v3.26.1
Operations and Principal Activities - consolidated financial information of the Group's VIE (Details)
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2025
USD ($)
Current assets:          
Cash and cash equivalents ¥ 3,369,200   ¥ 3,999,160   $ 481,783
Short-term investments 840,938   538,816   120,253
Restricted cash 1,078   900   154
Trade receivables 357,998   420,636   51,193
Amounts due from related parties 25,570   41,588   3,656
Prepayments and other current assets 107,265   163,446   15,339
Non-current assets:          
Property and equipment, net 5,349   8,490   765
Intangible assets, net 29,588   54,534   4,231
Goodwill     126,344 ¥ 191,077  
Right-of-use assets 42,100   7,151   6,015
Other non-current assets 13,391   623   1,915
Total assets 5,190,874   5,732,952   742,286
Current liabilities:          
Accounts payable and accrued liabilities 681,307   835,688   97,426
Salary and welfare payables 188,038   275,260   26,889
Taxes payable 16,285   22,081   2,329
Contract liabilities 186,034   235,539   26,603
Short-term lease liabilities 21,382   17,308   3,058
Non-current liabilities:          
Long-term lease liabilities 15,592   1,823   2,230
Other non-current liabilities 4,650   3,957   665
Total liabilities 1,315,830   1,537,266   $ 188,162
Gross Profit 1,647,745 $ 235,625 2,180,829 2,295,848  
Operating expenses 2,155,033 308,165 2,661,912 3,368,073  
Other income 30,641 4,382 42,902 49,236  
(Loss)/Income before income tax (173,474) (24,805) (178,358) (827,696)  
Income tax (expenses)/benefits (21,687) (3,101) 9,391 (11,832)  
Net (loss)/income (195,161) (27,906) (168,967) (839,528)  
Net loss/(income) attributable to noncontrolling interests (2,260) (323) 2,835 4,113  
Net cash provided by operating activities (363,600) (51,993) (280,185) (415,527)  
Purchases of short-term investments (13,415,852) (1,918,441) (9,114,732) (7,533,252)  
Proceeds of maturities of short-term investments 13,164,449 1,882,491 10,409,987 6,584,256  
Net cash provided by/(used in) investing activities (116,301) (16,632) 2,562,617 (1,681,140)  
Net cash used in financing activities (131,629) (18,822) (403,862) (365,056)  
Net increase in cash and cash equivalents (629,828) (90,064) 1,893,421 (2,419,213)  
Cash, cash equivalents and restricted cash at beginning of the year 4,000,060 572,001 2,106,639 4,525,852  
Cash, cash equivalents and restricted cash at end of the year ¥ 3,370,232 $ 481,937 ¥ 4,000,060 2,106,639  
Other Liability, Related Party [Extensible Enumeration] Affiliated Entity   Affiliated Entity   Affiliated Entity
Related Party          
Current liabilities:          
Other current liabilities ¥ 16,135   ¥ 6,825   $ 2,307
Nonrelated Party          
Current liabilities:          
Other current liabilities 124,233   131,955   $ 17,765
VIE          
Current assets:          
Cash and cash equivalents 368,887   496,891    
Short-term investments 54,801   5,624    
Restricted cash 1,078   900    
Trade receivables 77,203   70,894    
Amounts due from Group companies 42,107   47,479    
Prepayments and other current assets 55,073   86,390    
Non-current assets:          
Property and equipment, net 624   456    
Intangible assets, net 18,791   41,542    
Goodwill     103,514    
Right-of-use assets 6,306   2,320    
Other non-current assets 919   378    
Total assets 640,137   867,450    
Current liabilities:          
Accounts payable and accrued liabilities 154,411   208,525    
Salary and welfare payables 6,840   13,111    
Taxes payable 4,751   4,885    
Contract liabilities 159,173   195,507    
Amounts due to Group companies 379,300   390,742    
Short-term lease liabilities 2,832   2,063    
Non-current liabilities:          
Long-term lease liabilities 2,903   85    
Deferred tax liabilities     4,595    
Other non-current liabilities 4,650   3,957    
Total liabilities 743,760   848,215    
Inter-company revenues 4,674   569 485  
Third-party revenues 1,888,975   2,296,096 2,445,830  
Inter-company cost (701,878)   (721,936) (804,488)  
Third-party cost (558,886)   (701,990) (845,458)  
Gross Profit 632,885   872,739 796,369  
Operating expenses (770,968)   (897,583) (847,972)  
Other income 2,266   26,664 20,302  
(Loss)/Income before income tax (135,817)   1,820 (31,301)  
Income tax (expenses)/benefits 4,525   6,453 (7,070)  
Net (loss)/income (131,292)   8,273 (38,371)  
Net loss/(income) attributable to noncontrolling interests 2,260   (946) 1,758  
Net (loss)/income attributable to the Company (129,032)   7,327 (36,613)  
Purchases of goods and services from Group companies (626,872)   (696,877) (878,010)  
Net cash provided by operating activities 146,102   25,187 215,724  
Purchases of short-term investments (2,807,713)   (1,202,944) (431,000)  
Proceeds of maturities of short-term investments 2,765,045   1,286,977 387,014  
Net cash provided by/(used in) investing activities (36,641)   95,627 (107,848)  
Capital contribution from shareholders     18,342    
Financing activities with Group companies (237,287)        
Net cash used in financing activities (237,287)   18,342    
Net increase in cash and cash equivalents (127,826)   139,156 107,876  
Cash, cash equivalents and restricted cash at beginning of the year 497,791   358,635 250,759  
Cash, cash equivalents and restricted cash at end of the year 369,965   497,791 358,635  
Registered Capital 41,500   41,600    
Amount Service fee incurred paid 686,200   670,600 857,400  
VIE | Related Party          
Current assets:          
Amounts due from related parties 14,348   11,062    
Current liabilities:          
Other current liabilities 1,312   2,586    
Non-current liabilities:          
Unsettled balances of service fess 270,300   136,200    
VIE | Affiliated Entity          
Non-current liabilities:          
Operating and other operating activities 4,242        
Investment and other investing activities 6,376        
VIE | Nonrelated Party          
Current liabilities:          
Other current liabilities 27,588   22,159    
Non-current liabilities:          
Operating and other operating activities 768,732   722,064 1,093,734  
Investment and other investing activities (349)   11,594 (63,862)  
VIE | WFOE          
Non-current liabilities:          
Cash paid ¥ 595,400   ¥ 695,900 ¥ 834,500