Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2025

Preferred Shares

Schedule of preferred shares activities

 

Series Seed

 

Series Angel

 

Series B

 

Series C1

 

Series C2

 

Preferred Shares

Preferred Shares

Preferred Shares

Preferred Shares

Preferred Shares

Mezzanine Equity

Total

Number of

Number of

Number of

Number of

Number of

Number of

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

 

shares

 

Amount

(RMB)

(RMB)

(RMB)

(RMB)

(RMB)

(RMB)

Balance as of January 1,2023

30,769,231

430,851

21,978,022

312,510

45,315,510

685,325

37,373,616

726,861

15,650,202

299,345

151,086,581

2,454,892

Accretion to Preferred Shares redemption value

—

132,237

—

93,603

—

182,631

—

89,269

—

38,319

—

536,059

Balance as of December 31, 2023

30,769,231

563,088

21,978,022

406,113

45,315,510

867,956

37,373,616

816,130

15,650,202

337,664

151,086,581

2,990,951

Accretion to Preferred Shares redemption value

—

128,963

—

89,808

—

160,932

—

35,232

—

14,996

—

429,931

Balance as of December 31, 2024

30,769,231

692,051

21,978,022

495,921

45,315,510

1,028,888

37,373,616

851,362

15,650,202

352,660

151,086,581

3,420,882

Accretion to Preferred Shares redemption value

—

(138,097)

—

(100,240)

—

(213,050)

—

(178,506)

—

(70,902)

—

(700,795)

Converted into ordinary shares⁽ⁱ⁾

(30,769,231)

(553,954)

(21,978,022)

(395,681)

(45,315,510)

(815,838)

(37,373,616)

(672,856)

(15,650,202)

(281,758)

(151,086,581)

(2,720,087)

Balance as of December 31, 2025

—

—

—

—

—

—

—

—

—

—

—

—

(i)	Upon the completion of the IPO in April 2025, all of issued and outstanding Preferred Shares automatically converted and re-designated on a one-for-one basis as Class A ordinary shares.

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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