jb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net cash used in operating activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(79,526</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(54,081</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(44,071</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInInvestingActivities_pn3n3_zc4qI6oPYBak" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net cash provided by (used in) investing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,853</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,755</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(41,820</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInFinancingActivities_pn3n3_z3vCXITKqIRa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net cash provided by (used in) financing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,641</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(72,672</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,664</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCCERCzPhQ_zER1rZdGWERa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net increase (decrease) in cash, cash equivalents and restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(46,738</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(66,998</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">773</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zMdJT92Yl3uh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cash and cash equivalents at the beginning of the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161,045</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,309</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zAYXhjGVQoR7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash, cash equivalents and restricted cash at the end of the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,309</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,082</td><td style="text-align: left"> </td></tr> </table> In accordance with VIE Agreements, WFOE has the power to direct the activities of the VIE and VIE’s subsidiaries. Therefore, the Company considers that there are no assets in the VIE that can only be used to settle obligations of the VIE, except for paid in capital of RMB1 million as of December 31, 2024 and 2025. The creditors of the VIE do not have recourse to the general credit of WFOE.

SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20241231__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_z3AEIxnxK4Dl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_497_20251231__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_z6Hp5WBtYwtg" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--AssetsAbstract_iB_zhChqEXwD5Vd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">ASSETS</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_405_eus-gaap--AssetsCurrentAbstract_i01B_zfRzYhzGGj45" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_pn3n3_maACz79U_zPvIImT0Au0i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">47,309</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">48,058</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RestrictedCashCurrent_i02I_pn3n3_maACz79U_zZ2XsH7UQvg6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ShortTermInvestments_i02I_pn3n3_maACz79U_zCBDKY0XiDd8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,233</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsReceivableNetCurrent_i02I_pn3n3_maACz79U_zoSOotLnNPob" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,726</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_pn3n3_maACz79U_zIDkPmp5bQpd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,897</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherReceivablesNetCurrent_i02I_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntraGroupCompaniesMember_maACz79U_z43WkH0bOkI1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Amounts due from inter-companies</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">160,413</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">181,880</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsCurrent_i02TI_pn3n3_mtACz79U_maAzixQ_z4mSPp9P01S7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">270,508</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">383,818</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AssetsNoncurrentAbstract_i01B_pn3n3_zU4Swnj1ZRTg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LongTermInvestments_i02I_pn3n3_maANz6PF_zYz2nRCl29Ri" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Long-term investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_i02I_pn3n3_maANz6PF_z8ggm84aV1We" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,814</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,357</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_pn3n3_maANz6PF_zqKbZW3mZwV3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,164</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,982</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherAssetsNoncurrent_i02I_pn3n3_maANz6PF_z5Z8XDGy19Z3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,600</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,062</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AssetsNoncurrent_i02TI_pn3n3_mtANz6PF_maAzixQ_zR2OlPo7SJNe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">102,668</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,401</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Assets_i01TI_pn3n3_mtAzixQ_zkCcbUL8hWZi" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">373,176</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">413,219</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LiabilitiesAbstract_iB_pn3n3_zeMsm2ZZ7uxe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">LIABILITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LiabilitiesCurrentAbstract_i01B_pn3n3_zXMktmq9k8z9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccountsPayableCurrent_i02I_pn3n3_maLCzUij_ziZ7RA9gZJ7g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160,865</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredRevenueCurrent_i02I_pn3n3_maLCzUij_z96487tDGPvc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,768</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,541</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherLiabilitiesCurrent_i02I_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntraGroupCompaniesMember_maLCzUij_zrGX3CLKV9u4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amounts due to inter-companies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">457,895</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">465,171</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_pn3n3_maLCzUij_zjBX2w4SmTV8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease liabilities, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,770</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,728</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AccruedExpensesAndOtherLiabilitiesCurrent_i02I_pn3n3_maLCzUij_z7A4wpze9ond" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accrued expenses and other current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,035</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24,053</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LiabilitiesCurrent_i02TI_pn3n3_mtLCzUij_maLzPRM_zQeuFgYYtOMj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">666,021</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">720,358</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_pn3n3_zmnt0VkgucWg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Non-current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_pn3n3_maLNzUaT_z4fu22Ko6pR7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities, non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">29,395</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,879</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LiabilitiesNoncurrent_i02TI_pn3n3_maLzPRM_mtLNzUaT_zWIbT2wgHfS1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,395</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,879</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Liabilities_i01TI_pn3n3_mtLzPRM_zgnhbOOpwJP2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">695,416</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">733,237</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_495_20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zUlaLG56MTWj" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2023</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20240101__20241231__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zkPFJzcPxBVb" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20250101__20251231__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_z0bKWbib6O2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zJczWeEnJRu6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Total revenues</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,097,261</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,033,333</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">961,102</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--NetIncomeLoss_pn3n3_zaJNWe84Ix9k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,738</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,093</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,644</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivities_pn3n3_zb9ibHG0Y9Jb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net cash used in operating activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(79,526</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(54,081</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(44,071</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInInvestingActivities_pn3n3_zc4qI6oPYBak" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net cash provided by (used in) investing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,853</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,755</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(41,820</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInFinancingActivities_pn3n3_z3vCXITKqIRa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net cash provided by (used in) financing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,641</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(72,672</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86,664</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCCERCzPhQ_zER1rZdGWERa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net increase (decrease) in cash, cash equivalents and restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(46,738</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(66,998</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">773</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zMdJT92Yl3uh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cash and cash equivalents at the beginning of the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161,045</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,309</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zAYXhjGVQoR7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash, cash equivalents and restricted cash at the end of the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,307</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,309</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,082</td><td style="text-align: left"> </td></tr> </table>

47309000

48058000

24000

81233000

16893000

36726000

45893000

35897000

160413000

181880000

270508000

383818000

51090000

2814000

1357000

44164000

24982000

4600000

3062000

102668000

29401000

373176000

413219000

108553000

160865000

56768000

60541000

457895000

465171000

12770000

9728000

30035000 24053000

666021000

720358000

29395000

12879000

29395000

12879000

695416000

733237000

1097261000

1033333000

961102000

101738000

38093000

-2644000

-79526000

-54081000

-44071000

-68853000

59755000

-41820000

101641000

-72672000

86664000

-46738000

-66998000

773000

161045000

114307000

47309000

114307000

47309000

48082000

1000000

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Principles of consolidation The consolidated financial statements include the financial statements of the Company, its wholly-owned subsidiaries, the VIE in which the Company, through its WFOE, has a controlling financial interest, and VIE’s wholly-owned subsidiaries. All intercompany transactions and balances among the Company, its wholly-owned subsidiaries, the VIE, and the VIE’s wholly-owned subsidiaries have been eliminated upon consolidation. Use of estimates The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods. Significant accounting estimates and assumptions reflected in the Company’s financial statements include but not limited to the realization of deferred income tax assets and the fair value of share-based compensation awards. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. Convenience translation Translations of balances in the consolidated financial statements from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the rate of US$1.00= RMB6.9931 representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited. Cash and cash equivalents Cash consists of cash on hand and cash at bank. Cash equivalents represent deposits with original maturities of three months or less which are readily convertible to known amounts of cash. Cash and cash equivalents are deposited in financial institutions at below locations: SCHEDULE OF CASH AND CASH EQUIVALENTS ARE DEPOSITED IN FINANCIAL INSTITUTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20241231_zljv6w0Sf4b6" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20251231_z06HMiryuoth" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic">Financial institutions in the mainland of the PRC</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40F_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--CN__srt--CurrencyAxis__currency--CNY_zPI1IqmZlEu4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">—Denominated in RMB</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">270,423</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">466,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--CN__srt--CurrencyAxis__currency--USD_ziLtRU3C6VO2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in USD</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">299,877</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">71,387</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_hsrt--StatementGeographicalAxis__country--CN_zerAj8xAUrAl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash and cash equivalents balances held at mainland PRC financial institutions</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">570,300</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">537,766</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Financial institutions in the United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--US__srt--CurrencyAxis__currency--USD_zk7Q0BjeZdJ6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in USD</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,663</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,089</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_hsrt--StatementGeographicalAxis__country--US_zgrAIJ1zbZd6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash balances held at the United States financial institutions</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">19,663</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,089</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Financial institutions in Hong Kong Special Administrative Region (“Hong Kong S.A.R.”)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK__srt--CurrencyAxis__currency--CNY_zzSgo1uOnkA5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">—Denominated in RMB</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK__srt--CurrencyAxis__currency--USD_zaWvE08Xh6I7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">—Denominated in USD</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">894</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,378</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK__srt--CurrencyAxis__currency--HKD_zC7uPw3gNUB3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in HKD</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">946</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">167</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK_ztRLUZxAGbW8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash balances held at the Hong Kong S.A.R. financial institutions</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,851</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,699</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Financial institution in the Other Regions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__custom--OtherRegionMember__srt--CurrencyAxis__currency--MYR_zJvBmAAT47Fj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in Malaysian Ringgit</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">425</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">454</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__custom--OtherRegionMember_zGnkKEsuREDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash balances held at other regions financial institution</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">425</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">454</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Cash_iI_pn3n3_uRMB_zeC435UnrKSa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cash on hand</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">119</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">119</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_zsV9IJYkoAOa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total cash and cash equivalents balances held at financial institutions</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">592,358</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">561,127</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Cash and cash equivalents of a legal entity with financial institutions in the mainland of PRC, Hong Kong S.A.R. and the United States are insured by the government authorities up to RMB<span id="xdx_909_eus-gaap--Cash_iI_pn3n3_c20251231__us-gaap--EquitySecuritiesByIndustryAxis__us-gaap--GovernmentSectorMember__srt--StatementGeographicalAxis__country--HK_zMwcieYs0R9h" title="Cash and cash equivalents">500, HKD<span id="xdx_90E_eus-gaap--Cash_iI_pn3n3_uHKD_c20251231__us-gaap--EquitySecuritiesByIndustryAxis__us-gaap--GovernmentSectorMember__srt--StatementGeographicalAxis__country--HK_zWilGE7i3zA5" title="Cash and cash equivalents">500 and USD<span id="xdx_904_eus-gaap--Cash_iI_pn3n3_uUSD_c20251231__us-gaap--EquitySecuritiesByIndustryAxis__us-gaap--GovernmentSectorMember__srt--StatementGeographicalAxis__country--HK_z8Vzte62nFh9" title="Cash and cash equivalents">250 for each financial institution, respectively. As of December 31, 2024 and 2025, cash and cash equivalents amounted to RMB592,358 and RMB561,127, respectively, of which RMB10,905 and RMB13,772 were insured by the government authorities, respectively. The Group has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on bank deposits with financial institutions. To limit exposure to credit risk, the Group primarily places bank deposits with large financial institutions in the PRC, Hong Kong and the United States with acceptable credit rating. <p id="xdx_84C_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_zdqEEBmakaj6" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in">Restricted cash Restricted cash represents: (i) cash deposits at an asset management institution in Hong Kong S.A.R., which can only be used to invest in bonds, securities and other portfolios pursuant to the asset management agreement; and (ii) bank deposits that are restricted to use as security against lawsuits. Investments Investments consist of equity investments with readily determinable fair value and debt investments using fair value option. Equity investments with readily determinable fair value represent investments in the equity securities of listed companies and funds of which the underlying investments are equity securities issued by listed companies. These equity investments are measured at fair value. Dividend income from equity securities is recorded as investment income. Debt investments represent wealth management products which are unsecured with variable interest rates and issued by financial institutions, bonds issued by listed companies, U.S. treasury bonds and trust products of which the underlying investments are corporate bonds. The Company elects to apply the fair value option for the debt investments. Interest income from debt investments is recorded as investment income. Investments that are expected to be realized in cash during the next twelve months are classified as short-term investments, otherwise as long-term investments. Realized and unrealized fair value changes of short-term investments are recorded as investment income. Realized and unrealized fair value changes of long-term investments are recorded as changes in fair value of long-term investments. Property and equipment, net <p id="xdx_895_ecustom--ScheduleOfPropertyPlantAndEquipmentUsefulLifeTableTextBlock_z2OEDHZyrgJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, as follows: SCHEDULE OF PROPERTY, EQUIPMENT AND ESTIMATED USEFUL LIVES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Category</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Estimated Useful Life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Office leasehold improvement</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zjROuWdi0UN7" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2025%23LeaseholdImprovementsMember">Shorter of 3 years or lease term</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Fixtures and electronic equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zv2jNj4aLAjl" title="Estimated useful lives">3-<span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z7KtUdK7h9a3" title="Estimated useful lives">5 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Software</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zP5OcqhwCMab" title="Estimated useful lives">1-<span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zRvFmGnoi8Gf" title="Estimated useful lives">5 years</td></tr> </table> When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized and amortized over the remaining useful life. Impairment of long-lived assets Long-lived assets or asset groups such as property and equipment and right of use assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived asset or asset group by comparing the carrying value of the asset or asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the asset or asset group and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the asset or asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the asset or asset group over the fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. No impairment of long-lived assets was recognized for the years presented. Leases The Group leases premise for offices under non-cancellable operating leases. The operating lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease terms. The operating lease right-of- use assets are initially measured at cost, which comprises the initial amount of the operating lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the incremental borrowing rate at the lease commencement date is used in determining the imputed interest and present value of lease payments. The incremental borrowing rate was determined using a portfolio approach based on the rate of interest that the Group would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Group recognizes the single lease cost on a straight-line basis over the remaining lease terms for operating leases. The Company has elected not to recognize operating lease right-of-use assets or operating lease liabilities for leases with an initial term of 12 months or less and the Company recognizes lease expense for these leases on a straight-line basis over the lease terms. Value added taxes The Company’s PRC subsidiaries and VIE are subject to value added tax (VAT). Revenue is generally subject to VAT at the rate of 13%, 6%, 3% and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other current liabilities, and the excess of input VAT over output VAT is reflected in prepayments and other current assets in the consolidated balance sheets. Fair value measurements Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”) defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: 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. Accounting guidance also 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 cost approach is based on the amount that would currently be required to replace an asset. Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term investments, long-term investments, accounts receivable, receivable from third-party payment platforms and deposits included in prepayments and other current assets, accounts payable, accrued expenses and other current liabilities. The Group measures short-term investments and long-term investments at fair value on a recurring basis. Investments consist of equity investments with readily determinable fair value and debt investments using fair value option. The fair value of bonds and equity securities issued by listed companies are valued based on quoted prices in active markets are categorized in Level 1 of the fair value hierarchy. The fair value of the funds is valued based on the quoted prices of the underlying equity securities provided by financial institutions and categorized as Level 2 of the fair value hierarchy. The fair value of wealth management products is valued based on quoted prices of similar products provided by financial institutions are categorized as Level 2 of the fair value hierarchy. Trust products are valued based on price of the debt investments quoted by the financial institution and categorized in Level 2 of the fair value hierarchy. As of December 31, 2024 and 2025, the carrying amounts of other financial instruments approximated to their fair values due to the short-term maturity of these instruments. The Group’s non-financial assets would be measured at fair value only if they were determined to be impaired. Revenue recognition Revenues from contracts with customers are recognized when control of the promised services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those services, after deducting incentives to customers and excluding value added tax (“VAT”). Service revenue The Group provides on-demand dedicated courier service to business and individual customers normally completed within an hour. Revenue from on-demand dedicated courier service represents the gross amount charged to customers for these services net of customer incentives and value added tax. As the services are typically completed within a short period in the same day, revenue is recognized when the delivery service is completed. Costs incurred with riders are recorded in cost of revenues. Judgment is required in determining whether the Group is the principal or agent in transactions with customers and its network of registered riders. The Group has determined that it acts as a principal in the provision of on-demand dedicated courier service to customers. Under the Group’s contracts with customers, the Group promises to deliver customers’ merchandise from origin to destination at a specified quality standard. All customers shall agree with the contract terms set by the Group when they place a delivery order. Substantially all customers are required to pay in full at the latest by the time the order is submitted, before a rider is assigned by the Group. As the contracts allow the customers but not the Group to cancel the order, the Group is obliged to fulfill the delivery service once an order is placed. In order to fulfill its promise to provide delivery services at the specified quality standard, for each order the Group selects and assigns an appropriate rider from its network of registered riders to complete that particular request, optimizing the use of its overall riders pool and matching the specific needs of the customers and the location, vehicle type, experience and quality ratings of the riders. The Group’s network of registered riders comprises of high-performance riders, riders from outsourced delivery agencies and other riders. To optimize service quality, the Group identifies and enters into additional arrangements with a group of high-performance riders within its rider pool. Under such arrangements, these high-performance riders commit to provide a minimum number of weekly service order assignments, and cannot decline or disregard the orders assigned to them by the Group without penalty. In addition, the Group contracts with outsourced delivery agencies who send their riders to work for the Group during the contract period. Under these arrangements, the Group acquires a minimum amount of services from the outsourced delivery agencies during the specified period before any delivery orders from the Group’s customers are received. Other riders have the ability to disregard a delivery order without penalty. As the primary obligor for delivery services under the contracts with customers, the Group is liable for loss or damage to customers’ merchandises during the delivery process and other quality issues associated with the delivery. The Group also purchases injury insurance for all riders providing delivery services on the Group’s behalf. The Group also has an implied promise to find a replacement in case of unexpected contingencies to ensure that the delivery is completed in a timely manner. Additionally, the Group has discretion over the amount of delivery fee charged to customers. The Group separately agrees with riders the amounts paid to them. The Group recognizes customer advances and any other amounts collected prior to completing the delivery services as deferred revenue. Deferred revenue as of January 1, 2024 and 2025 were RMB51,945 and RMB56,768, respectively, which were all recognized as revenues for the years ended December 31, 2024 and 2025, respectively. The balance of RMB60,541 as of December 31, 2025 is expected to be recognized as revenues within one year. The Group conducts operations in China. Accounts receivable as of January 1, 2024 and 2025 were RMB<span id="xdx_909_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_pn3n3_c20240101__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zL4zqrppyYY" title="Accounts receivable">12,115 and RMB<span id="xdx_90C_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_pn3n3_c20250101__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zxeeb0Wr7Dw9" title="Accounts receivable">16,893, respectively. Customer incentives The customer incentives mainly include (i) discounts to the customers who place a minimum amount of deposit in advance of delivery orders; and (ii) promotion coupons with limited validity period to existing or potential customers. All these incentives are discounts for future delivery transactions and are recorded as a deduction from the revenues upon usage by the customers. Cost of revenues Cost of revenues primarily consist of (i) riders’ remuneration and incentives to fulfill the Group’s delivery orders, (ii) transaction fees charged by third-party payment platform, (iii) staff cost, and (iv) rental, depreciation and other costs related to revenues. Selling and marketing expenses Selling and marketing expenses mainly consist of (i) advertising expenses, (ii) share-based compensation, staff cost, rental and depreciation related to selling and marketing functions. Advertising expenses are expensed as incurred. The advertising expenses were RMB22,481, RMB24,014 and RMB32,085 for the years ended December 31, 2023, 2024 and 2025, respectively. Research and Development Expenses Research and development expenses consist primarily of (i) share-based compensation, staff cost, rental and depreciation related to research and development functions, (ii) other expenses related to research and development functions. Research and development expenses are expensed as incurred. Share-based compensation The Group grants share-based awards, mainly including share options and restricted share units to eligible employees and directors, which are subject to both service and performance conditions. All share-based awards are measured at the grant-date fair value. For an equity classified award with both a service condition and an initial public offering (“IPO”) performance condition, the Group recognizes compensation expense on a tranche-by-tranche basis, when it is probable an IPO will be achieved. For an equity classified award with service conditions only, the Group recognizes compensation expense using straight-line method during the requisite service period, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant date fair value of such award that is vested at that date. The Company elects to recognize the effect of forfeitures in compensation cost when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed. Employee benefits The Company’s subsidiaries and the VIE and VIE’s subsidiaries in the PRC participate in a government mandated, multiemployer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in China to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the monthly basic compensation of qualified employees. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statement of comprehensive income (loss) amounted to RMB76,282, RMB76,961 and RMB66,418 for the years ended December 31, 2023, 2024 and 2025, respectively. Income taxes Current income taxes are provided on the basis of income before income taxes for financial reporting purposes and adjusted for income and expense items which are not taxable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the liability method. Under this method, deferred income tax assets and liabilities are recognized for the tax effects of temporary differences and are determined by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse to the temporary differences between the financial statements’ carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. The effect on deferred income taxes arising from a change in tax rates is recognized in the consolidated statements of comprehensive income (loss) in the period of change. The Group applies a “more likely than not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the 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. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in interest expenses and general and administrative expenses, respectively. As of December 31, 2024 and 2025, the Group did not have any unrecognized uncertain tax positions. Government grants Government grants primarily consist of financial subsidies received from various levels of local governments from time to time which are granted for general corporate purposes and to support the Group’s ongoing operations in the region, and compliance with specific policies promoted by the local governments. The grants are determined at the discretion of the relevant government authorities and there are no restrictions on their use. The government grants with certain conditions are recorded as liabilities when received and will be recorded as other income when the conditions are met. Government grants in the form of cash amounting to RMB73,852, RMB36,532 and RMB13,235 were recorded as other income in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2023, 2024 and 2025, respectively, as certain Company’s subsidiaries met the revenue and tax payment targets in respective regions and there were no remaining commitment or contingencies. The balances of deferred government grants included in accrued expenses and other current liabilities are RMB7,976 and RMB7,976 as of December 31, 2024 and 2025, respectively, as a Company’s subsidiary did not meet the tax payment target in respective region. Foreign currency The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and its subsidiaries incorporated at Hong Kong S.A.R., and the United States is the United States dollars (“US$”). The functional currency of the Company’s PRC subsidiaries and VIE and VIE’s subsidiaries is the RMB. Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded as general and administrative expenses in the consolidated statement of comprehensive income (loss). The financial statements of the Company and its subsidiaries incorporated at Hong Kong S.A.R., and the United States are translated from US$ into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than deficits generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive income or loss in the consolidated statement of comprehensive income (loss), and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in the consolidated statement of changes in shareholders’ equity (deficit). The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the PRC government, controls the conversion of RMB to foreign currencies. The value of the RMB is subject to changes of central government policies and international economic and political developments affecting supply and demand in the China foreign exchange trading system market. Concentration and risk Concentration of customers and suppliers There are no customers and suppliers individually representing greater than 10% of total revenues and total costs of the Group for the years ended December 31, 2023, 2024 and 2025, respectively. Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, short-term investments, long-term investments receivable from third-party payment platforms and accounts receivable. The Group’s investment policy requires cash and cash equivalents, restricted cash, short-term investments and long-term investments to be placed with high-quality financial institutions and to limit the amount of credit risk from any one issuer. The Group regularly evaluates the credit standing of the counterparties or financial institutions. The Group carefully considers and monitors the creditworthiness of third-party payment service providers to mitigate any risks associated with receivables due from third-party payment platforms The Group conducts credit evaluations of customers and generally does not require collateral or other security from its customers. Accounts receivable are unsecured and are derived from revenue earned from customers. The risk with respect to accounts receivable is mitigated by credit evaluations performed on them. The Group believes it is not exposed to significant credit risk on accounts receivable. Statutory reserves In accordance with the PRC Company Law, the Group’s PRC subsidiaries and VIE and VIE’s subsidiaries must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. As of December 31, 2024 and 2025, the statutory reserves of the Group’s PRC subsidiaries and VIE and VIE’s subsidiaries were nil and RMB413, respectively. Income (loss) per share Basic income (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders, considering the accretion of redemption feature related to the Group’s redeemable convertible preferred shares, by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Shares issuable for little or no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic income (loss) per share as of the date that all necessary conditions have been satisfied. Net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share the loss. Diluted income (loss) per share is calculated by dividing net income (loss) attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of ordinary shares issuable upon the conversion of the preferred shares, using the if-converted method, and shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted income (loss) per share calculation when inclusion of such share would be anti-dilutive. Contingently issuable shares are included in the computation of basic and diluted net loss per share as of the date that all necessary conditions have been satisfied and issuance of the shares is no longer contingent. Treasury stock The Group applies the cost method to account for treasury stock. Under this approach, the cost of repurchased shares is recorded in the treasury stock in the consolidated balance sheets. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. An excess of purchase price over par value is allocated to additional paid-in-capital first with any remaining excess charged entirely to retained earnings. Segment reporting The Group uses the management approach in determining its operating segments. The Group’s chief operating decision maker (“CODM”) has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Company’s chief executive officer does not segregate the Group’s business by product or service lines. Management has determined that the Group has one operating segment, which is the on-demand dedicated courier service. The CODM assesses performance and decides how to allocate resources based on consolidated net income (loss) as reported on the consolidated statements of comprehensive income (loss). Significant segment expenses and other segment items are consistent with the financial information included in the consolidated statements of comprehensive income (loss). There are no other expense categories regularly provided to the CODM that are not already included in the consolidated statements of comprehensive income (loss). The measure of segment assets is reported on the balance sheets as total consolidated assets. Substantially all of the Group’s long-lived assets were derived in and located in the PRC. Recent accounting pronouncements In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. The Group adopted this new guidance on a prospective basis as of January 1, 2025. The adoption resulted in incremental disclosures, see Note 14. In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation Disclosures (“ASU 2024-03”). This update requires, among other things, more detailed disclosure about types of expenses in commonly presented expense captions such as cost of sales and selling, general, and administrative expenses, and is intended to improve the disclosures about an entity’s expenses including purchases of inventory, employee compensation, depreciation and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Group is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosure. In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. An entity can elect a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the assets when estimating expected credit losses. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years. Early adoption is permitted. This ASU should be applied prospectively. The Group plans to adopt ASU 2025-05 for the year beginning January 1, 2026 and does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities, to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. The new guidance leverages the principles in the accounting framework for government assistance in IAS 20, Accounting for Government Grants and Disclosure of Government Assistance; makes certain targeted improvements; and modifies certain of the existing disclosure requirements in ASC 832, Government Assistance. The new guidance is effective for public business entities in annual periods beginning after December 15, 2028, with early adoption permitted in any period for which financial statements have not yet been issued. The Group is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.

