0001895597 2026-01-01 2026-06-30 0001895597 2025-12-31 0001895597 2026-06-30 0001895597 us-gaap:RelatedPartyMember 2025-12-31 0001895597 us-gaap:RelatedPartyMember 2026-06-30 0001895597 ICG:CommonClassAAndBMember 2025-12-31 0001895597 ICG:CommonClassAAndBMember 2026-06-30 0001895597 ICG:ThirdPartiesMember 2025-01-01 2025-06-30 0001895597 ICG:ThirdPartiesMember 2026-01-01 2026-06-30 0001895597 us-gaap:RelatedPartyMember 2025-01-01 2025-06-30 0001895597 us-gaap:RelatedPartyMember 2026-01-01 2026-06-30 0001895597 2025-01-01 2025-06-30 0001895597 us-gaap:CommonStockMember 2024-12-31 0001895597 us-gaap:ReceivablesFromStockholderMember 2024-12-31 0001895597 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001895597 ICG:StatutoryReserveMember 2024-12-31 0001895597 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001895597 us-gaap:RetainedEarningsMember 2024-12-31 0001895597 2024-12-31 0001895597 us-gaap:CommonStockMember 2025-12-31 0001895597 us-gaap:ReceivablesFromStockholderMember 2025-12-31 0001895597 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001895597 ICG:StatutoryReserveMember 2025-12-31 0001895597 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001895597 us-gaap:RetainedEarningsMember 2025-12-31 0001895597 us-gaap:CommonStockMember 2025-01-01 2025-06-30 0001895597 us-gaap:ReceivablesFromStockholderMember 2025-01-01 2025-06-30 0001895597 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-06-30 0001895597 ICG:StatutoryReserveMember 2025-01-01 2025-06-30 0001895597 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-06-30 0001895597 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0001895597 us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001895597 us-gaap:ReceivablesFromStockholderMember 2026-01-01 2026-06-30 0001895597 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-06-30 0001895597 ICG:StatutoryReserveMember 2026-01-01 2026-06-30 0001895597 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-06-30 0001895597 us-gaap:RetainedEarningsMember 2026-01-01 2026-06-30 0001895597 us-gaap:CommonStockMember 2025-06-30 0001895597 us-gaap:ReceivablesFromStockholderMember 2025-06-30 0001895597 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001895597 ICG:StatutoryReserveMember 2025-06-30 0001895597 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0001895597 us-gaap:RetainedEarningsMember 2025-06-30 0001895597 2025-06-30 0001895597 us-gaap:CommonStockMember 2026-06-30 0001895597 us-gaap:ReceivablesFromStockholderMember 2026-06-30 0001895597 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0001895597 ICG:StatutoryReserveMember 2026-06-30 0001895597 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-06-30 0001895597 us-gaap:RetainedEarningsMember 2026-06-30 0001895597 ICG:TimeDepositsMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:TimeDepositsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:TimeDepositsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:TimeDepositsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:TimeDepositsMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:TimeDepositsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:TimeDepositsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:TimeDepositsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:StructuredDepositsMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:StructuredDepositsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:StructuredDepositsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:StructuredDepositsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:StructuredDepositsMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:StructuredDepositsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:StructuredDepositsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:StructuredDepositsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:GovernmentSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:GovernmentSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:GovernmentSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:GovernmentSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:GovernmentSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:GovernmentSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:GovernmentSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:GovernmentSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:FundInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:FundInvestmentsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:FundInvestmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:FundInvestmentsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:FundInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:FundInvestmentsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:FundInvestmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:FundInvestmentsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:CryptocurrenciesMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:CryptocurrenciesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:CryptocurrenciesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:CryptocurrenciesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 ICG:CryptocurrenciesMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:CryptocurrenciesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:CryptocurrenciesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:CryptocurrenciesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001895597 us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001895597 ICG:CustomerAMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-06-30 0001895597 ICG:CustomerAMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2026-01-01 2026-06-30 0001895597 ICG:CustomerBMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-06-30 0001895597 ICG:CustomerBMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2026-01-01 2026-06-30 0001895597 ICG:CustomerCMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-06-30 0001895597 ICG:CustomerCMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2026-01-01 2026-06-30 0001895597 ICG:CustomerDMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-06-30 0001895597 ICG:CustomerDMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2026-01-01 2026-06-30 0001895597 country:CN 2025-12-31 0001895597 ICG:OverseasMember 2025-12-31 0001895597 country:CN 2026-06-30 0001895597 ICG:OverseasMember 2026-06-30 0001895597 ICG:TimeDepositsMember 2025-12-31 0001895597 ICG:TimeDepositsMember 2025-01-01 2025-12-31 0001895597 ICG:StructuredDepositsMember 2025-12-31 0001895597 ICG:StructuredDepositsMember 2025-01-01 2025-12-31 0001895597 ICG:GovernmentSecuritiesMember 2025-12-31 0001895597 ICG:GovernmentSecuritiesMember 2025-01-01 2025-12-31 0001895597 2025-01-01 2025-12-31 0001895597 ICG:TimeDepositsMember 2026-06-30 0001895597 ICG:TimeDepositsMember 2026-01-01 2026-06-30 0001895597 ICG:StructuredDepositsMember 2026-06-30 0001895597 ICG:StructuredDepositsMember 2026-01-01 2026-06-30 0001895597 ICG:GovernmentSecuritiesMember 2026-06-30 0001895597 ICG:GovernmentSecuritiesMember 2026-01-01 2026-06-30 0001895597 ICG:FundInvestmentsMember 2026-06-30 0001895597 ICG:FundInvestmentsMember 2026-01-01 2026-06-30 0001895597 ICG:TimeDepositsMember 2025-01-01 2025-06-30 0001895597 srt:MinimumMember ICG:StructuredDepositsMember 2025-01-01 2025-12-31 0001895597 srt:MinimumMember ICG:StructuredDepositsMember 2026-01-01 2026-06-30 0001895597 srt:MaximumMember ICG:StructuredDepositsMember 2025-01-01 2025-12-31 0001895597 srt:MaximumMember ICG:StructuredDepositsMember 2026-01-01 2026-06-30 0001895597 ICG:StructuredDepositsMember 2025-01-01 2025-06-30 0001895597 ICG:EthereumAndEthereumCoinbaseStakedMember 2026-01-01 2026-06-30 0001895597 ICG:TetherMember 2025-12-31 0001895597 ICG:TetherMember 2026-06-30 0001895597 ICG:EthereumandStakedEthereumMember 2025-12-31 0001895597 ICG:EthereumandStakedEthereumMember 2026-06-30 0001895597 ICG:BitcoinMember 2025-12-31 0001895597 ICG:BitcoinMember 2026-06-30 0001895597 ICG:OtherCryptocurrenciesMember 2025-12-31 0001895597 ICG:OtherCryptocurrenciesMember 2026-06-30 0001895597 ICG:OtherCryptocurrenciesMember 2025-01-01 2025-12-31 0001895597 ICG:OtherCryptocurrenciesMember 2026-01-01 2026-06-30 0001895597 ICG:EthereumAndEthereumCoinbaseStakedMember 2024-12-31 0001895597 ICG:EthereumAndEthereumCoinbaseStakedMember 2025-12-31 0001895597 ICG:EthereumAndEthereumCoinbaseStakedMember 2025-01-01 2025-06-30 0001895597 ICG:EthereumAndEthereumCoinbaseStakedMember 2025-06-30 0001895597 ICG:EthereumAndEthereumCoinbaseStakedMember 2026-06-30 0001895597 us-gaap:BuildingMember 2025-12-31 0001895597 us-gaap:BuildingMember 2026-06-30 0001895597 us-gaap:BuildingImprovementsMember 2025-12-31 0001895597 us-gaap:BuildingImprovementsMember 2026-06-30 0001895597 ICG:ComputersAndElectronicEquipmentMember 2025-12-31 0001895597 ICG:ComputersAndElectronicEquipmentMember 2026-06-30 0001895597 us-gaap:FurnitureAndFixturesMember 2025-12-31 0001895597 us-gaap:FurnitureAndFixturesMember 2026-06-30 0001895597 us-gaap:VehiclesMember 2025-12-31 0001895597 us-gaap:VehiclesMember 2026-06-30 0001895597 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2025-12-31 0001895597 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2026-06-30 0001895597 us-gaap:TrademarksMember 2025-12-31 0001895597 us-gaap:TrademarksMember 2026-06-30 0001895597 ICG:PoSTechnologyPlatformMember 2025-12-31 0001895597 ICG:PoSTechnologyPlatformMember 2026-06-30 0001895597 us-gaap:CustomerRelationshipsMember 2025-12-31 0001895597 us-gaap:CustomerRelationshipsMember 2026-06-30 0001895597 ICG:WebsiteMember 2025-12-31 0001895597 ICG:WebsiteMember 2026-06-30 0001895597 us-gaap:CommonClassAMember 2026-01-01 2026-06-30 0001895597 us-gaap:CommonClassBMember 2026-01-01 2026-06-30 0001895597 us-gaap:CommonClassBMember 2026-03-16 2026-03-16 0001895597 2026-03-16 2026-03-16 0001895597 ICG:TwoThousandTwentyTwoShareIncentivePlanMember dei:AdrMember 2026-02-27 2026-02-27 0001895597 ICG:TwoThousandTwentyTwoShareIncentivePlanMember dei:AdrMember 2026-04-22 2026-04-22 0001895597 ICG:TwoThousandTwentyTwoShareIncentivePlanMember us-gaap:CommonClassAMember 2026-02-27 2026-02-27 0001895597 ICG:TwoThousandTwentyTwoShareIncentivePlanMember us-gaap:CommonClassAMember 2026-04-22 2026-04-22 0001895597 us-gaap:CommonClassAMember 2025-12-31 0001895597 us-gaap:CommonClassAMember 2026-06-30 0001895597 us-gaap:CommonClassBMember 2025-12-31 0001895597 us-gaap:CommonClassBMember 2026-06-30 0001895597 ICG:TwoThousandTwentyTwoShareIncentivePlanMember dei:AdrMember 2025-12-31 0001895597 ICG:TwoThousandTwentyTwoShareIncentivePlanMember dei:AdrMember 2026-06-30 0001895597 ICG:TwoThousandTwentyTwoShareIncentivePlanMember us-gaap:CommonClassAMember 2025-12-31 0001895597 ICG:TwoThousandTwentyTwoShareIncentivePlanMember us-gaap:CommonClassAMember 2026-06-30 0001895597 us-gaap:RestrictedStockUnitsRSUMember ICG:TwoThousandTwentyTwoShareIncentivePlanMember 2025-12-31 0001895597 us-gaap:RestrictedStockUnitsRSUMember ICG:TwoThousandTwentyTwoShareIncentivePlanMember 2026-01-01 2026-06-30 0001895597 us-gaap:RestrictedStockUnitsRSUMember ICG:TwoThousandTwentyTwoShareIncentivePlanMember 2026-06-30 0001895597 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-06-30 0001895597 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-06-30 0001895597 us-gaap:RestrictedStockUnitsRSUMember 2026-06-30 0001895597 us-gaap:RestrictedStockUnitsRSUMember 2026-06-30 2026-06-30 0001895597 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-06-30 0001895597 us-gaap:EmployeeStockOptionMember 2026-01-01 2026-06-30 0001895597 us-gaap:EmployeeStockOptionMember 2026-06-30 0001895597 us-gaap:EmployeeStockOptionMember 2026-06-30 2026-06-30 0001895597 us-gaap:CommonClassAMember 2026-05-06 2026-05-06 0001895597 ICG:ADSMember 2026-05-06 2026-05-06 0001895597 us-gaap:EmployeeStockOptionMember 2025-12-31 0001895597 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-12-31 0001895597 ICG:MiningProductsMember ICG:ThirdPartiesMember 2025-01-01 2025-06-30 0001895597 ICG:MiningProductsMember ICG:ThirdPartiesMember 2026-01-01 2026-06-30 0001895597 ICG:OtherRevenueMember ICG:ThirdPartiesMember 2025-01-01 2025-06-30 0001895597 ICG:OtherRevenueMember ICG:ThirdPartiesMember 2026-01-01 2026-06-30 0001895597 ICG:WorkInProgressMember us-gaap:RelatedPartyMember 2025-01-01 2025-06-30 0001895597 ICG:WorkInProgressMember us-gaap:RelatedPartyMember 2026-01-01 2026-06-30 0001895597 us-gaap:RelatedPartyMember ICG:TopsFutureMicroelectronicsCoLtdMember 2025-01-01 2025-06-30 0001895597 us-gaap:RelatedPartyMember ICG:TopsFutureMicroelectronicsCoLtdMember 2026-01-01 2026-06-30 0001895597 us-gaap:RestrictedStockUnitsRSUMember ICG:TwoThousandTwentyTwoShareIncentivePlanMember us-gaap:SubsequentEventMember 2026-07-01 2026-07-31 0001895597 srt:ScenarioForecastMember us-gaap:RestrictedStockUnitsRSUMember ICG:TwoThousandTwentyTwoShareIncentivePlanMember 2026-06-01 2030-06-01 0001895597 srt:ScenarioForecastMember 2026-08-21 2028-08-20 iso4217:USD shares iso4217:USD shares pure iso4217:CNY iso4217:CNY shares iso4217:SGD ICG:ETHandstakedETH ICG:ETH ICG:USDT ICG:Bitcoin ICG:Segment 6-K INTCHAINS GROUP LIMITED false --12-31 2026-06-30 0001895597 221661000 306709000 45203000 665000 89000 13000 6035000 2357000 348000 52151000 33823000 4985000 7000 55063000 53568000 7895000 267531000 154409000 22757000 603106000 550955000 81201000 187607000 98859000 14570000 386000 141581000 138722000 20445000 11975000 10734000 1582000 1100000 91000 13000 65796000 55213000 8137000 8347000 8347000 1230000 416792000 311966000 45977000 1019898000 862921000 127178000 3025000 204000 30000 16462000 16122000 2376000 39000 542000 91000 13000 380000 2000 22340000 17541000 2585000 42788000 33960000 5004000 558000 558000 43346000 33960000 5004000 0.000001 0.000001 50000000000 50000000000 121484348 122492282 121423854 122381588 1000 1000 1000 1000 211276000 216867000 31962000 51968000 51968000 7659000 -1246000 -5514000 -813000 714554000 565640000 83366000 976552000 828961000 122174000 1019898000 862921000 127178000 175588000 279000 41000 10852000 1599000 175588000 11131000 1640000 89952000 22067000 3252000 85636000 -10936000 -1612000 41592000 22355000 3294000 4267000 1762000 260000 19017000 17922000 2641000 64876000 42039000 6195000 20760000 -52975000 -7807000 6234000 3631000 535000 -542000 -4182000 -616000 -27966000 -89487000 -13189000 368000 1847000 273000 2830000 417000 -1146000 -138336000 -20387000 -5401000 10578000 1559000 4255000 -148914000 -21946000 -857000 -4268000 -629000 3398000 -153182000 -22575000 120480088 121847288 121847288 120555532 121847288 121847288 0.04 -1.22 -0.18 0.04 -1.22 -0.18 120020962 1000 -1000 195236000 51762000 3777000 762292000 1013067000 722022 4371000 4371000 291096 1670000 1670000 139774 4183000 4183000 183000 -183000 4255000 4255000 -857000 -857000 121173854 1000 -1000 205460000 51945000 2920000 766364000 1026689000 121423854 1000 -1000 211276000 51968000 -1246000 714554000 976552000 816002 141732 5591000 5591000 -148914000 -148914000 -148914000 -148914000 -4268000 -4268000 122381588 1000 -1000 216867000 51968000 -5514000 565640000 828961000 -35149000 -26771000 -3947000 546904000 360620000 53149000 529000000 473641000 69806000 12719000 16342000 2509000 370000 2188000 2662000 392000 412000 61000 2830000 417000 260000 38000 -16469000 115850000 17075000 6041000 6041000 -395000 -4031000 -594000 -45972000 85048000 12534000 322252000 221661000 32669000 276280000 306709000 45203000 1267000 14000 2000 31056000 3473000 512000 <p id="xdx_804_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_znVXRnFvTPQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82F_zkVn3rxRKLL5">Organization and basis of presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Organization and </i>principal activities</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intchains Group Limited (the “Company” or “Parent Company”), an exempted company with limited liability incorporated in the Cayman Islands, and its subsidiaries are collectively referred to as the “Group.” The Group focuses on the development and sale of altcoin mining products, the strategic acquisition, holding and staking of Ethereum-based cryptocurrencies, and Web3 infrastructure services, including a Proof-of-Stake cryptocurrency staking platform.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of presentation</i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by the rules and regulations of the U.S. Securities and Exchange Commission. The consolidated balance sheet as of December 31, 2025 was derived from the Group’s audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Group’s audited consolidated financial statements as of and for the year ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments considered necessary for a fair presentation of the interim periods. Results for the six months ended June 30, 2026 are not necessarily indicative of the results expected for the full year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s reporting currency is Renminbi (“RMB”). The unaudited U.S. dollar amounts are presented solely for the convenience of readers and were translated at US$<span id="xdx_907_ecustom--ExchangeCurrencyRate_iI_pid_uUSD_c20260630_z5Q5L8GZpVL5" title="Exchange currency rate">1.00</span> = RMB<span id="xdx_900_ecustom--ExchangeCurrencyRate_iI_pid_c20260630_zO8cy1e9V2df" title="Exchange currency rate">6.7851</span>, the noon buying rate on June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1.00 6.7851 <p id="xdx_807_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zTPGyfA1ESz3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. <span id="xdx_822_zgaIVF7TpXg9">Summary of significant accounting policies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accounting policies applied in preparing these unaudited condensed consolidated financial statements are consistent with those applied in the Group’s audited consolidated financial statements for the year ended December 31, 2025. There were no material changes to the Group’s significant accounting policies during the six months ended June 30, 2026.</span></p> <p id="xdx_848_eus-gaap--UseOfEstimates_z5NdKtVP1lXj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zZfWUviXZxG9">Use of estimates</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the Group’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting estimates and judgments include the recoverability of prepayments to vendors, impairment of long-lived assets, valuation of deferred tax assets, write-downs of inventories and prepayments, provision for inventory purchase commitments, valuation and recognition of share-based compensation and provision for product warranty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management bases its estimates on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ materially from these estimates.</span></p> <p id="xdx_84D_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zOcrPxtV8Pvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_z1r29AOQcoA2">Fair value measurements</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group applies ASC 820, Fair Value Measurement, when measuring fair value and for related fair value disclosures. Fair value measurements are categorized within a three-level hierarchy based on the lowest level input that is significant to the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable inputs other than Level 1 quoted prices; and Level 3 inputs are unobservable inputs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zmSnGHRc6SP3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair values of the Group’s assets as of December 31, 2025 and June 30, 2026 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span id="xdx_8B4_z5Uq6U9T7hug" style="display: none">Schedule of group's assets</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zIb3ch9Tj9ve" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zVzBwjrrbTsh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z2Udl615HDk7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zBRqTR0x8oGd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzp620YrKvr5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z2aemJ2SDqC8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zzQFJgeUguIg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zVHY02eMN2e7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30, 2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--TimeDepositsMember_zV2Pwrt3QRWc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Time deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0642">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0644">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0646">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0648">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--StructuredDepositsMember_zWlz53Po8Nk9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Structured deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0651">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0653">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0655">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0657">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--GovernmentSecuritiesMember_zBTEOfGbRSO" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Government securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0660">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0662">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0664">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0666">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--FundInvestmentsMember_zxYZaBlbiNj3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fund investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0668">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0669">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0670">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0671">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,181</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0673">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,181</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0675">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__us-gaap--MoneyMarketFundsMember_zLJgIr71ZKr4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Money market funds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0679">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0680">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0683">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0684">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--CryptocurrenciesMember_zkmSq7s9d9gh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cryptocurrencies</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">193,642</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">193,642</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0688">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0689">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">101,216</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">101,216</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0692">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0693">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_zIXMyxJQvnA9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">461,601</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">194,070</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">267,531</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0698">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">256,041</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">101,632</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">154,409</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0702">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_zKbe05lIow63" style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Fair value of investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">461,601</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">194,070</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">267,531</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0707">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">256,041</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">101,632</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">154,409</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0711">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zgm7VSNHTTyd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our financial instruments that are not re-measured at fair value include cash and cash equivalents except for the money market funds, USDC, interest receivables, other receivables, accounts payable and other liabilities. The carrying values of these financial instruments materially approximate their fair values.</span></p> <p id="xdx_847_ecustom--RelatedPartyTransactionsPolicyTextBlock_zdQ6S8QHHgC4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(c)</i></b></span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zHCOAJyaYIQ3">Related party transactions</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.