v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
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

 

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

Schedule of expected credit loss rates

  ​ ​ ​

As of December 31,

 

2024

  ​ ​ ​

2025

 

Category 1

 

0.83

%  

1.44

%

Category 2

 

89.06

%  

100.00

%

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

Schedule of intangible assets useful life

Software

  ​ ​ ​

3 – 10 years

Technology

3 – 8 years

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

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.

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

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

%