SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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| Schedule of assets that are measured at fair value on a recurring basis |
| | | | | | | As of December 31, 2024 | | Fair Value Measurements at Reporting Date Using | | | Quoted Prices in | | Significant | | | | | Active Markets | | Other | | Significant | | | for Identical | | Observable | | Unobservable | Description | | Assets (Level 1) | | Inputs (Level 2) | | Inputs (Level 3) | | | RMB | | RMB | | RMB | Short-term investments - structured financial products | | — | | 362,195 | | — |
| | | | | | | As of December 31, 2025 | | Fair Value Measurements at Reporting Date Using | | | Quoted Prices in | | Significant | | | | | Active Markets | | Other | | Significant | | | for Identical | | Observable | | Unobservable | Description | | Assets (Level 1) | | Inputs (Level 2) | | Inputs (Level 3) | | | RMB | | RMB | | RMB | Short-term investments - structured financial products | | — | | 220,877 | | — |
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| Schedule of assets that are measured at fair value on a non-recurring basis |
| | | | | | | As of December 31, 2025 | | Fair Value Measurements at Reporting Date Using | | | | | Significant | | | | | | | Unobservable | | Total Loss for | Description | | Fair Value | | Inputs (Level 3) | | the Year | | | RMB | | RMB | | RMB | Property and equipment | | 6,788 | | 6,788 | | 21,845 |
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| Schedule of expected credit loss rates |
| | | | | | | | As of December 31, | | | | 2024 | | 2025 | | Category 1 | | 0.83 | % | 1.44 | % | Category 2 | | 89.06 | % | 100.00 | % |
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| Schedule of property and equipment over estimated useful life |
Buildings | | 20 years | Electronic equipment | | 3 – 5 years | Machinery and equipment | | 10 years | Furniture and fixture | | 5 years | Transportation vehicles | | 4 years | Leasehold improvements | | Over the shorter of the expected lease term or useful lives |
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| Schedule of intangible assets useful life |
Software | | 3 – 10 years | Technology | | 3 – 8 years |
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| Schedule of accrued warranty liability |
| | | | | | | | | For the Year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Balance as of the beginning of the year | | 17,694 | | 28,425 | | 43,607 | Warranty provision | | 26,247 | | 32,078 | | 48,731 | Consumption | | (15,516) | | (16,896) | | (14,666) | Balance as of the end of the year | | 28,425 | | 43,607 | | 77,672 |
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| Schedule of significant segment expenses and other segment items |
| | | | | | | | | For the Year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | | | | | Net Revenues | | 1,876,989 | | 2,077,157 | | 3,027,573 | Less: | | | | | | | Cost of revenues | | 1,215,611 | | 1,192,572 | | 1,762,477 | Payroll expenses in sales and marketing expenses* | | 104,462 | | 124,548 | | 136,417 | Payroll expenses in general and administrative expenses | | 175,600 | | 146,239 | | 138,176 | Payroll expenses in research and development expenses | | 592,223 | | 594,567 | | 562,047 | Other segment items** | | 265,061 | | 121,607 | | (7,424) | Net (loss) income | | (475,968) | | (102,376) | | 435,880 |
| * | Payroll expenses mainly consist of salaries, bonus, defined contribution plans, other social insurances, share-based compensation and other employee benefits. |
| ** | Other segment items primarily include other operating income, net, interest income, interest expenses and other (loss) income, net as reported in Group’s consolidated statements of operations and professional service expenses. |
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| Schedule of property and equipment, net, intangible assets, net, operating lease right-of-use assets, and land use rights, net by geographical region. |
| | | | | | | As of December 31, | | | 2024 | | 2025 | Chinese Mainland | | 1,082,352 | | 1,232,831 | Thailand | | 40,555 | | 57,165 | Switzerland | | 46,967 | | 44,938 | United States | | 4,247 | | 7,156 | Other regions | | 790 | | 1,033 | Total | | 1,174,911 | | 1,343,123 |
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| Schedule of concentration of risks |
The following customers accounted for 10% or more of revenue for the years ended December 31, 2023, 2024 and 2025: | | | | | | | | | | For the Year ended | | | | December 31, | | | | 2023 | | 2024 | | 2025 | | Customer A | | 25.6 | % | 33.7 | % | 14.7 | % | Customer B | | 28.4 | % | * | | * | | Customer C | | * | | 14.1 | % | 17.1 | % | Customer D | | * | | * | | 10.0 | % |
The following customers accounted for 10% or more of the Group’s accounts receivable, contract assets and notes receivable as of December 31, 2024 and 2025: | | | | | | | | As of December 31, | | | | 2024 | | 2025 | | Customer A | | 23.5 | % | * | | Customer C | | 16.8 | % | 12.5 | % | Customer D | | 11.8 | % | 16.3 | % |
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