</span></p> <p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zfWB7CdmdxUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(d) <span id="xdx_86E_zJ6QMkYiQ2j6">Recently adopted or issued accounting pronouncements</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Group did not adopt any new accounting standards during the six months ended June 30, 2026 that had a material impact on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU No. 2024-03.</p> <p id="xdx_85F_zOlobJGrpAah" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--UseOfEstimates_z5NdKtVP1lXj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zZfWUviXZxG9">Use of estimates</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the Group’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting estimates and judgments include the recoverability of prepayments to vendors, impairment of long-lived assets, valuation of deferred tax assets, write-downs of inventories and prepayments, provision for inventory purchase commitments, valuation and recognition of share-based compensation and provision for product warranty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management bases its estimates on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ materially from these estimates.</span></p> <p id="xdx_84D_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zOcrPxtV8Pvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_z1r29AOQcoA2">Fair value measurements</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group applies ASC 820, Fair Value Measurement, when measuring fair value and for related fair value disclosures. Fair value measurements are categorized within a three-level hierarchy based on the lowest level input that is significant to the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable inputs other than Level 1 quoted prices; and Level 3 inputs are unobservable inputs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zmSnGHRc6SP3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair values of the Group’s assets as of December 31, 2025 and June 30, 2026 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span id="xdx_8B4_z5Uq6U9T7hug" style="display: none">Schedule of group's assets</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zIb3ch9Tj9ve" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zVzBwjrrbTsh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z2Udl615HDk7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zBRqTR0x8oGd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzp620YrKvr5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z2aemJ2SDqC8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zzQFJgeUguIg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zVHY02eMN2e7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30, 2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--TimeDepositsMember_zV2Pwrt3QRWc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Time deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0642">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0644">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0646">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0648">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--StructuredDepositsMember_zWlz53Po8Nk9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Structured deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0651">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0653">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0655">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0657">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--GovernmentSecuritiesMember_zBTEOfGbRSO" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Government securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0660">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0662">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0664">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0666">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--FundInvestmentsMember_zxYZaBlbiNj3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fund investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0668">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0669">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0670">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0671">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,181</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0673">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,181</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0675">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__us-gaap--MoneyMarketFundsMember_zLJgIr71ZKr4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Money market funds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0679">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0680">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0683">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0684">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--CryptocurrenciesMember_zkmSq7s9d9gh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cryptocurrencies</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">193,642</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">193,642</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0688">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0689">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">101,216</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">101,216</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0692">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0693">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_zIXMyxJQvnA9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">461,601</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">194,070</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">267,531</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0698">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">256,041</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">101,632</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">154,409</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0702">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_zKbe05lIow63" style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Fair value of investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">461,601</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">194,070</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">267,531</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0707">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">256,041</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">101,632</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">154,409</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0711">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zgm7VSNHTTyd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our financial instruments that are not re-measured at fair value include cash and cash equivalents except for the money market funds, USDC, interest receivables, other receivables, accounts payable and other liabilities. The carrying values of these financial instruments materially approximate their fair values.</span></p> <p id="xdx_89A_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zmSnGHRc6SP3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair values of the Group’s assets as of December 31, 2025 and June 30, 2026 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span id="xdx_8B4_z5Uq6U9T7hug" style="display: none">Schedule of group's assets</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zIb3ch9Tj9ve" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zVzBwjrrbTsh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z2Udl615HDk7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zBRqTR0x8oGd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzp620YrKvr5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z2aemJ2SDqC8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zzQFJgeUguIg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zVHY02eMN2e7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30, 2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--TimeDepositsMember_zV2Pwrt3QRWc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Time deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0642">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0644">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0646">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">21,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0648">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--StructuredDepositsMember_zWlz53Po8Nk9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Structured deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0651">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">239,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0653">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0655">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0657">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--GovernmentSecuritiesMember_zBTEOfGbRSO" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Government securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0660">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0662">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0664">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0666">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--FundInvestmentsMember_zxYZaBlbiNj3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fund investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0668">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0669">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0670">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0671">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,181</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0673">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,181</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0675">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__us-gaap--MoneyMarketFundsMember_zLJgIr71ZKr4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Money market funds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0679">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0680">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0683">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0684">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByAssetClassAxis__custom--CryptocurrenciesMember_zkmSq7s9d9gh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Cryptocurrencies</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">193,642</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">193,642</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0688">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0689">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">101,216</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">101,216</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0692">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0693">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_zIXMyxJQvnA9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">461,601</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">194,070</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">267,531</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0698">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">256,041</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">101,632</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">154,409</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0702">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_zKbe05lIow63" style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Fair value of investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">461,601</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">194,070</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">267,531</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0707">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">256,041</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">101,632</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">154,409</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0711">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 21100000 21100000 21368000 21368000 239330000 239330000 125836000 125836000 7101000 7101000 2024000 2024000 5181000 5181000 428000 428000 416000 416000 193642000 193642000 101216000 101216000 461601000 194070000 267531000 256041000 101632000 154409000 461601000 194070000 267531000 256041000 101632000 154409000 <p id="xdx_847_ecustom--RelatedPartyTransactionsPolicyTextBlock_zdQ6S8QHHgC4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(c)</i></b></span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zHCOAJyaYIQ3">Related party transactions</span></i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.</span></p> <p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zfWB7CdmdxUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(d) <span id="xdx_86E_zJ6QMkYiQ2j6">Recently adopted or issued accounting pronouncements</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Group did not adopt any new accounting standards during the six months ended June 30, 2026 that had a material impact on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU No. 2024-03.</p> <p id="xdx_801_eus-gaap--ConcentrationRiskDisclosureTextBlock_zOacO97FZx9l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. <span id="xdx_82E_zdGmcNO5YRS8">Risks and concentration</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a) </i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> Concentration of credit risk</i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that may potentially subject the Group to significant concentration of credit risk consist primarily of cash and cash equivalents, short-term investments and interest receivables. The Group places cash and investments with reputable financial institutions and monitors the financial strength of those institutions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s sales arrangements usually require full prepayment before the delivery of products. For credit sales, the Group conducts credit evaluations of customers and generally does not require collateral or other security from its customers. The Group evaluates outstanding receivables, if any, for expected credit losses based on the age of receivables and other factors relating to the credit risk of specific customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_znIKInNdAbMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customers which contributed more than 10% of total revenue are as below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span id="xdx_8BA_zsB28eh865k9" style="display: none">Schedule of concentration of risk</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250630_zbi6dxGxjgk7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260101__20260630_zB8oLsCLmBVe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(percentage of total revenue)</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Customer A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerAMember_fKg_____z35JT5SgU814" style="width: 16%; text-align: right" title="Concentration risk percentage"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span><span>*</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerAMember_fKg_____zyRYiOn6Szpj" style="width: 16%; text-align: right" title="Concentration risk percentage">97.5</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerBMember_fKg_____z2RDcXxHVdAg" style="text-align: right" title="Concentration risk percentage">38.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerBMember_fKg_____z9tfA7fPZILc" style="text-align: right" title="Concentration risk percentage"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span>*</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer C</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerCMember_fKg_____zyEBqSmiKk11" style="text-align: right" title="Concentration risk percentage">25.8</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerCMember_fKg_____zVPTyDcMwD1l" style="text-align: right" title="Concentration risk percentage"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span>*</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer D</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerDMember_fKg_____zAxuFk2Uakae" style="text-align: right" title="Concentration risk percentage">19.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerDMember_fKg_____zRrl7lGIc0Kb" style="text-align: right" title="Concentration risk percentage"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span>*</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Customer A is a related party of the Group. See Note 15.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F05_zxR3dmRtAqGh">*</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F1E_zfuCD4HEvOW7">Less than 10%.</i></span></td> </tr></table> <p id="xdx_8A2_zedkqu4dmyWf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b) Supplier concentration</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six months ended June 30, 2025 and 2026, the Group purchased substantially all of its integrated circuits, an important component of its mining products, from two third-party foundry partners in each period. Although only a limited number of manufacturers for such integrated circuits are available, management believes that other suppliers could provide similar integrated circuits on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would affect operating results adversely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89C_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_znIKInNdAbMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customers which contributed more than 10% of total revenue are as below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span id="xdx_8BA_zsB28eh865k9" style="display: none">Schedule of concentration of risk</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250630_zbi6dxGxjgk7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260101__20260630_zB8oLsCLmBVe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(percentage of total revenue)</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Customer A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerAMember_fKg_____z35JT5SgU814" style="width: 16%; text-align: right" title="Concentration risk percentage"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span><span>*</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerAMember_fKg_____zyRYiOn6Szpj" style="width: 16%; text-align: right" title="Concentration risk percentage">97.5</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerBMember_fKg_____z2RDcXxHVdAg" style="text-align: right" title="Concentration risk percentage">38.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerBMember_fKg_____z9tfA7fPZILc" style="text-align: right" title="Concentration risk percentage"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span>*</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer C</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerCMember_fKg_____zyEBqSmiKk11" style="text-align: right" title="Concentration risk percentage">25.8</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerCMember_fKg_____zVPTyDcMwD1l" style="text-align: right" title="Concentration risk percentage"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span>*</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer D</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20250101__20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerDMember_fKg_____zAxuFk2Uakae" style="text-align: right" title="Concentration risk percentage">19.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20260101__20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CustomerDMember_fKg_____zRrl7lGIc0Kb" style="text-align: right" title="Concentration risk percentage"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span>*</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Customer A is a related party of the Group. See Note 15.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F05_zxR3dmRtAqGh">*</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F1E_zfuCD4HEvOW7">Less than 10%.</i></span></td> </tr></table> -0 0.975 0.386 -0 0.258 -0 0.191 -0 <p id="xdx_803_eus-gaap--CashAndCashEquivalentsDisclosureTextBlock_zIgteskfPToe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4. <span id="xdx_822_zy6eqrxSI2Ul">Cash and cash equivalents</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock_zbNp6A585Gwi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zO8f7LKIFOP6" style="display: none">Schedule of cash and cash equivalents</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zLf5RFyX1t99" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260630_zPlxpu8VNNVc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--Cash_iI_pn3n3_maCACEAzzd7_zK4TFpGSj6gh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">221,233</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">306,293</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_maCACEAzzd7_zhW9qsBUCbo" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Money market funds</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">428</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">416</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iTI_pn3n3_mtCACEAzzd7_zLMuktJQ0IUg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">221,661</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">306,709</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zxu2D6smNUe2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zABYquaA8266" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth a breakdown of cash and cash equivalents by currency denomination and jurisdiction as of December 31, 2025 and June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_zKitQTQ1fLjd" style="display: none">Schedule of cash and cash equivalents by current</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB equivalent<br/> USD</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB equivalent<br/> SGD</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total in<br/> RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">China</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Overseas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">China</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Overseas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Overseas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="22" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; width: 40%">December 31, 2025</td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20251231__srt--StatementGeographicalAxis__country--CN_zu28a52Bpmrd" style="border-bottom: Black 2.5pt double; width: 6%; text-align: right" title="Cash and cash equivalents">93,853</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20251231__srt--StatementGeographicalAxis__custom--OverseasMember_zrXO3bg0YK" style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 6%; text-align: right" title="Cash and cash equivalents"><span style="-sec-ix-hidden: xdx2ixbrl0755">—</span></td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uUSD_c20251231__srt--StatementGeographicalAxis__country--CN_zno93k1oyiYc" style="border-bottom: Black 2.5pt double; width: 6%; text-align: right" title="Cash and cash equivalents">117,369</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uUSD_c20251231__srt--StatementGeographicalAxis__custom--OverseasMember_ztXOs30E4nkj" style="border-bottom: Black 2.5pt double; width: 6%; text-align: right" title="Cash and cash equivalents">10,289</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uSGD_c20251231__srt--StatementGeographicalAxis__custom--OverseasMember_zSfHJkWaC8vl" style="border-bottom: Black 2.5pt double; width: 6%; text-align: right" title="Cash and cash equivalents">150</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20251231_zQzvcaD8Czhh" style="border-bottom: Black 2.5pt double; width: 6%; text-align: right" title="Cash and cash equivalents">221,661</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20260630__srt--StatementGeographicalAxis__country--CN_zqH8FLC7flR6" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">178,605</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20260630__srt--StatementGeographicalAxis__custom--OverseasMember_zshnHdmlpseg" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents"><span style="-sec-ix-hidden: xdx2ixbrl0767">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uUSD_c20260630__srt--StatementGeographicalAxis__country--CN_zNgI85leZ6be" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">127,529</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uUSD_c20260630__srt--StatementGeographicalAxis__custom--OverseasMember_zZp47Fp9L7f2" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">496</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uSGD_c20260630__srt--StatementGeographicalAxis__custom--OverseasMember_zx5oNb8AdlO1" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">79</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20260630_z6hfG9GSRBA" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">306,709</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A6_zDw2mnS030E4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89C_eus-gaap--ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock_zbNp6A585Gwi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zO8f7LKIFOP6" style="display: