| NET REVENUES |
The following table presents the Group’s net revenues for the years ended December 31, 2023, 2024 and 2025. | | | | | | | | | For the Year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Product revenues | | | | | | | Revenue from LiDAR products | | 1,735,254 | | 1,946,775 | | 2,973,340 | Other product revenues | | 29,636 | | 19,259 | | 9,579 | Service revenues | | | | | | | Engineering design, development and validation service and solution revenue | | 100,493 | | 100,290 | | 36,118 | Other service revenues | | 11,606 | | 10,833 | | 8,536 | Total | | 1,876,989 | | 2,077,157 | | 3,027,573 |
The following table summarizes the Group’s revenues recognized at a point in time or over time. | | | | | | | | | For the Year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | | | | | Revenue recognized at a point of time | | 1,783,803 | | 2,038,302 | | 3,023,288 | Revenue recognized over time | | 93,186 | | 38,855 | | 4,285 | Total | | 1,876,989 | | 2,077,157 | | 3,027,573 |
18.NET REVENUES (continued) The following table summarizes the Group’s revenues disaggregated by the different geographic location. | | | | | | | | | For the Year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Revenue by geographic location | | | | | | | Chinese Mainland | | 991,912 | | 1,542,793 | | 2,354,727 | North America | | 748,147 | | 280,874 | | 451,689 | Europe | | 70,500 | | 161,095 | | 140,002 | Other regions | | 66,430 | | 92,395 | | 81,155 | Total | | 1,876,989 | | 2,077,157 | | 3,027,573 |
The movements of the Group’s accounts receivable and contract balances are as follows: | | | | | | | | | Accounts | | Contract | | Contract | | | Receivable | | assets | | liabilities | | | RMB | | RMB | | RMB | Opening Balance as of January 1, 2023 | | 485,044 | | 12,600 | | 40,378 | Increase, net | | 39,774 | | 7,088 | | 39,547 | Ending Balance as of December 31, 2023 | | 524,818 | | 19,688 | | 79,925 | Increase (decrease), net | | 240,209 | | (9,779) | | (46,931) | Ending Balance as of December 31, 2024 | | 765,027 | | 9,909 | | 32,994 | Increase (decrease), net | | 497,193 | | (9,909) | | (11,975) | Ending Balance as of December 31, 2025 | | 1,262,220 | | — | | 21,019 |
Revenues at amount of RMB37,111, RMB72,585, and RMB29,964 were recognized in the years ended December 31, 2023, 2024 and 2025, respectively, that were included in the balance of contract liabilities at the beginning of each year.
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