Parent Company Only Condensed Financial Information - Balance Sheet (Details) ¥ in Thousands |
Dec. 31, 2025
CNY (¥)
shares
|
Dec. 31, 2025
$ / shares
|
May 01, 2025
$ / shares
shares
|
Dec. 31, 2024
CNY (¥)
shares
|
Dec. 31, 2024
$ / shares
|
Dec. 31, 2023
CNY (¥)
shares
|
Dec. 31, 2022
CNY (¥)
shares
|
| Current assets: |
|
|
|
|
|
|
|
| Cash and cash equivalents | ¥ |
¥ 860,455
|
|
|
¥ 1,904,674
|
|
¥ 863,118
|
|
| Prepayments and other current assets, net | ¥ |
29,768
|
|
|
75,964
|
|
|
|
| Total current assets | ¥ |
4,458,040
|
|
|
2,672,813
|
|
|
|
| Non-current assets: |
|
|
|
|
|
|
|
| Total non-current assets | ¥ |
197,528
|
|
|
106,827
|
|
|
|
| TOTAL ASSETS | ¥ |
4,655,568
|
|
|
2,779,640
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
| Accrued expenses and other current liabilities | ¥ |
777,416
|
|
|
586,990
|
|
|
|
| Total current liabilities | ¥ |
1,138,726
|
|
|
940,811
|
|
|
|
| TOTAL LIABILITIES | ¥ |
1,309,273
|
|
|
992,555
|
|
|
|
| MEZZANINE EQUITY: |
|
|
|
|
|
|
|
| TOTAL MEZZANINE EQUITY | ¥ |
|
|
|
3,420,882
|
|
2,990,951
|
¥ 2,454,892
|
| 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
|
|
0
|
|
| Accumulated other comprehensive income | ¥ |
9,321
|
|
|
18,621
|
|
|
|
| TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY: | ¥ |
3,346,295
|
|
|
(1,633,797)
|
|
¥ (2,137,385)
|
¥ (1,880,347)
|
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY | ¥ |
¥ 4,655,568
|
|
|
¥ 2,779,640
|
|
|
|
| Convertible redeemable preferred shares, shares outstanding (in shares) | shares |
|
|
|
151,086,581
|
|
151,086,581
|
151,086,581
|
| Ordinary shares, par value (in dollars per share) | $ / shares |
|
|
|
|
$ 0.0001
|
|
|
| Ordinary shares, shares authorized (in shares) | shares |
|
|
500,000,000
|
348,913,419
|
|
|
|
| Ordinary shares, shares issued (in shares) | shares |
|
|
|
106,994,625
|
|
|
|
| Ordinary shares, shares outstanding (in shares) | shares |
|
|
|
106,994,625
|
|
|
|
| Series Seed convertible redeemable preferred shares |
|
|
|
|
|
|
|
| MEZZANINE EQUITY: |
|
|
|
|
|
|
|
| TOTAL MEZZANINE EQUITY | ¥ |
|
|
|
¥ 692,051
|
|
¥ 563,088
|
¥ 430,851
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Convertible redeemable preferred stock, par value (in dollars per share) | $ / shares |
|
$ 0.0001
|
|
|
0.0001
|
|
|
| Convertible redeemable preferred shares, shares authorized (in shares) | shares |
|
|
|
30,769,231
|
|
|
|
| Convertible redeemable preferred shares, shares issued (in shares) | shares |
|
|
|
30,769,231
|
|
|
|
| Convertible redeemable preferred shares, shares outstanding (in shares) | shares |
|
|
|
30,769,231
|
|
30,769,231
|
30,769,231
|
| Series Angel convertible redeemable preferred shares |
|
|
|
|
|
|
|
| MEZZANINE EQUITY: |
|
|
|
|
|
|
|
| TOTAL MEZZANINE EQUITY | ¥ |
|
|
|
¥ 495,921
|
|
¥ 406,113
|
¥ 312,510
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Convertible redeemable preferred stock, par value (in dollars per share) | $ / shares |
|
0.0001
|
|
|
0.0001
|
|
|
| Convertible redeemable preferred shares, shares authorized (in shares) | shares |
|
|
|
21,978,022