Basis of presentation The accompanying consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of consolidation The consolidated financial statements include the financial statements of the Company, its wholly-owned subsidiaries, the VIE in which the Company, through its WFOE, has a controlling financial interest, and VIE’s wholly-owned subsidiaries. All intercompany transactions and balances among the Company, its wholly-owned subsidiaries, the VIE, and the VIE’s wholly-owned subsidiaries have been eliminated upon consolidation.

Use of estimates The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods. Significant accounting estimates and assumptions reflected in the Company’s financial statements include but not limited to the realization of deferred income tax assets and the fair value of share-based compensation awards. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

Convenience translation Translations of balances in the consolidated financial statements from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the rate of US$1.00= RMB6.9931 representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited. 1.00 6.9931

Cash and cash equivalents Cash consists of cash on hand and cash at bank. Cash equivalents represent deposits with original maturities of three months or less which are readily convertible to known amounts of cash. Cash and cash equivalents are deposited in financial institutions at below locations: SCHEDULE OF CASH AND CASH EQUIVALENTS ARE DEPOSITED IN FINANCIAL INSTITUTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20241231_zljv6w0Sf4b6" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20251231_z06HMiryuoth" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic">Financial institutions in the mainland of the PRC</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40F_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--CN__srt--CurrencyAxis__currency--CNY_zPI1IqmZlEu4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">—Denominated in RMB</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">270,423</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">466,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--CN__srt--CurrencyAxis__currency--USD_ziLtRU3C6VO2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in USD</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">299,877</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">71,387</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_hsrt--StatementGeographicalAxis__country--CN_zerAj8xAUrAl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash and cash equivalents balances held at mainland PRC financial institutions</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">570,300</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">537,766</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Financial institutions in the United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--US__srt--CurrencyAxis__currency--USD_zk7Q0BjeZdJ6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in USD</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,663</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,089</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_hsrt--StatementGeographicalAxis__country--US_zgrAIJ1zbZd6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash balances held at the United States financial institutions</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">19,663</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,089</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Financial institutions in Hong Kong Special Administrative Region (“Hong Kong S.A.R.”)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK__srt--CurrencyAxis__currency--CNY_zzSgo1uOnkA5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">—Denominated in RMB</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK__srt--CurrencyAxis__currency--USD_zaWvE08Xh6I7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">—Denominated in USD</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">894</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,378</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK__srt--CurrencyAxis__currency--HKD_zC7uPw3gNUB3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in HKD</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">946</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">167</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK_ztRLUZxAGbW8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash balances held at the Hong Kong S.A.R. financial institutions</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,851</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,699</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Financial institution in the Other Regions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__custom--OtherRegionMember__srt--CurrencyAxis__currency--MYR_zJvBmAAT47Fj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in Malaysian Ringgit</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">425</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">454</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__custom--OtherRegionMember_zGnkKEsuREDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash balances held at other regions financial institution</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">425</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">454</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Cash_iI_pn3n3_uRMB_zeC435UnrKSa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cash on hand</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">119</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">119</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_zsV9IJYkoAOa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total cash and cash equivalents balances held at financial institutions</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">592,358</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">561,127</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Cash and cash equivalents of a legal entity with financial institutions in the mainland of PRC, Hong Kong S.A.R. and the United States are insured by the government authorities up to RMB<span id="xdx_909_eus-gaap--Cash_iI_pn3n3_c20251231__us-gaap--EquitySecuritiesByIndustryAxis__us-gaap--GovernmentSectorMember__srt--StatementGeographicalAxis__country--HK_zMwcieYs0R9h" title="Cash and cash equivalents">500, HKD<span id="xdx_90E_eus-gaap--Cash_iI_pn3n3_uHKD_c20251231__us-gaap--EquitySecuritiesByIndustryAxis__us-gaap--GovernmentSectorMember__srt--StatementGeographicalAxis__country--HK_zWilGE7i3zA5" title="Cash and cash equivalents">500 and USD<span id="xdx_904_eus-gaap--Cash_iI_pn3n3_uUSD_c20251231__us-gaap--EquitySecuritiesByIndustryAxis__us-gaap--GovernmentSectorMember__srt--StatementGeographicalAxis__country--HK_z8Vzte62nFh9" title="Cash and cash equivalents">250 for each financial institution, respectively. As of December 31, 2024 and 2025, cash and cash equivalents amounted to RMB592,358 and RMB561,127, respectively, of which RMB10,905 and RMB13,772 were insured by the government authorities, respectively. The Group has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on bank deposits with financial institutions. To limit exposure to credit risk, the Group primarily places bank deposits with large financial institutions in the PRC, Hong Kong and the United States with acceptable credit rating.

SCHEDULE OF CASH AND CASH EQUIVALENTS ARE DEPOSITED IN FINANCIAL INSTITUTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_499_20241231_zljv6w0Sf4b6" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_490_20251231_z06HMiryuoth" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic">Financial institutions in the mainland of the PRC</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40F_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--CN__srt--CurrencyAxis__currency--CNY_zPI1IqmZlEu4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">—Denominated in RMB</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">270,423</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">466,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--CN__srt--CurrencyAxis__currency--USD_ziLtRU3C6VO2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in USD</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">299,877</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">71,387</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_hsrt--StatementGeographicalAxis__country--CN_zerAj8xAUrAl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash and cash equivalents balances held at mainland PRC financial institutions</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">570,300</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">537,766</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Financial institutions in the United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--US__srt--CurrencyAxis__currency--USD_zk7Q0BjeZdJ6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in USD</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,663</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,089</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_hsrt--StatementGeographicalAxis__country--US_zgrAIJ1zbZd6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash balances held at the United States financial institutions</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">19,663</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,089</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: italic; text-align: left">Financial institutions in Hong Kong Special Administrative Region (“Hong Kong S.A.R.”)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK__srt--CurrencyAxis__currency--CNY_zzSgo1uOnkA5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">—Denominated in RMB</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK__srt--CurrencyAxis__currency--USD_zaWvE08Xh6I7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">—Denominated in USD</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">894</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,378</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK__srt--CurrencyAxis__currency--HKD_zC7uPw3gNUB3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in HKD</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">946</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">167</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__country--HK_ztRLUZxAGbW8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash balances held at the Hong Kong S.A.R. financial institutions</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,851</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,699</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; text-align: left">Financial institution in the Other Regions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--Cash_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__custom--OtherRegionMember__srt--CurrencyAxis__currency--MYR_zJvBmAAT47Fj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">—Denominated in Malaysian Ringgit</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">425</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">454</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_hsrt--StatementGeographicalAxis__custom--OtherRegionMember_zGnkKEsuREDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total cash balances held at other regions financial institution</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">425</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">454</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Cash_iI_pn3n3_uRMB_zeC435UnrKSa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cash on hand</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">119</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">119</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_zsV9IJYkoAOa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total cash and cash equivalents balances held at financial institutions</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">592,358</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">561,127</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

270423000

466379000

299877000

71387000

570300000

537766000

19663000

12089000

19663000

12089000

11000

154000

894000

10378000

946000

167000

1851000

10699000

425000

454000

425000

454000

119000

592358000

561127000

500000

250000

592358000

561127000

10905000

13772000

<p id="xdx_84C_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_zdqEEBmakaj6" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in">Restricted cash Restricted cash represents: (i) cash deposits at an asset management institution in Hong Kong S.A.R., which can only be used to invest in bonds, securities and other portfolios pursuant to the asset management agreement; and (ii) bank deposits that are restricted to use as security against lawsuits.

Investments Investments consist of equity investments with readily determinable fair value and debt investments using fair value option. Equity investments with readily determinable fair value represent investments in the equity securities of listed companies and funds of which the underlying investments are equity securities issued by listed companies. These equity investments are measured at fair value. Dividend income from equity securities is recorded as investment income. Debt investments represent wealth management products which are unsecured with variable interest rates and issued by financial institutions, bonds issued by listed companies, U.S. treasury bonds and trust products of which the underlying investments are corporate bonds. The Company elects to apply the fair value option for the debt investments. Interest income from debt investments is recorded as investment income. Investments that are expected to be realized in cash during the next twelve months are classified as short-term investments, otherwise as long-term investments. Realized and unrealized fair value changes of short-term investments are recorded as investment income. Realized and unrealized fair value changes of long-term investments are recorded as changes in fair value of long-term investments.

Property and equipment, net <p id="xdx_895_ecustom--ScheduleOfPropertyPlantAndEquipmentUsefulLifeTableTextBlock_z2OEDHZyrgJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, as follows: SCHEDULE OF PROPERTY, EQUIPMENT AND ESTIMATED USEFUL LIVES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Category</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Estimated Useful Life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Office leasehold improvement</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zjROuWdi0UN7" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2025%23LeaseholdImprovementsMember">Shorter of 3 years or lease term</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Fixtures and electronic equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zv2jNj4aLAjl" title="Estimated useful lives">3-<span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z7KtUdK7h9a3" title="Estimated useful lives">5 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Software</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zP5OcqhwCMab" title="Estimated useful lives">1-<span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zRvFmGnoi8Gf" title="Estimated useful lives">5 years</td></tr> </table> When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized and amortized over the remaining useful life. <p id="xdx_895_ecustom--ScheduleOfPropertyPlantAndEquipmentUsefulLifeTableTextBlock_z2OEDHZyrgJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, as follows: SCHEDULE OF PROPERTY, EQUIPMENT AND ESTIMATED USEFUL LIVES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Category</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Estimated Useful Life</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Office leasehold improvement</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zjROuWdi0UN7" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2025%23LeaseholdImprovementsMember">Shorter of 3 years or lease term</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Fixtures and electronic equipment</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zv2jNj4aLAjl" title="Estimated useful lives">3-<span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z7KtUdK7h9a3" title="Estimated useful lives">5 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Software</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zP5OcqhwCMab" title="Estimated useful lives">1-<span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zRvFmGnoi8Gf" title="Estimated useful lives">5 years</td></tr> </table>

P3Y

P5Y

P1Y

P5Y

Impairment of long-lived assets Long-lived assets or asset groups such as property and equipment and right of use assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived asset or asset group by comparing the carrying value of the asset or asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the asset or asset group and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the asset or asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the asset or asset group over the fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. No impairment of long-lived assets was recognized for the years presented.

Leases The Group leases premise for offices under non-cancellable operating leases. The operating lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease terms. The operating lease right-of- use assets are initially measured at cost, which comprises the initial amount of the operating lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the incremental borrowing rate at the lease commencement date is used in determining the imputed interest and present value of lease payments. The incremental borrowing rate was determined using a portfolio approach based on the rate of interest that the Group would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Group recognizes the single lease cost on a straight-line basis over the remaining lease terms for operating leases. The Company has elected not to recognize operating lease right-of-use assets or operating lease liabilities for leases with an initial term of 12 months or less and the Company recognizes lease expense for these leases on a straight-line basis over the lease terms.

Value added taxes The Company’s PRC subsidiaries and VIE are subject to value added tax (VAT). Revenue is generally subject to VAT at the rate of 13%, 6%, 3% and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other current liabilities, and the excess of input VAT over output VAT is reflected in prepayments and other current assets in the consolidated balance sheets. 0.13 0.06 0.03

Fair value measurements Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”) defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: 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. Accounting guidance also 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 cost approach is based on the amount that would currently be required to replace an asset. Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term investments, long-term investments, accounts receivable, receivable from third-party payment platforms and deposits included in prepayments and other current assets, accounts payable, accrued expenses and other current liabilities. The Group measures short-term investments and long-term investments at fair value on a recurring basis. Investments consist of equity investments with readily determinable fair value and debt investments using fair value option. The fair value of bonds and equity securities issued by listed companies are valued based on quoted prices in active markets are categorized in Level 1 of the fair value hierarchy. The fair value of the funds is valued based on the quoted prices of the underlying equity securities provided by financial institutions and categorized as Level 2 of the fair value hierarchy. The fair value of wealth management products is valued based on quoted prices of similar products provided by financial institutions are categorized as Level 2 of the fair value hierarchy. Trust products are valued based on price of the debt investments quoted by the financial institution and categorized in Level 2 of the fair value hierarchy. As of December 31, 2024 and 2025, the carrying amounts of other financial instruments approximated to their fair values due to the short-term maturity of these instruments. The Group’s non-financial assets would be measured at fair value only if they were determined to be impaired.

Revenue recognition Revenues from contracts with customers are recognized when control of the promised services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those services, after deducting incentives to customers and excluding value added tax (“VAT”). Service revenue The Group provides on-demand dedicated courier service to business and individual customers normally completed within an hour. Revenue from on-demand dedicated courier service represents the gross amount charged to customers for these services net of customer incentives and value added tax. As the services are typically completed within a short period in the same day, revenue is recognized when the delivery service is completed. Costs incurred with riders are recorded in cost of revenues. Judgment is required in determining whether the Group is the principal or agent in transactions with customers and its network of registered riders. The Group has determined that it acts as a principal in the provision of on-demand dedicated courier service to customers. Under the Group’s contracts with customers, the Group promises to deliver customers’ merchandise from origin to destination at a specified quality standard. All customers shall agree with the contract terms set by the Group when they place a delivery order. Substantially all customers are required to pay in full at the latest by the time the order is submitted, before a rider is assigned by the Group. As the contracts allow the customers but not the Group to cancel the order, the Group is obliged to fulfill the delivery service once an order is placed. In order to fulfill its promise to provide delivery services at the specified quality standard, for each order the Group selects and assigns an appropriate rider from its network of registered riders to complete that particular request, optimizing the use of its overall riders pool and matching the specific needs of the customers and the location, vehicle type, experience and quality ratings of the riders. The Group’s network of registered riders comprises of high-performance riders, riders from outsourced delivery agencies and other riders. To optimize service quality, the Group identifies and enters into additional arrangements with a group of high-performance riders within its rider pool. Under such arrangements, these high-performance riders commit to provide a minimum number of weekly service order assignments, and cannot decline or disregard the orders assigned to them by the Group without penalty. In addition, the Group contracts with outsourced delivery agencies who send their riders to work for the Group during the contract period. Under these arrangements, the Group acquires a minimum amount of services from the outsourced delivery agencies during the specified period before any delivery orders from the Group’s customers are received. Other riders have the ability to disregard a delivery order without penalty. As the primary obligor for delivery services under the contracts with customers, the Group is liable for loss or damage to customers’ merchandises during the delivery process and other quality issues associated with the delivery. The Group also purchases injury insurance for all riders providing delivery services on the Group’s behalf. The Group also has an implied promise to find a replacement in case of unexpected contingencies to ensure that the delivery is completed in a timely manner. Additionally, the Group has discretion over the amount of delivery fee charged to customers. The Group separately agrees with riders the amounts paid to them. The Group recognizes customer advances and any other amounts collected prior to completing the delivery services as deferred revenue. Deferred revenue as of January 1, 2024 and 2025 were RMB51,945 and RMB56,768, respectively, which were all recognized as revenues for the years ended December 31, 2024 and 2025, respectively. The balance of RMB60,541 as of December 31, 2025 is expected to be recognized as revenues within one year. The Group conducts operations in China. Accounts receivable as of January 1, 2024 and 2025 were RMB<span id="xdx_909_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_pn3n3_c20240101__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zL4zqrppyYY" title="Accounts receivable">12,115 and RMB<span id="xdx_90C_eus-gaap--AccountsAndOtherReceivablesNetCurrent_iI_pn3n3_c20250101__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zxeeb0Wr7Dw9" title="Accounts receivable">16,893, respectively. Customer incentives The customer incentives mainly include (i) discounts to the customers who place a minimum amount of deposit in advance of delivery orders; and (ii) promotion coupons with limited validity period to existing or potential customers. All these incentives are discounts for future delivery transactions and are recorded as a deduction from the revenues upon usage by the customers.

51945000

56768000

60541000

12115000

16893000

Cost of revenues Cost of revenues primarily consist of (i) riders’ remuneration and incentives to fulfill the Group’s delivery orders, (ii) transaction fees charged by third-party payment platform, (iii) staff cost, and (iv) rental, depreciation and other costs related to revenues.

Selling and marketing expenses Selling and marketing expenses mainly consist of (i) advertising expenses, (ii) share-based compensation, staff cost, rental and depreciation related to selling and marketing functions. Advertising expenses are expensed as incurred. The advertising expenses were RMB22,481, RMB24,014 and RMB32,085 for the years ended December 31, 2023, 2024 and 2025, respectively.

22481000

24014000

32085000

Research and Development Expenses Research and development expenses consist primarily of (i) share-based compensation, staff cost, rental and depreciation related to research and development functions, (ii) other expenses related to research and development functions. Research and development expenses are expensed as incurred.

Share-based compensation The Group grants share-based awards, mainly including share options and restricted share units to eligible employees and directors, which are subject to both service and performance conditions. All share-based awards are measured at the grant-date fair value. For an equity classified award with both a service condition and an initial public offering (“IPO”) performance condition, the Group recognizes compensation expense on a tranche-by-tranche basis, when it is probable an IPO will be achieved. For an equity classified award with service conditions only, the Group recognizes compensation expense using straight-line method during the requisite service period, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant date fair value of such award that is vested at that date. The Company elects to recognize the effect of forfeitures in compensation cost when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.

Employee benefits The Company’s subsidiaries and the VIE and VIE’s subsidiaries in the PRC participate in a government mandated, multiemployer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in China to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the monthly basic compensation of qualified employees. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statement of comprehensive income (loss) amounted to RMB76,282, RMB76,961 and RMB66,418 for the years ended December 31, 2023, 2024 and 2025, respectively.

76282000

76961000

66418000

Income taxes Current income taxes are provided on the basis of income before income taxes for financial reporting purposes and adjusted for income and expense items which are not taxable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the liability method. Under this method, deferred income tax assets and liabilities are recognized for the tax effects of temporary differences and are determined by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse to the temporary differences between the financial statements’ carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. The effect on deferred income taxes arising from a change in tax rates is recognized in the consolidated statements of comprehensive income (loss) in the period of change. The Group applies a “more likely than not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the 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. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in interest expenses and general and administrative expenses, respectively. As of December 31, 2024 and 2025, the Group did not have any unrecognized uncertain tax positions.

Government grants Government grants primarily consist of financial subsidies received from various levels of local governments from time to time which are granted for general corporate purposes and to support the Group’s ongoing operations in the region, and compliance with specific policies promoted by the local governments. The grants are determined at the discretion of the relevant government authorities and there are no restrictions on their use. The government grants with certain conditions are recorded as liabilities when received and will be recorded as other income when the conditions are met. Government grants in the form of cash amounting to RMB73,852, RMB36,532 and RMB13,235 were recorded as other income in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2023, 2024 and 2025, respectively, as certain Company’s subsidiaries met the revenue and tax payment targets in respective regions and there were no remaining commitment or contingencies. The balances of deferred government grants included in accrued expenses and other current liabilities are RMB7,976 and RMB7,976 as of December 31, 2024 and 2025, respectively, as a Company’s subsidiary did not meet the tax payment target in respective region.

73852000

36532000

13235000

7976000

Foreign currency The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and its subsidiaries incorporated at Hong Kong S.A.R., and the United States is the United States dollars (“US$”). The functional currency of the Company’s PRC subsidiaries and VIE and VIE’s subsidiaries is the RMB. Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded as general and administrative expenses in the consolidated statement of comprehensive income (loss). The financial statements of the Company and its subsidiaries incorporated at Hong Kong S.A.R., and the United States are translated from US$ into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than deficits generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive income or loss in the consolidated statement of comprehensive income (loss), and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in the consolidated statement of changes in shareholders’ equity (deficit). The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the PRC government, controls the conversion of RMB to foreign currencies. The value of the RMB is subject to changes of central government policies and international economic and political developments affecting supply and demand in the China foreign exchange trading system market.

Concentration and risk Concentration of customers and suppliers There are no customers and suppliers individually representing greater than 10% of total revenues and total costs of the Group for the years ended December 31, 2023, 2024 and 2025, respectively. Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, short-term investments, long-term investments receivable from third-party payment platforms and accounts receivable. The Group’s investment policy requires cash and cash equivalents, restricted cash, short-term investments and long-term investments to be placed with high-quality financial institutions and to limit the amount of credit risk from any one issuer. The Group regularly evaluates the credit standing of the counterparties or financial institutions. The Group carefully considers and monitors the creditworthiness of third-party payment service providers to mitigate any risks associated with receivables due from third-party payment platforms The Group conducts credit evaluations of customers and generally does not require collateral or other security from its customers. Accounts receivable are unsecured and are derived from revenue earned from customers. The risk with respect to accounts receivable is mitigated by credit evaluations performed on them. The Group believes it is not exposed to significant credit risk on accounts receivable.

Statutory reserves In accordance with the PRC Company Law, the Group’s PRC subsidiaries and VIE and VIE’s subsidiaries must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. As of December 31, 2024 and 2025, the statutory reserves of the Group’s PRC subsidiaries and VIE and VIE’s subsidiaries were nil and RMB413, respectively.

413000

Income (loss) per share Basic income (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders, considering the accretion of redemption feature related to the Group’s redeemable convertible preferred shares, by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Shares issuable for little or no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic income (loss) per share as of the date that all necessary conditions have been satisfied. Net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share the loss. Diluted income (loss) per share is calculated by dividing net income (loss) attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of ordinary shares issuable upon the conversion of the preferred shares, using the if-converted method, and shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted income (loss) per share calculation when inclusion of such share would be anti-dilutive. Contingently issuable shares are included in the computation of basic and diluted net loss per share as of the date that all necessary conditions have been satisfied and issuance of the shares is no longer contingent.

Treasury stock The Group applies the cost method to account for treasury stock. Under this approach, the cost of repurchased shares is recorded in the treasury stock in the consolidated balance sheets. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. An excess of purchase price over par value is allocated to additional paid-in-capital first with any remaining excess charged entirely to retained earnings.

Segment reporting The Group uses the management approach in determining its operating segments. The Group’s chief operating decision maker (“CODM”) has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Company’s chief executive officer does not segregate the Group’s business by product or service lines. Management has determined that the Group has one operating segment, which is the on-demand dedicated courier service. The CODM assesses performance and decides how to allocate resources based on consolidated net income (loss) as reported on the consolidated statements of comprehensive income (loss). Significant segment expenses and other segment items are consistent with the financial information included in the consolidated statements of comprehensive income (loss). There are no other expense categories regularly provided to the CODM that are not already included in the consolidated statements of comprehensive income (loss). The measure of segment assets is reported on the balance sheets as total consolidated assets. Substantially all of the Group’s long-lived assets were derived in and located in the PRC.

