v3.26.1
Concentrations of Credit Risk
 12 Months Ended
Dec. 31, 2025
Concentrations of Credit Risk [Abstract]  
Concentrations of Credit Risk

(23) Concentrations of Credit Risk

 

Concentration risks

 

Customers accounting for 10% or more of total net revenues excluding estimated renewal commissions are as follows:

 

   Years ended December 31, 
   2023   % of sales   2024   % of sales   2025   % of sales 
   RMB       RMB       RMB     
Sinatay Life Insurance Co., Ltd. (“Sinatay”)   438,026    15.9%   177,868    12.8%   99,290    13.5%
Fanhua RONS Insurance Sales & Service Co., Ltd.   *    *    *    *    73,738    10.0%
Aeon Life Insurance Co., Ltd. (“Aeon”).   295,217    10.7    *    *%    *    * 
Ping An Property & Casualty Insurance Company of China, Ltd. (“Ping An”)    *    *    175,205    12.6%   *    * 
Ruizhong Life Insurance Co., Ltd.    *    *    *    *    *    * 
Subtotal   733,243    25.6%   353,073    25.4%   173,028    23.5%

 

*represented less than 10% of total net revenues for the year.

 

Customers which accounted for 10% or more of gross accounts receivable excluding estimated renewal commissions are as follows:

 

   As of December 31, 
   2024   %   2025   % 
Sinatay   29,567    30.7%   14,136    20.9%
Fanhua RONS Insurance Sales & Service Co., Ltd.   29,063    30.2%   12,247    18.1%
AVIVA-COFCO Life Insurance Co., Ltd.   
*
    
*
    9,795    14.5%
Ruizhong Life Insurance Co., Ltd.   10,291    10.7%   8,602    12.7%
Subtotal   68,921    71.6%   44,780    66.2%

 

*represented less than 10% of accounts receivable as of the year end.

 

The Group performs ongoing credit evaluations of its customers and generally does not require collateral on accounts receivable.

 

The Group places its cash and cash equivalents and short-term investments with financial institutions with low credit risk.