v3.26.1
CONSOLIDATED BALANCE SHEETS - CNY (¥)
¥ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents ¥ 860,455 ¥ 1,904,674
Time deposits 273,416 80,000
Restricted cash 23,525 15,000
Short-term investments 2,829,462 336,217
Accounts receivable, net (allowance for credit losses: as of December 31, 2024: RMB2,894; as of December 31, 2025: RMB1,706) 441,414 260,958
Prepayments and other current assets, net 29,768 75,964
Total current assets 4,458,040 2,672,813
Non-current assets:    
Property and equipment, net 13,784 4,896
Intangible assets, net 64,553 58,049
Long-term bank deposits 52,492  
Right-of-use assets 8,566 19,335
Deferred tax assets, net 33,337 6,936
Other non-current assets, net 24,796 17,611
Total non-current assets 197,528 106,827
TOTAL ASSETS 4,655,568 2,779,640
Current liabilities    
Accounts payable 17,378 10,676
Contract liabilities 63,541 117,649
Salary and welfare payable 230,039 160,690
Taxes payable 43,275 51,359
Current lease liabilities 7,077 13,447
Accrued expenses and other current liabilities 777,416 586,990
Total current liabilities 1,138,726 940,811
Non-current liabilities    
Non-current lease liabilities 846 5,714
Deferred tax liabilities, net 169,701 46,030
Total non-current liabilities 170,547 51,744
TOTAL LIABILITIES 1,309,273 992,555
Commitments and contingencies (Note 16)
MEZZANINE EQUITY:    
TOTAL MEZZANINE EQUITY   3,420,882
SHAREHOLDERS' (DEFICIT)/EQUITY:    
Ordinary shares   71
Additional paid-in capital 3,179,602 198,664
Accumulated deficit (72,851) (1,932,128)
Statutory reserves 230,033 80,975
Accumulated other comprehensive income 9,321 18,621
TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY: 3,346,295 (1,633,797)
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY 4,655,568 2,779,640
Series Seed convertible redeemable preferred shares    
MEZZANINE EQUITY:    
TOTAL MEZZANINE EQUITY   692,051
Series Angel convertible redeemable preferred shares    
MEZZANINE EQUITY:    
TOTAL MEZZANINE EQUITY   495,921
Series B convertible redeemable preferred shares    
MEZZANINE EQUITY:    
TOTAL MEZZANINE EQUITY   1,028,888
Series C1 convertible redeemable preferred shares    
MEZZANINE EQUITY:    
TOTAL MEZZANINE EQUITY   851,362
Series C2 convertible redeemable preferred shares    
MEZZANINE EQUITY:    
TOTAL MEZZANINE EQUITY   ¥ 352,660
Class A ordinary shares    
SHAREHOLDERS' (DEFICIT)/EQUITY:    
Ordinary shares 135  
Class B ordinary shares    
SHAREHOLDERS' (DEFICIT)/EQUITY:    
Ordinary shares ¥ 55