v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥)
¥ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income ¥ 1,307,540 ¥ 865,846 ¥ 203,117
Net loss from discontinued operations     (2,069)
Net income from continuing operations 1,307,540 865,846 205,186
Adjustments to reconcile net income to net cash used in operating activities:      
Expected credit losses (1,003) 3,887 827
Share-based compensation 74,319 64,017 37,110
Amortization of right-of-use assets 13,336 11,849 12,630
Other depreciation and amortization 4,339 3,099 3,508
Deferred income tax 97,127 24,740 22
Fair value change of financial instruments (45,197) (1,544) (288)
Others, net (1,931) (1,003) (2,234)
Changes in operating assets and liabilities:      
Accounts receivable, net (179,268) (16,169) (20,369)
Prepayments and other current assets 34,895 (43,661) (7,178)
Amount due from related parties   2,814 (4,597)
Amount due to related parties   (33,191) 33,191
Accounts payable 6,702 (6,400) 7,362
Lease liabilities (13,805) (12,223) (16,407)
Contract liabilities (54,108) 50,173 21,039
Salary and welfare payable 69,349 83,220 31,748
Taxes payable (8,107) 41,901 2,249
Other non-current assets (179)   (3,423)
Accrued expenses and other current liabilities 191,129 170,246 126,231
Net cash provided by continuing operating activities 1,495,138 1,207,601 426,607
Net cash provided by discontinued operating activities     15,365
Net cash provided by operating activities 1,495,138 1,207,601 441,972
Cash flows from investing activities:      
Cash paid to acquire property and equipment and intangible assets (19,040) (3,341) (4,644)
Cash paid on short-term investments and time deposits (10,383,987) (3,896,231) (1,000,898)
Cash prepaid for assets acquisition (6,900)    
Cash paid for loans to staff     (14,677)
Cash received from disposal of short-term investments 7,359,462 2,247,320 10,191
Cash received from maturity of time deposits 327,370 1,494,619 996,472
Cash received from disposal of property and equipment 216 63  
Net cash used in continuing investing activities (2,722,879) (157,570) (13,556)
Net cash used in discontinued investing activities     (31,699)
Net cash used in investing activities (2,722,879) (157,570) (45,255)
Cash flows from financing activities:      
Proceeds from exercise of share options 26   18,046
Proceeds from initial public offering, net of offering costs 204,880    
Cash paid for initial public offering costs (8,062) (9,113)  
Net cash provided by/(used in) financing activities 196,844 (9,113) 18,046
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash (4,797) 4,846 6,588
Net increase/(decrease) in cash and cash equivalents and restricted cash (1,035,694) 1,045,764 421,351
Cash and cash equivalents and restricted cash at beginning of the year 1,919,674 873,910 452,559
Cash and cash equivalents and restricted cash at end of the year 883,980 1,919,674 873,910
Supplemental disclosure of cash flow information:      
Cash paid for income tax 657 596 2,001
Supplemental schedule of non-cash investing and financing activities:      
Accretion to preferred shares redemption value (700,795) ¥ 429,931 ¥ 536,059
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon IPO ¥ 2,720,087