none">Schedule of cash and cash equivalents</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zLf5RFyX1t99" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20260630_zPlxpu8VNNVc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--Cash_iI_pn3n3_maCACEAzzd7_zK4TFpGSj6gh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">221,233</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">306,293</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn3n3_maCACEAzzd7_zhW9qsBUCbo" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Money market funds</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">428</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">416</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iTI_pn3n3_mtCACEAzzd7_zLMuktJQ0IUg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">221,661</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">306,709</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 221233000 306293000 428000 416000 221661000 306709000 <p id="xdx_89C_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zABYquaA8266" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth a breakdown of cash and cash equivalents by currency denomination and jurisdiction as of December 31, 2025 and June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_zKitQTQ1fLjd" style="display: none">Schedule of cash and cash equivalents by current</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB equivalent<br/> USD</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB equivalent<br/> SGD</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total in<br/> RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">China</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Overseas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">China</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Overseas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Overseas</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="22" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; width: 40%">December 31, 2025</td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20251231__srt--StatementGeographicalAxis__country--CN_zu28a52Bpmrd" style="border-bottom: Black 2.5pt double; width: 6%; text-align: right" title="Cash and cash equivalents">93,853</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20251231__srt--StatementGeographicalAxis__custom--OverseasMember_zrXO3bg0YK" style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 6%; text-align: right" title="Cash and cash equivalents"><span style="-sec-ix-hidden: xdx2ixbrl0755">—</span></td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uUSD_c20251231__srt--StatementGeographicalAxis__country--CN_zno93k1oyiYc" style="border-bottom: Black 2.5pt double; width: 6%; text-align: right" title="Cash and cash equivalents">117,369</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uUSD_c20251231__srt--StatementGeographicalAxis__custom--OverseasMember_ztXOs30E4nkj" style="border-bottom: Black 2.5pt double; width: 6%; text-align: right" title="Cash and cash equivalents">10,289</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uSGD_c20251231__srt--StatementGeographicalAxis__custom--OverseasMember_zSfHJkWaC8vl" style="border-bottom: Black 2.5pt double; width: 6%; text-align: right" title="Cash and cash equivalents">150</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 2.5pt; width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20251231_zQzvcaD8Czhh" style="border-bottom: Black 2.5pt double; width: 6%; text-align: right" title="Cash and cash equivalents">221,661</td><td style="padding-bottom: 2.5pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20260630__srt--StatementGeographicalAxis__country--CN_zqH8FLC7flR6" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">178,605</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20260630__srt--StatementGeographicalAxis__custom--OverseasMember_zshnHdmlpseg" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents"><span style="-sec-ix-hidden: xdx2ixbrl0767">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uUSD_c20260630__srt--StatementGeographicalAxis__country--CN_zNgI85leZ6be" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">127,529</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uUSD_c20260630__srt--StatementGeographicalAxis__custom--OverseasMember_zZp47Fp9L7f2" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">496</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uSGD_c20260630__srt--StatementGeographicalAxis__custom--OverseasMember_zx5oNb8AdlO1" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">79</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_c20260630_z6hfG9GSRBA" style="border-bottom: Black 2.5pt double; text-align: right" title="Cash and cash equivalents">306,709</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 93853000 117369000 10289000 150000 221661000 178605000 127529000 496000 79000 306709000 <p id="xdx_804_eus-gaap--InventoryDisclosureTextBlock_z0GeQxUvgAoi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5. <span id="xdx_82D_zuyWDm4i0y92">Inventories, net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zwnzab686zCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B4_zGkrJnefG72l" style="display: none">Schedule of inventories, net</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zhw9oE3FxXog" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260630_zJqAftVvAv3g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--InventoryFinishedGoods_iI_pn3n3_maIGzdDU_zB3XoIRXq3ha" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Finished goods</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">62,254</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">77,189</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InventoryWorkInProcess_iI_pn3n3_maIGzdDU_zDnbXSGVNwY5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">83,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InventoryRawMaterials_iI_pn3n3_maIGzdDU_zFDOMJwRq37j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Raw materials</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,684</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,340</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryGross_iTI_pn3n3_mtIGzdDU_maCIVALz567_zBPaZ1ULK7M3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Inventories, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209,128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">178,730</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--InventoryProvision_iNI_pn3n3_di_msCIVALz567_zu3X4fUw9Hui" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: inventory provision</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(156,977</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(144,907</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--InventoryNet_iI_pn3n3_mtCIVALz567_zLlrr2gH9CRd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Inventories, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">52,151</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">33,823</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zCdx35Nfagq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2025 and 2026, the Group recorded inventory write-downs of RMB<span id="xdx_90B_eus-gaap--InventoryWriteDown_c20250101__20250630_zT3B7WCUDX79" title="Inventory write-down">54,782,000</span> and RMB<span id="xdx_90A_eus-gaap--InventoryWriteDown_c20260101__20260630_zNVJxFjRCRhi" title="Inventory write-down">14,332,000</span> in cost of revenue, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zwnzab686zCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B4_zGkrJnefG72l" style="display: none">Schedule of inventories, net</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zhw9oE3FxXog" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260630_zJqAftVvAv3g" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--InventoryFinishedGoods_iI_pn3n3_maIGzdDU_zB3XoIRXq3ha" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Finished goods</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">62,254</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">77,189</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InventoryWorkInProcess_iI_pn3n3_maIGzdDU_zDnbXSGVNwY5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">83,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InventoryRawMaterials_iI_pn3n3_maIGzdDU_zFDOMJwRq37j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Raw materials</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,684</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,340</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryGross_iTI_pn3n3_mtIGzdDU_maCIVALz567_zBPaZ1ULK7M3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Inventories, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209,128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">178,730</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--InventoryProvision_iNI_pn3n3_di_msCIVALz567_zu3X4fUw9Hui" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: inventory provision</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(156,977</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(144,907</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--InventoryNet_iI_pn3n3_mtCIVALz567_zLlrr2gH9CRd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Inventories, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">52,151</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">33,823</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 62254000 77189000 120190000 83201000 26684000 18340000 209128000 178730000 156977000 144907000 52151000 33823000 54782000 14332000 <p id="xdx_807_ecustom--PrepaymentsAndOtherCurrentAssetsDisclosureTextBlock_za8m0L9W7Qq" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6. <span id="xdx_820_zgBSGbPA2mY9">Prepayments and other current assets, net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zY1jBn0iFSC2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments and other current assets consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zXGbEwbH9Gld" style="display: none">Schedule of prepayments and other current assets, net</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20251231_zyn8gK1CnmHi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260630_zprbreNmHjzc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--PrepaidTaxes_iI_pn3n3_maPEAOAzHkn_zWbEvyDKiU5h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">VAT deductible</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">48,653</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">50,043</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Supplies_iI_pn3n3_maPEAOAzHkn_zisUOiYgJ0u1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepayments to vendors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,747</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestReceivable_iI_pn3n3_maPEAOAzHkn_zfzP94O8f9Yf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">584</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">273</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--IncomeTaxReceivables_iI_pn3n3_maPEAOAzHkn_zfmbZN7rTfwb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">280</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidRent_iI_pn3n3_maPEAOAzHkn_z39PBkJlAmK4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rental and other deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">207</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAzHkn_zy26TXNf7hmk" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">415</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">71</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzHkn_zBGQb7f2R8t4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Prepayments and other current assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">55,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">53,568</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_z1vTjCqCBzjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts due from related parties included in prepayments and other current assets were <span id="xdx_908_eus-gaap--OtherRestrictedAssetsCurrent_iI_pn3d_dxL_c20251231_z6Q7iiVTQvga" title="Write-downs of prepayments::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0828">nil</span></span> and RMB<span id="xdx_908_eus-gaap--OtherRestrictedAssetsCurrent_iI_pn3d_c20260630_zLrcfUOSoRPf" title="Write-downs of prepayments">7,000</span> as of December 31, 2025 and June 30, 2026, respectively. See more detail in Note 15.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No write-down of prepayments to third-party suppliers was recognized in cost of revenue for the six months ended June 30, 2025 and 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_892_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zY1jBn0iFSC2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments and other current assets consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zXGbEwbH9Gld" style="display: none">Schedule of prepayments and other current assets, net</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20251231_zyn8gK1CnmHi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260630_zprbreNmHjzc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--PrepaidTaxes_iI_pn3n3_maPEAOAzHkn_zWbEvyDKiU5h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">VAT deductible</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">48,653</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">50,043</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Supplies_iI_pn3n3_maPEAOAzHkn_zisUOiYgJ0u1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepayments to vendors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,747</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InterestReceivable_iI_pn3n3_maPEAOAzHkn_zfzP94O8f9Yf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">584</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">273</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--IncomeTaxReceivables_iI_pn3n3_maPEAOAzHkn_zfmbZN7rTfwb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">280</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidRent_iI_pn3n3_maPEAOAzHkn_z39PBkJlAmK4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rental and other deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">207</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAzHkn_zy26TXNf7hmk" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">415</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">71</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzHkn_zBGQb7f2R8t4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Prepayments and other current assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">55,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">53,568</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 48653000 50043000 4904000 2747000 584000 273000 300000 280000 207000 154000 415000 71000 55063000 53568000 7000 <p id="xdx_805_eus-gaap--CashCashEquivalentsAndShortTermInvestmentsTextBlock_z2ifjeJ33mGc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7. <span id="xdx_820_zCPGI9JvI6Y7">Short-term investments and long-term investments</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--UnrealizedGainLossOnInvestmentsTableTextBlock_zJqMDmHG9tp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term investments classified by security type consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zSBuXh6mmoG6" style="display: none">Schedule of short-term investments and long-term investment classified by security type</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="19" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">Security type</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center">Classification</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjusted cost / carrying amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized gains/(losses)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Short-term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Long-term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left">Time deposits (Note a)</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: right">Held-to-maturity</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zz9ps8Vuexf5" style="width: 13%; text-align: right" title="Adjusted cost">21,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_ze9HS7l4comj" style="width: 9%; text-align: right" title="Adjusted cost"><span style="-sec-ix-hidden: xdx2ixbrl0838">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zOldbCmzHFx1" style="width: 9%; text-align: right" title="Short-term investments">21,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_z3UPK0KgC7Oh" style="width: 9%; text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0842">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Structured deposits (Note b)</td><td> </td> <td style="text-align: right">Held-to-maturity</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zygJOajaHye2" style="text-align: right" title="Adjusted cost">239,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zL1tezz1wIVc" style="text-align: right" title="Adjusted cost"><span style="-sec-ix-hidden: xdx2ixbrl0846">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zfgIihBorwN1" style="text-align: right" title="Short-term investments">239,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zWJAwVf6B5W6" style="text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0850">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Government securities</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt">Trading</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_zCYDAUr66XKa" style="border-bottom: Black 1pt solid; text-align: right" title="Adjusted cost">7,022</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_zccLGVVoPLtl" style="border-bottom: Black 1pt solid; text-align: right" title="Adjusted cost">79</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_z3HwmLVabiRd" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">7,101</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_z1wo0pThP9Xk" style="border-bottom: Black 1pt solid; text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0858">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20251231_zAGQAbvTBaH" style="border-bottom: Black 2.5pt double; text-align: right" title="Adjusted cost">267,452</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20250101__20251231_zhRDsVoqtb4g" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross unrealized gains">79</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231_z4lnuAiJdkkg" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">267,531</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231_zLNsbY7njcG8" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0866">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="19" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30, 2026</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">Security type</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center">Classification</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjusted cost / carrying amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized gains/(losses)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Short-term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Long-term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left">Time deposits (Note a)</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: right">Held-to-maturity</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zqQb0m7P6Xtb" style="width: 13%; text-align: right" title="Adjusted cost">21,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zHUNT7h9y07j" style="width: 9%; text-align: right" title="Adjusted cost"><span style="-sec-ix-hidden: xdx2ixbrl0870">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShortTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zYVidmVb2ZZ" style="width: 9%; text-align: right" title="Short-term investments">21,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zbtwmOM140X8" style="width: 9%; text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0874">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Structured deposits (Note b)</td><td> </td> <td style="text-align: right">Held-to-maturity</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zHwvrJNmhg9i" style="text-align: right" title="Adjusted cost">125,836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zwLpOO9YJFYb" style="text-align: right" title="Adjusted cost"><span style="-sec-ix-hidden: xdx2ixbrl0878">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShortTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zKccoMy5CjN" style="text-align: right" title="Short-term investments">125,836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_ziCMs9CLrLx8" style="text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0882">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Government securities</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right">Trading</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_z9WmK7AKTz28" style="text-align: right" title="Adjusted cost">2,022</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_z90lGkHC963i" style="text-align: right" title="Adjusted cost">2</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_zndIsKgNEOp4" style="text-align: right" title="Short-term investments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_zn1p6DN2s2o6" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0889">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Fund investments (Note c)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right">Equity securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--FundInvestmentsMember_z2KQD32AEEDc" style="border-bottom: Black 1pt solid; text-align: right" title="Adjusted cost">5,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--FundInvestmentsMember_zLcfccVxrcE3" style="border-bottom: Black 1pt solid; text-align: right" title="Adjusted cost">181</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--FundInvestmentsMember_zl4K15RHcSRa" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">5,181</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--FundInvestmentsMember_z8M8dQb0Wvkg" style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0896">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20260630_zGpHjHYMWES3" style="border-bottom: Black 2.5pt double; text-align: right" title="Adjusted cost">154,226</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20260101__20260630_zG4B01G1wFfe" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross unrealized gains">183</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShortTermInvestments_iI_pn3n3_c20260630_z0aNgcKNVW6" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">154,409</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--LongTermInvestments_iI_pn3n3_c20260630_zobSCsSGTXfl" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0904">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zlXWIB47ctHl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note a: As of December 31, 2025 and June 30, 2026, all of the Group’s time deposits had contractual maturity dates within one year and bore an expected annualized rate of return of <span id="xdx_907_ecustom--PercentageOfReturnOnInvestment_pid_dp_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zQwuk7Jwt2Y8" title="Percentage of return on investment"><span id="xdx_908_ecustom--PercentageOfReturnOnInvestment_pid_dp_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zRKtaDY8l6V7" title="Percentage of return on investment">2.7</span></span>%. The Group recorded interest income on time deposits of RMB<span id="xdx_904_eus-gaap--InvestmentIncomeInterest_pn3d_c20250101__20250630__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_z0B9Pe1sERFd" title="Interest income">260,000</span> and RMB<span id="xdx_901_eus-gaap--InvestmentIncomeInterest_pn3d_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zod4XBlxjcD8" title="Interest income">268,000</span> for the six months ended June 30, 2025 and 2026, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note b: As of December 31, 2025 and June 30, 2026, all of the Group’s structured deposits had contractual maturity dates within one year and bore expected annualized rates of return ranging from <span id="xdx_904_ecustom--PercentageOfReturnOnInvestment_pid_dp_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember__srt--RangeAxis__srt--MinimumMember_zpkuk3k0TFpd" title="Percentage of return on investment"><span id="xdx_90B_ecustom--PercentageOfReturnOnInvestment_pid_dp_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember__srt--RangeAxis__srt--MinimumMember_zhpOjalfViR1" title="Percentage of return on investment">1.65</span></span>% to <span id="xdx_908_ecustom--PercentageOfReturnOnInvestment_pid_dp_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember__srt--RangeAxis__srt--MaximumMember_z12UATifH0W2" title="Percentage of return on investment"><span id="xdx_901_ecustom--PercentageOfReturnOnInvestment_pid_dp_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember__srt--RangeAxis__srt--MaximumMember_zcaF4TkLQa4c" title="Percentage of return on investment">2.10</span></span>%. The Group recorded interest income on structured deposits of RMB<span id="xdx_902_eus-gaap--InvestmentIncomeInterest_pn3d_c20250101__20250630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zJMFVn8MpNe5" title="Interest income">2,922,000</span> and RMB<span id="xdx_906_eus-gaap--InvestmentIncomeInterest_pn3d_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_z5UgAgwCWII3" title="Interest income">1,857,000</span> for the six months ended June 30, 2025 and 2026, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Note c: The fund investment represents an investment in a FOF collective asset management plan, which primarily invests in other asset management products. The investment is measured at fair value, with changes in fair value recognized in earnings. The fund is open for redemption on a quarterly basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note d: The table above excludes equity method investments. As of December 31, 2025, the Group had an equity method investment with a carrying amount of RMB<span id="xdx_908_eus-gaap--EquityMethodInvestmentAggregateCost_iI_pn3d_c20251231_z7GxdZQvnCeh" title="Equity method investment">386,000</span>, which was included in long-term investments on the condensed consolidated balance sheet. During the six months ended June 30, 2026, the Group disposed of this investment for cash proceeds of RMB<span id="xdx_90A_eus-gaap--ProceedsFromDivestitureOfBusinessesNetOfCashDivested_pn3d_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zoYm1vpT4n7" title="Cash proceeds">412,000</span> and recognized an immaterial gain of approximately RMB<span id="xdx_90F_eus-gaap--OtherIncome_pn3d_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_z6bRaqMZpCg3" title="Other income">26,000</span>, which was included in other income, net.