| Schedule of Other Non-Current Assets, Net |
Other non-current assets,
net consist of the following:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | |
| Equity investments without readily determinable fair value (Note 2(j)) | |
| 20,491 | | |
| 236,819 | |
| Long-term hybrid instrument (Note 2(j))(i) | |
| 125,000 | | |
| 125,000 | |
| Amount due from a third party (ii) | |
| 31,709 | | |
| 33,063 | |
| Contingent considerations (Note 3) | |
| 17,549 | | |
| — | |
| Receivables from certain shareholders as guarantee deposit due to business combinations | |
| 33,374 | | |
| — | |
| Others | |
| 1,407 | | |
| 667 | |
| Less: Allowance for expected credit losses | |
| (4,032 | ) | |
| (33,074 | ) |
| Less: Impairment loss | |
| — | | |
| (125,000 | ) |
| | |
| 225,498 | | |
| 237,475 | |
| (i) | Amount represented a two-year-term debt security valued at RMB125,000
with a fixed return rate of 6% and an additional earning right contingently upon certain conditions met within the contract term. The
Group recorded impairment loss on investment in debt securities of RMB125,000 as of December 31, 2025 in the consolidated statements of
income (loss) and comprehensive income(loss). |
| (ii) | Amount represented a term-loan (matures in September 2028)
to a third party of RMB30,000 and corresponding interest receivable RMB3,063 as of December 31, 2025. The loan bears interest rate 4.5%
per annum and is guaranteed by the ultimate controlling owner of the borrower, whom is jointly liable. |
|
| Schedule of Allowance for Expected Credit Losses of Other Current Assets |
The following table summarizes the movement of the Group’s allowance for expected credit losses of other current assets:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | |
| Balance at the beginning of the year | |
| 2,930 | | |
| 4,032 | |
| Current period allowance for expected credit losses | |
| 1,102 | | |
| 29,042 | |
| Balance at the end of the year | |
| 4,032 | | |
| 33,074 | |
|