| Intangible assets, net |
| | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | As of December 31, 2025 | | | | | Accumulated | | | | | | | | Accumulated | | | | | | | | | amortization | | Accumulated | | Net | | | | amortization | | Accumulated | | Net | | | Cost | | (Note a) | | Impairment | | amount | | Cost | | (Note a) | | Impairment | | amount | | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | Domain names | | 15,004 | | (15,004) | | — | | — | | 14,452 | | (14,452) | | — | | — | Trademarks | | 24,987 | | (16,811) | | — | | 8,176 | | 24,987 | | (20,584) | | — | | 4,403 | Payment license (Note b) | | 319,660 | | — | | — | | 319,660 | | 319,660 | | — | | — | | 319,660 | Others | | 72,574 | | (55,659) | | (16,907) | | 8 | | 72,574 | | (55,663) | | (16,907) | | 4 | Total | | 432,225 | | (87,474) | | (16,907) | | 327,844 | | 431,673 | | (90,699) | | (16,907) | | 324,067 |
Notes: (a) | Amortization expenses for intangible assets were RMB3,778, RMB3,778 and RMB3,777 for the years ended December 31, 2023, 2024 and 2025, respectively. Amortization expenses are expected to be at RMB3,777 for the year ending December 31, 2026, RMB630 for the year ending December 31, 2027, and nil for the years ending December 31, 2028, 2029 and 2030, respectively. |
(b) | Payment license has a legal life of 5 years, which enables the Group to provide payment services and qualifies as a paying institution. The Group renewed the license on June 27, 2022 with expiry date in June 2027. The Group believes it would be able to renew the payment license at minimal cost continuously and has the ability to do so. As a result, the payment license is considered by the Group as having an indefinite life because it is expected to contribute to net cash inflow indefinitely. |
(c) | No impairment on intangible assets was recognized during the years ended December 31, 2023, 2024 and 2025, respectively. |
|