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--UnrealizedGainLossOnInvestmentsTableTextBlock_zJqMDmHG9tp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term investments classified by security type consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_zSBuXh6mmoG6" style="display: none">Schedule of short-term investments and long-term investment classified by security type</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="19" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">Security type</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center">Classification</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjusted cost / carrying amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized gains/(losses)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Short-term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Long-term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left">Time deposits (Note a)</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: right">Held-to-maturity</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zz9ps8Vuexf5" style="width: 13%; text-align: right" title="Adjusted cost">21,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_ze9HS7l4comj" style="width: 9%; text-align: right" title="Adjusted cost"><span style="-sec-ix-hidden: xdx2ixbrl0838">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zOldbCmzHFx1" style="width: 9%; text-align: right" title="Short-term investments">21,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_z3UPK0KgC7Oh" style="width: 9%; text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0842">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Structured deposits (Note b)</td><td> </td> <td style="text-align: right">Held-to-maturity</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zygJOajaHye2" style="text-align: right" title="Adjusted cost">239,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zL1tezz1wIVc" style="text-align: right" title="Adjusted cost"><span style="-sec-ix-hidden: xdx2ixbrl0846">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zfgIihBorwN1" style="text-align: right" title="Short-term investments">239,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zWJAwVf6B5W6" style="text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0850">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Government securities</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt">Trading</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_zCYDAUr66XKa" style="border-bottom: Black 1pt solid; text-align: right" title="Adjusted cost">7,022</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20250101__20251231__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_zccLGVVoPLtl" style="border-bottom: Black 1pt solid; text-align: right" title="Adjusted cost">79</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_z3HwmLVabiRd" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">7,101</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_z1wo0pThP9Xk" style="border-bottom: Black 1pt solid; text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0858">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20251231_zAGQAbvTBaH" style="border-bottom: Black 2.5pt double; text-align: right" title="Adjusted cost">267,452</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20250101__20251231_zhRDsVoqtb4g" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross unrealized gains">79</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pn3n3_c20251231_z4lnuAiJdkkg" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">267,531</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermInvestments_iI_pn3n3_c20251231_zLNsbY7njcG8" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0866">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="19" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30, 2026</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center">Security type</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center">Classification</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Adjusted cost / carrying amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Unrealized gains/(losses)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Short-term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Long-term</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="14" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left">Time deposits (Note a)</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: right">Held-to-maturity</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zqQb0m7P6Xtb" style="width: 13%; text-align: right" title="Adjusted cost">21,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zHUNT7h9y07j" style="width: 9%; text-align: right" title="Adjusted cost"><span style="-sec-ix-hidden: xdx2ixbrl0870">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShortTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zYVidmVb2ZZ" style="width: 9%; text-align: right" title="Short-term investments">21,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zbtwmOM140X8" style="width: 9%; text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0874">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Structured deposits (Note b)</td><td> </td> <td style="text-align: right">Held-to-maturity</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zHwvrJNmhg9i" style="text-align: right" title="Adjusted cost">125,836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zwLpOO9YJFYb" style="text-align: right" title="Adjusted cost"><span style="-sec-ix-hidden: xdx2ixbrl0878">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShortTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_zKccoMy5CjN" style="text-align: right" title="Short-term investments">125,836</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--StructuredDepositsMember_ziCMs9CLrLx8" style="text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0882">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Government securities</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right">Trading</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_z9WmK7AKTz28" style="text-align: right" title="Adjusted cost">2,022</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_z90lGkHC963i" style="text-align: right" title="Adjusted cost">2</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_zndIsKgNEOp4" style="text-align: right" title="Short-term investments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--GovernmentSecuritiesMember_zn1p6DN2s2o6" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0889">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Fund investments (Note c)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right">Equity securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--FundInvestmentsMember_z2KQD32AEEDc" style="border-bottom: Black 1pt solid; text-align: right" title="Adjusted cost">5,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20260101__20260630__us-gaap--InvestmentTypeAxis__custom--FundInvestmentsMember_zLcfccVxrcE3" style="border-bottom: Black 1pt solid; text-align: right" title="Adjusted cost">181</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--FundInvestmentsMember_zl4K15RHcSRa" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">5,181</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermInvestments_iI_pn3n3_c20260630__us-gaap--InvestmentTypeAxis__custom--FundInvestmentsMember_z8M8dQb0Wvkg" style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0896">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--OtherInvestmentsAndSecuritiesAtCost_iI_pn3n3_c20260630_zGpHjHYMWES3" style="border-bottom: Black 2.5pt double; text-align: right" title="Adjusted cost">154,226</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_c20260101__20260630_zG4B01G1wFfe" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross unrealized gains">183</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShortTermInvestments_iI_pn3n3_c20260630_z0aNgcKNVW6" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">154,409</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--LongTermInvestments_iI_pn3n3_c20260630_zobSCsSGTXfl" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term investment"><span style="-sec-ix-hidden: xdx2ixbrl0904">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 21100000 21100000 239330000 239330000 7022000 79000 7101000 267452000 79000 267531000 21368000 21368000 125836000 125836000 2022000 2000 2024000 5000000 181000 5181000 154226000 183000 154409000 0.027 0.027 260000 268000 0.0165 0.0165 0.0210 0.0210 2922000 1857000 386000 412000 26000 <p id="xdx_807_eus-gaap--InvestmentTextBlock_zMwofZDwOyxg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8. <span id="xdx_82E_zhHKV5tLnEXf">Cryptocurrencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--CryptoAssetHoldingTableTextBlock_zknnDVxJlo74" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cryptocurrency holdings were comprised of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zdT8eYkAheU6" style="display: none">Schedule of cryptocurrencies holdings</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_zeFxttJP5qZ9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260630_zJS6HEnwP49d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CryptoAssetFairValueCurrent_iI_pn3n3_hsrt--CryptoAssetAxis__custom--TetherMember_zX79tnVD8jBf" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; padding-bottom: 2.5pt">USDT</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">6,035</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">2,357</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CryptoAssetFairValueCurrent_iI_pn3n3_hsrt--CryptoAssetAxis__custom--TetherMember_z51pV0GCLNO9" style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6,035</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,357</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CryptoAssetFairValueNoncurrent_iI_pn3n3_hsrt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zBwA1NMPWfKk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">ETH and staked ETH (Note a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">186,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,090</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CryptoAssetFairValueNoncurrent_iI_pn3n3_hsrt--CryptoAssetAxis__custom--BitcoinMember_zYPWx2jpQx79" style="vertical-align: bottom; background-color: White"> <td>Bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">886</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">686</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CryptoAssetFairValueNoncurrent_iI_pn3n3_hsrt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zWFii3kW7Dlb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Others (Note b)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">90</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">83</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CryptoAssetFairValueNoncurrent_iI_pn3n3_zXASqZm5Vn5l" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current assets</span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">187,607</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">98,859</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A1_z2IxBF0vTb5i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_ecustom--CryptoCurrencyHoldingTableTextBlock_zc37jpHvCUmh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Group’s cryptocurrency holdings as of December 31, 2025 and June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zR78ei9v2Al2" style="display: none">Schedule of cryptocurrencies holdings activity</span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Cryptocurrency</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Quantity</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Cost basis</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Quantity</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Cost basis</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 32%">USDT</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uUSDT_c20251231__srt--CryptoAssetAxis__custom--TetherMember_zdxADFSCh827" style="width: 7%; text-align: right">858,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--CryptoAssetCost_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--TetherMember_zdAUelwYcyyi" style="width: 8%; text-align: right">6,035</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--TetherMember_zhoBqEKydHDi" style="width: 7%; text-align: right">6,035</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uUSDT_c20260630__srt--CryptoAssetAxis__custom--TetherMember_zjjuH5iszjo9" style="width: 7%; text-align: right">346,112</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--TetherMember_zizMwSJcY6R4" style="width: 8%; text-align: right">2,357</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--TetherMember_zsv0GveHBPmh" style="width: 7%; text-align: right">2,357</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">ETH and staked ETH (Note a)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uETHandstakedETH_c20251231__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zf2Z6dB3X6j3" style="text-align: right">8,826</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetCost_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zpWGKh0GjVoc" style="text-align: right">162,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zFKYuKF3NWdh" style="text-align: right">186,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uETHandstakedETH_c20260630__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_ziJnbYB4Uzad" style="text-align: right">9,176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zWv3OQcGkiXk" style="text-align: right">160,226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zA8SoEU3LDJ4" style="text-align: right">98,090</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Bitcoin</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uBitcoin_c20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zJHJowiDuGH4" style="text-align: right" title="Cryptocurrency, Quantity">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetCost_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zPpQX8ZIUnIi" style="text-align: right" title="Quantity">1,051</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zScFzdCFaclb" style="text-align: right" title="Quantity">886</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uBitcoin_c20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zLAYW97oNFm5" style="text-align: right" title="Cryptocurrency, Quantity">1.72</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zx0Ugdhppuxb" style="text-align: right" title="Quantity">1,177</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--BitcoinMember_z8QM0oPzbV9b" style="text-align: right" title="Quantity">686</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Others (Note b)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CryptoAssetsNumberOfUnits_pid_c20250101__20251231__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zvrb45zWs17a" style="text-align: right" title="Cryptocurrency, Quantity"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multiple</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetCost_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zRkpqlCm4Qy4" style="text-align: right" title="Cryptocurrency, Cost basis">455</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zXhxmjjyPbwk" style="text-align: right" title="Cryptocurrency, Fair value">90</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--CryptoAssetsNumberOfUnits_pid_c20260101__20260630__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zRKr3fGxwDQ9" style="text-align: right" title="Cryptocurrency, Quantity"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multiple</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zPYXOIKfyOwa" style="text-align: right" title="Cryptocurrency, Cost basis">431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zVtQR0QAhgXe" style="text-align: right" title="Cryptocurrency, Fair value">83</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A0_zoZICRN5E8Md" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note a: As of December 31, 2025 and June 30, 2026, approximately <span id="xdx_906_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uETH_c20251231_zMGP05hAIew6">1,709</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ETH and <span id="xdx_908_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uETH_c20260630_z8DNRIaPphie">1,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ETH, respectively, were staked. The staked ETH are not subject to material contractual lock-up arrangements or other significant restrictions on sale. The staking rewards are recognized in other income, net when earned and control of the reward ETH is obtained. The rewards are measured based on the fair value of the ETH received on the date earned.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note b: The ‘Others’ category encompasses various cryptocurrencies that are not reported individually due to their lower significance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--CryptoAssetActivityTableTextBlock_hsrt--CryptoAssetAxis__custom--EthereumAndEthereumCoinbaseStakedMember_zScTbYPxAPMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents additional information about the Group’s cryptocurrencies:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span><span id="xdx_8B4_zz01HyjKRVp4" style="display: none">Schedule of cryptocurrency additional information</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250630__srt--CryptoAssetAxis__custom--EthereumAndEthereumCoinbaseStakedMember_z22rdWzR1M55" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260630__srt--CryptoAssetAxis__custom--EthereumAndEthereumCoinbaseStakedMember_zoAayMvwlm47" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--CryptoAssetFairValue_iS_pn3n3_zhWMPdKaRd1f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Beginning balance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">178,869</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">193,642</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CryptoAssetPurchase_pn3n3_z6Q1NjjkCp73" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchases of cryptocurrencies in cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1000">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CryptoAssetMining_pn3n3_zQa0f95sl2rb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cryptocurrencies received from customers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,315</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,618</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--StakingRewardsFromSelfownedCryptocurrencies_pn3n3_zwV6fmIaM9tc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Staking rewards from self-owned cryptocurrencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1005">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,574</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--OperatingExpensesPaidInCryptocurrencies_pn3n3_zTFPBqzTOPo" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating expenses paid in cryptocurrencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(455</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--SalesAndExchangesOfCryptocurrencies_pn3n3_zuGkUObrnXm8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales and exchanges of cryptocurrencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16,342</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,509</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--CryptoAssetPeriodIncreaseDecrease_pn3n3_z7CCjte3Lkp6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in fair value of cryptocurrencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,966</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(89,487</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_ecustom--CryptoAssetForeignExchangeGainLoss_pn3n3_zjU0DqENjICf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange differences</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(900</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,615</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--CryptoAssetFairValue_iE_pn3n3_zGUf18CXSoWg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">165,240</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">101,216</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_z9zPPwV2CCvk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89E_eus-gaap--CryptoAssetHoldingTableTextBlock_zknnDVxJlo74" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cryptocurrency holdings were comprised of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zdT8eYkAheU6" style="display: none">Schedule of cryptocurrencies holdings</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_zeFxttJP5qZ9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260630_zJS6HEnwP49d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CryptoAssetFairValueCurrent_iI_pn3n3_hsrt--CryptoAssetAxis__custom--TetherMember_zX79tnVD8jBf" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; padding-bottom: 2.5pt">USDT</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">6,035</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">2,357</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CryptoAssetFairValueCurrent_iI_pn3n3_hsrt--CryptoAssetAxis__custom--TetherMember_z51pV0GCLNO9" style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6,035</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,357</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-current assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--CryptoAssetFairValueNoncurrent_iI_pn3n3_hsrt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zBwA1NMPWfKk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">ETH and staked ETH (Note a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">186,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,090</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CryptoAssetFairValueNoncurrent_iI_pn3n3_hsrt--CryptoAssetAxis__custom--BitcoinMember_zYPWx2jpQx79" style="vertical-align: bottom; background-color: White"> <td>Bitcoin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">886</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">686</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CryptoAssetFairValueNoncurrent_iI_pn3n3_hsrt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zWFii3kW7Dlb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Others (Note b)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">90</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">83</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CryptoAssetFairValueNoncurrent_iI_pn3n3_zXASqZm5Vn5l" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current assets</span></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">187,607</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">98,859</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 6035000 2357000 6035000 2357000 