The following table sets forth the principal related parties of the Group and their respective relationships with the Group as of December 31, 2023 and December 31, 2024:

The Group entered into the following transactions with related parties: The following table sets forth the major related parties and the Group’s transactions with them for the years ended December 31, 2022, 2023, and 2024:

Equipment Purchases

Subcontracting Costs

Service Fees Paid to Related Parties

Payables to Related Parties (Net)

Amounts Due from Related Parties

Due to related parties consisted of the following for the periods indicated:

Amounts due to related parties were unsecured, non-interest bearing, and repayable on demand.

On August 25, 2023, Xiamen Lianzhang Huizhi Intelligent Technology Co., Ltd. (“Lianzhang Huizhi”), Fujian Qiushi Intelligent Technology Co., Ltd. (“Fujian Qiushi”), and Xiamen Lianzhang Media Co., Ltd. entered into a debt offset agreement. Under the agreement, a receivable of RMB 20,855 thousand originally held by Fujian Qiushi was transferred to Lianzhang Huizhi. As a result of the transfer, the debt owed by Fujian Qiushi to Lianzhang Huizhi was extinguished.

On November 20, 2023, Sun Qiang resigned from Lianzhang Portal. On November 30, 2023, Liu Jun resigned from Infinitism. Accordingly, as of December 31, 2023, both Sun Qiang and Liu Jun were no longer considered related parties to the Group.

On August 3, 2022, Zhang Andong, Zhang Hongling, Xiamen Lian Media Co., Ltd., and Xiamen Lianzhanghui Intelligent Technology Co., Ltd. jointly guaranteed loans and borrowings for Fujian Qiushi Intelligent Co., Ltd. during the period from July 25, 2022, to July 25, 2025. The total principal amount of the credit facility provided by the creditor to the debtor did not exceed RMB 5,000 thousand (with the maximum claim amount, including interest, penalty fees, compensation, and other charges, totaling RMB 7,500 thousand).

On August 15, 2022, Fujian Qiushi Intelligent withdrew RMB 5,000 thousand from the line of credit, which was fully repaid. On September 5, 2023, Fujian Qiushi Intelligent has borrowed RMB 5,000 thousand from Xiamen Bank, within one-year term. As of December 31, 2023, Fujian Qiushi Intelligent has borrowed RMB 5,000 thousand from Xiamen Bank, a guaranteed maturity date of September 5, 2024. On September 2, 2024, the company extended the loan again and repaid RMB 500 thousand, leaving an outstanding loan balance of RMB 4,500 thousand with a maturity date of July 25, 2025. As of December 31, 2024, the loan balance remained unpaid.

On November 2, 2022, Mr. Zhang Andong, Xiamen Qiushi Intelligent Network Equipment Co., Ltd., and Xiamen Lianzhang Huizhi Intelligent Technology Co., Ltd. jointly provided a guarantee for the bank loans and borrowings of Fujian Qiushi Intelligent Technology Co., Ltd. during the period from November 4, 2022 to November 4, 2025. The maximum guaranteed principal amount under this arrangement is RMB 10,000 thousand, corresponding to the total credit facility extended by the lender to the borrower.

As of December 31, 2023, Fujian Qiushi had drawn RMB 10,000 thousand from international Bank under this facility. The guarantee remains valid until the maturity date of March 6, 2025. As of December 31, 2023, Fujian Qiushi Intelligence had borrowed RMB 10,000 thousand from international bank. Repayments were made as follows: RMB 500 thousand on June 6, 2024; RMB 500 thousand on September 6, 2024; and RMB 9,000 thousand on October 31, 2024. On October 31, 2024, Fujian Qiushi Intelligence renewed its borrowing from the international bank with a new loan of RMB 8,500 thousand, valid until March 6, 2025. As of December 31, 2024, this loan remains outstanding and is scheduled to be repaid on its maturity date.

Fujian Qiushi Intelligent repaid RMB 500 thousand and RMB 8,000 thousand to International Bank on February 1, 2025, and March 6, 2025, respectively. On March 6 and March 7, 2025, the company obtained new loans of RMB 4,000 thousand and RMB 4,000 thousand from International Bank again. This guarantee remains valid until its expiration on November 4, 2025. As of the reporting date, the loan has not yet been repaid and is scheduled to be settled on the maturity date.