Recent accounting pronouncements In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. The Group adopted this new guidance on a prospective basis as of January 1, 2025. The adoption resulted in incremental disclosures, see Note 14. In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation Disclosures (“ASU 2024-03”). This update requires, among other things, more detailed disclosure about types of expenses in commonly presented expense captions such as cost of sales and selling, general, and administrative expenses, and is intended to improve the disclosures about an entity’s expenses including purchases of inventory, employee compensation, depreciation and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Group is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosure. In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. An entity can elect a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the assets when estimating expected credit losses. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years. Early adoption is permitted. This ASU should be applied prospectively. The Group plans to adopt ASU 2025-05 for the year beginning January 1, 2026 and does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities, to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. The new guidance leverages the principles in the accounting framework for government assistance in IAS 20, Accounting for Government Grants and Disclosure of Government Assistance; makes certain targeted improvements; and modifies certain of the existing disclosure requirements in ASC 832, Government Assistance. The new guidance is effective for public business entities in annual periods beginning after December 15, 2028, with early adoption permitted in any period for which financial statements have not yet been issued. The Group is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.

3. SHORT-TERM INVESTMENTS The Group’s short-term investments consisted of the following: SCHEDULE OF SHORT TERM INVESTMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20241231_zwHrk4Y8aBek" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20251231_zxfnCptkdf74" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equity investments with readily determinable fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_zSjhgH6spmv1" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">—Equity securities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">45,842</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__custom--OpenEndedFundsMember_z0U7GhFbM4mc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">—Open-ended funds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135,722</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Debt investments using fair value option</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__custom--WealthManagementProductsMember_zDpVKGOyyh6h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">—Wealth management products</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153,910</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__us-gaap--BondsMember_zZvZiAJW5ny8" style="vertical-align: bottom; background-color: White"> <td>—Bonds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,510</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__custom--TrustProductsMember_zRvVDA7uVRuh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">—Trust products</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,078</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ShortTermInvestments_iTI_pn3n3_uRMB_z8vT3ogThzr1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">153,910</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">390,353</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> In 2025, the Group purchased equity securities issued by listed companies and open-ended funds of which the underlying investments are equity securities issued by listed companies from third party institutions. For the years ended December 31, 2024 and 2025, the Group recognized an unrealized gain of equity investments with readily determinable fair value were <span id="xdx_90A_ecustom--UnrealizedGainLossOnShortTermInvestments_pn3n3_dxL_uRMB_c20240101__20241231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_zE8hIBKmnlMi" title="Unrealized gain of equity investments::XDX::-">nil and RMB<span id="xdx_90A_ecustom--UnrealizedGainLossOnShortTermInvestments_pn3n3_uRMB_c20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_zQwAMuojLiKg" title="Unrealized gain of equity investments">56,049 and recognized an unrealized gain of debt investments using fair value option were RMB<span id="xdx_909_ecustom--UnrealizedGainLossOnShortTermInvestments_pn3n3_uRMB_c20240101__20241231__us-gaap--InvestmentTypeAxis__custom--DebtInvestmentMember_zffT7jKx4Jm1" title="Unrealized gain of equity investments">142 and RMB<span id="xdx_905_ecustom--UnrealizedGainLossOnShortTermInvestments_pn3n3_uRMB_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--DebtInvestmentMember_zpmT99TyXRS5" title="Unrealized gain of equity investments">2,644 which were recorded as investment income. The following table summarized the Group’s short-term investments at fair value as of December 31, 2024 and 2025: SCHEDULE OF INVESTMENT FAIR VALUE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate Cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Gain</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify; padding-bottom: 1pt">Debt investments using fair value option</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">153,768</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">142</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">153,910</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">153,768</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90A_ecustom--UnrealizedGainOnShortTermInvestmentsOnInvestments_pn3n3_c20240101__20241231__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_ztWq91XuCZnj" title="Unrealized gain loss">142</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">153,910</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Cost</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Gain</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Foreign Currency Translation Adjustment</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate fair value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: justify">Equity investments with readily determinable fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">128,462</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">56,049</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90D_ecustom--ShortTermInvestmentOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_z3ffOQv0uQ72" title="Foreign currency translation adjustment">(2,947</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">181,564</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Debt investments using fair value option</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">207,078</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,644</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90E_ecustom--ShortTermInvestmentOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--DebtInvestmentMember_zALUc6Ng5LK1" title="Foreign currency translation adjustment">(933</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">208,789</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">335,540</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">58,693</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90C_ecustom--ShortTermInvestmentOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_zf5tagmBekU2" title="Foreign currency translation adjustment">(3,880</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">390,353</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

The Group’s short-term investments consisted of the following: SCHEDULE OF SHORT TERM INVESTMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20241231_zwHrk4Y8aBek" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20251231_zxfnCptkdf74" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equity investments with readily determinable fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_zSjhgH6spmv1" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">—Equity securities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">45,842</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__custom--OpenEndedFundsMember_z0U7GhFbM4mc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">—Open-ended funds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135,722</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Debt investments using fair value option</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__custom--WealthManagementProductsMember_zDpVKGOyyh6h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">—Wealth management products</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153,910</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__us-gaap--BondsMember_zZvZiAJW5ny8" style="vertical-align: bottom; background-color: White"> <td>—Bonds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,510</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__custom--TrustProductsMember_zRvVDA7uVRuh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">—Trust products</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,078</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ShortTermInvestments_iTI_pn3n3_uRMB_z8vT3ogThzr1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">153,910</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">390,353</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

45842000

135722000

153910000

100201000

57510000

51078000

153910000

390353000

56049000 142000 2644000

The following table summarized the Group’s short-term investments at fair value as of December 31, 2024 and 2025: SCHEDULE OF INVESTMENT FAIR VALUE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate Cost</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Gain</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify; padding-bottom: 1pt">Debt investments using fair value option</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">153,768</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">142</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">153,910</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">153,768</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90A_ecustom--UnrealizedGainOnShortTermInvestmentsOnInvestments_pn3n3_c20240101__20241231__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_ztWq91XuCZnj" title="Unrealized gain loss">142</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">153,910</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Cost</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Gain</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Foreign Currency Translation Adjustment</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate fair value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: justify">Equity investments with readily determinable fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">128,462</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">56,049</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90D_ecustom--ShortTermInvestmentOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_z3ffOQv0uQ72" title="Foreign currency translation adjustment">(2,947</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">181,564</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Debt investments using fair value option</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">207,078</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,644</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90E_ecustom--ShortTermInvestmentOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--DebtInvestmentMember_zALUc6Ng5LK1" title="Foreign currency translation adjustment">(933</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">208,789</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">335,540</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">58,693</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90C_ecustom--ShortTermInvestmentOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_zf5tagmBekU2" title="Foreign currency translation adjustment">(3,880</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">390,353</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

153768000 142000 153910000 153768000 142000 153910000 128462000 56049000 -2947000 181564000 207078000 2644000 -933000 208789000 335540000 58693000 -3880000 390353000

4. LONG-TERM INVESTMENTS The Group’s long-term investments consisted of the following: SCHEDULE OF LONG TERM INVESTMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"> </td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt; font-weight: bold"> </td> <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center">RMB</td><td style="font-size: 9pt; font-weight: bold"> </td><td style="font-size: 9pt; font-weight: bold"> </td> <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center">RMB</td><td style="font-size: 9pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 9pt; text-align: left">Equity investments with readily determinable fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LongTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_z6VbF1FOIikl" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">—Equity securities</td><td style="width: 2%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left"> </td><td style="width: 16%; font-size: 9pt; text-align: right">273,020</td><td style="width: 1%; font-size: 9pt; text-align: left"> </td><td style="width: 2%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left"> </td><td style="width: 16%; font-size: 9pt; text-align: right">161,187</td><td style="width: 1%; font-size: 9pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LongTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__custom--OpenEndedFundsMember_zkJ9N3OgFWhj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>—Funds</td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right">—</td><td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right">63,217</td><td style="font-size: 9pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 9pt; text-align: left">Debt investments using fair value option</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__custom--TrustProductsMember_zTiG0GoRmPJ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">—Trust products</td><td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">51,090</td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">—</td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermInvestments_iTI_pn3n3_uRMB_zPFhOS7E0nTl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">324,110</td><td style="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left"> </td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">224,404</td><td style="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left"> </td></tr> </table> The following table summarized the Group’s long-term investments at fair value as of December 31, 2024 and 2025: SCHEDULE OF INVESTMENTS FAIR VALUE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Cost</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Gain/(Losses)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Foreign Currency Translation Adjustment</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate fair value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: justify">Equity investments with readily determinable fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">448,293</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">(177,815</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90B_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20240101__20241231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_zjSLTIrt5bfi" title="Foreign currency translation adjustment">2,542</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">273,020</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: justify">Debt investments using fair value option</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">90</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20240101__20241231__us-gaap--InvestmentTypeAxis__custom--DebtInvestmentMember_zc4dLV1Uf5g" title="Foreign currency translation adjustment">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,090</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">Total</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">499,293</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(177,725</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,542</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">324,110</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Cost</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Foreign Currency Translation Adjustment</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate fair value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; width: 36%; text-align: justify">Equity investments with readily determinable fair value</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">448,574</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">(221,341</td><td style="padding-bottom: 1pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span id="xdx_90A_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_zHdVJ1PZUHf9" title="Foreign currency translation adjustment">(2,829</td><td style="padding-bottom: 1pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">224,404</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">448,574</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(221,341</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90D_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--OtherLongTermInvestmentsMember_zsE9BiNoFsw5" title="Foreign currency translation adjustment">(2,829</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">224,404</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Equity investments In 2024, the Group entered into an Asset Management Agreement (the “Agreement”) with a third-party financial institution and engaged this institution as its investment manager. Pursuant to the Agreement, the Group’s investment manager is responsible for the investment and re-investment of cash, securities and other assets. As of December 31, 2024 and 2025, the equity securities represent equity securities of listed companies. In 2025, the Group entered into a subscription agreement to purchase funds of which the underlying investments are stocks listed in the public markets. According to the subscription agreement, the lock-up period of the funds is 36 months and will expire in April 2028. For the years ended December 31, 2024 and 2025, the Group recognized an unrealized loss of RMB177,815 and RMB43,526 which were recorded as changes in fair value of long-term investments. Debt investments using fair value option In 2024, the Group purchased trust products from a third-party trust company in the amount of RMB51,000. The underlying investments are corporate bonds. The interest earned from the corporate bonds was received quarterly. The corporate bonds will mature in July 2026. As of December 31, 2025, the Group reclassified the debt investments as short-term investments. For the year ended December 31, 2024, the Group recognized an unrealized gain of RMB90 in change in fair value of long-term investments.

The Group’s long-term investments consisted of the following: SCHEDULE OF LONG TERM INVESTMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"> </td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 9pt; font-weight: bold"> </td> <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center">RMB</td><td style="font-size: 9pt; font-weight: bold"> </td><td style="font-size: 9pt; font-weight: bold"> </td> <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center">RMB</td><td style="font-size: 9pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 9pt; text-align: left">Equity investments with readily determinable fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LongTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_z6VbF1FOIikl" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">—Equity securities</td><td style="width: 2%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left"> </td><td style="width: 16%; font-size: 9pt; text-align: right">273,020</td><td style="width: 1%; font-size: 9pt; text-align: left"> </td><td style="width: 2%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left"> </td><td style="width: 16%; font-size: 9pt; text-align: right">161,187</td><td style="width: 1%; font-size: 9pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LongTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__custom--OpenEndedFundsMember_zkJ9N3OgFWhj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>—Funds</td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right">—</td><td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right">63,217</td><td style="font-size: 9pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 9pt; text-align: left">Debt investments using fair value option</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShortTermInvestments_iI_pn3n3_uRMB_hus-gaap--InvestmentTypeAxis__custom--TrustProductsMember_zTiG0GoRmPJ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">—Trust products</td><td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">51,090</td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">—</td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermInvestments_iTI_pn3n3_uRMB_zPFhOS7E0nTl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">324,110</td><td style="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left"> </td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">224,404</td><td style="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left"> </td></tr> </table>

The following table summarized the Group’s long-term investments at fair value as of December 31, 2024 and 2025: SCHEDULE OF INVESTMENTS FAIR VALUE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Cost</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Gain/(Losses)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Foreign Currency Translation Adjustment</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate fair value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: justify">Equity investments with readily determinable fair value</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">448,293</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">(177,815</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90B_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20240101__20241231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_zjSLTIrt5bfi" title="Foreign currency translation adjustment">2,542</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">273,020</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: justify">Debt investments using fair value option</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">90</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20240101__20241231__us-gaap--InvestmentTypeAxis__custom--DebtInvestmentMember_zc4dLV1Uf5g" title="Foreign currency translation adjustment">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,090</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">Total</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">499,293</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(177,725</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,542</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">324,110</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Cost</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized Losses</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Foreign Currency Translation Adjustment</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate fair value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; width: 36%; text-align: justify">Equity investments with readily determinable fair value</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">448,574</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">(221,341</td><td style="padding-bottom: 1pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><span id="xdx_90A_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesMember_zHdVJ1PZUHf9" title="Foreign currency translation adjustment">(2,829</td><td style="padding-bottom: 1pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">224,404</td><td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">448,574</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(221,341</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90D_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--OtherLongTermInvestmentsMember_zsE9BiNoFsw5" title="Foreign currency translation adjustment">(2,829</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">224,404</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

448293000

-177815000

2542000

273020000

51000000

90000

51090000

499293000

-177725000

2542000

324110000

448574000

-221341000

-2829000

224404000

448574000

-221341000

-2829000

224404000

177815000

43526000

51000000

90000

5. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets as of December 31, 2024 and 2025 consisted of the following: SCHEDULE OF PREPAYMENTS AND OTHER CURRENT ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zKaTL4P9g9Mi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zw4tkCPFBh4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_ecustom--ReceivableFromThirdpartyPaymentPlatforms_iI_pn3n3_maPEAOAzUjH_zVLHmUPiIcZk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Receivable from third-party payment platforms</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">22,242</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">21,798</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--PrepaymentForShareRepurchase_iI_pn3n3_maPEAOAzUjH_zroaXkZcGG2c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepayment for share repurchase</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,993</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ValueAddedTaxReceivableCurrent_iI_pn3n3_maPEAOAzUjH_zxKS53B6Vi7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deductible input VAT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,035</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PrepaidRent_iI_pn3n3_maPEAOAzUjH_z5CYS3AMDgre" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid rental fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,127</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--PrepaidDeposits_iI_pn3n3_maPEAOAzUjH_zokg7Eln2XEc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,651</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,728</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAzUjH_zmojsTpSlYa9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Others (i)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,253</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,916</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzUjH_zGT310P4eqZ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Prepayments and Other Current Assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">48,553</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">45,665</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Others primarily include riders’ uniforms and delivery boxes, prepaid office expenses, staff advances and other miscellaneous prepayments.</td></tr></table>

Prepayments and other current assets as of December 31, 2024 and 2025 consisted of the following: SCHEDULE OF PREPAYMENTS AND OTHER CURRENT ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zKaTL4P9g9Mi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zw4tkCPFBh4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_ecustom--ReceivableFromThirdpartyPaymentPlatforms_iI_pn3n3_maPEAOAzUjH_zVLHmUPiIcZk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Receivable from third-party payment platforms</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">22,242</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">21,798</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--PrepaymentForShareRepurchase_iI_pn3n3_maPEAOAzUjH_zroaXkZcGG2c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepayment for share repurchase</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,993</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ValueAddedTaxReceivableCurrent_iI_pn3n3_maPEAOAzUjH_zxKS53B6Vi7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deductible input VAT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,035</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PrepaidRent_iI_pn3n3_maPEAOAzUjH_z5CYS3AMDgre" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid rental fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,127</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--PrepaidDeposits_iI_pn3n3_maPEAOAzUjH_zokg7Eln2XEc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,651</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,728</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAzUjH_zmojsTpSlYa9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Others (i)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,253</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,916</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzUjH_zGT310P4eqZ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Prepayments and Other Current Assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">48,553</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">45,665</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Others primarily include riders’ uniforms and delivery boxes, prepaid office expenses, staff advances and other miscellaneous prepayments.</td></tr></table>

22242000 21798000 6993000

5035000

103000

4372000

2127000

2651000 2728000

14253000

11916000

48553000

45665000

6. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: SCHEDULE OF PROPERTY, EQUIPMENT , NET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20241231_zwZ1eapmKbC4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20251231_zsTwnHMqdZda" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uRMB_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zvGeqJnNrCne" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Fixtures and electronic equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">12,588</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">11,734</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uRMB_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdsAndLeaseholdImprovementsMember_zUGWKIkXZMyl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Office leasehold improvement</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,238</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,238</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uRMB_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_ztUgHnb82Cw7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Software</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,432</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,432</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uRMB_maPPAENz4aG_zTKx8kPe2MGg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Property and Equipment</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,258</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">21,404</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_uRMB_msPPAENz4aG_zG1vMJjYMtsd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,571</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,463</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_uRMB_mtPPAENz4aG_z7xJ5j36Siw4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Property and Equipment, net</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,687</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,941</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Depreciation expenses on property and equipment were RMB4,888, RMB2,971 and RMB1,779 for the years ended December 31, 2023, 2024 and 2025, respectively.

Property and equipment, net consisted of the following: SCHEDULE OF PROPERTY, EQUIPMENT , NET <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_498_20241231_zwZ1eapmKbC4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20251231_zsTwnHMqdZda" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uRMB_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zvGeqJnNrCne" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Fixtures and electronic equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">12,588</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">11,734</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uRMB_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdsAndLeaseholdImprovementsMember_zUGWKIkXZMyl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Office leasehold improvement</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,238</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,238</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uRMB_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_ztUgHnb82Cw7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Software</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,432</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,432</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uRMB_maPPAENz4aG_zTKx8kPe2MGg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Property and Equipment</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,258</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">21,404</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_uRMB_msPPAENz4aG_zG1vMJjYMtsd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,571</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,463</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_uRMB_mtPPAENz4aG_z7xJ5j36Siw4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Property and Equipment, net</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,687</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,941</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

12588000

11734000

7238000

2432000

22258000

21404000

18571000

19463000

3687000

1941000

4888000

2971000

1779000

7. OPERATING LEASE The Group leases facilities under non-cancellable operating leases expiring on different dates. The terms of substantially all these leases are five years or less. When determining the lease term, the Group includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. All the Group’s leases qualify as operating leases. Variable lease cost and short-term leases (lease terms less than 12 months) are recognized as incurred. SCHEDULE OF AGGREGATE RIGHT OF USE ASSETS AND RELATED LEASE LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_496_20241231_zAIqhGsuBcQg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_492_20251231_zDmnn1uFLAff" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_zQQl2S8eNV1g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: left">Operating lease right-of-use assets</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 16%; font-weight: bold; text-align: right">44,577</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 16%; font-weight: bold; text-align: right">25,087</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzBRB_zD4tJ6zIx7al" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease liabilities, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,091</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,728</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzBRB_zuakEPWA0AN8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Operating lease liabilities, non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">29,395</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,879</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzBRB_zBGFhI71ZjJc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total operating lease liabilities</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">42,486</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,607</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> The components of lease cost were as follows: SCHEDULE OF LEASE COST <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20240101__20241231_zpRAV4bQBYrf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_zuLrYDmfO4ba" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseCost_pn3n3_maLCzf4V_zPescbkIz4A8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">15,130</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">13,331</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzf4V_zGZCiGo7kgfh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,227</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,538</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LeaseCost_iT_pn3n3_mtLCzf4V_z8ucYc5SOJ79" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">20,357</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,869</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> The weighted average remaining lease term as of December 31, 2025 was 2.62 years, and the weighted average discount rate of the operating leases was 3.6%. <p id="xdx_89C_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zaS8S2TyESu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The following table reconciles the undiscounted cash flows of the Group’s leases as of December 31, 2025 to the present value of its operating lease payments, including rental payments for lease renewal options the Group is reasonably certain to exercise: SCHEDULE OF OPERATING LEASE PAYMENTS INCLUDING RENTAL PAYMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zKxDifzMoeUc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">RMB</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPz5ed_zbdnEdFDgpXj" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10,401</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPz5ed_z3NbLwX5xlU3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,418</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPz5ed_zt7ke5AF4TFk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">2028</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,850</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPz5ed_zNfK5Dxmy7me" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total undiscounted lease payments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">23,669</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zTZsK2iJe5ce" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,062</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_zf0OM3gG1XR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total operating lease liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,607</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Supplemental cash flow information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_znWD6i0wEnH4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250101__20251231_z3SIRIH44bd1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Supplemental cash flow information:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--MeasurementOfLeaseLiabilitiesAndCashPayments_pn3n3_z5R8MrREugl9" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Cash paid for amounts included in measurement of operating lease liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">14,806</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">13,278</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--LeaseLiabilityArisingFromObtainingRightofuseAssets_pn3n3_z5PMXPneqKaj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liability arising from obtaining right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,648</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ModificationToOperatingLeaseLiabilitiesAndRightofuseAssets_pn3n3_zXwPVS4M426c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Modification to operating lease liabilities and right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,342</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,446</td><td style="text-align: left">)</td></tr> </table> As of December 31, 2025, the Group has no lease contract that has been entered into but not yet commenced. The Group did not have any significant short-term commitments as of December 31, 2025.

