v3.26.1
Acquisition
 12 Months Ended
Dec. 31, 2025
Business Combinations [Abstract]  
Acquisition
3.
ACQUISITION
Business Combination in 2024
On December 1, 2024, the Group acquired a business providing dating and social networking services to users for a total cash consideration of RMB204,380. During 2025, within the measurement period, the Group adjusted the purchase price to RMB178,045 based on the settlement of certain liabilities assumed at amounts different from those initially estimated as of the acquisition date. As of December 31, 2025, RMB155,880 of the consideration was paid.
As a result of the purchase price adjustment, goodwill arising from the acquisition decreased by RMB26,335. The adjustment is reflected as a separate line item in the Goodwill movement
 table in Note 9. 
The transaction was accounted for as a business combination using the purchase method of accounting. The purchase price allocation of the transaction was determined by the Group with the assistance of an independent valuation firm, and the purchase price allocation to assets acquired and liabilities assumed as of the date of acquisition was as follows:

                 
 
  
As of December 1, 2024
 
 
  
Amounts
 
  
Estimated useful lives
 
 
  
RMB
 
  
 
 
Net tangible assets:
  
      
  
      
Other current assets
  
 
2,607
 
  
      
Intangible assets:
  
      
  
      
Trade name
  
 
63,504
 
  
 
10 years
 
Active user
  
 
7,299
 
  
 
3 years
 
Technology
  
 
4,672
 
  
 
5 years
 
Total assets
  
 
78,082
 
  
      
Deferred revenue
  
 
(9,952
) 
  
      
Goodwill
  
 
109,915
 
  
      
 
  
 
 
 
  
      
Total consideration
  
 
178,045
 
  
      
 
  
 
 
 
  
      
The goodwill was mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under U.S. GAAP, and comprise (a) the assembled work force and (b) the expected but unidentifiable business growth as a result of the synergy resulting from the acquisition. None of the goodwill recognized is expected to be deductible for income tax purposes.
Pro forma financial information is not presented for this business acquisition as it is immaterial to the reported results.
The revenue and net income attributable to this acquisition included in the Company’s consolidated statements of operations for the period from the acquisition date through December 31, 2024 were RMB7,549 and RMB827, respectively.
 
Business Combination in 2025
Acquisition in Japan
On January 31, 2025, the Group acquired 87.5% equity interest in a Japanese business engaging in the
online entertainment matching 
business at a cash consideration of RMB196,354, which was fully paid by December 31, 2025.
The transaction was accounted for as a business combination using the purchase method of accounting. The purchase price allocation of the transaction was determined by the Group with the assistance of an independent valuation firm, and the purchase price allocation to assets acquired and liabilities assumed as of the date of acquisition was as follows:

                 
 
  
As of January 31, 2025
 
 
  
Amounts
 
  
Estimated useful lives
 
 
  
RMB
 
  
 
 
Net assets acquired
  
 
3,880
 
  
      
Intangible Assets
  
      
  
      
Trade name
  
 
78,121
 
  
 
11 years
 
Technology
  
 
14,540
 
  
 
5 years
 
Active user
  
 
4,254
 
  
 
3 years
 
Non-compete
Agreement
  
 
11,173
 
  
 
3 years
 
Goodwill
  
 
143,152
 
  
      
Deferred tax liabilities
  
 
(33,100
) 
  
      
Non-controlling
interests
  
 
(25,666
)
  
      
 
  
 
 
 
  
      
Total consideration
  
 
196,354
 
  
      
 
  
 
 
 
  
      
Net assets acquired primarily consisted of cash and cash equivalents of RMB9,041 as of the date of acquisition. The goodwill was mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under U.S. GAAP, and comprise (a) the assembled work force and (b) the expected but unidentifiable business growth as a result of the synergy resulting from the acquisition. None of the goodwill recognized is expected to be deductible for income tax purposes.
The 
revenue and net income attributable to this acquisition included in the Company’s consolidated statements of operations for the period from the acquisition date through December 31, 2025 were RMB92,497 and RMB9,869.
Acquisition in Europe
On September 2, 2025, the Group acquired 100%
 
equity interest in HAPPN for a total cash consideration of
 RMB537,711.
Happn provides online dating and social networking services to users in Europe. As of December 31, 2025
, RMB537,703 of the consideration was paid.
The transaction was accounted for as a business combination using the purchase method of accounting. The purchase price allocation of the transaction was determined by the Group with the assistance of an independent valuation firm, and the purchase price allocation to assets acquired and liabilities assumed as of the date of acquisition was as follows:

                 
 
  
As of September 2, 2025
 
 
  
Amounts
 
  
Estimated useful lives
 
 
  
RMB
 
  
 
 
Net assets acquired
  
 
109,030
 
  
      
Intangible Assets
  
      
  
      
Trade name
  
 
71,419
 
  
 
10.3 years
 
Technology
  
 
14,142
 
  
 
5.3 years
 
Active user
  
 
6,988
 
  
 
0.3 years
 
Goodwill
  
 
359,269
 
  
      
Deferred tax liabilities
  
 
(23,137
) 
  
      
 
  
 
 
 
  
      
Total consideration
  
 
537,711
 
  
      
 
  
 
 
 
  
      
 
Net assets acquired primarily consisted of cash and cash equivalents of RMB132,619 as of the date of acquisition. The goodwill was mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under U.S. GAAP, and comprise (a) the assembled work force and (b) the expected but unidentifiable business growth as a result of the synergy resulting from the acquisition. None of the goodwill recognized is expected to be deductible for income tax purposes.
The
 
revenue and net income attributable to this acquisition included in the Company’s consolidated statements of operations for the period from the acquisition date through December 31, 2025 were RMB
106,741
and RMB
14,536
.
Pro forma financial information is not presented for the business acquisitions in the fiscal year 2025 as it is immaterial individually and in aggregate to the reported results.