|
|
|
|
| Convertible redeemable preferred shares, shares issued (in shares) | shares |
|
|
|
21,978,022
|
|
|
|
| Convertible redeemable preferred shares, shares outstanding (in shares) | shares |
|
|
|
21,978,022
|
|
21,978,022
|
21,978,022
|
| Series B convertible redeemable preferred shares |
|
|
|
|
|
|
|
| MEZZANINE EQUITY: |
|
|
|
|
|
|
|
| TOTAL MEZZANINE EQUITY | ¥ |
|
|
|
¥ 1,028,888
|
|
¥ 867,956
|
¥ 685,325
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Convertible redeemable preferred stock, par value (in dollars per share) | $ / shares |
|
0.0001
|
|
|
0.0001
|
|
|
| Convertible redeemable preferred shares, shares authorized (in shares) | shares |
|
|
|
45,315,510
|
|
|
|
| Convertible redeemable preferred shares, shares issued (in shares) | shares |
|
|
|
45,315,510
|
|
|
|
| Convertible redeemable preferred shares, shares outstanding (in shares) | shares |
|
|
|
45,315,510
|
|
45,315,510
|
45,315,510
|
| Series C1 convertible redeemable preferred shares |
|
|
|
|
|
|
|
| MEZZANINE EQUITY: |
|
|
|
|
|
|
|
| TOTAL MEZZANINE EQUITY | ¥ |
|
|
|
¥ 851,362
|
|
¥ 816,130
|
¥ 726,861
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Convertible redeemable preferred stock, par value (in dollars per share) | $ / shares |
|
0.0001
|
|
|
0.0001
|
|
|
| Convertible redeemable preferred shares, shares authorized (in shares) | shares |
|
|
|
37,373,616
|
|
|
|
| Convertible redeemable preferred shares, shares issued (in shares) | shares |
|
|
|
37,373,616
|
|
|
|
| Convertible redeemable preferred shares, shares outstanding (in shares) | shares |
|
|
|
37,373,616
|
|
37,373,616
|
37,373,616
|
| Series C2 convertible redeemable preferred shares |
|
|
|
|
|
|
|
| MEZZANINE EQUITY: |
|
|
|
|
|
|
|
| TOTAL MEZZANINE EQUITY | ¥ |
|
|
|
¥ 352,660
|
|
¥ 337,664
|
¥ 299,345
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Convertible redeemable preferred stock, par value (in dollars per share) | $ / shares |
|
0.0001
|
|
|
0.0001
|
|
|
| Convertible redeemable preferred shares, shares authorized (in shares) | shares |
|
|
|
15,650,202
|
|
|
|
| Convertible redeemable preferred shares, shares issued (in shares) | shares |
|
|
|
15,650,202
|
|
|
|
| Convertible redeemable preferred shares, shares outstanding (in shares) | shares |
|
|
|
15,650,202
|
|
15,650,202
|
15,650,202
|
| Class A ordinary shares |
|
|
|
|
|
|
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Ordinary shares | ¥ |
¥ 135
|
|
|
|
|
|
|
| Ordinary shares, par value (in dollars per share) | $ / shares |
|
0.0001
|
$ 0.0001
|
|
0.0001
|
|
|
| Ordinary shares, shares authorized (in shares) | shares |
300,000,000
|
|
300,000,000
|
|
|
|
|
| Ordinary shares, shares issued (in shares) | shares |
194,348,706
|
|
|
|
|
|
|
| Ordinary shares, shares outstanding (in shares) | shares |
194,348,706
|
|
|
|
|
|
|
| Class B ordinary shares |
|
|
|
|
|
|
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Ordinary shares | ¥ |
¥ 55
|
|
|
|
|
|
|
| Ordinary shares, par value (in dollars per share) | $ / shares |
|
0.0001
|
$ 0.0001
|
|
0.0001
|
|
|