SCHEDULE OF AGGREGATE RIGHT OF USE ASSETS AND RELATED LEASE LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_496_20241231_zAIqhGsuBcQg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_492_20251231_zDmnn1uFLAff" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_zQQl2S8eNV1g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: left">Operating lease right-of-use assets</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 16%; font-weight: bold; text-align: right">44,577</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 16%; font-weight: bold; text-align: right">25,087</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maOLLzBRB_zD4tJ6zIx7al" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease liabilities, current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,091</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,728</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maOLLzBRB_zuakEPWA0AN8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Operating lease liabilities, non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">29,395</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,879</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_mtOLLzBRB_zBGFhI71ZjJc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total operating lease liabilities</td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">42,486</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,607</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

44577000

25087000

13091000

9728000

29395000

12879000

42486000

22607000

The components of lease cost were as follows: SCHEDULE OF LEASE COST <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20240101__20241231_zpRAV4bQBYrf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_zuLrYDmfO4ba" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseCost_pn3n3_maLCzf4V_zPescbkIz4A8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">15,130</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">13,331</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ShortTermLeaseCost_pn3n3_maLCzf4V_zGZCiGo7kgfh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,227</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,538</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LeaseCost_iT_pn3n3_mtLCzf4V_z8ucYc5SOJ79" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">20,357</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,869</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

15130000

13331000

5227000

4538000

20357000

17869000

P2Y7M13D

0.036

<p id="xdx_89C_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zaS8S2TyESu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The following table reconciles the undiscounted cash flows of the Group’s leases as of December 31, 2025 to the present value of its operating lease payments, including rental payments for lease renewal options the Group is reasonably certain to exercise: SCHEDULE OF OPERATING LEASE PAYMENTS INCLUDING RENTAL PAYMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zKxDifzMoeUc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">RMB</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPz5ed_zbdnEdFDgpXj" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10,401</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPz5ed_z3NbLwX5xlU3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,418</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPz5ed_zt7ke5AF4TFk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">2028</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,850</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPz5ed_zNfK5Dxmy7me" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total undiscounted lease payments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">23,669</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zTZsK2iJe5ce" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,062</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_zf0OM3gG1XR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total operating lease liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,607</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

10401000

9418000

3850000

23669000

1062000

22607000

Supplemental cash flow information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_znWD6i0wEnH4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250101__20251231_z3SIRIH44bd1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Supplemental cash flow information:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--MeasurementOfLeaseLiabilitiesAndCashPayments_pn3n3_z5R8MrREugl9" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Cash paid for amounts included in measurement of operating lease liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">14,806</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">13,278</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--LeaseLiabilityArisingFromObtainingRightofuseAssets_pn3n3_z5PMXPneqKaj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liability arising from obtaining right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,648</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ModificationToOperatingLeaseLiabilitiesAndRightofuseAssets_pn3n3_zXwPVS4M426c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Modification to operating lease liabilities and right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,342</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,446</td><td style="text-align: left">)</td></tr> </table> 14806000 13278000 2111000 1648000 -4342000 -9446000

8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zmJZIal685r8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_ziArQNp6zLCd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedPayrollTaxesCurrent_iI_pn3n3_maAPAOAzbFt_zMHSGM18oQh2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accrued payroll and welfare</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">131,679</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">113,472</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--TaxAndOtherSurchargesPayable_iI_pn3n3_maAPAOAzbFt_zvWvV9ApYrtd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">VAT and other surcharges payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,209</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,163</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccruedAdvertisingCurrent_iI_pn3n3_maAPAOAzbFt_zZ2nFiHEGnyf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advertising and marketing fees payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,587</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AccruedShareIssuanceCost_iI_pn3n3_maAPAOAzbFt_zU9lkIVASy9f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued IPO cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,903</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,567</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maAPAOAzbFt_zm2dekAp5dPg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,787</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,002</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AccruedExpensesAndOtherLiabilitiesCurrent_iTI_pn3n3_mtAPAOAzbFt_zxJwWD5CTng3" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Accrued expenses and other current liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">165,714</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">145,791</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

Accrued expenses and other current liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zmJZIal685r8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_ziArQNp6zLCd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedPayrollTaxesCurrent_iI_pn3n3_maAPAOAzbFt_zMHSGM18oQh2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accrued payroll and welfare</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">131,679</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">113,472</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--TaxAndOtherSurchargesPayable_iI_pn3n3_maAPAOAzbFt_zvWvV9ApYrtd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">VAT and other surcharges payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,209</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,163</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AccruedAdvertisingCurrent_iI_pn3n3_maAPAOAzbFt_zZ2nFiHEGnyf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advertising and marketing fees payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,587</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AccruedShareIssuanceCost_iI_pn3n3_maAPAOAzbFt_zU9lkIVASy9f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued IPO cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,903</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,567</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maAPAOAzbFt_zm2dekAp5dPg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other payables</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,787</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,002</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AccruedExpensesAndOtherLiabilitiesCurrent_iTI_pn3n3_mtAPAOAzbFt_zxJwWD5CTng3" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Accrued expenses and other current liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">165,714</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">145,791</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

131679000

113472000

14209000 13163000

136000

3587000

6903000 1567000

12787000

14002000

165714000 145791000 9. MEZZANINE EQUITY Redeemable Convertible Preferred Shares On August 8, 2014, the Company entered into a share purchase agreement with an investor, pursuant to which the Company issued <span id="xdx_907_eus-gaap--TemporaryEquitySharesIssued_iI_pid_c20140808__us-gaap--StatementClassOfStockAxis__custom--SeriesARedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zZW1qxJSxm2e" title="Temporary stock, shares issued">20,000,000 Series A redeemable convertible Preferred Shares (“Series A Preferred Shares”) at US$<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20140808__us-gaap--StatementClassOfStockAxis__custom--SeriesARedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zcA4OrGdMQi9" title="Share issued price per share">0.20 per share for an aggregated cash consideration of US$<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn6n6_uUSD_c20140808__20140808__us-gaap--StatementClassOfStockAxis__custom--SeriesARedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zJ0s1uS33gge" title="Proceeds from issuance of shares">4 million (equivalent to RMB<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_uRMB_c20140808__20140808__us-gaap--StatementClassOfStockAxis__custom--SeriesARedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zDqg4zsoS66" title="Proceeds from issuance of shares">24,595). On June 29, 2015, the Company entered into a share purchase agreement with two investors, pursuant to which the Company issued <span id="xdx_902_eus-gaap--TemporaryEquitySharesIssued_iI_pid_c20150629__us-gaap--StatementClassOfStockAxis__custom--SeriesBRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_ztF9z9r4DlY1" title="Temporary stock, shares issued">11,111,111 Series B redeemable convertible Preferred Shares (“Series B Preferred Shares”) at US$<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20150629__us-gaap--StatementClassOfStockAxis__custom--SeriesBRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_z75tn7PaHgKg" title="Share issued price per share">1.35 per share for an aggregated cash consideration of US$<span id="xdx_905_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn6n6_uUSD_c20150629__20150629__us-gaap--StatementClassOfStockAxis__custom--SeriesBRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_z0Kk3Ae8WWpc" title="Proceeds from issuance of shares">15 million (equivalent to RMB<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_uRMB_c20150629__20150629__us-gaap--StatementClassOfStockAxis__custom--SeriesBRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zssei9uRruVa" title="Proceeds from issuance of shares">91,807). On January 24, 2017 and March 27, 2017, the Company entered into share purchase agreements with a group of investors, pursuant to which the Company issued <span id="xdx_90B_eus-gaap--TemporaryEquitySharesIssued_iI_pid_c20170327__us-gaap--StatementClassOfStockAxis__custom--SeriesCRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zHPzP4WDumge" title="Temporary stock, shares issued">26,111,112 Series C redeemable convertible preferred shares (“Series C Preferred Shares”) at US$<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20170327__us-gaap--StatementClassOfStockAxis__custom--SeriesCRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_z76cGVr460Df" title="Share issued price per share">1.80 per share for an aggregated cash consideration of US$<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn6n6_uUSD_c20170327__20170327__us-gaap--StatementClassOfStockAxis__custom--SeriesCRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_ztEoaYWrljOj" title="Proceeds from issuance of shares">47 million (equivalent to RMB<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_uRMB_c20170327__20170327__us-gaap--StatementClassOfStockAxis__custom--SeriesCRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zyvvSswFXl39" title="Proceeds from issuance of shares">322,774). On May 22, 2017, the Company entered into a share purchase agreement with a group of investors, pursuant to which the Company issued <span id="xdx_90F_eus-gaap--TemporaryEquitySharesIssued_iI_pid_c20170522__us-gaap--StatementClassOfStockAxis__custom--SeriesCOneRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zh9biRCuMRT3" title="Temporary stock, shares issued">16,164,778 Series C-1 redeemable convertible preferred shares (“Series C-1 Preferred Shares”) at US$<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20170522__us-gaap--StatementClassOfStockAxis__custom--SeriesCOneRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_z8MprEkZnqAb" title="Share issued price per share">2.19 per share for an aggregated cash consideration of US$<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn4n6_uUSD_c20170522__20170522__us-gaap--StatementClassOfStockAxis__custom--SeriesCOneRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zhqZjofotC9" title="Proceeds from issuance of shares">35.34 million (equivalent to RMB<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_uRMB_c20170522__20170522__us-gaap--StatementClassOfStockAxis__custom--SeriesCOneRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zy2pMsZUz07b" title="Proceeds from issuance of shares">238,744). On August 1, 2017, the Company entered into a share purchase agreement with an investor, pursuant to which the Company issued <span id="xdx_903_eus-gaap--TemporaryEquitySharesIssued_iI_pid_c20170801__us-gaap--StatementClassOfStockAxis__custom--SeriesCTwoRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zInZdfL09vG9" title="Temporary stock, shares issued">4,843,800 Series C-2 redeemable convertible preferred shares (“Series C-2 Preferred Shares”) at US$<span id="xdx_900_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20170801__us-gaap--StatementClassOfStockAxis__custom--SeriesCTwoRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_ziNk4ZACIax1" title="Share issued price per share">2.48 per share for an aggregated cash consideration of US$<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn6n6_uUSD_c20170801__20170801__us-gaap--StatementClassOfStockAxis__custom--SeriesCTwoRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zoeFZzj1MEZd" title="Proceeds from issuance of shares">12 million (equivalent to RMB<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_uRMB_c20170801__20170801__us-gaap--StatementClassOfStockAxis__custom--SeriesCTwoRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zamn4fiPEbwf" title="Proceeds from issuance of shares">80,674). On August 10, 2018, the Company entered into a share purchase agreement with a group of investors, pursuant to which the Company issued <span id="xdx_90D_eus-gaap--TemporaryEquitySharesIssued_iI_pid_c20180810__us-gaap--StatementClassOfStockAxis__custom--SeriesDOneRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zbFNrfKPqnV1" title="Temporary stock, shares issued">14,528,465 Series D-1 redeemable convertible preferred shares (“Series D-1 Preferred Shares”) at US$<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20180810__us-gaap--StatementClassOfStockAxis__custom--SeriesDOneRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_z8u1Wu8YZlIi" title="Share issued price per share">3.48 per share for an aggregated cash consideration of US$<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_uUSD_c20180810__20180810__us-gaap--StatementClassOfStockAxis__custom--SeriesDOneRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zpxNxMbTosb" title="Proceeds from issuance of shares">50.5 million (equivalent to RMB<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_uRMB_c20180810__20180810__us-gaap--StatementClassOfStockAxis__custom--SeriesDOneRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zBp0823rakwd" title="Proceeds from issuance of shares">346,396). On March 22, 2021, the Company entered into a share purchase agreement with a group of investors, pursuant to which the Company issued <span id="xdx_909_eus-gaap--TemporaryEquitySharesIssued_iI_pid_c20210322__us-gaap--StatementClassOfStockAxis__custom--SeriesDTwoRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zlGKZ3YZC9ih" title="Temporary stock, shares issued">28,320,182 Series D-2 redeemable convertible preferred shares (“Series D-2 Preferred Shares”) at US$<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20210322__us-gaap--StatementClassOfStockAxis__custom--SeriesDTwoRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zQuPlWxn1hQl" title="Share issued price per share">4.05 per share for an aggregated cash consideration of US$<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn4n6_uUSD_c20210322__20210322__us-gaap--StatementClassOfStockAxis__custom--SeriesDTwoRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_z3VKQF86SaS5" title="Proceeds from issuance of shares">114.75 million (equivalent to RMB<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_uRMB_c20210322__20210322__us-gaap--StatementClassOfStockAxis__custom--SeriesDTwoRedeemableConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember_zZk0xx2PBRG3" title="Proceeds from issuance of shares">747,794). The rights, preferences and privileges of the Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares, Series C-1 Preferred Shares, Series C-2 Preferred Shares, Series D-1 Preferred Shares and Series D-2 Preferred Shares were defined in the Amended and Restated Memorandum and Articles of Association as follows: Redemption Rights The Series D-2 Preferred Shares shall be redeemable at the option of the shareholders of the Series D-2 Preferred Shares in the event that (A) the Company fails to consummate a Qualified IPO prior to December 31, 2023, or (B) the Majority Series A Preferred Holders, the Majority Series B Preferred Holders, the Majority Series C Preferred Holders, the Majority Series C-1 Preferred Holders, the Majority Series C-2 Preferred Holders, or the Majority Series D-1 Preferred Holders request for redemption. At the written request to the Company made by the Majority Series D-2 Preferred Holders, acting together as a single class on an as-converted basis, such holders may require that the Company redeem all or some of the then outstanding Series D-2 Preferred Shares. The Series D-1 Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares, and Series C Preferred Shares shall be redeemable at the option of the shareholders of the respective series Preferred Shares in the event that (A) the Company fails to consummate a Qualified IPO in 4 years from the Closing of the respective series Preferred Shares financing, which are August 10, 2022, August 1, 2021, May 22, 2021, January 24, 2021, for Series D-1 Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares, and Series C Preferred Shares, respectively, or (B) there is an occurrence of any material breach of any representation, warranty, covenant, agreement or undertaking made by the Warrantors (as defined in the respective Preferred Shares Purchase Agreement) contained in the respective Preferred Shares Purchase Agreement, Shareholders’ Agreement, Amended Memorandum and Articles, which results in material adverse effect on the business of the Group Companies (“companies within the Company’s consolidation group”), or (C) if the Company has met all requirements of the Qualified IPO and the Majority respective series of preferred shareholders vote in favor of such Qualified IPO, the approval to conduct such Qualified IPO has not been passed due to the controlling shareholders or other shareholders of the Company, or the Qualified IPO cannot be gone through in accordance with the agreed plan and time schedule due to lack of support from the management of the Company, except that a majority of the directors vote in favor of a non-listing, which is in the best interest of the Company or the then valuation of the Company through a private placement financing is close to the pre-offering valuation of the Qualified IPO, or (D) all or substantially all of the business of Group Companies are required to be suspended or closed down by competent governmental authorities due to material breach of applicable laws in any material respect by the Group Companies, and such suspension or closedown of the business of the Group Companies are not rectified or remedied within six (6) months from the occurrence of such suspension or closedown; or (E) the Majority Series A Preferred Holders, the Majority Series B Preferred Holders, the Majority Series C Preferred Holders, the Majority Series C-1 Preferred Holders, or the Majority Series C-2 Preferred Holders request for redemption, at the written request to the Company made by the Majority respective series preferred shareholders, acting together as a single class on an as-converted basis, such holders may require that the Company redeem all or some of the then outstanding respective series preferred shares. The Series B Preferred Shares shall be redeemable at the option of the shareholders of the Series B Preferred Shares in the event that (A) the Company fails to consummate a Qualified IPO prior to December 31, 2020, or (B) there is an occurrence of any material breach of any representation, warranty, covenant, agreement or undertaking made by the Warrantors (as defined in the Series B Purchase Agreement) contained in the Series B Purchase Agreement, Shareholders’ Agreement, Amended Memorandum and Articles which results in material adverse effect on the business of the Group Companies, or (C) if the Company has met all requirements of the Qualified IPO and the Series B Director votes in favor of such Qualified IPO, the approval to conduct such Qualified IPO has not been passed due to the control shareholders or other shareholders of the Company, or the Qualified IPO cannot be gone through in accordance with the agreed plan and time schedule due to lack of support from the management of the Company, except that a majority of the Directors vote in favor of a non-listing, which is in the best interest of the Company or the then valuation of the Company through a private placement financing is close to the pre-offering valuation of the Qualified IPO, or (D) the Majority Series A Preferred Holders request for redemption, at the written request to the Company made by the Majority Series B Preferred Shares shareholders, acting together as a single class on an as-converted basis, such holders may require that the Company redeem all or some of the then outstanding Series B Preferred Shares. The Series A Preferred Shares shall be redeemable at the option of the shareholders of the Series A Preferred Shares in the event that (A) the Company fails to consummate a Qualified IPO prior to the fifth (5th) anniversary of the Closing of the Series A Preferred Shares, which is August 8, 2019; or (B) there is an occurrence of any material breach of any representation, warranty, covenant, agreement or undertaking made by the Warrantors (as defined in the Series A Purchase Agreement) contained in the Series A Purchase Agreement, Shareholders’ Agreement, Amended Memorandum and Articles which results in material adverse effect on the business of the Group Companies, or (C) if the Company has met all requirements of the Qualified IPO and the Series A Director votes in favor of such Qualified IPO, the approval to conduct such Qualified IPO has not been passed due to the control shareholders or other shareholders of the Company, or the Qualified IPO cannot be gone through in accordance with the agreed plan and time schedule due to lack of support from the management of the Company, except that a majority of the Directors vote in favor of a non-listing, which is in the best interest of the Company or the then valuation of the Company through a private placement financing is close to the pre-offering valuation of the Qualified IPO, at the written request to the Company made by the Majority Series A Preferred Shares shareholders, acting together as a single class on an as-converted basis, such holders may require that the Company redeem all or some of the then outstanding Series A Preferred Shares. The redemption preference from high priority to low priority is as follows in sequence: Series D-2 Preferred Shares, Series D-1 Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares, Series C Preferred Shares, Series B Preferred Shares and finally Series A Preferred Shares. For Series D-2 Preferred Shares, Series D-1 Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares and Series C Preferred Shares, the redemption price shall be one hundred percent (100%) of the respective issuance price, plus an annual simple interest of eight percent (8%) of the respective issuance price over the period from the respective closing date to the date of payment in full of the respective redemption price. Because the Company failed to consummate a Qualified IPO by January 24, 2021, the Series C Preferred Shares became redeemable at the option of the shareholders of the Series C Preferred Shares from January 24, 2021 to March 22, 2021. The redemption date of Series C Preferred Shares in the event that the Company fails to consummate a Qualified IPO was extended to December 31, 2023 upon the issuance of Series D-2 Preferred Shares on March 22, 2021, and further extended to December 31, 2024 on May 31, 2023, which is also disclosed as below. For Series B Preferred Shares, the redemption price shall be one hundred percent (100%) of the issue price, plus an annual simple interest of eight percent (8%) of the issuance price over the period from the issuance date to the date of payment in full of the redemption price, provided that the redemption price shall in no event be more than one hundred and fifty percent (150%) of the issuance price. Because the Company failed to consummate a Qualified IPO by December 31, 2020, the Series B Preferred Shares became redeemable at the option of the shareholders of the Series B Preferred Shares from December 31, 2020 to March 22, 2021. The redemption date of Series B Preferred Shares in the event that the Company fails to consummate a Qualified IPO was extended to December 31, 2023 upon the issuance of Series D-2 Preferred Shares on March 22, 2021, and further extended to December 31, 2024 on May 31, 2023, which is also disclosed as below. Based on the aforementioned redemption scenarios for the Series A Preferred Shares, the redemption price for the Series A Preferred Shares shall be: ● two hundred percent (200%) of the issuance price in event (A); ● one hundred percent (100%) of the issuance price, plus an annual internal rate of return of thirty percent (30%) of the issuance price over the period from issuance date to the date of payment in full of the redemption price in (i) either event (B) or event (C), and (ii) the valuation of the Company for the private placement financing, if there is any, is less than US$200 million. Because the Company failed to consummate a Qualified IPO by August 8, 2019, the Series A Preferred Shares became redeemable at the option of the shareholders of the Series A Preferred Shares from August 8, 2019 to March 22, 2021. The redemption date of Series A Preferred Shares in the event that the Company fails to consummate a Qualified IPO was extended to December 31, 2023 upon the issuance of Series D-2 Preferred Shares on March 22, 2021, and further extended to December 31, 2024 on May 31, 2023, which is also disclosed as below. The redemption dates of Series D-1 Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares, Series C Preferred Shares, Series B Preferred Shares, and Series A Preferred Shares in the event that the Company fails to consummate a Qualified IPO was extended to December 31, 2023 after the closing of Series D-2 redeemable convertible preferred shares on March 22, 2021. The redemption dates of Series D-2 Preferred Shares, Series D-1 Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares, Series C Preferred Shares, Series B Preferred Shares, and Series A Preferred Shares in the event that the Company fails to consummate a Qualified IPO was further extended to December 31, 2024 on May 31, 2023. The Company determines whether an amendment to the redemption rights of Series A, Series B, Series C, Series C-1, Series C-2, Series D-1 and Series D-2 preferred shareholders represents an extinguishment based on a fair value approach. If the fair value of the preferred shares immediately before and after the amendment is significantly different (by more than 10%), the amendment represents an extinguishment. The Company has determined that the amendment to the redemption rights of Series A, Series B, Series C, Series C-1, Series C-2, Series D-1 and Series D-2 Preferred Shares did not represent an extinguishment, and therefore modification accounting was applied by analogy to the modification guidance contained in ASC718-20, Compensation—Stock Compensation. The Company accounts for modifications that result in an increase to the fair value of the modified preferred shares as a deemed dividend reconciling net loss to net loss attributable to ordinary shareholders as there is a transfer of value from the ordinary shareholders to the preferred shareholders. The fair value of the preferred shares after the modification did not increase. Therefore, there was no financial impact recognized for the preferred share modifications. “Qualified IPO” means either (i) a firm commitment underwritten registered public offering by the Company (or a listing vehicle that holds the business of the Group Companies) (or depositary receipts or depositary shares thereof) of its Class A Ordinary Shares on a recognized regional or national securities exchange in the United States or Hong Kong or Shanghai Stock Exchange, Shenzhen Stock Exchange or any other exchange in any other jurisdiction (or any combination of such exchanges and jurisdictions) acceptable to the Majority Preferred Holders with pre-offering valuation (on a fully diluted basis) of the Company not less than US$1,000 million (or any other currency of equivalent value) or (ii) a De-SPAC Transaction that implies a pre- combination valuation (on a fully diluted basis) of the Company (or a listing vehicle that holds the business of the Group Companies) of not less than US$1,000 million (or any other currency of equivalent value). Conversion Rights Each Redeemable Convertible Preferred Share shall be convertible, at the option of the shareholders, at any time after the issuance date of preferred shares into such number of fully paid and non-assessable Class A ordinary shares as determined by dividing the applicable Redeemable Convertible Preferred Share issuance price by the respective then effective applicable conversion price. The conversion price shall initially be the applicable issuance price, resulting in an initial conversion ratio for the Redeemable Convertible Preferred Shares of 1:1, and shall be subject to adjustment including but not limited to share splits and combinations, ordinary share dividends and distributions, other dividends, sale of shares below the conversion price, reorganization, merger, consolidation and certain other events. The conversion price of each Redeemable Convertible Preferred Share is the same as its original issuance price and no adjustments to conversion price have occurred. As of December 31, 2022 and 2023, each Redeemable Convertible Preferred Share is convertible into one ordinary share. Each Redeemable Convertible Preferred Share shall automatically be converted, based on the then-effective applicable conversion price, into fully-paid and non-assessable Class A ordinary shares in the event that (i) the closing of the Qualified IPO, or (ii) the date upon which the Company receives the written request from the Majority respective series preferred shareholders. Voting Rights Each redeemable convertible preferred share shall be entitled to that number of votes corresponding to the number of Class A ordinary shares on an as-converted basis. The holder of the Preferred Shares shall vote together with the holders of ordinary shares, and not as a separate class or series, on all matters put before the shareholders. Dividend Rights No dividends or other distributions shall be declared, paid, set aside or made, whether in cash, in property, or in any other shares of the Company, with respect to any other class or series of shares of the Company, unless and until the dividends of preferred shares with higher priority of preference has been likewise declared, paid, set aside or made (calculated on an as-converted basis). Dividend rights preference is as follows in sequence: Series D-2 Preferred Shares, Series D-1 Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares, Series C Preferred Shares. Series B Preferred Shares and Series A Preferred Shares have no dividend rights preference compared with ordinary shares. Liquidation Preferences In the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, shareholders of Series D-2 Preferred Shares, Series D-1 Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares, Series C Preferred Shares, and Series B Preferred Shares shall be entitled to receive an amount equal to one hundred percent (100%) of the applicable issuance price, plus all dividends declared and unpaid on such redeemable convertible preferred shares. In the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, shareholders of Series A Preferred Shares shall be entitled to receive an amount equal to one hundred and fifty percent (150%) of the issue price, plus all dividends declared and unpaid on such Redeemable Convertible Preferred Shares. Liquidation preference is as follows in sequence: Series D-2 Preferred Shares, Series D-1 Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares, Series C Preferred Shares, Series B Preferred Shares, and Series A Preferred Shares. If there are any assets remaining after the aggregate amount has been distributed or paid in full to the applicable holders of the redeemable convertible preferred shares, the remaining assets of the Company available for distribution shall be distributed ratably among all holders of the redeemable convertible preferred shares and the ordinary shares according to the relative number of ordinary shares on an as-converted basis. Drag-along rights In the event that at any time after the Closing, the Super Majority Preferred Holders (Drag-Along Preferred Holders, i.e. holders of more than fifty percent (50%) of each class of all outstanding preferred shares voting separately) and the Super Majority Ordinary Holders (Drag-Along Ordinary Holders, i.e. the holders of more than fifty percent (50%) of the outstanding ordinary shares) approve either: (A) transaction(s) in which a Person, or a group of related Persons, acquires all or substantially all of the equity or assets or undertaking of the Company, or (B) a transaction that qualifies as a liquidation event, in each case of (A) and (B) above with a valuation of the Company at no less than US$800 million (any of such events described in (A) and (B) is referred to as a Sale of the Company), then each Shareholder agrees: (a) in the event the Sale of the Company requires the approval of shareholders, to vote all Shares in favor of such Sale of the Company and in opposition of any and all other proposals that could reasonably be expected to delay or impair the ability of the Company to consummate such Sale of the Company; (b) in the event that the Sale of the Company is to be effected by the sale of shares held by another shareholder (“the Selling Shareholder”) without the need for shareholder approval, to sell all shares of the Company beneficially held by such shareholder (or in the event that the Selling Shareholder is selling fewer than all of its shares held in the Company, shares in the same proportion as the Selling Shareholder is selling) to the Person to whom the Selling Shareholder propose to sell its shares, for the same per-share consideration (on an as-converted basis) and on the same terms and conditions as the Selling Shareholder, except that the Shareholder will not be required to sell its shares unless the liability for indemnification, if any, of the Shareholder in such Sale of the Company is several, not joint, and is pro rata in accordance with the Shareholder’s relative share ownership of the Company, and will not exceed the consideration receivable by the Shareholder, if any, in such transaction;(c) to refrain from exercising any dissenters’ rights or rights of appraisal under applicable Laws at any time with respect to such Sale of the Company;(d) to execute and deliver all related documentation and take such other action in support of the Sale of the Company as shall reasonably be requested by the Company; and (e) not to deposit, and to cause their Affiliates not to deposit, except as provided in this Agreement, any voting securities owned by such Party or Affiliate in a voting trust or subject any such voting securities to any arrangement or agreement with respect to the voting of such securities, unless specifically requested to do so by the acquiror in connection with a Sale of the Company. Accounting for the Preferred Shares The Company has classified the preferred shares as mezzanine equity as these preferred shares are redeemable upon the occurrence of an event not solely within the control of the Company. The holders of the preferred shares have a redemption right and liquidation preference and will not receive the same form of consideration upon the occurrence of the conditional event as the ordinary shareholders would. The Company concluded the embedded conversion and redemption option of the redeemable convertible preferred shares did not need to be bifurcated pursuant to ASC 815 because these terms do not permit net settlement, nor they can be readily settled net by a means outside the contract, nor they can provide for delivery of an asset that puts the holders in a position not substantially different from net settlement. The Company also determined that there was no beneficial conversion feature attributable to the redeemable convertible preferred shares because the initial effective conversion prices of these redeemable convertible preferred shares were higher than the fair value of the Company’s ordinary shares at the relevant commitment dates. The fair value of the Company’s ordinary shares on the commitment date was estimated by management with the assistance of an independent valuation firm. The Company recorded the initial carrying amount of the preferred shares with its issuance price, which approximated the issuance date fair value, after the reduction of the issuance cost. The Company recognized changes in the redemption value immediately as they occur and adjust the carrying value of the Redeemable Convertible Preferred Shares to equal the redemption value at the end of each reporting period, as if it were also the redemption date for the Redeemable Convertible Preferred Shares. The change in redemption value is recorded against retained earnings, or in the absence of retained earnings, against additional paid-in capital (“APIC”). Once APIC has been exhausted, additional charges are recorded by increasing the accumulated deficit. The Company’s redeemable convertible preferred shares activities for the years ended December 31, 2023 and 2024 consisted of the following: <p id="xdx_898_ecustom--ScheduleOfRedeemableConvertiblePreferredSharesActivitiesTableTextBlock_zHgsmUkMRsS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"> SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED SHARES ACTIVITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B1_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_us-gaap--SeriesAPreferredStockMember_zrO97XN16QYj" style="font-weight: bold; text-align: center">Series A</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B3_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_us-gaap--SeriesBPreferredStockMember_zXR3LuCh7tN8" style="font-weight: bold; text-align: center">Series B</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4BF_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_us-gaap--SeriesCPreferredStockMember_zZEY6QWVzB1e" style="font-weight: bold; text-align: center">Series C</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B1_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_custom--SeriesCOnePreferredStockMember_zVbL1prCXGv7" style="font-weight: bold; text-align: center">Series C-1</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B4_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_custom--SeriesCTwoPreferredStockMember_zTQ77vsJpJ4" style="font-weight: bold; text-align: center">Series C-2</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B9_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_custom--SeriesDOnePreferredStockMember_zmsJgeqtkPV2" style="font-weight: bold; text-align: center">Series D-1</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B7_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_custom--SeriesDTwoPreferredStockMember_z0SbhQyhF8N1" style="font-weight: bold; text-align: center">Series D-2</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_4B2_zm7ok9pVZGk8" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_432_c20230101__20231231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_z2j7SXZW2Gdl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-weight: bold; padding-bottom: 1pt">Balance as of January 1, 2023</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">55,997</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">145,564</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">480,441</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">356,664</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">119,808</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">475,361</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">912,870</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">2,546,705</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zHbnyVehdKNa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accretion of redeemable convertible preferred shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,496</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,923</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,764</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,469</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,689</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">146,341</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--TemporaryEquityForeignCurrencyTranslationAdjustments_zdPFLFv7HdCb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,282</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,067</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,206</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,809</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">40,514</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43E_c20240101__20241231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_zRzu0r2q41y5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Balance as of December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">55,997</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">145,564</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">515,219</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">382,737</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">128,639</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">512,036</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">993,368</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,733,560</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_433_c20240101__20241231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_z6bYgACPA9q2" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Balance</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">55,997</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">145,564</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">515,219</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">382,737</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">128,639</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">512,036</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">993,368</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,733,560</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zA1HgTTdBri7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accretion of redeemable convertible preferred shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,578</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,242</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,658</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--TemporaryEquityForeignCurrencyTranslationAdjustments_zKz1IC7F8CBa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign currency translation adjustment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,771</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,290</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,443</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,760</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,280</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(28,544</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--TemporaryEquityConversionOfUnits_iN_di_zhhGGrV7bVA8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Conversion of redeemable convertible preferred shares to Class A ordinary shares upon IPO</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(55,997</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(145,564</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(530,026</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(393,920</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(132,450</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(528,387</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,032,330</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,818,674</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_431_c20240101__20241231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_zMgWuG1kKeXg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_435_c20240101__20241231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_zCVP0tFjZJTl" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> On October 7, 2024, all of the redeemable convertible preferred shares were converted to equivalent number of Class A ordinary shares immediately upon the completion of the Company’s IPO.

