Equity Method Investments, Net (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Equity Method Investments, Net [Abstract] |
|
| Schedule of Equity Method Investments, Net |
| | |
Amount | |
| | |
RMB | |
| Balance as of December 31, 2022 | |
| 206,086 | |
| Share of results | |
| 442 | |
| Return of capital | |
| (45,553 | ) |
| Impairment losses | |
| (15,279 | ) |
| Balance as of December 31, 2023 | |
| 145,696 | |
| Additions | |
| 21,290 | |
| Share of results | |
| (196 | ) |
| Impairment losses | |
| (4,029 | ) |
| Balance as of December 31, 2024 | |
| 162,761 | |
| Additions | |
| 906 | |
| Share of results | |
| (722 | ) |
| Return of capital | |
| (218 | ) |
| Impairment losses | |
| (44,435 | ) |
| Changes of equity ownership | |
| 105 | |
| Balance as of December 31, 2025 | |
| 118,397 | |
|
| Schedule of Obligation or Commitment to Provide any Guarantee, Loan or Other Financial Support to the Limited Partnerships |
| | |
Aggregated
carrying
amount
(before
impairment
loss) of the
limited
partnerships | | |
Maximum
amount of
additional
capital
commitment
(Note 22) | | |
Maximum
exposures to
the losses of
the limited
partnerships | |
| | |
RMB | | |
RMB | | |
RMB | |
| Balance as of December 31, 2024 | |
| 357,439 | | |
| 278,012 | | |
| 635,451 | |
| Balance as of December 31, 2025 | |
| 357,219 | | |
| 86,331 | | |
| 443,550 | |
|
| Schedule of Effective Interests to the Equity Method Investees |
The Group’s effective interests to the limited
partnerships as of December 31, 2024 and 2025 are as below:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| Name of the limited partnerships | |
| | |
| |
| Gefei Chengyun | |
| 20 | % | |
| 20 | % |
| Jiushen | |
| 12 | % | |
| 12 | % |
| Jiuchuan | |
| 10 | % | |
| 10 | % |
| Longshu Tianye | |
| 26 | % | |
| 26 | % |
| Yunde | |
| 20 | % | |
| 20 | % |
| Ningbo Meishan Deyan Investment Limited Partnership (“Deyan”) | |
| 20 | % | |
| 20 | % |
| Ningbo Meishan Detong Investment Limited Partnership (“Detong”) | |
| 40 | % | |
| 40 | % |
| Ningbo Meishan Derong Investment Limited Partnership (“Derong”) | |
| 37 | % | |
| 37 | % |
| Jiushi | |
| 40 | % | |
| 40 | % |
| Jiaxinda | |
| 10 | % | |
| 10 | % |
| Ningbo Chunyu Management Limited Partnership (“Chunyu”) (Note (a)) | |
| 89.95 | % | |
| 89.95 | % |
| | |
| | | |
| | |
| Name of other equity method investees | |
| | | |
| | |
| Suzhou Tinghaozhu (Note 10(b)) | |
| 30 | % | |
| Not applicable | |
| Shanghai Nuancheng Network Technology Co., Ltd. (“Shanghai Nuancheng”) (Note (b)) | |
| 30 | % | |
| 30 | % |
| Shenzhen Duoduo Robot Technology Co., Ltd. (“Duoduo Robot”) (Note (b)) | |
| 32 | % | |
| 32 | % |
| Shanghai Youxi Network Technology Co., Ltd. (“Shanghai Youxi”) (Note (c)) | |
| Not applicable | | |
| 25.5 | % |
| Duo Concierge lnc. (“Duo Concierge”) (Note (d)) | |
| 20 | % | |
| 20 | % |
| | |
For the Year Ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| Name of the limited partnership | |
Capital
investments | | |
Return of
capital | | |
Capital
investments | | |
Return of
capital | | |
Capital
investments | | |
Return of
capital | | |
Changes of
equity
ownership | |
| | |
RMB | | |
RMB | | |
RMB | | |
RMB | | |
RMB | | |
RMB | | |
RMB | |
| Jiushen | |
| — | | |
| (9,850 | ) | |
| — | | |
| — | | |
| — | | |
| (218 | ) | |
| — | |
| Longshu Tianye | |
| — | | |
| (663 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Deyan | |
| — | | |
| (200 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Jiushi | |
| — | | |
| (32,650 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Chunyu | |
| — | | |
| — | | |
| 17,990 | | |
| — | | |
| — | | |
| — | | |
| — | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Name of other equity method investees | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Chenji Zhaozhao (Note 12(e)) | |
| — | | |
| (2,190 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Suzhou Tinghaozhu (Note 10(b)) | |
| — | | |
| — | | |
| 150 | | |
| — | | |
| — | | |
| — | | |
| (150 | ) |
| Shanghai Nuancheng | |
| — | | |
| — | | |
| 150 | | |
| — | | |
| — | | |
| — | | |
| — | |
| Duoduo Robot | |
| — | | |
| — | | |
| 3,000 | | |
| — | | |
| — | | |
| — | | |
| — | |
| Shanghai Youxi (Note 12(c)) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 255 | |
| Duo Concierge | |
| — | | |
| — | | |
| — | | |
| — | | |
| 906 | | |
| — | | |
| — | |
| Total | |
| — | | |
| (45,553 | ) | |
| 21,290 | | |
| — | | |
| 906 | | |
| (218 | ) | |
| 105 | |
|
| Schedule of Unaudited Financial Information for these Equity Method Investees |
Summary
of combined unaudited financial information for these equity method investees as of December 31, 2024 and 2025 and for the years ended
December 31, 2023, 2024 and 2025 are presented below:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | |
| Balance sheet data: | |
| | |
| |
| Current assets | |
| 432,605 | | |
| 265,059 | |
| Non-current assets | |
| 97,253 | | |
| 100,743 | |
| Total assets | |
| 529,858 | | |
| 365,802 | |
| | |
| | | |
| | |
| Current liabilities | |
| 63,280 | | |
| 61,731 | |
| Total liabilities | |
| 63,280 | | |
| 61,731 | |
| | |
| | | |
| | |
| Shareholders’ equity | |
| 466,578 | | |
| 304,071 | |
| Total liabilities and shareholders’ equity | |
| 529,858 | | |
| 365,802 | |
| | |
For the Year Ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | |
| Operation results data: | |
| | |
| | |
| |
| Revenue | |
| 13 | | |
| 244 | | |
| 7,110 | |
| Operating income/(loss) | |
| 1,188 | | |
| (13,746 | ) | |
| (119,980 | ) |
| Net income/(loss) | |
| 1,448 | | |
| (13,516 | ) | |
| (119,663 | ) |
|