| Ordinary shares, shares authorized (in shares) | shares |
100,000,000
|
|
100,000,000
|
|
|
|
|
| Ordinary shares, shares issued (in shares) | shares |
82,132,500
|
|
|
|
|
|
|
| Ordinary shares, shares outstanding (in shares) | shares |
82,132,500
|
|
|
|
|
|
|
| Parent company | Reportable legal entity |
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
| Cash and cash equivalents | ¥ |
¥ 175,993
|
|
|
¥ 274,478
|
|
|
|
| Prepayments and other current assets, net | ¥ |
451
|
|
|
11,556
|
|
|
|
| Amounts due from subsidiaries | ¥ |
310,097
|
|
|
18,101
|
|
|
|
| Total current assets | ¥ |
486,541
|
|
|
304,135
|
|
|
|
| Non-current assets: |
|
|
|
|
|
|
|
| Investment in subsidiaries and the VIE | ¥ |
2,971,039
|
|
|
1,571,061
|
|
|
|
| Total non-current assets | ¥ |
2,971,039
|
|
|
1,571,061
|
|
|
|
| TOTAL ASSETS | ¥ |
3,457,580
|
|
|
1,875,196
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
| Accrued expenses and other current liabilities | ¥ |
5,780
|
|
|
16,227
|
|
|
|
| Amounts due to subsidiaries | ¥ |
105,505
|
|
|
71,884
|
|
|
|
| Total current liabilities | ¥ |
111,285
|
|
|
88,111
|
|
|
|
| TOTAL LIABILITIES | ¥ |
111,285
|
|
|
88,111
|
|
|
|
| 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 | ¥ |
¥ 3,457,580
|
|
|
¥ 1,875,196
|
|
|
|
| Ordinary shares, par value (in dollars per share) | $ / shares |
|
|
|
|
0.0001
|
|
|
| Ordinary shares, shares authorized (in shares) | shares |
|
|
|
348,913,419
|
|
|
|
| Ordinary shares, shares issued (in shares) | shares |
|
|
|
106,994,625
|
|
|
|
| Ordinary shares, shares outstanding (in shares) | shares |
|
|
|
106,994,625
|
|
|
|
| Parent company | Reportable legal entity | Series Seed convertible redeemable preferred shares |
|
|
|
|
|
|
|
| MEZZANINE EQUITY: |
|
|
|
|
|
|
|
| TOTAL MEZZANINE EQUITY | ¥ |
|
|
|
¥ 692,051
|
|
|
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Convertible redeemable preferred stock, par value (in dollars per share) | $ / shares |
|
0.0001
|
|
|
0.0001
|
|
|
| Convertible redeemable preferred shares, shares authorized (in shares) | shares |
|
|
|
30,769,231
|
|
|
|
| Convertible redeemable preferred shares, shares issued (in shares) | shares |
|
|
|
30,769,231
|
|
|
|
| Convertible redeemable preferred shares, shares outstanding (in shares) | shares |
|
|
|
30,769,231
|
|
|
|
| Parent company | Reportable legal entity | Series Angel convertible redeemable preferred shares |
|
|
|
|
|
|
|
| MEZZANINE EQUITY: |
|
|
|
|
|
|
|
| TOTAL MEZZANINE EQUITY | ¥ |
|
|
|
¥ 495,921
|
|
|
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Convertible redeemable preferred stock, par value (in dollars per share) | $ / shares |
|
0.0001
|
|
|
0.0001
|
|
|
| Convertible redeemable preferred shares, shares authorized (in shares) | shares |
|
|
|
21,978,022
|
|
|
|
| Convertible redeemable preferred shares, shares issued (in shares) | shares |
|
|
|
21,978,022
|
|
|
|
| Convertible redeemable preferred shares, shares outstanding (in shares) | shares |
|
|
|
21,978,022
|
|
|
|
| Parent company | Reportable legal entity | Series B convertible redeemable preferred shares |