20000000

0.20

4000000

24595000

11111111

1.35

15000000

91807000

26111112

1.80

47000000

322774000

16164778

2.19

35340000

238744000

4843800

2.48

12000000

80674000

14528465

3.48

50500000

346396000

28320182

4.05

114750000

747794000

one hundred percent (100%) of the issuance price, plus an annual internal rate of return of thirty percent (30%) of the issuance price over the period from issuance date to the date of payment in full of the redemption price in (i) either event (B) or event (C), and (ii) the valuation of the Company for the private placement financing, if there is any, is less than US$200 million. Because the Company failed to consummate a Qualified IPO by August 8, 2019, the Series A Preferred Shares became redeemable at the option of the shareholders of the Series A Preferred Shares from August 8, 2019 to March 22, 2021. 1000000000 1000000000 <p id="xdx_898_ecustom--ScheduleOfRedeemableConvertiblePreferredSharesActivitiesTableTextBlock_zHgsmUkMRsS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"> SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED SHARES ACTIVITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B1_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_us-gaap--SeriesAPreferredStockMember_zrO97XN16QYj" style="font-weight: bold; text-align: center">Series A</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B3_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_us-gaap--SeriesBPreferredStockMember_zXR3LuCh7tN8" style="font-weight: bold; text-align: center">Series B</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4BF_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_us-gaap--SeriesCPreferredStockMember_zZEY6QWVzB1e" style="font-weight: bold; text-align: center">Series C</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B1_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_custom--SeriesCOnePreferredStockMember_zVbL1prCXGv7" style="font-weight: bold; text-align: center">Series C-1</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B4_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_custom--SeriesCTwoPreferredStockMember_zTQ77vsJpJ4" style="font-weight: bold; text-align: center">Series C-2</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B9_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_custom--SeriesDOnePreferredStockMember_zmsJgeqtkPV2" style="font-weight: bold; text-align: center">Series D-1</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_4B7_us-gaap--StatementEquityComponentsAxis_us-gaap--PreferredStockMember_us-gaap--StatementClassOfStockAxis_custom--SeriesDTwoPreferredStockMember_z0SbhQyhF8N1" style="font-weight: bold; text-align: center">Series D-2</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" id="xdx_4B2_zm7ok9pVZGk8" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Preferred</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_432_c20230101__20231231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_z2j7SXZW2Gdl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-weight: bold; padding-bottom: 1pt">Balance as of January 1, 2023</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">55,997</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">145,564</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">480,441</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">356,664</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">119,808</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">475,361</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">912,870</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: right">2,546,705</td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zHbnyVehdKNa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accretion of redeemable convertible preferred shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,496</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,923</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,764</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,469</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,689</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">146,341</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--TemporaryEquityForeignCurrencyTranslationAdjustments_zdPFLFv7HdCb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,282</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,067</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,206</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,809</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">40,514</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43E_c20240101__20241231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_zRzu0r2q41y5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Balance as of December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">55,997</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">145,564</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">515,219</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">382,737</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">128,639</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">512,036</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">993,368</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,733,560</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_433_c20240101__20241231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_z6bYgACPA9q2" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Balance</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">55,997</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">145,564</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">515,219</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">382,737</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">128,639</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">512,036</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">993,368</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,733,560</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--TemporaryEquityAccretionToRedemptionValue_zA1HgTTdBri7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accretion of redeemable convertible preferred shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,578</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,242</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,658</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--TemporaryEquityForeignCurrencyTranslationAdjustments_zKz1IC7F8CBa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign currency translation adjustment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,771</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,290</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,443</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,760</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,280</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(28,544</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--TemporaryEquityConversionOfUnits_iN_di_zhhGGrV7bVA8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Conversion of redeemable convertible preferred shares to Class A ordinary shares upon IPO</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(55,997</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(145,564</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(530,026</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(393,920</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(132,450</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(528,387</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,032,330</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,818,674</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_431_c20240101__20241231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_zMgWuG1kKeXg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_435_c20240101__20241231_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_zCVP0tFjZJTl" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

55997000

145564000

480441000

356664000

119808000

475361000

912870000

2546705000

26496000

19923000

6764000

28469000

64689000

146341000

8282000

6150000

2067000

8206000

15809000

40514000

55997000

145564000

515219000

382737000

128639000

512036000

993368000

2733560000

55997000

145564000

515219000

382737000

128639000

512036000

993368000

2733560000

20578000

15473000

5254000

22111000

50242000

113658000

-5771000

-4290000

-1443000

-5760000

-11280000

-28544000

55997000 145564000 530026000 393920000 132450000 528387000 1032330000 2818674000

10. ORDINARY SHARES Upon incorporation in 2014, the Company’s authorized shares were 500,000,000 shares with a par value of US$0.0001 per share. In May 2023, the Company’s authorized shares were updated to be 2,000,000,000 shares with a par value of US$0.0001 per share, including 1,778,920,552 Class A Ordinary Shares, 100,000,000 Class B Ordinary Shares and 121,079,448 Preferred Shares. The Company re-designated and re-classified 79,980,281 Ordinary Shares into 34,402,503 Class A Ordinary Shares and 45,577,778 Class B Ordinary Shares. Class B Ordinary Shares were held by Snoweagle-s Limited and Diamondbird-s Limited, which were beneficially owned by Mr. Peng Xue, the Company’s founder, chairman of the board of directors and chief executive officer. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each Class A Ordinary Share shall entitle the holder one vote on all matters subject to vote at general meetings of the Company. Each Class B Ordinary Share shall entitle the holder ten votes on all matters subject to vote at general meetings of the Company. Each Class B Ordinary Share is convertible into one Class A Ordinary Share. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. The share, per share amounts and disclosures in the consolidated financial statements have been retroactively adjusted to reflect the above designation and reclassification. Immediately prior to the completion of IPO, the Company’s authorized shares were updated to be 2,000,000,000 shares with a par value of US$0.0001 per share, including 1,800,000,000 Class A Ordinary Shares, 100,000,000 Class B Ordinary Shares and 100,000,000 shares of a par value of US$<span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20241006__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z3MciJXVYEU4" title="Ordinary shares , par value">0.0001 each of such class or classes (however designated) as the board of directors may determine in accordance with the Company’s post-offering memorandum and articles of association. Immediately prior to the completion of the IPO, all outstanding redeemable convertible preferred shares, including (i) <span id="xdx_904_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesARedeemableConvertiblePreferredStockMember_zka4aCJ1Ndb3" title="Temporary stock, shares outstanding">20,000,000 Series A Preferred Shares of a par value of US$<span id="xdx_906_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_uUSDPShares_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesARedeemableConvertiblePreferredStockMember_zboUMoQVdvkj" title="Temporary stock, par value">0.0001 each, (ii) <span id="xdx_909_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesBRedeemableConvertiblePreferredStockMember_zjxQ6C0OynJb" title="Temporary stock, shares outstanding">11,111,111 Series B Preferred Shares of a par value of US$<span id="xdx_905_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_uUSDPShares_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesBRedeemableConvertiblePreferredStockMember_zITdfiDw15g8" title="Temporary stock, par value">0.0001 each, (iii) <span id="xdx_909_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesCRedeemableConvertiblePreferredStockMember_zL22F7t2IKud" title="Temporary stock, shares outstanding">26,111,112 Series C Preferred Shares of a par value of US$<span id="xdx_90D_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_uUSDPShares_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesCRedeemableConvertiblePreferredStockMember_zm5hIt0gJfs7" title="Temporary stock, par value">0.0001 each, (iv) <span id="xdx_90B_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesCOneRedeemableConvertiblePreferredStockMember_zatIH3ECmyVi" title="Temporary stock, shares outstanding">16,164,778 Series C-1 Preferred Shares of a par value of US$<span id="xdx_901_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_uUSDPShares_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesCOneRedeemableConvertiblePreferredStockMember_zJ9ISdNQ4Kd1" title="Temporary stock, par value">0.0001 each, (v) <span id="xdx_90E_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesCTwoRedeemableConvertiblePreferredStockMember_zInynKOH4cn5" title="Temporary stock, shares outstanding">4,843,800 Series C-2 Preferred Shares of a par value of US$<span id="xdx_909_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_uUSDPShares_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesCTwoRedeemableConvertiblePreferredStockMember_zQAnjoqO3hqg" title="Temporary stock, par value">0.0001 each, (vi) <span id="xdx_901_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesDOneRedeemableConvertiblePreferredStockMember_zJx6yU5PJiG" title="Temporary stock, shares outstanding">14,528,465 Series D-1 Preferred Shares of a par value of US$<span id="xdx_908_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_uUSDPShares_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesDOneRedeemableConvertiblePreferredStockMember_z9xyDn40lvpg" title="Temporary stock, par value">0.0001 each and (vii) <span id="xdx_906_eus-gaap--TemporaryEquitySharesOutstanding_iI_pid_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesDTwoRedeemableConvertiblePreferredStockMember_zbOdlTK6MV2b" title="Temporary stock, shares outstanding">28,320,182 Series D-2 Preferred Shares of a par value of US$<span id="xdx_90D_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_uUSDPShares_c20241006__us-gaap--StatementClassOfStockAxis__custom--SeriesDTwoRedeemableConvertiblePreferredStockMember_zrSKqSm0FuK3" title="Temporary stock, par value">0.0001 each, were converted into Class A ordinary shares on a one-for-one basis. In October 2024, upon the completion of the Company’s IPO, the Company issued <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20241001__20241031__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zT5SkCzWJzCl">12,330,000 Class A Ordinary Shares, at public offering price of US$<span id="xdx_902_eus-gaap--SaleOfStockPricePerShare_iI_pid_uUSDPShares_c20241031__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_ztr3IZty2Yqi">5.50 per share. The net proceeds after deducting underwriting discounts and commissions were approximately US$62.3 million (equivalent to RMB447,967). As of December 31, 2024 and 2025, there were 7,980,281 and 9,598,439 ordinary shares issued and will be used to settle share options and Class A restricted share units upon their exercise and vest. No consideration was received by the Company for this issuance of ordinary shares. These ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes. Any ordinary shares not used in the settlement of share options and Class A restricted share units will be returned to the Company. As of December 31, 2025, 173,811,951 Class A Ordinary Shares were issued and 157,198,537 Class A Ordinary Shares were outstanding, 45,577,778 Class B Ordinary Shares were issued and outstanding.

500000000

0.0001

2000000000

0.0001

1778920552

100000000

121079448

79980281

34402503

45577778

2000000000

0.0001

1800000000

100000000

0.0001

20000000

0.0001

11111111

0.0001

26111112

0.0001

16164778

0.0001

4843800

0.0001

14528465

0.0001

28320182

0.0001

12330000

5.50

62300000

447967000

7980281

9598439

173811951

157198537

45577778

11. TREASURY STOCK On March 11, 2025, the Company’s board of directors adopted a share repurchase program, pursuant to which the Company is authorized to repurchase up to an aggregate of US$<span id="xdx_902_esrt--StockRepurchaseProgramAuthorizedAmount1_iI_pn5n6_uUSD_c20250311__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zM5QXdcdF6Bi" title="Amount authorized for purchase of shares">30.0 million worth of the Company’s outstanding shares (including in the form of American depositary shares) during the twelve-month period ended on March 31, 2026. For the year ended December 31, 2025, the Company purchased <span id="xdx_90D_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesMember_zQtNiQMfXgOd" title="Shares repuchased, shares">7,014,975 Class A Ordinary Shares in the open market at an aggregate cost of RMB<span id="xdx_909_eus-gaap--StockRepurchasedAndRetiredDuringPeriodValue_pn3n3_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesMember_zmD6QAUMt4bf" title="Shares repuchased, value">54,790.