186631000 98090000 886000 686000 90000 83000 187607000 98859000 <p id="xdx_898_ecustom--CryptoCurrencyHoldingTableTextBlock_zc37jpHvCUmh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Group’s cryptocurrency holdings as of December 31, 2025 and June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zR78ei9v2Al2" style="display: none">Schedule of cryptocurrencies holdings activity</span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Cryptocurrency</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Quantity</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Cost basis</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Quantity</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Cost basis</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 32%">USDT</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uUSDT_c20251231__srt--CryptoAssetAxis__custom--TetherMember_zdxADFSCh827" style="width: 7%; text-align: right">858,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--CryptoAssetCost_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--TetherMember_zdAUelwYcyyi" style="width: 8%; text-align: right">6,035</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--TetherMember_zhoBqEKydHDi" style="width: 7%; text-align: right">6,035</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uUSDT_c20260630__srt--CryptoAssetAxis__custom--TetherMember_zjjuH5iszjo9" style="width: 7%; text-align: right">346,112</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--TetherMember_zizMwSJcY6R4" style="width: 8%; text-align: right">2,357</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--TetherMember_zsv0GveHBPmh" style="width: 7%; text-align: right">2,357</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">ETH and staked ETH (Note a)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uETHandstakedETH_c20251231__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zf2Z6dB3X6j3" style="text-align: right">8,826</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetCost_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zpWGKh0GjVoc" style="text-align: right">162,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zFKYuKF3NWdh" style="text-align: right">186,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uETHandstakedETH_c20260630__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_ziJnbYB4Uzad" style="text-align: right">9,176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zWv3OQcGkiXk" style="text-align: right">160,226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--EthereumandStakedEthereumMember_zA8SoEU3LDJ4" style="text-align: right">98,090</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Bitcoin</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uBitcoin_c20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zJHJowiDuGH4" style="text-align: right" title="Cryptocurrency, Quantity">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetCost_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zPpQX8ZIUnIi" style="text-align: right" title="Quantity">1,051</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--BitcoinMember_zScFzdCFaclb" style="text-align: right" title="Quantity">886</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--CryptoAssetNumberOfUnits_iI_pid_uBitcoin_c20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zLAYW97oNFm5" style="text-align: right" title="Cryptocurrency, Quantity">1.72</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--BitcoinMember_zx0Ugdhppuxb" style="text-align: right" title="Quantity">1,177</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--BitcoinMember_z8QM0oPzbV9b" style="text-align: right" title="Quantity">686</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Others (Note b)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CryptoAssetsNumberOfUnits_pid_c20250101__20251231__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zvrb45zWs17a" style="text-align: right" title="Cryptocurrency, Quantity"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multiple</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetCost_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zRkpqlCm4Qy4" style="text-align: right" title="Cryptocurrency, Cost basis">455</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20251231__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zXhxmjjyPbwk" style="text-align: right" title="Cryptocurrency, Fair value">90</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--CryptoAssetsNumberOfUnits_pid_c20260101__20260630__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zRKr3fGxwDQ9" style="text-align: right" title="Cryptocurrency, Quantity"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multiple</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--CryptoAssetCost_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zPYXOIKfyOwa" style="text-align: right" title="Cryptocurrency, Cost basis">431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetFairValue_iI_pn3n3_c20260630__srt--CryptoAssetAxis__custom--OtherCryptocurrenciesMember_zVtQR0QAhgXe" style="text-align: right" title="Cryptocurrency, Fair value">83</td><td style="text-align: left"> </td></tr> </table> 858555 6035000 6035000 346112 2357000 2357000 8826 162933000 186631000 9176 160226000 98090000 1 1051000 886000 1.72 1177000 686000 Multiple 455000 90000 Multiple 431000 83000 1709 1000 <p id="xdx_895_eus-gaap--CryptoAssetActivityTableTextBlock_hsrt--CryptoAssetAxis__custom--EthereumAndEthereumCoinbaseStakedMember_zScTbYPxAPMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents additional information about the Group’s cryptocurrencies:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span><span id="xdx_8B4_zz01HyjKRVp4" style="display: none">Schedule of cryptocurrency additional information</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250630__srt--CryptoAssetAxis__custom--EthereumAndEthereumCoinbaseStakedMember_z22rdWzR1M55" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260630__srt--CryptoAssetAxis__custom--EthereumAndEthereumCoinbaseStakedMember_zoAayMvwlm47" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--CryptoAssetFairValue_iS_pn3n3_zhWMPdKaRd1f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Beginning balance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">178,869</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">193,642</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CryptoAssetPurchase_pn3n3_z6Q1NjjkCp73" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchases of cryptocurrencies in cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1000">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CryptoAssetMining_pn3n3_zQa0f95sl2rb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cryptocurrencies received from customers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,315</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,618</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--StakingRewardsFromSelfownedCryptocurrencies_pn3n3_zwV6fmIaM9tc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Staking rewards from self-owned cryptocurrencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1005">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,574</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--OperatingExpensesPaidInCryptocurrencies_pn3n3_zTFPBqzTOPo" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating expenses paid in cryptocurrencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(455</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--SalesAndExchangesOfCryptocurrencies_pn3n3_zuGkUObrnXm8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales and exchanges of cryptocurrencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16,342</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,509</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--CryptoAssetPeriodIncreaseDecrease_pn3n3_z7CCjte3Lkp6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in fair value of cryptocurrencies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(27,966</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(89,487</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_ecustom--CryptoAssetForeignExchangeGainLoss_pn3n3_zjU0DqENjICf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange differences</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(900</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,615</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--CryptoAssetFairValue_iE_pn3n3_zGUf18CXSoWg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">165,240</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">101,216</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 178869000 193642000 12719000 19315000 2618000 1574000 -455000 -7000 -16342000 -2509000 -27966000 -89487000 -900000 -4615000 165240000 101216000 <p id="xdx_80B_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zkzNBM173M7g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. <span id="xdx_824_zbcZlmIkQj84">Property, equipment and software, net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--PropertyPlantAndEquipmentTextBlock_zAEU1BzjoO3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, equipment and software consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><span id="xdx_8B8_zNSWV4YaYSxg" style="display: none">Schedule of property, equipment and software, net</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231_zkMjO2fhrAZi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260630_zwfDEFTKJCbj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zdn4hFwWoDK4" style="vertical-align: bottom; background-color: White"> <td style="width: 60%">Building</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">137,048</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">136,909</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingImprovementsMember_zZzUArKBQQ9i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Building improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,632</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,632</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputersAndElectronicEquipmentMember_zlnbMUQ3bfp4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computers and electronic equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,388</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,367</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zxQljjFcRPag" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture and appliances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,229</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,250</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zx9c9Dtfm8nb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">640</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zPN67Nvz4Gx1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Software</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,582</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,722</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzmWv_zWHxyaoiKf49" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total cost</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">158,519</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">158,520</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzmWv_zqQdzhDI6rG8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16,654</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,514</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--LessImpairmentProvision_iNI_pn3n3_di_msPPAENzmWv_z2koJrIf6eCj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: impairment provision</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(284</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(284</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzmWv_zh8rarXFrzhl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Property, equipment and software, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">141,581</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">138,722</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zZUJxpooXjW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation and amortization expense related to property, equipment and software for the six months ended June 30, 2025 and 2026 was RMB<span id="xdx_90A_eus-gaap--DepreciationDepletionAndAmortization_c20250101__20250630_zCjjG0xFoMC2" title="Depreciation and amortization expense">3,228,000</span> and RMB<span id="xdx_907_eus-gaap--DepreciationDepletionAndAmortization_c20260101__20260630_zAMCIcmVRYgk" title="Depreciation and amortization expense">2,860,000</span>, respectively. No impairment expense related to property, equipment and software was recognized for either period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--PropertyPlantAndEquipmentTextBlock_zAEU1BzjoO3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, equipment and software consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><span id="xdx_8B8_zNSWV4YaYSxg" style="display: none">Schedule of property, equipment and software, net</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231_zkMjO2fhrAZi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260630_zwfDEFTKJCbj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zdn4hFwWoDK4" style="vertical-align: bottom; background-color: White"> <td style="width: 60%">Building</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">137,048</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">136,909</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingImprovementsMember_zZzUArKBQQ9i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Building improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,632</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,632</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputersAndElectronicEquipmentMember_zlnbMUQ3bfp4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computers and electronic equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,388</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,367</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zxQljjFcRPag" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture and appliances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,229</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,250</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zx9c9Dtfm8nb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">640</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zPN67Nvz4Gx1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Software</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,582</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,722</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzmWv_zWHxyaoiKf49" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total cost</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">158,519</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">158,520</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzmWv_zqQdzhDI6rG8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16,654</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,514</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--LessImpairmentProvision_iNI_pn3n3_di_msPPAENzmWv_z2koJrIf6eCj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: impairment provision</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(284</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(284</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzmWv_zh8rarXFrzhl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Property, equipment and software, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">141,581</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">138,722</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 137048000 136909000 1632000 1632000 12388000 12367000 1229000 1250000 640000 640000 5582000 5722000 158519000 158520000 16654000 19514000 284000 284000 141581000 138722000 3228000 2860000 <p id="xdx_80D_eus-gaap--IntangibleAssetsDisclosureTextBlock_zjr8MJGf132e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. <span id="xdx_826_zFfSsxH1v3jj">Intangible assets, net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zZphVZ6cg3u2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_z27ib6i8bl51" style="display: none">Schedule of intangible assets</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zrYNPteOa39l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260630_zZ1HXlZF2cjf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortized intangible assets with finite lives:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksMember_znEHg5pdECx4" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Cost: Trademarks</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,378</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,272</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PoSTechnologyPlatformMember_zB7kBtQJ6Hg9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">PoS technology platform</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,137</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,137</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zAwzY4UowHPb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Customer relationships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">459</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--WebsiteMember_zqx6BhcEoil8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">Website</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">86</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_zjEit13E1EJe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,076</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,954</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_zQU2fyJm9Ysk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,101</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,220</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_ziu2Gn1RhGch" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">11,975</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,734</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zFnCQMY1zoj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization expense for the six months ended June 30, 2025 and 2026 was RMB<span id="xdx_907_eus-gaap--AmortizationOfIntangibleAssets_pn3d_uRMB_c20250101__20250630_z7EIM2pST1dk" title="Amortization expense">247,000</span> and RMB<span id="xdx_900_eus-gaap--AmortizationOfIntangibleAssets_pn3d_uRMB_c20260101__20260630_zqejJjzWsUL1" title="Amortization expense">1,150,000</span>, respectively. No impairment expense related to intangible assets was recognized for either period. The differences between the carrying amounts of certain intangible assets as of December 31, 2025 and June 30, 2026 were primarily attributable to foreign currency translation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zZphVZ6cg3u2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B9_z27ib6i8bl51" style="display: none">Schedule of intangible assets</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zrYNPteOa39l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260630_zZ1HXlZF2cjf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortized intangible assets with finite lives:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksMember_znEHg5pdECx4" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Cost: Trademarks</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,378</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,272</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PoSTechnologyPlatformMember_zB7kBtQJ6Hg9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">PoS technology platform</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,137</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,137</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zAwzY4UowHPb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Customer relationships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">459</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--WebsiteMember_zqx6BhcEoil8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">Website</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">86</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_zjEit13E1EJe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,076</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,954</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_zQU2fyJm9Ysk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,101</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,220</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_ziu2Gn1RhGch" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">11,975</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,734</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3378000 3272000 9137000 9137000 473000 459000 88000 86000 13076000 12954000 1101000 2220000 11975000 10734000 247000 1150000 <p id="xdx_80C_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zlfJ9q4O3pjb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11. <span id="xdx_82E_zUr8YDodre89">Accrued liabilities and other current liabilities</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zg3cm2aByW79" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued liabilities and other current liabilities consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zoaPrhNqpss7" style="display: none">Schedule of accrued liabilities and other current liabilities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zO4Ivhm9Od6f" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260630_z6VzBGkOyyog" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_409_ecustom--ConsiderationPayableForAssetAcquisition_iI_pn3n3_maAPAALzCHp_zISu7GTZtfx6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Consideration payable for asset acquisition (Note a)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">8,153</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">7,894</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_maAPAALzCHp_zB58AdGYMKmk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Salary and welfare payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,861</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,378</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--OtherTaxPayablesCurrent_iI_maAPAALzCHp_zBBrGnrlfxL7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other tax payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,282</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">349</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--SalesAndExciseTaxPayableCurrent_iI_maAPAALzCHp_zIVMyp5Vr3u2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">VAT received from customers related to contract liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">178</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1104">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maAPAALzCHp_zVVZil6ARijb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,866</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,920</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_mtAPAALzCHp_zdk0wvs7QfP6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">22,340</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">17,541</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zx7A1qj2cZ6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note a: As of June 30, 2026, the balance primarily represented the remaining unpaid purchase price for the acquisition of the PoS technology platform from ECHOLINK LIMITED. The amount is interest-free.