|
|
|
|
|
|
|
| MEZZANINE EQUITY: |
|
|
|
|
|
|
|
| TOTAL MEZZANINE EQUITY | ¥ |
|
|
|
¥ 1,028,888
|
|
|
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Convertible redeemable preferred stock, par value (in dollars per share) | $ / shares |
|
0.0001
|
|
|
0.0001
|
|
|
| Convertible redeemable preferred shares, shares authorized (in shares) | shares |
|
|
|
45,315,510
|
|
|
|
| Convertible redeemable preferred shares, shares issued (in shares) | shares |
|
|
|
45,315,510
|
|
|
|
| Convertible redeemable preferred shares, shares outstanding (in shares) | shares |
|
|
|
45,315,510
|
|
|
|
| Parent company | Reportable legal entity | Series C1 convertible redeemable preferred shares |
|
|
|
|
|
|
|
| MEZZANINE EQUITY: |
|
|
|
|
|
|
|
| TOTAL MEZZANINE EQUITY | ¥ |
|
|
|
¥ 851,362
|
|
|
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Convertible redeemable preferred stock, par value (in dollars per share) | $ / shares |
|
0.0001
|
|
|
0.0001
|
|
|
| Convertible redeemable preferred shares, shares authorized (in shares) | shares |
|
|
|
37,373,616
|
|
|
|
| Convertible redeemable preferred shares, shares issued (in shares) | shares |
|
|
|
37,373,616
|
|
|
|
| Convertible redeemable preferred shares, shares outstanding (in shares) | shares |
|
|
|
37,373,616
|
|
|
|
| Parent company | Reportable legal entity | Series C2 convertible redeemable preferred shares |
|
|
|
|
|
|
|
| MEZZANINE EQUITY: |
|
|
|
|
|
|
|
| TOTAL MEZZANINE EQUITY | ¥ |
|
|
|
¥ 352,660
|
|
|
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Convertible redeemable preferred stock, par value (in dollars per share) | $ / shares |
|
0.0001
|
|
|
0.0001
|
|
|
| Convertible redeemable preferred shares, shares authorized (in shares) | shares |
|
|
|
15,650,202
|
|
|
|
| Convertible redeemable preferred shares, shares issued (in shares) | shares |
|
|
|
15,650,202
|
|
|
|
| Convertible redeemable preferred shares, shares outstanding (in shares) | shares |
|
|
|
15,650,202
|
|
|
|
| Parent company | Reportable legal entity | Class A ordinary shares |
|
|
|
|
|
|
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Ordinary shares | ¥ |
¥ 135
|
|
|
|
|
|
|
| Ordinary shares, par value (in dollars per share) | $ / shares |
|
0.0001
|
|
|
0.0001
|
|
|
| Ordinary shares, shares authorized (in shares) | shares |
300,000,000
|
|
|
0
|
|
|
|
| Ordinary shares, shares issued (in shares) | shares |
194,348,706
|
|
|
0
|
|
|
|
| Ordinary shares, shares outstanding (in shares) | shares |
194,348,706
|
|
|
0
|
|
|
|
| Parent company | Reportable legal entity | Class B ordinary shares |
|
|
|
|
|
|
|
| SHAREHOLDERS' (DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
| Ordinary shares | ¥ |
¥ 55
|
|
|
|
|
|
|
| Ordinary shares, par value (in dollars per share) | $ / shares |
|
$ 0.0001
|
|
|
$ 0.0001
|
|
|
| Ordinary shares, shares authorized (in shares) | shares |
100,000,000
|
|
|
0
|
|
|
|
| Ordinary shares, shares issued (in shares) | shares |
82,132,500
|
|
|
0
|
|
|
|
| Ordinary shares, shares outstanding (in shares) | shares |
82,132,500
|
|
|
0
|
|
|
|