30000000.0

7014975

54790000

12. SHARE-BASED COMPENSATION Share Incentive Plan In December 2015, the Board of Directors of the Company approved and adopted the 2015 Share Incentive Plan (“the 2015 Plan”) for the granting of share options and restricted share units to employees, directors and consultants to reward them for services to the Group. Under the 2015 Plan, the maximum aggregate number of shares that may be issued is <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20151231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--PlanNameAxis__custom--TwoThousandFifteenShareIncentivePlanMember_z03nWI1HRsk2" title="Number of shares authorized for issue">8,000,000 Class A Ordinary Shares. The share options and restricted share units expire <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_dtY_c20151201__20151231__us-gaap--PlanNameAxis__custom--TwoThousandFifteenShareIncentivePlanMember_ziCqI7KHefmj" title="Share options expire period">10 years from the date of grant. In November 2024, the Board of Directors of the Company approved and adopted the 2024 Share Incentive Plan (“the 2024 Plan”) for the granting of share options and restricted share units to employees, directors and consultants to reward them for services to the Group. Under the 2024 Plan, the maximum aggregate number of Class A ordinary shares that may be issued pursuant to the awards is initially <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20241130__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourShareIncentivePlanMember_zdUUzJ0Z4f2i" title="Number of shares authorized for issue">10,669,486, plus an annual increase on the first calendar day of each fiscal year of the Company during the term of the plan commencing with the fiscal year beginning January 1, 2025, by the lower of (i) an amount equal to 1% of the total number of ordinary shares issued and outstanding on the last day of the immediately preceding fiscal year, and (ii) such number of shares as may be determined by the board of directors. The share options expire <span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_dtY_c20241101__20241130__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourShareIncentivePlanMember_zhlNE9ovPS92" title="Share options expire period">10 years from the date of grant. Share Options Share options granted to an employee under the 2015 Plan are generally subject to a four-year service schedule, under which <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_c20151201__20151231__us-gaap--PlanNameAxis__custom--TwoThousandFifteenShareIncentivePlanMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zLnuKsOKLlel" title="Vesting rights percentage">25% of the options vest on the first anniversary of the vesting commencement date, and an additional <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_c20151201__20151231__us-gaap--PlanNameAxis__custom--TwoThousandFifteenShareIncentivePlanMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zwix5WLuawA8" title="Vesting rights percentage">25% of the option vest on each anniversary of the vesting commencement date thereafter. The option holders can only exercise their vested options upon the occurrence of an initial public offering. If an employee leaves the Company before the IPO, both the vested and unvested options will be forfeited. <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_pid_c20160101__20181231__us-gaap--PlanNameAxis__custom--TwoThousandFifteenShareIncentivePlanMember_zJPFtpT9jAAi" title="Share options were granted">1,666,781 share options were granted in 2016 through 2018, no options can be exercised until the Company completes an initial public offering. Since the exercisability is dependent upon the completion of an initial public offering of the Company, no compensation expense relating to the options was recorded for the year ended December 31, 2023. Upon the completion of IPO, the Company immediately recognized share-based compensation expenses of RMB<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_c20241007__20241007__us-gaap--PlanNameAxis__custom--TwoThousandFifteenShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zAwWmcu2hV94" title="Share based compensation expense">47,187 of share options vested cumulatively. In November 2024 and March 2025, the Group granted <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_pid_c20241101__20241130__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourShareIncentivePlanMember_zluycJZ02yxe" title="Share options granted">1,965,500 and <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_pid_c20250301__20250331__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourShareIncentivePlanMember_z1x2EUoOmzZ3" title="Share options granted">90,000 share options to certain employees under the 2024 Plan, respectively. These share options granted are required to render service to the Group in accordance with a service schedule stipulated in the relevant award agreement. The weight average grant date fair value per option granted in November 2024 and March 2025 was US$<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20241101__20241130__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourShareIncentivePlanMember_zcGCVDk1g1A8" title="Weight average grant date fair value per option">2.01 and US$<span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250301__20250331__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourShareIncentivePlanMember_z2Z6VKEwW498" title="Weight average grant date fair value per option">2.68, respectively. <p id="xdx_898_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zrUapGPtoNbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth the share options activity for the years ended December 31, 2024 and 2025: SCHEDULE OF FORTH THE SHARE OPTIONS ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Contractual</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-weight: bold; padding-bottom: 2.5pt">Outstanding as of January 1, 2024</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20240101__20241231_zILCgbZruUWa" style="border-bottom: Black 2.5pt double; width: 11%; font-weight: bold; text-align: right" title="Number of options, Outstanding beginning balance">2,404,681</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20240101__20241231_zqCpWUoXYU2l" style="border-bottom: Black 2.5pt double; width: 11%; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Outstanding beginning balance">0.79</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 11%; font-weight: bold; text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230101__20231231_zC2YzNGmPhFf" title="Weighted Average Remaining Contractual Life, Outstanding">2.98</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_uUSD_c20240101__20241231_zhwW7eMuLXC6" style="border-bottom: Black 2.5pt double; width: 11%; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, Outstanding beginning balance">7,671</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted in 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20240101__20241231_z9CK7LX1iGa7" style="text-align: right" title="Number of options granted">1,965,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20240101__20241231_zLANX7cTz4hd" style="text-align: right" title="Weighted Average Exercise Price, Granted">1.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Forfeited in 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20240101__20241231_znnGxgxkRvZ1" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, Forfeited">(8,800</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20240101__20241231_zIldCvSr4XOl" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Forfeited">1.74</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Outstanding as of December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231_zisiivWCN3w7" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of options, Outstanding beginning balance">4,361,381</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20250101__20251231_zcRj8zazaFr" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Outstanding beginning balance">1.30</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231_zx8J7GM7uDtj" title="Weighted Average Remaining Contractual Life, Outstanding">5.59</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_uUSD_c20250101__20251231_z7rnOia58aOd" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, Outstanding beginning balance">6,407</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Granted in 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231_zlQpfwpqWJGb" style="text-align: right" title="Number of options granted">90,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231_z8G9oxPpBB8b" style="text-align: right" title="Weighted Average Exercise Price, Granted">2.03</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exercised in 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231_zY5frKwuIv5" style="text-align: right" title="Number of options, Exercised">(385,092</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231_zVVBv6l3mQr2" style="text-align: right" title="Weighted Average Exercise Price, Exercises">0.33</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Forfeited in 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20250101__20251231_ziMOWApbMIt1" style="text-align: right" title="Number of options, Forfeited">(20,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231_zHZ3w9oexHMj" style="text-align: right" title="Weighted Average Exercise Price, Forfeited">2.03</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Expired in 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirednPeriod_iN_pid_di_c20250101__20251231_zzFsi3NlQF79" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, Expired">(245,500</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpiredInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231_zF0dBD83Tz1c" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Expired">1.24</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231_zL7nWUttAunk" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options, Outstanding ending balance">3,800,789</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20250101__20251231_zXCQ2lv7fHp9" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Outstanding ending balance">1.42</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zGeueDWKWolk" title="Weighted Average Remaining Contractual Life, Outstanding">5.66</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_uUSD_c20250101__20251231_zQyfes9zmRK8" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate Intrinsic Value, Outstanding ending balance">871</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Vested or expected to be vested as of December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_pid_c20250101__20251231_zjmw1eqyjvt2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Number of options, Vested and expected to vest">3,800,789</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20250101__20251231_zXD9qiOWmlo" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Vested and expected to vest">1.42</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231_zXJKwRss5JLk" title="Weighted Average Remaining Contractual Life, Vested and expected to vest">5.66</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_uUSD_c20250101__20251231_zZhlD79rmMmd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, vested or expected to be vested">871</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Exercisable as of December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20250101__20251231_zbqbZ485jcS1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of options, Exercisable">2,795,789</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20250101__20251231_zbcoixPBErqk" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Exercisable">1.25</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231_zpwWizDu8pck" title="Weighted Average Remaining Contractual Life, Exercisable">4.46</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iE_uUSD_c20250101__20251231_zVhmfiXCNnF1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, exercisable">791</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> The Company did not grant any share options in 2023. The fair value of the options granted in 2024 is estimated on the date of grant using the binomial option pricing model with the following key assumptions used: SCHEDULE OF FAIR VALUE OF THE OPTIONS GRANTED <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Risk-free rate of return (per annum)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: center"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20240101__20241231_zYvfbOGrPiNf" title="Risk- free rate of return (per annum)">4.58%</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">100.09%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">0%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercise multiple</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span id="xdx_908_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiples_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MinimumMember_zvIRsJOo1nfg" title="Exercise multiple">2.2~<span id="xdx_903_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiples_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MaximumMember_zT87Df2ygY1h" title="Exercise multiple">2.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fair value of underlying ordinary share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.77</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">10 years</td><td style="text-align: left"> </td></tr> </table> The fair value of the options granted in 2025 is estimated on the date of grant using the Black-Scholes option pricing model with the following key assumptions used: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 81%; text-align: left">Risk-free rate of return (per annum)</td><td style="width: 2%"> </td> <td style="width: 16%; text-align: center"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20250101__20251231_zFoZO0juXb6g" title="Risk- free rate of return (per annum)">4.58%</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Volatility</td><td> </td> <td style="text-align: center">90.17%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: center">0%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Fair value of underlying ordinary share</td><td> </td> <td style="text-align: center">2.98</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: center">10 years</td><td style="text-align: left"> </td></tr> </table> The fair value of the underlying ordinary share is the closing price of the Company’s ordinary shares traded in the open market as of the grant date. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in USD for a term consistent with the expected term of the Company’s options in effect at the option valuation date. The expected volatility was estimated based on the historical volatility of the Company’s share price. The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. Expected dividend yield is zero as the Company has never declared or paid any cash dividends on its shares, and the Company does not anticipate any dividend payments in the foreseeable future. For the years ended December 2023, 2024 and 2025, the Group recognized share-based compensation expenses related to share options of nil, RMB60,530 and RMB1,889, respectively. The total fair value of share options vested during the years ended December 31, 2023, 2024 and 2025 was nil, RMB60,528 and RMB1,172, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2023, 2024 and 2025 was <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_dxL_c20230101__20231231_zna9UbEisZki" title="Aggregate intrinsic value of options exercised::XDX::-">nil, <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_dxL_c20240101__20241231_zyKXp6Fe3kXj" title="Aggregate intrinsic value of options exercised::XDX::-">nil and RMB<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_uRMB_c20250101__20251231_z1hYPZc2hSEe" title="Aggregate intrinsic value of options exercised">1,350, respectively. As of December 31, 2025, there was RMB<span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn3n3_uRMB_c20251231_zuPtrOlpZV9a" title="Unrecognized share-based compensation expense">14,372 of unrecognized compensation cost related to share options that are expected to be recognized over a weighted-average vesting period of <span id="xdx_903_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250101__20251231_zc2rISwmyl6g" title="Weighted-average vesting period">1.4 years. Class A restricted share units On June 14, 2021, the Company granted <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20210614__20210614__us-gaap--AwardTypeAxis__custom--ClassARestrictedShareUnitsMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zGTFGuTjvny" title="Restricted stock units granted">5,281,000 Class A restricted share units to the Company’s employees and <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20210614__20210614__us-gaap--AwardTypeAxis__custom--ClassARestrictedShareUnitsMember__srt--TitleOfIndividualAxis__srt--DirectorMember_z1y2bFgUJEq2" title="Restricted stock units granted">18,000 Class A restricted share units to directors pursuant to the 2015 Plan at par value of US$0.0001 per share. The <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20210614__20210614__us-gaap--AwardTypeAxis__custom--ClassARestrictedShareUnitsMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zFWiDCSeZxtg" title="Restricted stock units granted">5,281,000 Class A restricted share units granted to employees will vest in accordance with the following schedule: 50% of the unvested restricted share units shall vest upon IPO date. 50% of the Class A restricted share units shall vest in eight equal installments quarterly from the IPO date over the two years since the IPO date. The <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20210614__20210614__us-gaap--AwardTypeAxis__custom--ClassARestrictedShareUnitsMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zHrYYJTOcVD3" title="Restricted stock units granted">18,000 Class A restricted share units granted to directors shall vest in four equal quarterly installments from the Company’s IPO date. The first installment shall vest upon IPO date. The Class A restricted share units under the 2015 Plan can only vest upon the occurrence of an IPO. If a Class A restricted share units holder leaves the Company before the IPO, both the vested and unvested Class A restricted share units will be forfeited. The Group did not recognize any share-based compensation expense on the Class A restricted share units for the years ended December 31, 2022 and 2023 since the IPO performance condition is deemed to be not probable. Upon the completion of IPO, the Company immediately recognized share-based compensation expenses of RMB<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_c20241006__20241006__us-gaap--PlanNameAxis__custom--TwoThousandFifteenShareIncentivePlanMember__us-gaap--AwardTypeAxis__custom--ClassARestictedStockUnitMember_zCSyOYajCCfk" title="Share based compensation expenses">74,613 of Class A restricted share units vested cumulatively. In November 2024 and April 2025, the Company granted <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20241101__20241130__us-gaap--AwardTypeAxis__custom--ClassARestrictedShareUnitsMember__srt--TitleOfIndividualAxis__srt--DirectorMember_z14ornsC4Bw7" title="Restricted stock units granted">72,000 and <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250401__20250430__us-gaap--AwardTypeAxis__custom--ClassARestrictedShareUnitsMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zs054o2lYCLd" title="Restricted stock units granted">1,000,000 Class A restricted share units to its directors and employees under the 2024 Plan, which are subject to a <span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20241101__20241130__us-gaap--AwardTypeAxis__custom--ClassARestrictedShareUnitsMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zN2I258UkOcf" style="display: none" title="Expected term">4four-year and <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250401__20250430__us-gaap--AwardTypeAxis__custom--ClassARestrictedShareUnitsMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zc3Ht0HAYS4h" style="display: none" title="Expected term">2two-year service schedule. The fair value of the Class A restricted share units was determined by the closing price of shares on the grant date. <p id="xdx_89A_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_ztLWXZGdRDL" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth the Class A restricted share units activity for the years ended December 31, 2024 and 2025: SCHEDULE OF FORTH THE CLASS A RESTRICTED SHARE UNITS ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Restricted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Grant Date</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold">Outstanding as of January 1, 2024</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_uShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zhSUOrOs6Zbd" style="width: 16%; font-weight: bold; text-align: right" title="Number of restricted shares, outstanding beginning balances">5,299,000</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 16%; font-weight: bold; text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zQz3n3RdyxYg" title="Weighted average grant date fair value, outstanding beginning balances">3.96</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted in 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zt0D0saypD5f" style="text-align: right" title="Number of restricted shares, granted">72,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_z5ZwYNpSKBRl" title="Weighted average grant date fair value, granted">2.38</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested in 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_uShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_z02hvtmbGDS8" style="text-align: right" title="Number of restricted shares, vested">(2,645,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zSU6gvQNghC3" title="Weighted average grant date fair value, vested">3.96</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Outstanding as of December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zeA4zyt6eyvh" style="font-weight: bold; text-align: right" title="Number of restricted shares, outstanding ending balances">2,726,000</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zOoYub9bdlT9" title="Weighted average grant date fair value, outstanding ending balances">3.94</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Granted in 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zwEIPAZEcrj1" style="text-align: right" title="Number of restricted shares, granted">1,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zHPsZu9f68j8" title="Weighted average grant date fair value, granted">0.74</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Vested in 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zGzj1TwWRYo3" style="border-bottom: Black 1pt solid; text-align: right" title="Number of restricted shares, vested">(1,351,750</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zXPq5f8FNQU3" title="Weighted average grant date fair value, vested">3.94</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zEBLHokXF9Vf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of restricted shares, outstanding ending balances">2,374,250</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zKy6RpsvGOm1" title="Weighted average grant date fair value, outstanding ending balances">2.57</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> For the years ended December 2023, 2024 and 2025, the Group recognized share-based compensation expenses related to Class A restricted share units of <span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_dxL_uRMB_c20230101__20231231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zNwViosLAYn1" title="Allocated share based compensation expense::XDX::-">nil, RMB<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zrC56d7p3xt6" title="Allocated share based compensation expense">99,497 and RMB<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_z73pEm8bYIzc" title="Allocated share based compensation expense">44,541, respectively. The total fair value of the restricted shares vested during the years ended December 31, 2023, 2024 and 2025 was <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_dxL_uRMB_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zA4ULIFM0ocj" title="Fair value of restricted shares vested::XDX::-">nil, RMB<span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_uRMB_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zjm2xIQyqcP5" title="Fair value of restricted shares vested">113,081 and RMB<span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_uRMB_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z9hLmw43TYo1" title="Fair value of restricted shares vested">14,139, respectively. As of December 31, 2025, there was RMB<span id="xdx_907_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn3n3_uRMB_c20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zkD9WOKCejOb" title="Unrecognized share-based compensation expense">12,124 of unrecognized compensation cost related to Class A restricted share units that are expected to be recognized over a weighted-average vesting period of <span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zgN38xUyy2zk" title="Weighted-average vesting period">1.0 years. <p id="xdx_899_ecustom--ScheduleOfShareBasedCompensationExpenseTableTextBlock_zLJ87hoSapTh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0; text-indent: 0.25in">Total share-based compensation expenses of share options and Class A restricted share units were allocated to the following expense items: SCHEDULE OF SHARE BASED COMPENSATION OF SHARE OPTIONS AND CLASS A RESTRICTED SHARE UNITS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240101__20241231__us-gaap--AwardTypeAxis__custom--ShareOptionsAndClassARestrictedShareUnitsMember_z9vgG9iS6Up9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231__us-gaap--AwardTypeAxis__custom--ShareOptionsAndClassARestrictedShareUnitsMember_zaZqN4lYEqr" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_403_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_hcustom--StatementOfIncomeLocationBalanceAxis__custom--CostOfSaleMember_zLV0FembMEXd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Cost of revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">7,711</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_hcustom--StatementOfIncomeLocationBalanceAxis__custom--SellingAndMarketingExpensesMember_zGUgX7JntoPk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Selling and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,445</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,457</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_hcustom--StatementOfIncomeLocationBalanceAxis__custom--GeneralAndAdministrativeExpensesMember_zGWRlqOndvg4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,084</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,032</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_hcustom--StatementOfIncomeLocationBalanceAxis__custom--ResearchAndDevelopmentExpensesMember_z26XqZ8ETqlh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Research and development expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">62,787</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,941</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_zlf6CMxHfiM6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">160,027</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">46,430</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

8000000

P10Y

10669486

P10Y

0.25

1666781

47187000

1965500

90000

2.01

2.68

<p id="xdx_898_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zrUapGPtoNbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth the share options activity for the years ended December 31, 2024 and 2025: SCHEDULE OF FORTH THE SHARE OPTIONS ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Contractual</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-weight: bold; padding-bottom: 2.5pt">Outstanding as of January 1, 2024</td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20240101__20241231_zILCgbZruUWa" style="border-bottom: Black 2.5pt double; width: 11%; font-weight: bold; text-align: right" title="Number of options, Outstanding beginning balance">2,404,681</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20240101__20241231_zqCpWUoXYU2l" style="border-bottom: Black 2.5pt double; width: 11%; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Outstanding beginning balance">0.79</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 11%; font-weight: bold; text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230101__20231231_zC2YzNGmPhFf" title="Weighted Average Remaining Contractual Life, Outstanding">2.98</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_uUSD_c20240101__20241231_zhwW7eMuLXC6" style="border-bottom: Black 2.5pt double; width: 11%; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, Outstanding beginning balance">7,671</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted in 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20240101__20241231_z9CK7LX1iGa7" style="text-align: right" title="Number of options granted">1,965,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20240101__20241231_zLANX7cTz4hd" style="text-align: right" title="Weighted Average Exercise Price, Granted">1.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Forfeited in 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20240101__20241231_znnGxgxkRvZ1" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, Forfeited">(8,800</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20240101__20241231_zIldCvSr4XOl" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Forfeited">1.74</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Outstanding as of December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231_zisiivWCN3w7" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of options, Outstanding beginning balance">4,361,381</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20250101__20251231_zcRj8zazaFr" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Outstanding beginning balance">1.30</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231_zx8J7GM7uDtj" title="Weighted Average Remaining Contractual Life, Outstanding">5.59</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_uUSD_c20250101__20251231_z7rnOia58aOd" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, Outstanding beginning balance">6,407</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Granted in 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231_zlQpfwpqWJGb" style="text-align: right" title="Number of options granted">90,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231_z8G9oxPpBB8b" style="text-align: right" title="Weighted Average Exercise Price, Granted">2.03</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exercised in 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231_zY5frKwuIv5" style="text-align: right" title="Number of options, Exercised">(385,092</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231_zVVBv6l3mQr2" style="text-align: right" title="Weighted Average Exercise Price, Exercises">0.33</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Forfeited in 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20250101__20251231_ziMOWApbMIt1" style="text-align: right" title="Number of options, Forfeited">(20,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231_zHZ3w9oexHMj" style="text-align: right" title="Weighted Average Exercise Price, Forfeited">2.03</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Expired in 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirednPeriod_iN_pid_di_c20250101__20251231_zzFsi3NlQF79" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, Expired">(245,500</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpiredInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231_zF0dBD83Tz1c" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Expired">1.24</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231_zL7nWUttAunk" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options, Outstanding ending balance">3,800,789</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20250101__20251231_zXCQ2lv7fHp9" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Outstanding ending balance">1.42</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zGeueDWKWolk" title="Weighted Average Remaining Contractual Life, Outstanding">5.66</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_uUSD_c20250101__20251231_zQyfes9zmRK8" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate Intrinsic Value, Outstanding ending balance">871</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Vested or expected to be vested as of December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_pid_c20250101__20251231_zjmw1eqyjvt2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Number of options, Vested and expected to vest">3,800,789</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20250101__20251231_zXD9qiOWmlo" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Vested and expected to vest">1.42</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231_zXJKwRss5JLk" title="Weighted Average Remaining Contractual Life, Vested and expected to vest">5.66</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_uUSD_c20250101__20251231_zZhlD79rmMmd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, vested or expected to be vested">871</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Exercisable as of December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20250101__20251231_zbqbZ485jcS1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of options, Exercisable">2,795,789</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20250101__20251231_zbcoixPBErqk" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted Average Exercise Price, Exercisable">1.25</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231_zpwWizDu8pck" title="Weighted Average Remaining Contractual Life, Exercisable">4.46</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iE_uUSD_c20250101__20251231_zVhmfiXCNnF1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Aggregate Intrinsic Value, exercisable">791</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

2404681

0.79

P2Y11M23D

7671000

1965500

1.92

8800

1.74

4361381

1.30

P5Y7M2D

6407000

90000

2.03

385092

0.33

20000

2.03

245500 1.24

3800789

1.42

P5Y7M28D

871000

3800789

1.42

P5Y7M28D

871000

2795789

1.25

P4Y5M15D

791000

The Company did not grant any share options in 2023. The fair value of the options granted in 2024 is estimated on the date of grant using the binomial option pricing model with the following key assumptions used: SCHEDULE OF FAIR VALUE OF THE OPTIONS GRANTED <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Risk-free rate of return (per annum)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: center"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20240101__20241231_zYvfbOGrPiNf" title="Risk- free rate of return (per annum)">4.58%</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">100.09%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">0%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercise multiple</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span id="xdx_908_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiples_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MinimumMember_zvIRsJOo1nfg" title="Exercise multiple">2.2~<span id="xdx_903_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiples_pid_dp_uPure_c20240101__20241231__srt--RangeAxis__srt--MaximumMember_zT87Df2ygY1h" title="Exercise multiple">2.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fair value of underlying ordinary share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">2.77</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">10 years</td><td style="text-align: left"> </td></tr> </table> The fair value of the options granted in 2025 is estimated on the date of grant using the Black-Scholes option pricing model with the following key assumptions used: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 81%; text-align: left">Risk-free rate of return (per annum)</td><td style="width: 2%"> </td> <td style="width: 16%; text-align: center"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20250101__20251231_zFoZO0juXb6g" title="Risk- free rate of return (per annum)">4.58%</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Volatility</td><td> </td> <td style="text-align: center">90.17%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: center">0%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Fair value of underlying ordinary share</td><td> </td> <td style="text-align: center">2.98</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: center">10 years</td><td style="text-align: left"> </td></tr> </table>

0.0458

1.0009

0.022 0.028

2.77

P10Y

0.0458

0.9017

2.98

P10Y

60530000

1889000

60528000

1172000

1350

14372000

P1Y4M24D

5281000

18000

0.0001

5281000

0.50 0.50

18000

74613000

72000

1000000

P4Y

P2Y

<p id="xdx_89A_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_ztLWXZGdRDL" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth the Class A restricted share units activity for the years ended December 31, 2024 and 2025: SCHEDULE OF FORTH THE CLASS A RESTRICTED SHARE UNITS ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Restricted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Grant Date</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">US$</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold">Outstanding as of January 1, 2024</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_uShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zhSUOrOs6Zbd" style="width: 16%; font-weight: bold; text-align: right" title="Number of restricted shares, outstanding beginning balances">5,299,000</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 16%; font-weight: bold; text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zQz3n3RdyxYg" title="Weighted average grant date fair value, outstanding beginning balances">3.96</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted in 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zt0D0saypD5f" style="text-align: right" title="Number of restricted shares, granted">72,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_z5ZwYNpSKBRl" title="Weighted average grant date fair value, granted">2.38</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested in 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_uShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_z02hvtmbGDS8" style="text-align: right" title="Number of restricted shares, vested">(2,645,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zSU6gvQNghC3" title="Weighted average grant date fair value, vested">3.96</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Outstanding as of December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zeA4zyt6eyvh" style="font-weight: bold; text-align: right" title="Number of restricted shares, outstanding ending balances">2,726,000</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zOoYub9bdlT9" title="Weighted average grant date fair value, outstanding ending balances">3.94</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Granted in 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zwEIPAZEcrj1" style="text-align: right" title="Number of restricted shares, granted">1,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zHPsZu9f68j8" title="Weighted average grant date fair value, granted">0.74</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Vested in 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zGzj1TwWRYo3" style="border-bottom: Black 1pt solid; text-align: right" title="Number of restricted shares, vested">(1,351,750</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zXPq5f8FNQU3" title="Weighted average grant date fair value, vested">3.94</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zEBLHokXF9Vf" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of restricted shares, outstanding ending balances">2,374,250</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ClassARestrictedStockUnitMember_zKy6RpsvGOm1" title="Weighted average grant date fair value, outstanding ending balances">2.57</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

5299000

3.96

72000

2.38

2645000

3.96

2726000

3.94

1000000

0.74

1351750

3.94

2374250

2.57

99497000

44541000

113081

14139

12124000

P1Y

<p id="xdx_899_ecustom--ScheduleOfShareBasedCompensationExpenseTableTextBlock_zLJ87hoSapTh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0; text-indent: 0.25in">Total share-based compensation expenses of share options and Class A restricted share units were allocated to the following expense items: SCHEDULE OF SHARE BASED COMPENSATION OF SHARE OPTIONS AND CLASS A RESTRICTED SHARE UNITS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240101__20241231__us-gaap--AwardTypeAxis__custom--ShareOptionsAndClassARestrictedShareUnitsMember_z9vgG9iS6Up9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231__us-gaap--AwardTypeAxis__custom--ShareOptionsAndClassARestrictedShareUnitsMember_zaZqN4lYEqr" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_403_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_hcustom--StatementOfIncomeLocationBalanceAxis__custom--CostOfSaleMember_zLV0FembMEXd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Cost of revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">7,711</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_hcustom--StatementOfIncomeLocationBalanceAxis__custom--SellingAndMarketingExpensesMember_zGUgX7JntoPk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Selling and marketing expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,445</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,457</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_hcustom--StatementOfIncomeLocationBalanceAxis__custom--GeneralAndAdministrativeExpensesMember_zGWRlqOndvg4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,084</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,032</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_uRMB_hcustom--StatementOfIncomeLocationBalanceAxis__custom--ResearchAndDevelopmentExpensesMember_z26XqZ8ETqlh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Research and development expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">62,787</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,941</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_zlf6CMxHfiM6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">160,027</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">46,430</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

7711000

40445000

11457000

49084000

15032000

62787000

19941000

160027000

46430000

13. FAIR VALUE MEASUREMENT <p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zsajET7cmmE" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The following tables present the fair value hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2024 and 2025, respectively: SCHEDULE OF FAIR VALUE HIERARCHY ASSETS MEASURED AT FAIR VALUE ON RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">RMB</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Short-term investments (Note 3)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zmRXdESQpKy9" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShortTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zDGEAausbbC4" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">153,910</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_ziZyU9oQyM9f" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShortTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zn8Fm5e5Twya" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">153,910</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-term investments (Note 4)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LongTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zHteR8mqr70j" style="text-align: right" title="Long-term investments (Note 3)">273,020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zXxpXK1Cfv52" style="text-align: right" title="Long-term investments (Note 3)">51,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zzQl6mfQpZTd" style="text-align: right" title="Long-term investments (Note 3)">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zAGjEQ6FxZ99" style="text-align: right" title="Long-term investments (Note 3)">324,110</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">RMB</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Short-term investments (Note 3)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zvLh12x70gYj" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">103,352</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zjvVg22BNQMe" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">287,001</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zxIyFiEJ4Z0a" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zD8AKz0BW1Db" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">390,353</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-term investments (Note 4)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zufA9VDG2nSa" style="text-align: right" title="Long-term investments (Note 3)">161,187</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z7oU4XBBJKF8" style="text-align: right" title="Long-term investments (Note 3)">63,217</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zjyVU6D4vuAg" style="text-align: right" title="Long-term investments (Note 3)">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zrzptCmVK04k" style="text-align: right" title="Long-term investments (Note 3)">224,404</td><td style="text-align: left"> </td></tr> </table>

<p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zsajET7cmmE" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The following tables present the fair value hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2024 and 2025, respectively: SCHEDULE OF FAIR VALUE HIERARCHY ASSETS MEASURED AT FAIR VALUE ON RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">RMB</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Short-term investments (Note 3)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zmRXdESQpKy9" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShortTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zDGEAausbbC4" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">153,910</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_ziZyU9oQyM9f" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShortTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zn8Fm5e5Twya" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">153,910</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-term investments (Note 4)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LongTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zHteR8mqr70j" style="text-align: right" title="Long-term investments (Note 3)">273,020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zXxpXK1Cfv52" style="text-align: right" title="Long-term investments (Note 3)">51,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zzQl6mfQpZTd" style="text-align: right" title="Long-term investments (Note 3)">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermInvestments_iI_pn3n3_c20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zAGjEQ6FxZ99" style="text-align: right" title="Long-term investments (Note 3)">324,110</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">RMB</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Short-term investments (Note 3)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zvLh12x70gYj" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">103,352</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zjvVg22BNQMe" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">287,001</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zxIyFiEJ4Z0a" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zD8AKz0BW1Db" style="width: 12%; text-align: right" title="Short-term investments (Note 3)">390,353</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-term investments (Note 4)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zufA9VDG2nSa" style="text-align: right" title="Long-term investments (Note 3)">161,187</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z7oU4XBBJKF8" style="text-align: right" title="Long-term investments (Note 3)">63,217</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zjyVU6D4vuAg" style="text-align: right" title="Long-term investments (Note 3)">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zrzptCmVK04k" style="text-align: right" title="Long-term investments (Note 3)">224,404</td><td style="text-align: left"> </td></tr> </table>