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zg3cm2aByW79" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued liabilities and other current liabilities consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B1_zoaPrhNqpss7" style="display: none">Schedule of accrued liabilities and other current liabilities</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zO4Ivhm9Od6f" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260630_z6VzBGkOyyog" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_409_ecustom--ConsiderationPayableForAssetAcquisition_iI_pn3n3_maAPAALzCHp_zISu7GTZtfx6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Consideration payable for asset acquisition (Note a)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">8,153</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">7,894</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_maAPAALzCHp_zB58AdGYMKmk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Salary and welfare payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,861</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,378</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--OtherTaxPayablesCurrent_iI_maAPAALzCHp_zBBrGnrlfxL7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other tax payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,282</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">349</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--SalesAndExciseTaxPayableCurrent_iI_maAPAALzCHp_zIVMyp5Vr3u2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">VAT received from customers related to contract liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">178</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1104">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maAPAALzCHp_zVVZil6ARijb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,866</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,920</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_mtAPAALzCHp_zdk0wvs7QfP6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">22,340</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">17,541</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 8153000 7894000 7861000 6378000 3282000 349000 178000 2866000 2920000 22340000 17541000 <p id="xdx_80A_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zgCbmQCuIvna" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12. <span id="xdx_82D_zuGiPSA9koH2">Share capital</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the Company’s authorized share capital was US$<span id="xdx_90C_ecustom--ShareCapitalAuthorized_iI_uUSD_c20260630_zebMTFxkAmX2" title="Share capital authorized">50,000</span> divided into <span id="xdx_90F_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20260630_zyVdE2KYuEV7" title="Common stock, shares authorized">50,000,000,000</span> ordinary shares of US$<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20260630_zqRPSMQD3dQ" title="Common stock, par value">0.000001</span> each, comprising <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAJkuqmpX1od" title="Shares comprising">49,934,912,000</span> Class A ordinary shares and <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zfu4fK0XvMH5" title="Shares comprising">65,088,000</span> Class B ordinary shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 16, 2026, <span id="xdx_900_eus-gaap--ConversionOfStockSharesConverted1_c20260316__20260316__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zI8vGlTqAUA" title="Number of shares converted">6,040,000</span> Class B ordinary shares were converted into Class A ordinary shares on a <span id="xdx_902_eus-gaap--CommonStockConversionBasis_c20260316__20260316_zRZJi5h4wQY8" title="Common stock, stock subdivision and conversion basis">one-for-one basis</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 27, 2026 and April 22, 2026, the Company issued <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260227__20260227__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--StatementClassOfStockAxis__dei--AdrMember_zqLJm2QfyTM1" title="Ordinary shares issued">97,759</span> and <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260422__20260422__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--StatementClassOfStockAxis__dei--AdrMember_zXNCuBfVymNb" title="Ordinary shares issued">406,208</span> ADSs, representing <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260227__20260227__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--StatementClassOfStockAxis__dei--AdrMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zSfV6QVE1XF6" title="Ordinary shares issued">195,518</span> and <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260422__20260422__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--StatementClassOfStockAxis__dei--AdrMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zGsxdmWsBEkg" title="Ordinary shares issued">812,416</span> Class A ordinary shares, respectively, under the 2022 Share Incentive Plan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025 and June 30, 2026, the Company had <span id="xdx_905_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zIe1BOJemv13" title="Ordinary shares, shares issued">57,492,108</span> and <span id="xdx_903_eus-gaap--CommonStockSharesIssued_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zwvbeNu40mHa" title="Ordinary shares, shares issued">64,540,042</span> Class A ordinary shares issued, of which <span id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrJKuVN4ewl6" title="Ordinary shares, shares outstanding">57,431,614</span> and <span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrm9jbIfsID1" title="Ordinary shares, shares outstanding">64,429,348</span> were outstanding, respectively, and <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zQKKHdl54HK5" title="Ordinary shares, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zFVGGSXIK2" title="Ordinary shares, shares outstanding">63,992,240</span></span> and <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zPj0tX3XNJxk" title="Ordinary shares, shares issued"><span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zFhZzkpIsLI" title="Ordinary shares, shares outstanding">57,952,240</span></span> Class B ordinary shares issued and outstanding, respectively. As of December 31, 2025 and June 30, 2026, <span id="xdx_90E_eus-gaap--SharesIssued_iI_pid_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--StatementClassOfStockAxis__dei--AdrMember_zh4kno2wRlWf" title="ADs, shares issued">30,247</span> and <span id="xdx_906_eus-gaap--SharesIssued_iI_pid_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--StatementClassOfStockAxis__dei--AdrMember_zRWhioCsr2v2" title="ADs, shares issued">55,347</span> ADSs, representing <span id="xdx_903_eus-gaap--SharesIssued_iI_pid_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--StatementClassOfStockAxis__dei--AdrMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zvAqb93mwTTb" title="ADs, shares issued">60,494</span> and <span id="xdx_900_eus-gaap--SharesIssued_iI_pid_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--StatementClassOfStockAxis__dei--AdrMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zvXcDY7OfOZ6" title="ADs, shares issued">110,694</span> Class A ordinary shares, were considered issued but not outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 50000 50000000000 0.000001 49934912000 65088000 6040000 one-for-one basis 97759 406208 195518 812416 57492108 64540042 57431614 64429348 63992240 63992240 57952240 57952240 30247 55347 60494 110694 <p id="xdx_801_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zINfO0CUzUg5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13. <span id="xdx_824_zKj64X54TYt">Share-based compensation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group maintains the 2022 Share Incentive Plan. Awards under the plan include restricted share units (“RSUs”), share options and share awards. Each RSU represents the right to receive two Class A ordinary shares upon vesting, and each share option represents the right to purchase two Class A ordinary shares upon exercise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Restricted share units</i></b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table summarizes restricted share units (“RSUs”) activity during the six months ended June 30, 2026:</p> <p style="margin-top: 0; margin-bottom: 0"> </p> <p id="xdx_894_eus-gaap--ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_zba4FIXEkA11" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zMwkla4kyrRb" style="display: none">Schedule of unvested restricted stock units activity</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of RSUs</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Weighted-average<br/> grant-date fair</p> <p style="margin-top: 0; margin-bottom: 0">value per RSU</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(US$)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Awarded and unvested as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z1e4qdm9fvn5" style="width: 16%; text-align: right" title="Number of RSUs, Awarded and Unvested, Beginning Balance">787,490</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zNoyMES6cqWh" style="width: 16%; text-align: right" title="Weighted average grant date fair value, Awarded and Unvested, Beginning Balance">3.50</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zAlooMT1E2Si" style="text-align: right" title="Number of RSUs, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1168">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z4zTU33yE2P7" style="text-align: right" title="Weighted average grant date fair value, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1170">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z4IQlZQzrK2i" style="text-align: right" title="Number of RSUs, Vested">(408,001</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zZaiCdF65sOc" style="text-align: right" title="Weighted average grant date fair value, Vested">3.64</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Canceled/forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zj25MXYXsgOi" style="text-align: right" title="Number of RSUs, Canceled/forfeited">(28,190</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zO5b9f8Y2fYk" style="text-align: right" title="Weighted average grant date fair value, Canceled/forfeited">2.49</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Awarded and unvested as of June 30, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zwQJIppfDQE1" style="border-bottom: Black 1pt solid; text-align: right" title="Number of RSUs, Awarded and Unvested, Ending Balance">351,299</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z2Rk7fRW7uye" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average grant date fair value, Awarded and Unvested, Ending Balance">3.43</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Vested and expected to vest as of June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestNumber_iE_pid_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zpJVcjXAiSZ5" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of RSUs, Expected to vest">873,053</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zTZScO8ipcMj" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average grant date fair value, Awarded and Unvested, Ending Balance">4.31</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_z8cF28aIoF2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2025 and 2026, the Group recognized share-based compensation expense of <span>RMB<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zVs4X3N0YRzk" title="Share-based compensation expense">3,656,000</span> </span>and RMB<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zGqefgn0dBIh" title="Share-based compensation expense">5,674,000</span> respectively, in connection with the above RSUs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, unamortized compensation cost related to outstanding RSUs was RMB<span id="xdx_90E_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zfRxOQYgZT5h" title="Unamortized compensation costs">3,687,000</span> and was expected to be recognized over a weighted-average period of <span id="xdx_904_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260630__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zwT7C4auAUY8" title="Weighted average period">1.79</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share options</i></b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0">The following table summarizes share option activity during the six months ended June 30, 2026:</p> <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z3QRQpJ9IZx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zokN6D04yUI2" style="display: none">Summary of changes in share options relating to ordinary shares granted</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of share options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Weighted-average exercise price</p> <p style="margin-top: 0; margin-bottom: 0">per option</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted-average remaining contractual life</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate intrinsic value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(US$)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(in years)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(US$)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zOjDMEAjF7Xg" style="width: 12%; text-align: right" title="Number of share options, Beginning Balance">107,503</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zNYCObFWNbP7" style="width: 12%; text-align: right" title="Weighted average exercise price, Beginning Balance">8.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_znlAnXyqfnb6" title="Weighted average remaining contractual life outstanding">7.4</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_uUSD_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ztcx7KOuVNWd" style="width: 12%; text-align: right" title="Aggregate intrinsic value, Beginning Balance"><span style="-sec-ix-hidden: xdx2ixbrl1204">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z6Q6oq0jv7Ff" style="text-align: right" title="Number of share options, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1206">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zqN1UKHPytLa" style="text-align: right" title="Weighted average exercise price, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1208">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zeNA1Q1a6Cu5" style="text-align: right" title="Number of share options , Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1210">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zClA8b1cpKQ4" style="text-align: right" title="Weighted average exercise price ,Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1212">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Canceled/forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLgORKfbbiG8" style="text-align: right" title="Number of share options , Canceled/forfeited">(28,664</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zt6JMbPEYeL8" style="text-align: right" title="Weighted average exercise price, Canceled/forfeited">8.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding as of June 30, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLk4vaqB4rL4" style="text-align: right" title="Number of share options, Beginning Balance">78,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYso1WnjzQb5" style="text-align: right" title="Weighted average exercise price, Beginning Balance">8.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVqtWus3wGij" title="Weighted average remaining contractual life outstanding">6.9</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_uUSD_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQgSlSGLXBW6" style="text-align: right" title="Aggregate intrinsic value, Beginning Balance"><span style="-sec-ix-hidden: xdx2ixbrl1224">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Vested and exercisable as of June 30, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ztMoEq9WO5gl" style="border-bottom: Black 1pt solid; text-align: right" title="Number of share options, Vested and exercisable">66,047</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zmilyh972I4k" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price,Vested and exercisable">8.0</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zFiEw7CWxTLf" title="Weighted average remaining contractual life, Vested and exercisable">6.9</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iE_uUSD_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zWnQeJdwZC8f" style="border-bottom: Black 1pt solid; text-align: right" title="Aggregate intrinsic value,Vested and exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1232">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Vested and expected to vest as of June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVO4ksLFhMai" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of share options , Vested and expected to vest">78,534</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zNDQsApTWc9h" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average exercise price, Vested and expected to vest">8.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zweWRmDeIkr3" title="Weighted average remaining contractual life, Vested and expected to vest">6.9</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_uUSD_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7h2LaZP0Tmc" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate intrinsic value, Vested and expected to vest"><span style="-sec-ix-hidden: xdx2ixbrl1240">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zI9xrZQaQTI3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2025 and 2026, share-based compensation recognized by the Group related to options were <span>RMB<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zbwBrlvJzQrb" title="Share-based compensation expense">527,000</span></span> and RMB(<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zzFAv5XklIj6" title="Share-based compensation expense">700,000</span>), respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, unrecognized share-based compensation expense related to unvested share options was RMB<span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zlNIUjBsc1M9" title="Unamortized compensation costs">109,000</span> and was expected to be recognized over a weighted-average period of <span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260630__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1ADDDW3vi0e" title="Weighted average period">0.9</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(c)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share awards</i></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 6, 2026, the Company granted an aggregate of <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20260506__20260506__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zqFq7Z8nmPz3" title="Shares granted fully vested">141,732</span> fully vested Class A ordinary shares, representing <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20260506__20260506__us-gaap--StatementClassOfStockAxis__custom--ADSMember_zM4O3pRDWPO4" title="Shares granted fully vested">70,866</span> ADSs, to three independent directors under the 2022 Share Incentive Plan. The Group recognized share-based compensation expense of RMB<span id="xdx_905_eus-gaap--ShareBasedCompensation_c20260101__20260630_zWSNFyufHaDe" title="Share based compensation expense">617,000</span> in connection with these share awards during the six months ended June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(d)</i></b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share-based compensation expense/(reversal)</i></b></span></td></tr> </table> <p id="xdx_898_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zYdsKj5jQxvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_zYyzkRFZgr77" style="display: none">Schedule of share-based compensation expenses</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250630_zOMOufENnlOj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260101__20260630_ztoXD6T3SXL" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_401_ecustom--AllocatedShareBasedCompensationExpenseResearchAndDevelopmentExpense_z2YjUYubOXe4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,191</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,504</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocatedShareBasedCompensationExpenseSalesAndMarketingExpensesreversal_z7rc9kQficEb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales and marketing expenses/(reversal)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">469</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(92</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--AllocatedShareBasedCompensationExpenseGeneralAndAdministrativeExpense_zqsf04eIgf3i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">General and administrative expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">523</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,179</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_zYEcZW7jgndd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total share-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,183</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,591</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A5_zQ6NTkWHeusa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_894_eus-gaap--ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_zba4FIXEkA11" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zMwkla4kyrRb" style="display: none">Schedule of unvested restricted stock units activity</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of RSUs</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Weighted-average<br/> grant-date fair</p> <p style="margin-top: 0; margin-bottom: 0">value per RSU</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(US$)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Awarded and unvested as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z1e4qdm9fvn5" style="width: 16%; text-align: right" title="Number of RSUs, Awarded and Unvested, Beginning Balance">787,490</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zNoyMES6cqWh" style="width: 16%; text-align: right" title="Weighted average grant date fair value, Awarded and Unvested, Beginning Balance">3.50</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zAlooMT1E2Si" style="text-align: right" title="Number of RSUs, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1168">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z4zTU33yE2P7" style="text-align: right" title="Weighted average grant date fair value, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1170">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z4IQlZQzrK2i" style="text-align: right" title="Number of RSUs, Vested">(408,001</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zZaiCdF65sOc" style="text-align: right" title="Weighted average grant date fair value, Vested">3.64</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Canceled/forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zj25MXYXsgOi" style="text-align: right" title="Number of RSUs, Canceled/forfeited">(28,190</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zO5b9f8Y2fYk" style="text-align: right" title="Weighted average grant date fair value, Canceled/forfeited">2.49</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Awarded and unvested as of June 30, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zwQJIppfDQE1" style="border-bottom: Black 1pt solid; text-align: right" title="Number of RSUs, Awarded and Unvested, Ending Balance">351,299</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z2Rk7fRW7uye" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average grant date fair value, Awarded and Unvested, Ending Balance">3.43</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Vested and expected to vest as of June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestNumber_iE_pid_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zpJVcjXAiSZ5" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of RSUs, Expected to vest">873,053</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zTZScO8ipcMj" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average grant date fair value, Awarded and Unvested, Ending Balance">4.31</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 787490 3.50 408001 3.64 28190 2.49 351299 3.43 873053 4.31 3656000 5674000 3687000 P1Y9M14D <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z3QRQpJ9IZx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B8_zokN6D04yUI2" style="display: none">Summary of changes in share options relating to ordinary shares granted</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of share options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Weighted-average exercise price</p> <p style="margin-top: 0; margin-bottom: 0">per option</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted-average remaining contractual life</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate intrinsic value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(US$)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(in years)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">(US$)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding as of December 31, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zOjDMEAjF7Xg" style="width: 12%; text-align: right" title="Number of share options, Beginning Balance">107,503</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zNYCObFWNbP7" style="width: 12%; text-align: right" title="Weighted average exercise price, Beginning Balance">8.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_znlAnXyqfnb6" title="Weighted average remaining contractual life outstanding">7.4</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_uUSD_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ztcx7KOuVNWd" style="width: 12%; text-align: right" title="Aggregate intrinsic value, Beginning Balance"><span style="-sec-ix-hidden: xdx2ixbrl1204">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z6Q6oq0jv7Ff" style="text-align: right" title="Number of share options, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1206">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zqN1UKHPytLa" style="text-align: right" title="Weighted average exercise price, Granted"><span style="-sec-ix-hidden: xdx2ixbrl1208">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zeNA1Q1a6Cu5" style="text-align: right" title="Number of share options , Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1210">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zClA8b1cpKQ4" style="text-align: right" title="Weighted average exercise price ,Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1212">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Canceled/forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLgORKfbbiG8" style="text-align: right" title="Number of share options , Canceled/forfeited">(28,664</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zt6JMbPEYeL8" style="text-align: right" title="Weighted average exercise price, Canceled/forfeited">8.