Segment Information (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Segment Reporting [Abstract] |
|
| Components of Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the years ended December 31, |
|
| |
|
|
|
| |
|
2023 |
|
|
2024 |
|
|
2025 |
|
| |
|
RMB |
|
|
RMB |
|
|
RMB |
|
| Net revenues: |
|
|
12,002,323 |
|
|
|
10,562,971 |
|
|
|
10,367,096 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Sharing |
|
|
(6,079,947 |
) |
|
|
(5,496,231 |
) |
|
|
(5,459,117 |
) |
| Other cost of revenues |
|
|
(945,447 |
) |
|
|
(951,110 |
) |
|
|
(987,502 |
) |
| Research and development |
|
|
(884,590 |
) |
|
|
(804,425 |
) |
|
|
(779,449 |
) |
| Sales and marketing |
|
|
(1,414,949 |
) |
|
|
(1,329,780 |
) |
|
|
(1,368,658 |
) |
| General and administrative |
|
|
(502,479 |
) |
|
|
(507,658 |
) |
|
|
(455,393 |
) |
| Interest expense |
|
|
(62,223 |
) |
|
|
(127,846 |
) |
|
|
(72,438 |
) |
| Income tax expenses |
|
|
(630,023 |
) |
|
|
(845,022 |
) |
|
|
(842,869 |
) |
| Other segment items (note) |
|
|
469,030 |
|
|
|
538,674 |
|
|
|
404,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
1,951,695 |
|
|
|
1,039,573 |
|
|
|
806,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Income, Share of (Loss) Income on Equity Method Investment and Depreciation and Amortization Expense |
The following table presents interest income, share of (loss) income on equity method investments and depreciation and amortization expenses for the years ended December 31, 2023, 2024 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the years ended December 31, |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
436,253 |
|
|
|
510,964 |
|
|
|
374,466 |
|
Share of (loss) income on equity method investments |
|
|
(70,643 |
) |
|
|
59,216 |
|
|
|
(12,879 |
) |
Depreciation and amortization expenses |
|
|
79,608 |
|
|
|
58,733 |
|
|
|
81,815 |
|
|
| Revenue from External Customers by Geographic Areas |
The following table presents revenues by geographic area based on the addresses of the Group’s users:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the years ended December 31, |
|
| |
|
2023 |
|
|
2024 |
|
|
2025 |
|
| |
|
RMB |
|
|
RMB |
|
|
RMB |
|
Chinese mainland |
|
|
11,203,978 |
|
|
|
9,392,079 |
|
|
|
8,367,094 |
|
Overseas |
|
|
798,345 |
|
|
|
1,170,892 |
|
|
|
2,000,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
12,002,323 |
|
|
|
10,562,971 |
|
|
|
10,367,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Lived Assets by Geographic Areas |
The following table sets forth the Group’s long-lived assets by geographic area, which consist of property and equipment, net and operating lease right of-use assets:
|
|
|
|
|
|
|
|
|
| |
|
For the years ended December 31, |
|
| |
|
2024 |
|
|
2025 |
|
| |
|
RMB |
|
|
RMB |
|
Chinese mainland |
|
|
1,101,560 |
|
|
|
1,127,317 |
|
Singapore |
|
|
5,173 |
|
|
|
331,204 |
|
Rest of the World |
|
|
42,472 |
|
|
|
80,308 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
1,149,205 |
|
|
|
1,538,829 |
|
|
|
|
|
|
|
|
|
|
|