153910000

273020000

51090000

324110000

103352000

287001000

390353000

161187000

63217000

224404000

14. INCOME TAX <table border="0" cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in">a)</td> <td>Income tax</td></tr> </table> Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong S.A.R. Under the current Hong Kong S.A.R. Inland Revenue Ordinance, the Company’s Hong Kong S.A.R. subsidiary is subject to Hong Kong S.A.R. profits tax at the rate of <span id="xdx_90A_ecustom--EffectiveIncomeTaxRateReconciliationFederalStatutoryIncomeTaxRate_pid_dp_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zL0LFgKG7B85" title="Profits tax rate">16.5% on its taxable income generated from the operations in Hong Kong S.A.R. Payments of dividends by the Hong Kong S.A.R. subsidiary to the Company is not subject to withholding tax in Hong Kong S.A.R. A two-tiered profits tax rates regime was introduced in 2018 where the first HK$2 million of assessable profits earned by a company will be taxed at half of the current tax rate (<span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__custom--HongKongTwoMillionMember_zxiI12PGgWnb" title="Profits tax rate">8.25%) whilst the remaining profits will continue to be taxed at <span id="xdx_902_ecustom--EffectiveIncomeTaxRateReconciliationFederalStatutoryIncomeTaxRate_pid_dp_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zF4EaWs0tOL3" title="Profits tax rate">16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. No provision for Hong Kong S.A.R. profits tax has been made in the financial statements for the years ended December 31, 2023, 2024 and 2025. PRC The Group’s PRC subsidiaries, VIE and VIE’s subsidiaries are subject to the PRC Corporate Income Tax Law (“CIT Law”) at the statutory income tax rate of <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_zb3Y3lXZYc89" title="Statutory income tax rate">25%, unless otherwise specified. According to the CIT Law, entities that qualify as high-and-new technology enterprises (“HNTE”) are entitled to a preferential income tax rate of <span id="xdx_90F_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__custom--HighAndNewTechnologyEnterprisesMember_z80LEBmrALP" title="Statutory income tax rate">15%. VIE obtained the HNTE certificate in October 2017 and subsequently renewed the HNTE certificate in October 2020 and October 2023. Thus, it entitles to the preferential tax rate of <span id="xdx_90F_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20231001__20231031__us-gaap--IncomeTaxAuthorityNameAxis__custom--HighAndNewTechnologyEnterprisesMember__us-gaap--TaxPeriodAxis__custom--TwoThousandSeventeenToTwoThousandAndTwentyFourMember_zy4Nb3Wex65k" title="Statutory income tax rate">15% from 2017 to 2024. The Company applies the statutory income tax rate of <span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20231001__20231031__us-gaap--IncomeTaxAuthorityNameAxis__custom--HighAndNewTechnologyEnterprisesMember__us-gaap--TaxPeriodAxis__custom--TwoThousandAndTwentyFiveMember_zrozOzoXJIL4" title="Statutory income tax rate">25% in 2025. WFOE obtained the HNTE certificate in October 2023, thus, it entitles to the preferential tax rate of <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20231001__20231031__us-gaap--IncomeTaxAuthorityNameAxis__custom--HighAndNewTechnologyEnterprisesMember__us-gaap--TaxPeriodAxis__custom--TwoThousandTwentyThreeToTwoThousandAndTwentyFiveMember_z1xlN2pWiA5c" title="Statutory income tax rate">15% from 2023 to 2025. <p id="xdx_891_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zOgw7kAEAi6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The components of income (loss) before income taxes are as follows: SCHEDULE OF COMPONENTS OF INCOME (LOSS) BEFORE INCOME TAXES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zFt0AfKFp7Pb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zQ6TV74zjsP7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20251231_zEmnciLI0qOb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_zAfXkktE2mK6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">PRC, excluding Hong Kong S.A.R.</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">100,919</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">12,813</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">94,019</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zD4o4V6jlR31" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Hong Kong S.A.R.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(161,310</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,444</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--CaymanIslandsTaxInformationAuthorityMember_zgTJoxZXsYYg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Cayman</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,310</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,148</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,730</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_hus-gaap--IncomeTaxAuthorityNameAxis__custom--TaxAuthorityOthersMember_zP3eX2rS4L6a" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(131</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(62</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(27</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_znJz0ZD0Zy36" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">110,499</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(146,411</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">109,706</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Group had no current income tax expense for the years ended December 31, 2023, as the entities in the Group had no taxable income in the respective year. For the years ended December 31, 2024 and 2025, the current income tax expenses were RMB69 and RMB277 in the PRC, respectively. For the year ended December 31, 2025, all income taxes paid by the Group were remitted to the PRC tax authorities. Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2023 and 2024 is as follows: <p id="xdx_897_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_gL3SOEITRRTTB-DMZ_zVOPLaCeSOz" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">SCHEDULE OF RECONCILIATION OF PRC STATUTORY INCOME TAX RATE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zxHowVesDr66" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zqtmUKWah2Dl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> </tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_maEITR_zNft8rHyXTR9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: left">PRC Statutory income tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(25.0</td><td style="width: 1%; text-align: left">)%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increase (decrease) in effective income tax rate resulting from:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> </tr> <tr id="xdx_407_ecustom--EffectiveIncomeTaxRateReconciliationTaxRateDifferentialForNonPRCEntities_pid_dp_maEITR_zHwM2wu9t5e8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax rate differential for non-PRC entities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.9</td><td style="text-align: left">%</td> </tr> <tr id="xdx_406_ecustom--EffectiveIncomeTaxRateReconciliationPreferentialTaxRate_pid_dp_maEITR_zasWZh36SUY2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferential tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5.6</td><td style="text-align: left">)%</td> </tr> <tr id="xdx_401_ecustom--EffectiveIncomeTaxRateReconciliationResearchAndDevelopmentExpensesBonusDeduction_pid_dp_maEITR_zGzOjWQuQVSa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development expenses bonus deduction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(18.9</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12.8</td><td style="text-align: left">)%</td> </tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_maEITR_zlqxgXxfmQy6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-deductible share-based compensation expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27.3</td><td style="text-align: left">%</td> </tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_pid_dp_maEITR_zxnf9AGXAk19" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other non-deductible expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.8</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.6</td><td style="text-align: left">%</td> </tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxHolidays_iN_pid_dpi_msEITR_z5TCQKNpYRw8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-taxable income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.5</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.9</td><td style="text-align: left">)%</td> </tr> <tr id="xdx_402_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_maEITR_z4TbsHCfV168" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in tax rate (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> </tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_maEITR_zbwCABa7h8Af" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(98.7</td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8.5</td><td style="padding-bottom: 1pt; text-align: left">%</td> </tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_maEITR_zYyOCpFgvv3c" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Others - percentage</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_iN_pid_dpi_maEITR_z3P0b8KI7rd" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Effect of additional deduction on research and development expenses - percentage</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxContingenciesForeign_pid_dp_maEITR_z7fGhsPMEyei" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other foreign jurisdictions - percentage</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_mtEITR_zdIpRTqmqwJ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Effective income tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In October 2023, WFOE obtained the HNTE certificate with a valid period from 2023 to 2025 with a preferential tax rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFQ09OQ0lMSUFUSU9OIE9GIFBSQyBTVEFUVVRPUlkgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20231001__20231031__us-gaap--IncomeTaxAuthorityNameAxis__custom--HighAndNewTechnologyEnterprisesMember__us-gaap--TaxPeriodAxis__custom--TwoThousandTwentyThreeToTwoThousandAndTwentyFiveMember_zeqHb7DJkuU5" title="Statutory income tax rate">15%, as long as it maintains the HNTE qualification and duly conducts relevant CIT filing procedures with the relevant tax authority. Consequently, WFOE applied the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFQ09OQ0lMSUFUSU9OIE9GIFBSQyBTVEFUVVRPUlkgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__custom--HighAndNewTechnologyEnterprisesMember_z2ixLJ9HDWCb" title="Statutory income tax rate">15% rate for computation of current and deferred taxes for the year ended December 31, 2025. Prior to obtaining the HNTE certificate, the WFOE was subject to the statutory income tax rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFQ09OQ0lMSUFUSU9OIE9GIFBSQyBTVEFUVVRPUlkgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_zTh4aQNwlYJb" title="Statutory income tax rate">25% for the years ended December 31, 2022.</td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The change in tax rate resulted in a reduction in deferred income tax assets before valuation allowance of approximately RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFQ09OQ0lMSUFUSU9OIE9GIFBSQyBTVEFUVVRPUlkgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pn6n6_c20230101__20230101_zfgTmIeKlaIj">105 million relating to remeasurement of deferred income tax assets as of January 1, 2023, which was offset by a corresponding decrease in the valuation allowance for the same amount. There were no deferred income tax liabilities as of January 1, 2023. Therefore, the change in tax rate had no impact on the consolidated statements of comprehensive income (loss) for the year ended December 31, 2023. </td></tr> </table> <div id="xdx_C02_gL3SOEITRRTTB-DMZ_z1tY62scHHA3"> For the year ended December 31, 2025, a reconciliation between the actual income tax expense and the PRC statutory income tax expense is as follows: <table cellpadding="0" cellspacing="0" id="xdx_30B_134_zQJQcXWz8pKa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF RECONCILIATION OF PRC STATUTORY INCOME TAX RATE (Details)"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20250101__20251231_zAg6NXSSOhXk" style="text-align: right">2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2025</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Percent</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzuF5_zhFhd2VAgpra" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: left">PRC Statutory income tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">27,426</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_ma001q_c20250101__20251231_z8vDJJOJpIY3" style="width: 16%; text-align: right" title="PRC Statutory income tax rate - percentage">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzuF5_zyz0LkEghCK6" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Change in valuation allowances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,266</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_ma001q_c20250101__20251231_zlo7g1bRh8Ai" style="text-align: right" title="Change in valuation allowance - percentage">11.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Non-deductible items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_maITEBzuF5_zORAsfEbl7ef" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Share-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,490</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_ma001q_c20250101__20251231_zh4fgDes735h" style="text-align: right" title="Share-based compensation - percentage">10.5</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maITEBzuF5_zNSMt9ZwS9ff" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_ma001q_c20250101__20251231_zW52U5IJMqr7" style="text-align: right" title="Other - percentage">2.1</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Other adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_maITEBzuF5_z7S78vYkdo87" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Change in tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,117</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_ma001q_c20250101__20251231_zvHS5BS50qv4" style="text-align: right" title="Change in tax rate - percentage">(17.4</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_iN_di_maITEBzuF5_zySLwkCI6ugk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Effect of additional deduction on research and development expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,361</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_iN_pid_dpi_uPure_ma001q_c20250101__20251231_zPNVpR21g2Md" style="text-align: right" title="Effect of additional deduction on research and development expenses - percentage">(15.8</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40C_ecustom--IncomeTaxReconciliationPreferentialTaxRate_maITEBzuF5_z1kUeICX13P9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Tax effect of preferential tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,789</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--EffectiveIncomeTaxRateReconciliationPreferentialTaxRate_pid_dp_uPure_ma001q_c20250101__20251231_z6n7TIRaPThe" style="text-align: right" title="Tax effect of preferential tax rate - percentage">(11.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Foreign tax effects</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Hong Kong S.A.R.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zGL5yBMXYAs4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Statutory tax rate difference between Hong Kong S.A.R. and PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,095</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_ma001q_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zXbyH3evR7t8" style="text-align: right" title="Statutory tax rate difference between Hong Kong S.A.R and PRC - percentage-">(1.0</td><td style="text-align: left">)%</td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationTaxHolidays_iN_di_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_msITEBzuF5_zhPShb2ObGGh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Non-taxable income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,140</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxHolidays_iN_pid_dpi_uPure_ma001q_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zcgZH5t1IBP3" style="text-align: right" title="Non-taxable income - percentage">(4.7</td><td style="text-align: left">)%</td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_maITEBzuF5_zcA8yEA0H75h" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Changes in valuation allowances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,126</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_ma001q_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zbuBXaFWg3R6" style="text-align: right" title="Changes in valuation allowances - percentage">(1.9</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold">Cayman</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--CaymanIslandsTaxInformationAuthorityMember_maITEBzuF5_zWZGmjabQ0J1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Statutory tax rate difference between Cayman and PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,432</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_ma001q_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--CaymanIslandsTaxInformationAuthorityMember_zRYpqjdhRnfl" style="text-align: right" title="Statutory tax rate difference between Cayman and PRC - percentage">4.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationTaxContingenciesForeign_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--CaymanIslandsTaxInformationAuthorityMember_maITEBzuF5_zvp9XPUUjNp8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Other foreign jurisdictions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxContingenciesForeign_pid_dp_uPure_ma001q_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--CaymanIslandsTaxInformationAuthorityMember_zGekC3xkleua" style="border-bottom: Black 1pt solid; text-align: right" title="Other foreign jurisdictions - percentage">0.0</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_mtITEBzuF5_zki1ZxTh3s1c" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Effective income tax rate</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">277</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mt001q_c20250101__20251231_zsKuIiijwwa9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Effective income tax rate - percentage">0.3</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table> </div> b) Deferred income tax assets SCHEDULE OF DEFERRED INCOME TAX ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231_zC7ejonepIa5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zE5mf3P9B7fl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsGrossAbstract_iB_z57qfNgE91ml" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred income tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTAGzHGn_zIlAu7uOmdf4" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net operating loss carrying forwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">175,360</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">183,486</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredTaxAssetsDeductibleAdvertisingExpenses_iI_pn3n3_maDTAGzHGn_zzC3Pv2qElA1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deductible advertising expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,558</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,787</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsInvestments_iI_pn3n3_maDTAGzHGn_zpqObBZHhl67" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Changes in fair value of investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,102</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,975</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredTaxAssetsOperatingLeaseLiabilities_iI_pn3n3_maDTAGzHGn_zhRL1wCkRmd4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,652</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzHGn_zQzc5EPzR3yb" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">189</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">199</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzHGn_maDTANzYxH_zSYPcwXyMp3f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total deferred tax assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">247,614</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">243,099</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzYxH_zEY6AbeHqJy1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(241,209</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(237,447</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzYxH_z0pXzm2KB7R8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total deferred tax assets, net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,405</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,652</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilitiesAbstract_iB_pn3n3_z5ksHOzhojs6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred income tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxLiabilitiesRightOfUseAssets_iI_pn3n3_maDITLzRSA_zC7ajGwzKXrk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Right-of-use assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,405</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,652</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredIncomeTaxLiabilities_iTI_pn3n3_mtDITLzRSA_zgOeC5FgmFid" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total deferred tax liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,405</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,652</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_pn3n3_zNiN4N4Vamt1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net deferred income tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of December 31, 2025, the Group had net operating loss carry forwards of RMB1,051,232 mainly attributable to the PRC subsidiaries, the VIE and VIE’s subsidiaries, and subsidiary in Hong Kong S.A.R.. The losses of RMB1,046,331 by the PRC subsidiaries, the VIE and VIE’s subsidiaries will expire during the period from 2026 to 2030, except for those arose from HNTEs, which will expire during the period from 2026 to 2035, if not utilized. As of December 31, 2025, the Group also has a loss of RMB2,003 carry forwards from the subsidiary in Hong Kong S.A.R. that has an indefinite life. A valuation allowance is provided against deferred income tax assets when the Group determines that it is more likely than not that the deferred income tax assets will not be utilized in the foreseeable future. The Group has incurred accumulated net operating losses for income tax purposes since its inception. The Group believes that it is more likely than not that these accumulated net operating losses and other deferred tax assets will not be utilized in the foreseeable future. Accordingly, the Group has provided full valuation allowance for the deferred income tax assets as of December 31, 2024 and 2025. Changes in valuation allowance for the years ended December 31, 2023, 2024 and 2025 are as follows: SCHEDULE OF CHANGES IN VALUATION ALLOWANCE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20230101__20231231_zhIGaRwGqHOi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zKQCSKWqJSJ" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_zZm7bQ4ra1Di" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsValuationAllowance_iS_pn3n3_z1Y6CP2fFkwi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Balance at the beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">389,584</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">274,645</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">241,209</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--ValuationAllowanceAdditionReversal_pn3n3_zc4kN8Q4lWZ5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions (Reversals)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,541</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,519</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,970</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--ValuationAllowanceChangeInTaxRate_iN_pn3n3_di_zyo2SUZJL5bk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(105,479</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,117</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ValuationAllowanceExpirations_pn3n3_zvTYaq8t9wce" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Decrease relating to expiration of loss carry forwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,979</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(46,245</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13,317</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_ecustom--ValuationAllowanceForeignCurrencyTranslation_pn3n3_zFHrI1zFC449" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation effect</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">290</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(592</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsValuationAllowance_iE_pn3n3_zirWKyImcbO4" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance at the end of the year</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">274,645</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">241,209</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">237,447</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Company’s PRC subsidiaries and VIE for the years from 2021 to 2025 are open to examination by the PRC tax authorities.

0.165

0.0825

0.165

0.25

0.15

0.25

0.15

<p id="xdx_891_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zOgw7kAEAi6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The components of income (loss) before income taxes are as follows: SCHEDULE OF COMPONENTS OF INCOME (LOSS) BEFORE INCOME TAXES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zFt0AfKFp7Pb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zQ6TV74zjsP7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20251231_zEmnciLI0qOb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_zAfXkktE2mK6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">PRC, excluding Hong Kong S.A.R.</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">100,919</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">12,813</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">94,019</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zD4o4V6jlR31" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Hong Kong S.A.R.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(161,310</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,444</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--CaymanIslandsTaxInformationAuthorityMember_zgTJoxZXsYYg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Cayman</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,310</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,148</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,730</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_hus-gaap--IncomeTaxAuthorityNameAxis__custom--TaxAuthorityOthersMember_zP3eX2rS4L6a" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(131</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(62</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(27</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_znJz0ZD0Zy36" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">110,499</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(146,411</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">109,706</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

100919000

12813000

94019000

13021000

-161310000

33444000

-3310000

2148000

-17730000

-131000

-62000

-27000

110499000

-146411000

109706000

69000

277000

<p id="xdx_897_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_gL3SOEITRRTTB-DMZ_zVOPLaCeSOz" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">SCHEDULE OF RECONCILIATION OF PRC STATUTORY INCOME TAX RATE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zxHowVesDr66" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zqtmUKWah2Dl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> </tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_maEITR_zNft8rHyXTR9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: left">PRC Statutory income tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(25.0</td><td style="width: 1%; text-align: left">)%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Increase (decrease) in effective income tax rate resulting from:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> </tr> <tr id="xdx_407_ecustom--EffectiveIncomeTaxRateReconciliationTaxRateDifferentialForNonPRCEntities_pid_dp_maEITR_zHwM2wu9t5e8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax rate differential for non-PRC entities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.9</td><td style="text-align: left">%</td> </tr> <tr id="xdx_406_ecustom--EffectiveIncomeTaxRateReconciliationPreferentialTaxRate_pid_dp_maEITR_zasWZh36SUY2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferential tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5.6</td><td style="text-align: left">)%</td> </tr> <tr id="xdx_401_ecustom--EffectiveIncomeTaxRateReconciliationResearchAndDevelopmentExpensesBonusDeduction_pid_dp_maEITR_zGzOjWQuQVSa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development expenses bonus deduction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(18.9</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12.8</td><td style="text-align: left">)%</td> </tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_maEITR_zlqxgXxfmQy6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-deductible share-based compensation expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27.3</td><td style="text-align: left">%</td> </tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_pid_dp_maEITR_zxnf9AGXAk19" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other non-deductible expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.8</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.6</td><td style="text-align: left">%</td> </tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxHolidays_iN_pid_dpi_msEITR_z5TCQKNpYRw8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-taxable income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.5</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.9</td><td style="text-align: left">)%</td> </tr> <tr id="xdx_402_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_maEITR_z4TbsHCfV168" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in tax rate (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> </tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_maEITR_zbwCABa7h8Af" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(98.7</td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8.5</td><td style="padding-bottom: 1pt; text-align: left">%</td> </tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_maEITR_zYyOCpFgvv3c" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Others - percentage</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_iN_pid_dpi_maEITR_z3P0b8KI7rd" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Effect of additional deduction on research and development expenses - percentage</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxContingenciesForeign_pid_dp_maEITR_z7fGhsPMEyei" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other foreign jurisdictions - percentage</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_mtEITR_zdIpRTqmqwJ5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Effective income tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In October 2023, WFOE obtained the HNTE certificate with a valid period from 2023 to 2025 with a preferential tax rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFQ09OQ0lMSUFUSU9OIE9GIFBSQyBTVEFUVVRPUlkgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20231001__20231031__us-gaap--IncomeTaxAuthorityNameAxis__custom--HighAndNewTechnologyEnterprisesMember__us-gaap--TaxPeriodAxis__custom--TwoThousandTwentyThreeToTwoThousandAndTwentyFiveMember_zeqHb7DJkuU5" title="Statutory income tax rate">15%, as long as it maintains the HNTE qualification and duly conducts relevant CIT filing procedures with the relevant tax authority. Consequently, WFOE applied the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFQ09OQ0lMSUFUSU9OIE9GIFBSQyBTVEFUVVRPUlkgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__custom--HighAndNewTechnologyEnterprisesMember_z2ixLJ9HDWCb" title="Statutory income tax rate">15% rate for computation of current and deferred taxes for the year ended December 31, 2025. Prior to obtaining the HNTE certificate, the WFOE was subject to the statutory income tax rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFQ09OQ0lMSUFUSU9OIE9GIFBSQyBTVEFUVVRPUlkgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_zTh4aQNwlYJb" title="Statutory income tax rate">25% for the years ended December 31, 2022.</td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The change in tax rate resulted in a reduction in deferred income tax assets before valuation allowance of approximately RMB<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFJFQ09OQ0lMSUFUSU9OIE9GIFBSQyBTVEFUVVRPUlkgSU5DT01FIFRBWCBSQVRFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pn6n6_c20230101__20230101_zfgTmIeKlaIj">105 million relating to remeasurement of deferred income tax assets as of January 1, 2023, which was offset by a corresponding decrease in the valuation allowance for the same amount. There were no deferred income tax liabilities as of January 1, 2023. Therefore, the change in tax rate had no impact on the consolidated statements of comprehensive income (loss) for the year ended December 31, 2023. </td></tr> </table> For the year ended December 31, 2025, a reconciliation between the actual income tax expense and the PRC statutory income tax expense is as follows: <table cellpadding="0" cellspacing="0" id="xdx_30B_134_zQJQcXWz8pKa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF RECONCILIATION OF PRC STATUTORY INCOME TAX RATE (Details)"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49D_20250101__20251231_zAg6NXSSOhXk" style="text-align: right">2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2025</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Percent</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzuF5_zhFhd2VAgpra" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: left">PRC Statutory income tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">27,426</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_ma001q_c20250101__20251231_z8vDJJOJpIY3" style="width: 16%; text-align: right" title="PRC Statutory income tax rate - percentage">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzuF5_zyz0LkEghCK6" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Change in valuation allowances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,266</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_ma001q_c20250101__20251231_zlo7g1bRh8Ai" style="text-align: right" title="Change in valuation allowance - percentage">11.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Non-deductible items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_maITEBzuF5_zORAsfEbl7ef" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Share-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,490</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_ma001q_c20250101__20251231_zh4fgDes735h" style="text-align: right" title="Share-based compensation - percentage">10.5</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maITEBzuF5_zNSMt9ZwS9ff" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_ma001q_c20250101__20251231_zW52U5IJMqr7" style="text-align: right" title="Other - percentage">2.1</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Other adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_maITEBzuF5_z7S78vYkdo87" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Change in tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,117</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_ma001q_c20250101__20251231_zvHS5BS50qv4" style="text-align: right" title="Change in tax rate - percentage">(17.4</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_iN_di_maITEBzuF5_zySLwkCI6ugk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Effect of additional deduction on research and development expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,361</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_iN_pid_dpi_uPure_ma001q_c20250101__20251231_zPNVpR21g2Md" style="text-align: right" title="Effect of additional deduction on research and development expenses - percentage">(15.8</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40C_ecustom--IncomeTaxReconciliationPreferentialTaxRate_maITEBzuF5_z1kUeICX13P9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Tax effect of preferential tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,789</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--EffectiveIncomeTaxRateReconciliationPreferentialTaxRate_pid_dp_uPure_ma001q_c20250101__20251231_z6n7TIRaPThe" style="text-align: right" title="Tax effect of preferential tax rate - percentage">(11.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Foreign tax effects</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Hong Kong S.A.R.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zGL5yBMXYAs4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Statutory tax rate difference between Hong Kong S.A.R. and PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,095</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_ma001q_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zXbyH3evR7t8" style="text-align: right" title="Statutory tax rate difference between Hong Kong S.A.R and PRC - percentage-">(1.0</td><td style="text-align: left">)%</td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationTaxHolidays_iN_di_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_msITEBzuF5_zhPShb2ObGGh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Non-taxable income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,140</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxHolidays_iN_pid_dpi_uPure_ma001q_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zcgZH5t1IBP3" style="text-align: right" title="Non-taxable income - percentage">(4.7</td><td style="text-align: left">)%</td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_maITEBzuF5_zcA8yEA0H75h" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Changes in valuation allowances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,126</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_ma001q_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--InlandRevenueHongKongMember_zbuBXaFWg3R6" style="text-align: right" title="Changes in valuation allowances - percentage">(1.9</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold">Cayman</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--CaymanIslandsTaxInformationAuthorityMember_maITEBzuF5_zWZGmjabQ0J1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Statutory tax rate difference between Cayman and PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,432</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_ma001q_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--CaymanIslandsTaxInformationAuthorityMember_zRYpqjdhRnfl" style="text-align: right" title="Statutory tax rate difference between Cayman and PRC - percentage">4.0</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationTaxContingenciesForeign_hus-gaap--IncomeTaxAuthorityNameAxis__us-gaap--CaymanIslandsTaxInformationAuthorityMember_maITEBzuF5_zvp9XPUUjNp8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Other foreign jurisdictions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxContingenciesForeign_pid_dp_uPure_ma001q_c20250101__20251231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--CaymanIslandsTaxInformationAuthorityMember_zGekC3xkleua" style="border-bottom: Black 1pt solid; text-align: right" title="Other foreign jurisdictions - percentage">0.0</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_mtITEBzuF5_zki1ZxTh3s1c" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Effective income tax rate</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">277</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_987_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mt001q_c20250101__20251231_zsKuIiijwwa9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Effective income tax rate - percentage">0.3</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table>