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding as of June 30, 2026</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLk4vaqB4rL4" style="text-align: right" title="Number of share options, Beginning Balance">78,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYso1WnjzQb5" style="text-align: right" title="Weighted average exercise price, Beginning Balance">8.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVqtWus3wGij" title="Weighted average remaining contractual life outstanding">6.9</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_uUSD_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQgSlSGLXBW6" style="text-align: right" title="Aggregate intrinsic value, Beginning Balance"><span style="-sec-ix-hidden: xdx2ixbrl1224">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Vested and exercisable as of June 30, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ztMoEq9WO5gl" style="border-bottom: Black 1pt solid; text-align: right" title="Number of share options, Vested and exercisable">66,047</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zmilyh972I4k" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price,Vested and exercisable">8.0</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zFiEw7CWxTLf" title="Weighted average remaining contractual life, Vested and exercisable">6.9</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iE_uUSD_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zWnQeJdwZC8f" style="border-bottom: Black 1pt solid; text-align: right" title="Aggregate intrinsic value,Vested and exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1232">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Vested and expected to vest as of June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVO4ksLFhMai" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of share options , Vested and expected to vest">78,534</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zNDQsApTWc9h" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average exercise price, Vested and expected to vest">8.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zweWRmDeIkr3" title="Weighted average remaining contractual life, Vested and expected to vest">6.9</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iE_uUSD_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7h2LaZP0Tmc" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate intrinsic value, Vested and expected to vest"><span style="-sec-ix-hidden: xdx2ixbrl1240">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 107503 8.0 P7Y4M24D 28664 8.0 78839 8.0 P6Y10M24D 66047 8.0 P6Y10M24D 78534 8.0 P6Y10M24D 527000 700000 109000 P0Y10M24D 141732 70866 617000 <p id="xdx_898_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zYdsKj5jQxvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B4_zYyzkRFZgr77" style="display: none">Schedule of share-based compensation expenses</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20250630_zOMOufENnlOj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260101__20260630_ztoXD6T3SXL" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_401_ecustom--AllocatedShareBasedCompensationExpenseResearchAndDevelopmentExpense_z2YjUYubOXe4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,191</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">4,504</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AllocatedShareBasedCompensationExpenseSalesAndMarketingExpensesreversal_z7rc9kQficEb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales and marketing expenses/(reversal)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">469</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(92</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--AllocatedShareBasedCompensationExpenseGeneralAndAdministrativeExpense_zqsf04eIgf3i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">General and administrative expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">523</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,179</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_zYEcZW7jgndd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total share-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,183</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,591</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3191000 4504000 469000 -92000 523000 1179000 4183000 5591000 <p id="xdx_804_eus-gaap--RevenueFromContractWithCustomerTextBlock_zxPsPm5GO3Nb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. <span id="xdx_826_zTArK6NOAOua">Revenue and contract liabilities</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 606, the Group disaggregates revenue by customer relationship and revenue stream as follows:</span></p> <p id="xdx_898_eus-gaap--DisaggregationOfRevenueTableTextBlock_zlXrcm9Mqr3k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zetOHmgu6qX7" style="display: none">Summary of disaggregation of revenue</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250630_zOe1CURqWL6d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260101__20260630_zcNGoyzDmVye" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--Revenues_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zUkq7mV0WVU9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: left">Products revenue – third parties</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 16%; font-weight: bold; text-align: right">175,588</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 16%; font-weight: bold; text-align: right">279</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--MiningProductsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zXX0XiUkxlY" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Mining products and related components</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175,444</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--OtherRevenueMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zZKKMegI4Hw8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z2omdvcI0Y4d" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Products revenue – related party (Note 15)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1283">—</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">10,852</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--WorkInProgressMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zO2plpxHX2d7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Work in process and related components</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1286">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,852</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_zsi0i5ESUXf9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">175,588</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,131</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zlcHJ0ni50z3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s revenue recognition policy under ASC 606 is unchanged from the accounting policy disclosed in the 2025 annual financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract liabilities represent advance payments received from customers before the related products are delivered. The revenue recognized during the six months ended June 30, 2025 and 2026 for the beginning balance of contract liability was RMB<span id="xdx_900_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_uRMB_c20250101__20250630_zot9fz2PNUp1" title="Contract with customer, liability, revenue recognized">27,262,000</span> and RMB<span id="xdx_90C_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_uRMB_c20260101__20260630_zZYta0btThV5" title="Contract with customer, liability, revenue recognized">279,000</span>, respectively. As of June 30, 2026, the remaining balance primarily represented advance payments that are generally nonrefundable and may be applied by customers, at their discretion, toward future product purchases, for which the specific products and delivery schedules had not yet been determined. The transaction price allocated to the related remaining performance obligations was RMB<span id="xdx_909_eus-gaap--RevenueRemainingPerformanceObligation_iI_uRMB_c20260630_z5aDvGxxL1xa" title="Remaining performance obligations">16,122,000</span> and will be recognized as revenue upon delivery of the related products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--DisaggregationOfRevenueTableTextBlock_zlXrcm9Mqr3k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zetOHmgu6qX7" style="display: none">Summary of disaggregation of revenue</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20250630_zOe1CURqWL6d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260101__20260630_zcNGoyzDmVye" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--Revenues_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zUkq7mV0WVU9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold; text-align: left">Products revenue – third parties</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 16%; font-weight: bold; text-align: right">175,588</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 16%; font-weight: bold; text-align: right">279</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--MiningProductsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zXX0XiUkxlY" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Mining products and related components</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175,444</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--OtherRevenueMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zZKKMegI4Hw8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Other revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z2omdvcI0Y4d" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Products revenue – related party (Note 15)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1283">—</span></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">10,852</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--Revenues_pn3n3_hsrt--ProductOrServiceAxis__custom--WorkInProgressMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zO2plpxHX2d7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Work in process and related components</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1286">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,852</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--Revenues_pn3n3_zsi0i5ESUXf9" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">175,588</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,131</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 175588000 279000 175444000 246000 144000 33000 10852000 10852000 175588000 11131000 27262000 279000 16122000 <p id="xdx_800_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_ziumWxECb3G8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15. <span id="xdx_820_zLEJOlINbk94">Related party transactions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 5, 2026, the Group entered into a business transfer agreement with Shanghai TopsFuture Microelectronics Co., Ltd. (“TopsFuture”) to sell certain inventory and self-developed technology and intellectual property assets related to a non-core chip-related business. TopsFuture is controlled by Mr. Qiang Ding, one of the Company’s ultimate controlling shareholders and its chairman and chief executive officer. Transactions with TopsFuture under the agreement were as follows:</span></p> <p id="xdx_89C_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_z3jnr2ZGJnFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BD_z9G1kVhGc4hf" style="display: none">Schedule of related party transaction</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember__us-gaap--TypeOfArrangementAxis__custom--TopsFutureMicroelectronicsCoLtdMember_zqxUnU0HN7Qh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember__us-gaap--TypeOfArrangementAxis__custom--TopsFutureMicroelectronicsCoLtdMember_zaNwFFjus8k6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_402_ecustom--ProductsRevenueRelatedParty_pn3n3_zrMWkBsSLA8e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Products revenue – related party</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1302">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10,852</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherIncome_pn3n3_zbuuXKG8D8z3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other income <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">– related party</span> (disposal of technology and intellectual property assets)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1305">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,830</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A2_zLYqoX1GveX6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2026, the Group advanced an immaterial amount to TopsFuture. Balances with TopsFuture were as follows:</span></p> <p id="xdx_897_ecustom--ScheduleOfTopFutureBalanceTableTextBlock_zPdmWzqqxKvi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zOPIBqZwCW76" style="display: none">Schedule of topsfuture balance</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zLk8Vt6Bnfm7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630_zFf4fkvhnLta" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40C_ecustom--AmountsDueFromRelatedPartiesIncludedInPrepaymentsAndOtherCurrentAssets_iI_pn3n3_uRMB_zAvWqL4e0j5j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Amounts due from related parties included in prepayments and other current assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1310">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">7</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zwqYaEUQkSb9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_z3jnr2ZGJnFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BD_z9G1kVhGc4hf" style="display: none">Schedule of related party transaction</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember__us-gaap--TypeOfArrangementAxis__custom--TopsFutureMicroelectronicsCoLtdMember_zqxUnU0HN7Qh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember__us-gaap--TypeOfArrangementAxis__custom--TopsFutureMicroelectronicsCoLtdMember_zaNwFFjus8k6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_402_ecustom--ProductsRevenueRelatedParty_pn3n3_zrMWkBsSLA8e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Products revenue – related party</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1302">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10,852</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherIncome_pn3n3_zbuuXKG8D8z3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other income <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">– related party</span> (disposal of technology and intellectual property assets)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1305">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,830</td><td style="text-align: left"> </td></tr> </table> 10852000 2830000 <p id="xdx_897_ecustom--ScheduleOfTopFutureBalanceTableTextBlock_zPdmWzqqxKvi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zOPIBqZwCW76" style="display: none">Schedule of topsfuture balance</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zLk8Vt6Bnfm7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630_zFf4fkvhnLta" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40C_ecustom--AmountsDueFromRelatedPartiesIncludedInPrepaymentsAndOtherCurrentAssets_iI_pn3n3_uRMB_zAvWqL4e0j5j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Amounts due from related parties included in prepayments and other current assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1310">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">7</td><td style="width: 1%; text-align: left"> </td></tr> </table> 7000 <p id="xdx_80A_eus-gaap--IncomeTaxDisclosureTextBlock_zR38jbxCp2Y4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16. <span id="xdx_82E_zpR2VX5UbDii">Income taxes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zwsbzBYDtVZk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of provisions for income tax (expense)/benefit for the periods presented were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_z1rzQ6AArWP1" style="display: none">Schedule of components of provisions for income tax (expense)/benefit</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250630_z2Ddv1Brf8Ke" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260101__20260630_zL1CEIDpjWob" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--CurrentIncomeTaxExpenseBenefit_pn3n3_maITEBzmRY_zKz05c21Qatl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Current income tax expense/(benefit)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">458</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(5</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--DeferredIncomeTaxExpenseBenefit_pn3n3_maITEBzmRY_zQ08Ff3VSEYk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred income tax expense/(benefit)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,859</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,583</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mtITEBzmRY_zXiNk6fiOikh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Income tax expense/(benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,401</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,578</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zoercUMDFT4c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effective income tax rates for the six months ended June 30, 2025 and 2026 were <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20250101__20250630_zLFU7vE1E2u7" title="Effective income tax rates">471.3</span>% and <span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20260101__20260630_zIMKE3PYIMne" title="Effective income tax rates">(7.6%)</span>, respectively, compared with the PRC statutory income tax rate of <span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20250101__20250630_zeBLquJ35j9g" title="PRC statutory income tax rate"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20260101__20260630_zXgR0OzyIHM4" title="PRC statutory income tax rate">25.0</span></span>%. The differences from the PRC statutory income tax rate for both periods were primarily attributable to differences in applicable tax rates across jurisdictions and additional deductions for qualified research and development expenses. For the six months ended June 30, 2026, the effective tax rate was also affected by additional valuation allowances recorded against deferred tax assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zwfP11Ih2ua4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income tax assets and liabilities consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zkvomb3w0jr3" style="display: none">Schedule of income tax assets and liabilities</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zXlhqbLcfqh3" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">December 31, 2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260630_zzC8IK9OpRS2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">June 30, 2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsNetAbstract_iB_ztbdmBjJEO66" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_i01I_pn3n3_maDTAGz7sR_zsHKJBSQXOK1" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Accrued expenses and others</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">288</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">129</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsInventory_i01I_pn3n3_maDTAGz7sR_zeGmJ5NH6bm3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Inventory provision</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,313</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,204</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses_i01I_pn3n3_maDTAGz7sR_zho4hoqu4fc8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment on prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsImpairmentOfLonglivedAssets_i01I_pn3n3_maDTAGz7sR_zGtErACLcZL" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Impairment of long-lived assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves_i01I_pn3n3_maDTAGz7sR_znf2HfaChrWh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Product warranty</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1352">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--DeferredTaxAssetsUnrealizedProfit_i01I_pn3n3_maDTAGz7sR_zfEASlMrz4g4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intercompany unrealized profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,506</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,640</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_i01I_pn3n3_maDTAGz7sR_z58OK35kGNCk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net operating loss carryforward</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,066</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,725</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsGross_i01TI_pn3n3_mtDTAGz7sR_maDTANzyln_z6RfcD2bdYmh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deferred tax assets before valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68,349</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,814</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsValuationAllowance_i01NI_pn3n3_di_msDTANzyln_zI5x1OoAYOxc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,079</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(23,606</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_i01TI_pn3n3_mtDTANzyln_maDTALNz9rK_zp3c7dvfBE54" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">67,270</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">57,208</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxLiabilitiesNetAbstract_i01B_pn3n3_zjCJiZkiYpM2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities_i01NI_pn3n3_di_maDITLzBok_zbga3LdWb38b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unrealized gain and accrued interest income on investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(290</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(256</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--DeferredTaxLiabilitiesAcceleratedTaxDepreciation_i01NI_pn3n3_di_maDITLzBok_zuJy0awrua77" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accelerated tax depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,184</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,739</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--DeferredIncomeTaxLiabilities_i01NTI_pn3n3_di_mtDITLzBok_msDTALNz9rK_zIBOHBaJU6fi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total deferred tax liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,474</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,995</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_pn3n3_mtDTALNz9rK_z5bJjfYXzEH5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">65,796</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">55,213</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zCpNiNNtTWvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A valuation allowance is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2025 and June 30, 2026, the valuation allowance was RMB<span id="xdx_906_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn3d_c20251231_zFSurzZh1LOf" title="Valuation allowance">1,079,000</span> and RMB<span id="xdx_90D_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn3d_c20260630_znsoEgA3mHQk" title="Valuation allowance">23,606,000</span>, respectively. The increase during the six months ended June 30, 2026 was primarily attributable to tax losses incurred by a PRC entity, for which the Group concluded that it was more likely than not that the related deferred tax assets would not be realized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group evaluates uncertain tax positions in accordance with ASC 740. As of December 31, 2025 and June 30, 2026, the Group did <span id="xdx_90D_eus-gaap--UnrecognizedTaxBenefits_iI_pid_do_c20251231_zfQhdganKj0e" title="Unrecognized tax position"><span id="xdx_90C_eus-gaap--UnrecognizedTaxBenefits_iI_pid_do_c20260630_zu9d5Ohtnwbd" title="Unrecognized tax position">no</span></span>t have any significant unrecognized uncertain tax positions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zwsbzBYDtVZk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of provisions for income tax (expense)/benefit for the periods presented were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_z1rzQ6AArWP1" style="display: none">Schedule of components of provisions for income tax (expense)/benefit</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20250630_z2Ddv1Brf8Ke" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20260101__20260630_zL1CEIDpjWob" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--CurrentIncomeTaxExpenseBenefit_pn3n3_maITEBzmRY_zKz05c21Qatl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Current