| Schedule of Major Related Parties of the Group and Their Relationships with the Group |
The
table below sets forth major related parties of the Group and their relationships with the Group:
| Entity or individual name | | Relationship with the Group | | Mr. Xi Zeng | | Chairman of the board of directors and chief executive officer of the Group | | ZX International Ltd. | | A company that is controlled by the chief executive officer of the Group | | Gefei Chengyun | | A limited partnership (“LP”) that the Group has significant influence in | | Jiushen and an LP it controls (“Jiushen Group”) | | A group that the Group has significant influence in | | Shanghai Chongkai Enterprise Management Center (General Partnership) (“Chongkai”) | | A general partnership which management or operating policies significantly influenced by the founders and/or management of the Group | | Jiuchuan | | An LP that the Group has significant influence in | | Longshu Tianye | | An LP that the Group has significant influence in | | Yunde | | An LP that the Group has significant influence in | | Deyan | | An LP that the Group has significant influence in | | Detong | | An LP that the Group has significant influence in | | Derong | | An LP that the Group has significant influence in | | Jiushi | | An LP that the Group has significant influence in | | Jiaxinda | | An LP that the Group has significant influence in | | Ningbo Meishan Muju Investment Limited Partnership (“Muju”) (Note (iii)) | | An LP that the Group has significant influence in | | Chunyu (Note (i)) | | An LP that the Group has significant influence in | | Suzhou Tinghaozhu (Note (ii)) | | A company that the Group has significant influence in | | Shanghai Nuancheng (Note (i)) | | A company that the Group has significant influence in | | Shenzhen Duoduo Robot Technology Co., Ltd. and its subsidiaries (“Duoduo Robot Group”) (Note (i)) | | A group that the Group has significant influence in | | Shanghai Youxi (Note (i)) | | A company that the Group has significant influence in | | Duo Concierge (Note (i)) | | A company that the Group has significant influence in |
| (i) | Chunyu was considered as a related party of the Group from December 25, 2024. Transactions between the Group and Chunyu after December 25, 2024 are disclosed as related party transactions. Shanghai Nuancheng was considered as a related party of the Group from August 28, 2024. Transactions between the Group and Shanghai Nuancheng after August 28, 2024 are disclosed as related party transactions. Duoduo Robot was considered as a related party of the Group from December 5, 2024. Transactions between the Group and Duoduo Robot Group after December 5, 2024 are disclosed as related party transactions. Shanghai Youxi was considered as a related party of the Group from March 24, 2025. Transactions between the Group and Shanghai Youxi after March 24, 2025 are disclosed as related party transactions. Duo Concierge was considered as a related party of the Group from November 21, 2024. Transactions between the Group and Duo Concierge after November 21, 2024 are considered as related party transactions. |
| (ii) | Suzhou Tinghaozhu was considered as a related party of the Group from October 31, 2024. On May 7, 2025, the Group completed the acquisition of Suzhou Tinghaozhu and Suzhou Tinghaozhu became a consolidated subsidiary of the Group. Transactions between the Group and Suzhou Tinghaozhu from the period of November 1, 2024 and May 6, 2025 are disclosed as related party transactions. |
| (iii) | Muju was deregistered on July 13, 2023. Transactions between the Group and Muju from the period of January 1, 2023 to July 13, 2023 are disclosed as related party transactions. |
|
| Schedule of Transactions with Related Parties |
| | |
For the Year Ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | |
| Base commission income and Sales incentive income shared with related parties under Self-Commitment and Non-Group Collaborative Agreements (Note 1(c)) | |
| | | |
| | | |
| | |
| Muju | |
| 286 | | |
| — | | |
| — | |
| | |
| 286 | | |
| — | | |
| — | |
| Services provided to related parties | |
| | | |
| | | |
| | |
| Chenji Zhaozhao | |
| 100 | | |
| — | | |
| — | |
| Chunyu | |
| — | | |
| — | | |
| 764 | |
| Suzhou Tinghaozhu | |
| — | | |
| — | | |
| 109 | |
| Shanghai Nuancheng | |
| — | | |
| — | | |
| 114 | |
| Duoduo Robot Group | |
| — | | |
| — | | |
| 60 | |
| Shanghai Youxi | |
| — | | |
| — | | |
| 85 | |
| | |
| 100 | | |
| — | | |
| 1,132 | |
| Total | |
| 386 | | |
| — | | |
| 1,132 | |
As
of December 31, 2024 and 2025, the Group had the following balances with related parties:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | |
| Amounts due from related parties | |
| | | |
| | |
| Accounts receivables | |
| | | |
| | |
| Shanghai Nuancheng | |
| — | | |
| 180 | |
| Duoduo Robot Group | |
| — | | |
| 395 | |
| Shanghai Youxi | |
| — | | |
| 167 | |
| | |
| — | | |
| 742 | |
| Other receivables | |
| | | |
| | |
| Duoduo Robot Group | |
| — | | |
| 3,720 | |
| Shanghai Nuancheng | |
| — | | |
| 8 | |
| Duo Concierge | |
| — | | |
| 355 | |
| Mr. Xi Zeng | |
| — | | |
| 2,022 | |
| ZX International Ltd. (Note (i)) | |
| — | | |
| 162 | |
| | |
| — | | |
| 6,267 | |
| Total | |
| — | | |
| 7,009 | |
| (i) | As described in Note 16, the Company issued 12,731 Class C ordinary shares, at a purchase price of US$1.81 per share, to ZX International Ltd., a company controlled by Mr. Xi Zeng. The aggregate amount of the share issuance was approximately RMB162 and was paid in April 2026. |
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | |
| Amounts due to related parties | |
| | | |
| | |
| Payables for income shared under Non-Group Collaborative Agreements (Note 1(c)) | |
| | | |
| | |
| Jiushen Group | |
| 242 | | |
| 242 | |
| Jiuchuan | |
| 5,615 | | |
| — | |
| Longshu Tianye | |
| 10,140 | | |
| 10,140 | |
| Detong | |
| 3,274 | | |
| 3,274 | |
| Jiushi | |
| 65 | | |
| — | |
| | |
| 19,336 | | |
| 13,656 | |
| Payables for Base Commission Income shared with related parties under Exclusive Sales Contracts without Sales Commitment Arrangement (Note 1(c)) | |
| | | |
| | |
| Jiushen Group | |
| 495 | | |
| 495 | |
| | |
| 495 | | |
| 495 | |
| Other payables | |
| | | |
| | |
| Jiushen Group | |
| 939 | | |
| — | |
| Chongkai | |
| 3,060 | | |
| 2,934 | |
| Deyan | |
| — | | |
| 10 | |
| Shanghai Nuancheng | |
| 70 | | |
| 73 | |
| Duo Concierge | |
| — | | |
| 35 | |
| | |
| 4,069 | | |
| 3,052 | |
| Total | |
| 23,900 | | |
| 17,203 | |
|