0.250

-0.250

0.010 0.099 -0.032 -0.056 -0.189 -0.128

0.273

0.028

0.006

0.035

0.029

0.955

-0.987

0.085

0.000

0.15

0.25

105000000

27426

0.250

12266

0.112

11490

0.105

2284

0.021

-19117

-0.174

17361

0.158

-12789 -0.117

-1095

-0.010

5140

0.047

-2126

-0.019

4432

0.040

0.000

277000

0.003

SCHEDULE OF DEFERRED INCOME TAX ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231_zC7ejonepIa5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zE5mf3P9B7fl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsGrossAbstract_iB_z57qfNgE91ml" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred income tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTAGzHGn_zIlAu7uOmdf4" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net operating loss carrying forwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">175,360</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">183,486</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredTaxAssetsDeductibleAdvertisingExpenses_iI_pn3n3_maDTAGzHGn_zzC3Pv2qElA1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deductible advertising expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,558</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,787</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsInvestments_iI_pn3n3_maDTAGzHGn_zpqObBZHhl67" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Changes in fair value of investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,102</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,975</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredTaxAssetsOperatingLeaseLiabilities_iI_pn3n3_maDTAGzHGn_zhRL1wCkRmd4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,652</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzHGn_zQzc5EPzR3yb" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">189</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">199</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzHGn_maDTANzYxH_zSYPcwXyMp3f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total deferred tax assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">247,614</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">243,099</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzYxH_zEY6AbeHqJy1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(241,209</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(237,447</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzYxH_z0pXzm2KB7R8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total deferred tax assets, net</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,405</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,652</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilitiesAbstract_iB_pn3n3_z5ksHOzhojs6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred income tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxLiabilitiesRightOfUseAssets_iI_pn3n3_maDITLzRSA_zC7ajGwzKXrk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Right-of-use assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,405</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,652</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredIncomeTaxLiabilities_iTI_pn3n3_mtDITLzRSA_zgOeC5FgmFid" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total deferred tax liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,405</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,652</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_pn3n3_zNiN4N4Vamt1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net deferred income tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

175360000

183486000

34558000 25787000

31102000

27975000

6405000 5652000

189000

199000

247614000

243099000

241209000

237447000

6405000

5652000

6405000 5652000

6405000

5652000

1051232

1046331 2003

Changes in valuation allowance for the years ended December 31, 2023, 2024 and 2025 are as follows: SCHEDULE OF CHANGES IN VALUATION ALLOWANCE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20230101__20231231_zhIGaRwGqHOi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zKQCSKWqJSJ" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_zZm7bQ4ra1Di" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsValuationAllowance_iS_pn3n3_z1Y6CP2fFkwi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Balance at the beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">389,584</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">274,645</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">241,209</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--ValuationAllowanceAdditionReversal_pn3n3_zc4kN8Q4lWZ5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions (Reversals)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,541</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,519</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,970</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--ValuationAllowanceChangeInTaxRate_iN_pn3n3_di_zyo2SUZJL5bk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(105,479</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,117</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ValuationAllowanceExpirations_pn3n3_zvTYaq8t9wce" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Decrease relating to expiration of loss carry forwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,979</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(46,245</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13,317</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_ecustom--ValuationAllowanceForeignCurrencyTranslation_pn3n3_zFHrI1zFC449" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation effect</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">290</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(592</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsValuationAllowance_iE_pn3n3_zirWKyImcbO4" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance at the end of the year</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">274,645</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">241,209</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">237,447</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

389584000

274645000

241209000

-3541000 12519000 -8970000 105479000 -19117000 -5979000 -46245000 -13317000 60000 290000 -592000

274645000

241209000

237447000

The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Company’s PRC subsidiaries and VIE for the years from 2021 to 2025 are open to examination by the PRC tax authorities.

15. NET INCOME (LOSS) PER SHARE The following table sets forth the basic and diluted net income (loss) per share computation and provides a reconciliation of the numerator and denominator for the years presented: <p id="xdx_894_eus-gaap--ScheduleOfEarningsPerShareBasicByCommonClassTextBlock_zdxFWKEeDSci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE COMPUTATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zMMiGAuIuiJj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zWp382qomeJ1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zeYkUgh31QOj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_pn3n3_maNILATzrds_zbzxY94qtldj" style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left">Net income (loss)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">110,499</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(146,480</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">109,429</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ConvertiblePreferredStockConvertedToOtherSecurities_iN_pn3n3_di_msNILATzrds_zPZ68CJ0CHH2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accretion of Redeemable Convertible Preferred Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(146,341</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(113,658</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iT_pn3n3_mtNILATzrds_zHhx3yr6RJeb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Numerator for basic and diluted net income (loss) per share calculation</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(35,842</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(260,138</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">109,429</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zfiHrtHVHbW5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Denominator for basic net income (loss) per share calculation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,695,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">207,133,005</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_z84lt7ytcE03" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dilutive effect of share-based awards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,421,147</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_zW2Nm88GKpM2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Denominator for diluted net income (loss) per share calculation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,695,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,554,152</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income (loss) per ordinary share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--EarningsPerShareBasic_pid_zYvz2OfCi6q5" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: left">—Basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.50</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.51</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.53</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--EarningsPerShareDiluted_pid_zqUFZKyxlrB9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: left">—Diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.50</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.51</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.52</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_899_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zaGUItRwq1m6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The potentially dilutive securities that have not been included in the calculation of diluted net income (loss) per share as the exercise of options and vesting of the Class A restricted share units are contingent upon the occurrence of IPO or their inclusion would be anti-dilutive are as follows: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20230101__20231231_zZrG9zzVpDgf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_zGZ1roWO5f6h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231_zpAV7IvkRrU4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--PreferredStockMember_zXAzF9dHThW5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Preferred shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">121,079,448</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_z1QVZXYh6z7a" style="vertical-align: bottom; background-color: White"> <td>Share options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,404,681</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,322,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ClassARestrictedStockUnitsMember_z1oEgUn2Spfk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Class A restricted share units</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,299,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,726,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ClassARestrictedStockUnitsMember_zm9mA00xKt72" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Potentially dilutive securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,299,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,726,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table>

<p id="xdx_894_eus-gaap--ScheduleOfEarningsPerShareBasicByCommonClassTextBlock_zdxFWKEeDSci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE COMPUTATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230101__20231231_zMMiGAuIuiJj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zWp382qomeJ1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zeYkUgh31QOj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_pn3n3_maNILATzrds_zbzxY94qtldj" style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left">Net income (loss)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">110,499</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(146,480</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">109,429</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ConvertiblePreferredStockConvertedToOtherSecurities_iN_pn3n3_di_msNILATzrds_zPZ68CJ0CHH2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accretion of Redeemable Convertible Preferred Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(146,341</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(113,658</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iT_pn3n3_mtNILATzrds_zHhx3yr6RJeb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Numerator for basic and diluted net income (loss) per share calculation</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(35,842</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(260,138</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">109,429</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zfiHrtHVHbW5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Denominator for basic net income (loss) per share calculation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,695,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">207,133,005</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_z84lt7ytcE03" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dilutive effect of share-based awards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,421,147</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_zW2Nm88GKpM2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Denominator for diluted net income (loss) per share calculation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,695,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,554,152</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income (loss) per ordinary share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--EarningsPerShareBasic_pid_zYvz2OfCi6q5" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: left">—Basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.50</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.51</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.53</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--EarningsPerShareDiluted_pid_zqUFZKyxlrB9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: left">—Diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.50</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.51</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.52</td><td style="text-align: left"> </td></tr> </table>

110499000

-146480000

109429000

146341000

113658000

-35842000

-260138000

109429000

72000000

103695655

207133005

1421147

72000000

103695655

208554152

-0.50

-2.51

0.53

-0.50

-2.51

0.52

<p id="xdx_899_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zaGUItRwq1m6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The potentially dilutive securities that have not been included in the calculation of diluted net income (loss) per share as the exercise of options and vesting of the Class A restricted share units are contingent upon the occurrence of IPO or their inclusion would be anti-dilutive are as follows: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20230101__20231231_zZrG9zzVpDgf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_zGZ1roWO5f6h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231_zpAV7IvkRrU4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--PreferredStockMember_zXAzF9dHThW5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Preferred shares</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">121,079,448</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_z1QVZXYh6z7a" style="vertical-align: bottom; background-color: White"> <td>Share options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,404,681</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,322,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ClassARestrictedStockUnitsMember_z1oEgUn2Spfk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Class A restricted share units</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,299,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,726,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ClassARestrictedStockUnitsMember_zm9mA00xKt72" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Potentially dilutive securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,299,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,726,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table>

121079448

2404681

4322839

5299000

2726000

5299000

2726000

16. COMMITMENTS AND CONTINGENCIES The Group is subject to a number of legal proceedings that generally arise in the ordinary course of its business. The Group does not believe that any currently pending legal proceeding to which the Group is a party will have a material adverse effect on the financial statements.

17. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION The following condensed parent company financial information of BingEx Limited has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements. As of December 31, 2024 and 2025, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable shares or guarantees of BingEx Limited, except for those which have been separately disclosed in the consolidated financial statements. Inter-company balances and transactions were eliminated upon consolidation in the preparation of the consolidated financial statements of the Company. For the purpose of the Company’s stand-alone financial statements, its investments in subsidiaries were reported using the equity method of accounting. The Company’s share of loss from its subsidiaries was reported as a share of loss of subsidiaries in the accompanying parent company only financial statements. Ordinarily, under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of the parent only financial information, the Company has continued to reflect its share, based on its proportionate interest, of the losses of its subsidiaries regardless of the carrying value of the investment even though the Company is not obligated to provide continuing support or fund losses. SCHEDULE OF CONDENSED FINANCIAL STATEMENTS <table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(a)</td><td style="font: 10pt Times New Roman, Times, Serif">Condensed Balance Sheets</td></tr></table> <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--StatementOfFinancialPositionAbstract_pn3n3_zOkckOkoPyk9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF CONDENSED BALANCE SHEETS (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z0NABGXZsKGe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zo1qazkRNmGi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AssetsAbstract_iB_zSentp3PmUK1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">ASSETS</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_403_eus-gaap--AssetsCurrentAbstract_i01B_zi2ocly912db" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_pn3n3_maACzVzO_zXrF9TmJ2RTc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">19,663</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">12,089</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherAssetsCurrent_i02I_pn3n3_maACzVzO_zHWiX8ZBUlK7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepayments and other current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,935</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,733</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AssetsCurrent_i02TI_pn3n3_mtACzVzO_maAz2IB_zQspNbWrtIgi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,598</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">20,822</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AssetsNoncurrentAbstract_i01B_pn3n3_zjRGcmToLe4d" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--AmountDueFromSubsidiaries_i02I_pn3n3_maANzywF_zeDKcko5glpj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amount due from subsidiaries</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,268,260</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,180,596</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AssetsNoncurrent_i02TI_pn3n3_mtANzywF_maAz2IB_zWp6uzfH7Li8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,268,260</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,180,596</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Assets_i02TI_pn3n3_mtAz2IB_zeXsGR6PNwEh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,289,858</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,201,418</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LiabilitiesAbstract_iB_zti54Ka1KRp3" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">LIABILITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LiabilitiesCurrentAbstract_i01B_zmNEVqMXmvCe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherLiabilitiesCurrent_i02I_pn3n3_maLCzxzM_zNf9EjKfOKA2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due to subsidiaries and the VIE</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,797</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,513</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AccruedExpensesAndOtherLiabilitiesCurrent_i02I_pn3n3_maLCzxzM_zXTtXLGG11u3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,602</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,567</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--NetLiabilitiesInSubsidiariesAndTheVariableInterestEntity_i02I_pn3n3_maLCzxzM_zuoFUFY5osgg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net liabilities in subsidiaries and the VIE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,528,395</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,351,911</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LiabilitiesCurrent_i02TI_pn3n3_mtLCzxzM_maLzWZa_zxtQl32e94Mf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,542,794</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,365,991</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Liabilities_i02TI_pn3n3_mtLzWZa_maLASEzx2j_z2yzofwQUyf" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,542,794</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,365,991</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--StockholdersEquity_i02TI_pn3n3_maLASEzx2j_zxhqH0tqzzXk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total shareholders’ equity</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">747,064</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">835,427</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LiabilitiesAndStockholdersEquity_i02TI_pn3n3_mtLASEzx2j_zVnBwO0RwARi" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and shareholders’ equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,289,858</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,201,418</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(b)</td><td style="font: 10pt Times New Roman, Times, Serif">Condensed Statements of Result of Operation</td></tr></table> <table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--IncomeStatementAbstract_pn3n3_zOzyNHU5O0Rc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF CONDENSED STATEMENTS OF RESULT OF OPERATION (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zfDRP0UtNQXb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zooK5m570hea" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250101__20251231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zvlw4xXa6vci" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingExpenses_iNT_pn3n3_di_msILFCOzpRn_z8rLD1mW4tj5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Total operating expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(3,613</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(3,230</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(17,730</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--InterestIncomeOther_pn3n3_maILFCOzpRn_zTGzpFY3yKtd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">665</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InvestmentIncomeInterest_pn3n3_maILFCOzpRn_ztXy2PAl2DIe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Investment income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">303</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_maILFCOzpRn_zLIQ1WZEEhRf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,712</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--ShareOfGainsLossesFromSubsidiariesAndVariableInterestEntity_pn3n3_maILFCOzpRn_zQin22FHJUBh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Share of gains (losses) from subsidiaries and the VIE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">113,809</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(148,628</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">127,159</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_mtILFCOzpRn_maNILzi6U_zvvsc0aLmipj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Income (loss) before income taxes</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">110,499</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(146,480</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">109,429</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxExpenseBenefit_iN_pn3n3_di_msNILzi6U_zID3mbgtNKCa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Income tax expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_iT_pn3n3_mtNILzi6U_zwmIZSSJvgm9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income (loss)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">110,499</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(146,480</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">109,429</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(c)</td><td style="font: 10pt Times New Roman, Times, Serif">Condensed Statements of Cash Flows</td></tr></table> <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--StatementOfCashFlowsAbstract_pn3n3_zlfhYTZ4QeJa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF CONDENSED STATEMENTS OF CASH FLOWS (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zbQCMvrF122k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zImWG2HTJobg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20251231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zCk1msq5ibXj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInOperatingActivities_pn3n3_zAEmX5WPspmb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Net cash provided by (used in) operating activities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(2,191</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">158</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(24,211</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInInvestingActivities_pn3n3_zyn5jr51bmq9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net cash provided by (used in) investing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(420,119</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,073</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInFinancingActivities_pn3n3_zqavWJdI4fic" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net cash provided by (used in) financing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">438,184</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(53,872</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_pn3n3_maCCERCzPhQ_zgqjasaU7C0b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Effect of foreign currency exchange rate changes on cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,482</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(564</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_pn3n3_mtCCERCzPhQ_zsTzyTVEBhac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net increase (decrease) in cash</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,922</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">14,741</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(7,574</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_pn3n3_zXs4SEdXMADb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cash at the beginning of the year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,922</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,663</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_pn3n3_zNHupJl3fpQ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash at the end of the year</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,922</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">19,663</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,089</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

SCHEDULE OF CONDENSED FINANCIAL STATEMENTS <table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(a)</td><td style="font: 10pt Times New Roman, Times, Serif">Condensed Balance Sheets</td></tr></table> <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--StatementOfFinancialPositionAbstract_pn3n3_zOkckOkoPyk9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF CONDENSED BALANCE SHEETS (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z0NABGXZsKGe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zo1qazkRNmGi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AssetsAbstract_iB_zSentp3PmUK1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">ASSETS</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_403_eus-gaap--AssetsCurrentAbstract_i01B_zi2ocly912db" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_pn3n3_maACzVzO_zXrF9TmJ2RTc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">19,663</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">12,089</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherAssetsCurrent_i02I_pn3n3_maACzVzO_zHWiX8ZBUlK7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Prepayments and other current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,935</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,733</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AssetsCurrent_i02TI_pn3n3_mtACzVzO_maAz2IB_zQspNbWrtIgi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,598</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">20,822</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AssetsNoncurrentAbstract_i01B_pn3n3_zjRGcmToLe4d" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--AmountDueFromSubsidiaries_i02I_pn3n3_maANzywF_zeDKcko5glpj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amount due from subsidiaries</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,268,260</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,180,596</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AssetsNoncurrent_i02TI_pn3n3_mtANzywF_maAz2IB_zWp6uzfH7Li8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,268,260</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,180,596</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Assets_i02TI_pn3n3_mtAz2IB_zeXsGR6PNwEh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,289,858</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,201,418</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LiabilitiesAbstract_iB_zti54Ka1KRp3" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">LIABILITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LiabilitiesCurrentAbstract_i01B_zmNEVqMXmvCe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherLiabilitiesCurrent_i02I_pn3n3_maLCzxzM_zNf9EjKfOKA2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amount due to subsidiaries and the VIE</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,797</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,513</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AccruedExpensesAndOtherLiabilitiesCurrent_i02I_pn3n3_maLCzxzM_zXTtXLGG11u3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,602</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,567</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--NetLiabilitiesInSubsidiariesAndTheVariableInterestEntity_i02I_pn3n3_maLCzxzM_zuoFUFY5osgg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net liabilities in subsidiaries and the VIE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,528,395</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,351,911</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LiabilitiesCurrent_i02TI_pn3n3_mtLCzxzM_maLzWZa_zxtQl32e94Mf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,542,794</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,365,991</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Liabilities_i02TI_pn3n3_mtLzWZa_maLASEzx2j_z2yzofwQUyf" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,542,794</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,365,991</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--StockholdersEquity_i02TI_pn3n3_maLASEzx2j_zxhqH0tqzzXk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total shareholders’ equity</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">747,064</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">835,427</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LiabilitiesAndStockholdersEquity_i02TI_pn3n3_mtLASEzx2j_zVnBwO0RwARi" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and shareholders’ equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,289,858</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,201,418</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(b)</td><td style="font: 10pt Times New Roman, Times, Serif">Condensed Statements of Result of Operation</td></tr></table> <table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--IncomeStatementAbstract_pn3n3_zOzyNHU5O0Rc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF CONDENSED STATEMENTS OF RESULT OF OPERATION (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zfDRP0UtNQXb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zooK5m570hea" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20250101__20251231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zvlw4xXa6vci" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--OperatingExpenses_iNT_pn3n3_di_msILFCOzpRn_z8rLD1mW4tj5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Total operating expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(3,613</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(3,230</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(17,730</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--InterestIncomeOther_pn3n3_maILFCOzpRn_zTGzpFY3yKtd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">665</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InvestmentIncomeInterest_pn3n3_maILFCOzpRn_ztXy2PAl2DIe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Investment income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">303</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_maILFCOzpRn_zLIQ1WZEEhRf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,712</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--ShareOfGainsLossesFromSubsidiariesAndVariableInterestEntity_pn3n3_maILFCOzpRn_zQin22FHJUBh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Share of gains (losses) from subsidiaries and the VIE</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">113,809</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(148,628</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">127,159</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_mtILFCOzpRn_maNILzi6U_zvvsc0aLmipj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Income (loss) before income taxes</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">110,499</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(146,480</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">109,429</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxExpenseBenefit_iN_pn3n3_di_msNILzi6U_zID3mbgtNKCa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Income tax expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_iT_pn3n3_mtNILzi6U_zwmIZSSJvgm9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income (loss)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">110,499</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(146,480</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">109,429</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(c)</td><td style="font: 10pt Times New Roman, Times, Serif">Condensed Statements of Cash Flows</td></tr></table> <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--StatementOfCashFlowsAbstract_pn3n3_zlfhYTZ4QeJa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF CONDENSED STATEMENTS OF CASH FLOWS (Details)"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zbQCMvrF122k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zImWG2HTJobg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20251231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zCk1msq5ibXj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInOperatingActivities_pn3n3_zAEmX5WPspmb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Net cash provided by (used in) operating activities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(2,191</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">158</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(24,211</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInInvestingActivities_pn3n3_zyn5jr51bmq9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net cash provided by (used in) investing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(420,119</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,073</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInFinancingActivities_pn3n3_zqavWJdI4fic" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net cash provided by (used in) financing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">438,184</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(53,872</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_pn3n3_maCCERCzPhQ_zgqjasaU7C0b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Effect of foreign currency exchange rate changes on cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,482</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(564</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_pn3n3_mtCCERCzPhQ_zsTzyTVEBhac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net increase (decrease) in cash</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,922</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">14,741</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(7,574</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_pn3n3_zXs4SEdXMADb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cash at the beginning of the year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,922</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,663</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_pn3n3_zNHupJl3fpQ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash at the end of the year</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,922</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">19,663</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,089</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

19663000

12089000

1935000

8733000

21598000

20822000

2268260000 2180596000

2268260000

2180596000

2289858000

2201418000

12797000

12513000

1602000 1567000 1528395000 1351911000

1542794000

1365991000

1542794000

1365991000

747064000

835427000

2289858000

2201418000

3613000

3230000

17730000

665000

303000

1000

4712000

113809000 -148628000 127159000

110499000

-146480000

109429000

110499000

-146480000

109429000

-2191000

158000

-24211000

7088000

-420119000

71073000

438184000

-53872000

25000

-3482000

-564000

4922000

14741000

-7574000

4922000

19663000

4922000

19663000

12089000

Others primarily include riders’ uniforms and delivery boxes, prepaid office expenses, staff advances and other miscellaneous prepayments. In October 2023, WFOE obtained the HNTE certificate with a valid period from 2023 to 2025 with a preferential tax rate of 15%, as long as it maintains the HNTE qualification and duly conducts relevant CIT filing procedures with the relevant tax authority. Consequently, WFOE applied the 15% rate for computation of current and deferred taxes for the year ended December 31, 2025. Prior to obtaining the HNTE certificate, the WFOE was subject to the statutory income tax rate of 25% for the years ended December 31, 2022.