Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
   Rule 13d-1(b)
   Rule 13d-1(c)
   Rule 13d-1(d)




schemaVersion:


SCHEDULE 13G




Comment for Type of Reporting Person:  For rows 5, 7 and 9: ADSs are American Depositary Shares, each representing eight Class A ordinary shares, par value $0.000002 per share. Represents 39,490,000 Class A ordinary shares (in the form of 4,936,250 ADSs), all of which are directly owned by Joy Capital II, L.P. ("Joy II"), except that Joy Capital II GP, L.P. ("Partner II"), the general partner of Joy II, and Joy Capital GP, Ltd., the general partner of Partner II, may be deemed to have sole power to vote these shares. For row 11: The ownership percentage of the Reporting Person is calculated based on 2,154,137,392 Class A ordinary shares of the Issuer as of March 18, 2026, according to the Issuer's Annual Report on Form 20-F filed on March 27, 2026, and an additional 4 Class A ordinary shares that the Reporting Persons have the right to acquire within 60 days from March 18, 2026 through the conversion of 4 senior preferred shares held by Joy Soda Limited.


SCHEDULE 13G




Comment for Type of Reporting Person:  For rows 5, 7 and 9: Represents 39,490,000 Class A ordinary shares (in the form of 4,936,250 ADSs), all of which are directly owned by Joy II. Partner II and Joy Capital GP, Ltd. may be deemed to have sole power to vote these shares. For row 11: The ownership percentage of the Reporting Person is calculated based on 2,154,137,392 Class A ordinary shares of the Issuer as of March 18, 2026, according to the Issuer's Annual Report on Form 20-F filed on March 27, 2026, and an additional 4 Class A ordinary shares that the Reporting Persons have the right to acquire within 60 days from March 18, 2026 through the conversion of 4 senior preferred shares held by Joy Soda Limited.


SCHEDULE 13G




Comment for Type of Reporting Person:  For rows 5, 7 and 9: Represents 39,490,000 Class A ordinary shares (in the form of 4,936,250 ADSs), all of which are directly owned by Joy II. Partner II and Joy Capital GP, Ltd. may be deemed to have sole power to vote these shares. For row 11: The ownership percentage of the Reporting Person is calculated based on 2,154,137,392 Class A ordinary shares of the Issuer as of March 18, 2026, according to the Issuer's Annual Report on Form 20-F filed on March 27, 2026, and an additional 4 Class A ordinary shares that the Reporting Persons have the right to acquire within 60 days from March 18, 2026 through the conversion of 4 senior preferred shares held by Joy Soda Limited.


SCHEDULE 13G




Comment for Type of Reporting Person:  For rows 5, 7 and 9: Represents 32,341,000 Class A ordinary shares (in form of 4,042,625 ADSs). For row 11: The ownership percentage of the Reporting Person is calculated based on 2,154,137,392 Class A ordinary shares of the Issuer as of March 18, 2026, according to the Issuer's Annual Report on Form 20-F filed on March 27, 2026, and an additional 4 Class A ordinary shares that the Reporting Persons have the right to acquire within 60 days from March 18, 2026 through the conversion of 4 senior preferred shares held by Joy Soda Limited.


SCHEDULE 13G




Comment for Type of Reporting Person:  For rows 5, 7 and 9: Represents 35,404,500 Class A ordinary shares (in form of 4,425,562 ADSs and 4 Class A ordinary shares). For row 11: The ownership percentage of the Reporting Person is calculated based on 2,154,137,392 Class A Ordinary Shares of the Issuer as of March 18, 2026, according to the Issuer's Annual Report on Form 20-F filed on March 27, 2026, and an additional 4 Class A ordinary shares that the Reporting Persons have the right to acquire within 60 days from March 18, 2026 through the conversion of 4 senior preferred shares held by Joy Soda Limited.


SCHEDULE 13G




Comment for Type of Reporting Person:  For rows 5, 7 and 9: Represents 4 Class A ordinary shares (in form of 4 senior preferred shares). For row 11: The ownership percentage of the Reporting Person is calculated based on 2,154,137,392 Class A Ordinary Shares of the Issuer as of March 18, 2026, according to the Issuer's Annual Report on Form 20-F filed on March 27, 2026, and an additional 4 Class A ordinary shares that the Reporting Persons have the right to acquire within 60 days from March 18, 2026 through the conversion of 4 senior preferred shares held by Joy Soda Limited.


SCHEDULE 13G



 
Joy Capital II, L.P.
 
Signature:/s/ Erhai Liu
Name/Title:Joy Capital II GP, L.P., as its General Partner, Erhai Liu/Director; Joy Capital GP, Ltd., as its General Partner, Erhai Liu/Director
Date:05/11/2026
 
Joy Capital II GP, L.P. ("Partner II")
 
Signature:/s/ Erhai Liu
Name/Title:Joy Capital GP, Ltd., as its General Partner, Erhai Liu/Director
Date:05/11/2026
 
Joy Capital GP, Ltd.
 
Signature:/s/ Erhai Liu
Name/Title:Erhai Liu, Director
Date:05/11/2026
 
Joy Luck Management Limited ("Joy Luck")
 
Signature:/s/ Erhai Liu
Name/Title:Erhai Liu, Director
Date:05/11/2026
 
Honour Ample Limited ("Honour")
 
Signature:/s/ Erhai Liu
Name/Title:Erhai Liu, Director
Date:05/11/2026
 
Joy Soda Limited ("Soda")
 
Signature:/s/ Erhai Liu
Name/Title:Erhai Liu, Director
Date:05/11/2026

Comments accompanying signature:  Exhibit No. 99.1: Joint Filing Agreement dated February 14, 2023 by and between the Reporting Persons (incorporated by reference to Exhibit 99.1 to the Schedule 13G/A filed by the Reporting Persons with the Securities and Exchange Commission on February 14, 2023).