income tax expense/(benefit)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">458</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(5</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--DeferredIncomeTaxExpenseBenefit_pn3n3_maITEBzmRY_zQ08Ff3VSEYk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred income tax expense/(benefit)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,859</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,583</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mtITEBzmRY_zXiNk6fiOikh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Income tax expense/(benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,401</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,578</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 458000 -5000 -5859000 10583000 -5401000 10578000 4.713 -0.076 0.250 0.250 <p id="xdx_898_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zwfP11Ih2ua4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income tax assets and liabilities consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zkvomb3w0jr3" style="display: none">Schedule of income tax assets and liabilities</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zXlhqbLcfqh3" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">December 31, 2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260630_zzC8IK9OpRS2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">June 30, 2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">As of</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsNetAbstract_iB_ztbdmBjJEO66" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_i01I_pn3n3_maDTAGz7sR_zsHKJBSQXOK1" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Accrued expenses and others</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">288</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">129</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsInventory_i01I_pn3n3_maDTAGz7sR_zeGmJ5NH6bm3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Inventory provision</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,313</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,204</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses_i01I_pn3n3_maDTAGz7sR_zho4hoqu4fc8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment on prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsImpairmentOfLonglivedAssets_i01I_pn3n3_maDTAGz7sR_zGtErACLcZL" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Impairment of long-lived assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves_i01I_pn3n3_maDTAGz7sR_znf2HfaChrWh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Product warranty</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1352">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--DeferredTaxAssetsUnrealizedProfit_i01I_pn3n3_maDTAGz7sR_zfEASlMrz4g4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Intercompany unrealized profit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,506</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,640</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_i01I_pn3n3_maDTAGz7sR_z58OK35kGNCk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net operating loss carryforward</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,066</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,725</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsGross_i01TI_pn3n3_mtDTAGz7sR_maDTANzyln_z6RfcD2bdYmh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deferred tax assets before valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68,349</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,814</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsValuationAllowance_i01NI_pn3n3_di_msDTANzyln_zI5x1OoAYOxc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,079</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(23,606</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_i01TI_pn3n3_mtDTANzyln_maDTALNz9rK_zp3c7dvfBE54" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">67,270</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">57,208</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxLiabilitiesNetAbstract_i01B_pn3n3_zjCJiZkiYpM2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities_i01NI_pn3n3_di_maDITLzBok_zbga3LdWb38b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unrealized gain and accrued interest income on investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(290</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(256</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--DeferredTaxLiabilitiesAcceleratedTaxDepreciation_i01NI_pn3n3_di_maDITLzBok_zuJy0awrua77" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accelerated tax depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,184</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,739</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--DeferredIncomeTaxLiabilities_i01NTI_pn3n3_di_mtDITLzBok_msDTALNz9rK_zIBOHBaJU6fi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total deferred tax liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,474</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,995</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_pn3n3_mtDTALNz9rK_z5bJjfYXzEH5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">65,796</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">55,213</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 288000 129000 35313000 32204000 72000 70000 47000 46000 57000 4506000 4640000 28066000 43725000 68349000 80814000 1079000 23606000 67270000 57208000 290000 256000 1184000 1739000 1474000 1995000 65796000 55213000 1079000 23606000 0 0 <p id="xdx_801_eus-gaap--EarningsPerShareTextBlock_zMA41NdLF4Ri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17. <span id="xdx_82C_zcbxjtHgJSh9">Basic and diluted net earnings/(loss) per share</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zqOdaO2uhmJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A ordinary shares and Class B ordinary shares participate equally in the Company’s earnings. Accordingly, earnings per share is presented on a combined basis. Basic and diluted net earnings/(loss) per share were calculated as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_z7QosfW7vwYg" style="display: none">Schedule of basic and diluted net earnings/(loss) per share</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20250630_zFXmwrlCzlu1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260101__20260630_zNNRCrcKPUck" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands, except share and per share data)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Basic and diluted net earnings/(loss) per share</td><td> </td> <td colspan="6" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="6" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Net income/(loss) attributable to ordinary shareholders</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pn3n3_c20250101__20250630_zN0IaqFveh69" title="Net income/(loss) attributable to ordinary shareholders, basic"><span id="xdx_90D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20250101__20250630_z8Hrc7oylgRg" title="Net income/(loss) attributable to ordinary shareholders, diluted">4,255</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_907_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pn3n3_c20260101__20260630_zg54O5uXnIZ1" title="Net income/(loss) attributable to ordinary shareholders, basic"><span id="xdx_909_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20260101__20260630_zmipUeXPiRJk" title="Net income/(loss) attributable to ordinary shareholders, diluted">(148,914</span></span></td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zOtbbV2xT8x4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted-average ordinary shares outstanding - basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,480,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,847,288</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--EffectOfDilutivePotentialOrdinaryShares_pid_zraDMCb9agmc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Effect of dilutive potential ordinary shares</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">75,444</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1408">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_zusipjXzykMl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted-average ordinary shares outstanding - diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,555,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,847,288</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net earnings/(loss) per share attributable to ordinary shareholders:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EarningsPerShareBasic_pid_zS65Yj6Roh45" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic net income/(loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.22</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--EarningsPerShareDiluted_pid_zy7UaYPGADa2" style="vertical-align: bottom; background-color: White"> <td>Diluted net income/(loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.22</td><td style="text-align: left">)</td></tr> </table> <p id="xdx_8A5_zzER0HJ1Q8c6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six months ended June 30, 2026, potential ordinary shares related to RSUs, share options and warrants were excluded from the computation of diluted net loss per share because their inclusion would have been anti-dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zqOdaO2uhmJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A ordinary shares and Class B ordinary shares participate equally in the Company’s earnings. Accordingly, earnings per share is presented on a combined basis. Basic and diluted net earnings/(loss) per share were calculated as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_z7QosfW7vwYg" style="display: none">Schedule of basic and diluted net earnings/(loss) per share</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20250630_zFXmwrlCzlu1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260101__20260630_zNNRCrcKPUck" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands, except share and per share data)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Basic and diluted net earnings/(loss) per share</td><td> </td> <td colspan="6" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Numerator:</td><td> </td> <td colspan="6" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Net income/(loss) attributable to ordinary shareholders</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pn3n3_c20250101__20250630_zN0IaqFveh69" title="Net income/(loss) attributable to ordinary shareholders, basic"><span id="xdx_90D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20250101__20250630_z8Hrc7oylgRg" title="Net income/(loss) attributable to ordinary shareholders, diluted">4,255</span></span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_907_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pn3n3_c20260101__20260630_zg54O5uXnIZ1" title="Net income/(loss) attributable to ordinary shareholders, basic"><span id="xdx_909_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20260101__20260630_zmipUeXPiRJk" title="Net income/(loss) attributable to ordinary shareholders, diluted">(148,914</span></span></td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zOtbbV2xT8x4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted-average ordinary shares outstanding - basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,480,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,847,288</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--EffectOfDilutivePotentialOrdinaryShares_pid_zraDMCb9agmc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Effect of dilutive potential ordinary shares</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">75,444</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1408">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_zusipjXzykMl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted-average ordinary shares outstanding - diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,555,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,847,288</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net earnings/(loss) per share attributable to ordinary shareholders:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EarningsPerShareBasic_pid_zS65Yj6Roh45" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic net income/(loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.22</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--EarningsPerShareDiluted_pid_zy7UaYPGADa2" style="vertical-align: bottom; background-color: White"> <td>Diluted net income/(loss) per share</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.22</td><td style="text-align: left">)</td></tr> </table> 4255000 4255000 -148914000 -148914000 120480088 121847288 75444 120555532 121847288 0.04 -1.22 0.04 -1.22 <p id="xdx_80E_eus-gaap--SegmentReportingDisclosureTextBlock_zwHHDDv9R7je" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. <span id="xdx_820_zl8bdPYvOKM2">Operating segments</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s chief executive officer is the chief operating decision maker (“CODM”). The CODM organizes the Group, allocates resources and assesses performance as a </span><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt"><span id="xdx_90A_eus-gaap--NumberOfOperatingSegments_uSegment_c20260101__20260630_zs5HWKyEeNDi" title="Number of operating segment"><span id="xdx_902_eus-gaap--NumberOfReportableSegments_uSegment_c20260101__20260630_zmhwnuH5VHA1" title="Number of reportable segment">1</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">single operating and reportable segment managed on a consolidated basis. The accounting policies of the operating segment are the same as those described in Note 2.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--SegmentReportingExpenseInformationUsedByCodmDescription_c20260101__20260630_zBt7FIOTec0j" title="Segment reporting description">The measure of segment profit or loss reviewed by the CODM is consolidated net income/(loss). The CODM uses this measure, together with consolidated revenue and expense information regularly provided to the CODM, to assess segment performance, allocate resources, evaluate the Group’s profitability and monitor budget versus actual results.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The significant segment expense categories regularly provided to the CODM and included in the measure of segment profit or loss include cost of revenue, research and development expenses, sales and marketing expenses, general and administrative expenses and income tax expense/(benefit), as presented in the unaudited condensed consolidated statements of operations and comprehensive income/(loss). The following table presents further disaggregation of cost of revenue and research and development expenses:</span></p> <p id="xdx_89A_ecustom--ScheduleOfRevenueAndDisaggregatedCostOfRevenueAndResearchAndDevelopmentExpensesTableTextBlock_zK5WDQaAtrEe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_zhuMtvH7bvJb" style="display: none">Schedule of disaggregated cost of revenue and research and development</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250630_zXNKNRFFzbtd" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630_zgUnkIGhi09a" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_ecustom--CostOfRevenueExcludingImpactOfWriteDown_pn3n3_maCOGASziJt_zXzJqPTMUb4j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Cost of revenue (excluding the impact of write-down)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">35,170</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">7,735</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--InventoryProvisionWriteDownOfPrepaymentsAndProvisionForInventoryPurchaseCommitments_pn3n3_maCOGASziJt_zLqOuwIHM0Ak" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Inventory provision, write-down of prepayments and provision for inventory purchase commitments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">54,782</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,332</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CostOfGoodsAndServicesSold_iT_pn3n3_mtCOGASziJt_zjQtcoIrT8t9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total cost of revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">89,952</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,067</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredCompensationArrangementWithIndividualSalaryBonusWelfareAndSharebasedCompensationExpense_pn3n3_zV1FI1bodwz3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Salary, bonus, welfare and share-based compensation expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,645</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,225</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_pn3n3_zO89I74WAVeh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">New products development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,134</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,907</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Depreciation_pn3n3_zRCVt92FwTBg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,813</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,223</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_zae8H9RypY97" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total research and development expenses</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">41,592</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,355</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A5_zN7w2VL2yjUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s segment revenue, expenses and net income/(loss) are the same as the corresponding consolidated amounts presented in the unaudited condensed consolidated financial statements. Accordingly, no reconciliation is necessary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other segment items were net expenses of RMB<span id="xdx_904_eus-gaap--OtherExpenses_pp0p0_c20250101__20250630_z74iw7uc1fkh" title="Other segment net expenses">21,906,000</span> and RMB<span id="xdx_903_eus-gaap--OtherExpenses_pp0p0_c20260101__20260630_znvbwOqRsYQg" title="Other segment net expenses">85,361,000</span> for the six months ended June 30, 2025 and 2026, respectively, and primarily consisted of losses from changes in fair value of cryptocurrencies and foreign exchange losses, partially offset by interest income and other income, net.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODM does not review segment assets at a level or category different from those presented in the condensed consolidated balance sheets. Accordingly, no reconciliation of segment assets to consolidated assets is necessary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 1 The measure of segment profit or loss reviewed by the CODM is consolidated net income/(loss). The CODM uses this measure, together with consolidated revenue and expense information regularly provided to the CODM, to assess segment performance, allocate resources, evaluate the Group’s profitability and monitor budget versus actual results. <p id="xdx_89A_ecustom--ScheduleOfRevenueAndDisaggregatedCostOfRevenueAndResearchAndDevelopmentExpensesTableTextBlock_zK5WDQaAtrEe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B5_zhuMtvH7bvJb" style="display: none">Schedule of disaggregated cost of revenue and research and development</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250101__20250630_zXNKNRFFzbtd" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20260101__20260630_zgUnkIGhi09a" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2026</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40A_ecustom--CostOfRevenueExcludingImpactOfWriteDown_pn3n3_maCOGASziJt_zXzJqPTMUb4j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Cost of revenue (excluding the impact of write-down)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">35,170</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">7,735</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--InventoryProvisionWriteDownOfPrepaymentsAndProvisionForInventoryPurchaseCommitments_pn3n3_maCOGASziJt_zLqOuwIHM0Ak" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Inventory provision, write-down of prepayments and provision for inventory purchase commitments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">54,782</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,332</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--CostOfGoodsAndServicesSold_iT_pn3n3_mtCOGASziJt_zjQtcoIrT8t9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total cost of revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">89,952</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,067</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredCompensationArrangementWithIndividualSalaryBonusWelfareAndSharebasedCompensationExpense_pn3n3_zV1FI1bodwz3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Salary, bonus, welfare and share-based compensation expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,645</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,225</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost_pn3n3_zO89I74WAVeh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">New products development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,134</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,907</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Depreciation_pn3n3_zRCVt92FwTBg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,813</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,223</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_zae8H9RypY97" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total research and development expenses</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">41,592</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,355</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 35170000 7735000 54782000 14332000 89952000 22067000 21645000 16225000 18134000 4907000 1813000 1223000 41592000 22355000 21906000 85361000 <p id="xdx_802_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zmxnLRlM75Rk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19. <span id="xdx_82F_z0nQ74M5htv2">Commitments and contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, the Group may be involved in legal proceedings arising in the ordinary course of business. As of June 30, 2026, the Group was not involved in any legal or administrative proceedings that management believes would have a material adverse effect on the Group’s financial position, results of operations or cash flows. Except as disclosed elsewhere in these unaudited condensed consolidated financial statements, the Group had no material commitments or guarantees as of June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_802_eus-gaap--SubsequentEventsTextBlock_zV7FjQePL4Ki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20. <span id="xdx_82E_zlMZ0muUoxs6">Subsequent events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated subsequent events through September 18, 2026, the date on which these unaudited condensed consolidated financial statements were issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2026, the Company granted an aggregate of <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20260701__20260731__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zK9pbNQ11YI3" title="Options granted">565,001</span> RSUs to employees under the 2022 Share Incentive Plan. Each RSU represents a contingent right to receive two Class A ordinary shares. <span id="xdx_902_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestDescription_c20260601__20300601__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--PlanNameAxis__custom--TwoThousandTwentyTwoShareIncentivePlanMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zJEN6Rvgte5f" title="Options vest description">The RSUs vest in four equal annual installments on June 1, 2027, 2028, 2029 and 2030, subject to continued service and applicable performance conditions.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 20, 2026, the Board of Directors approved a share repurchase program, pursuant to which the Company is authorized to repurchase up to US$<span id="xdx_90E_eus-gaap--ProceedsFromRepurchaseOfEquity_pn5n6_uUSD_c20260821__20280820__srt--StatementScenarioAxis__srt--ScenarioForecastMember_z1HU0axYDp0f" title="Share repurchase">15.0</span> million of its ADSs over a two-year period commencing on August 21, 2026. Repurchases may be made from time to time in the open market, through privately negotiated transactions or otherwise, subject to applicable laws, market conditions and other relevant factors. As of the date of issuance of these unaudited condensed consolidated financial statements, the Company had not made any repurchases under the share repurchase program.</span></p> 565001 The RSUs vest in four equal annual installments on June 1, 2027, 2028, 2029 and 2030, subject to continued service and applicable performance conditions. 15000000.0 Represents amount less than RMB 1,000. Less than 10%.