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100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">1.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Organization and principal activities</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify;"> Fangdd Network Group Ltd. (the “Company”) was incorporated in the Cayman Islands on September 19, 2013 as an exempted company with limited liability under the Companies Law (2011 Revision) (as consolidated and revised) of the Cayman Islands. The registered office of the Company is at the offices of Appleby Trust (Cayman) Ltd., Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman KY1-1108, Cayman Islands. </p><p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify;"> </p><p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify;">The Company is an investment holding company. The Company, through its consolidated subsidiaries, variables interest entity (“VIE”) and VIE’s subsidiaries (together, “the Group”) is principally engaged in the provision of real estate information services through its online platform which also offers integrated marketing services for individual customers, real estate developers and agents in the People’s Republic of China (the “PRC”).</p><p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify;"> </p><p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify;">The accompanying Unaudited Interim Condensed Consolidated Financial Statements include the financial statements of the Company, its subsidiaries, VIE and the VIE’s subsidiaries.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;" width="100%"><tbody><tr style="vertical-align: top;"><td style="width: 16.6pt;"></td> <td style="width: 19.4pt;"><span style="font-weight: bold;">(a)</span></td> <td><span style="font-weight: bold;">VIE arrangements between the Company’s PRC subsidiaries</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify;">The Group conducts the business in the PRC through Shenzhen Fangdd Network Technology Co., Ltd. (“Shenzhen Fangdd”), a limited liability company established under the laws of the PRC on October 10, 2011. Shenzhen Fangdd holds the necessary PRC operating licenses for the real estate agency and online business. The equity interests of Shenzhen Fangdd are legally held by individuals who act as nominee equity holders of Shenzhen Fangdd on behalf of Shenzhen Fangdd Information Technology Co., Ltd. (“Fangdd Information”). Shenzhen Fangdd entered into a series of contractual agreements with its legal shareholders and Fangdd Information, including the Business Operation Agreement, Powers of Attorney, Equity Interest Pledge Agreements, Exclusive Option Agreements, Operation Maintenance Service Agreement and Technology Development and Application Service Agreement (collectively, the “Shenzhen Fangdd VIE Agreements”) in March 2014 and were subsequently amended in 2017, 2023 and 2025 to reflect the registration of the Equity Interest Pledge Agreements with the relevant registration authority and amended when certain nominee equity holders transferred their nominal shareholdings in Shenzhen Fangdd to other nominee equity holders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify;">Pursuant to the Shenzhen Fangdd VIE Agreements, the Group, through Fangdd Information, is able to exercise effective control over, bears the risks of, enjoys substantially all of the economic benefits of Shenzhen Fangdd, and has an exclusive option to purchase all or part of the equity interests in Shenzhen Fangdd when and to the extent permitted by PRC law at a nominal price. The Group’s management concluded that Shenzhen Fangdd is a consolidated VIE of the Group and Fangdd Information is the primary beneficiary of Shenzhen Fangdd. As such, the financial results of Shenzhen Fangdd and its subsidiaries are included in the Unaudited Interim Condensed Consolidated Financial Statements of the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify;">The principal terms of the agreements entered into among Shenzhen Fangdd, the nominee equity holders and Fangdd Information are further described below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;"><span style="font-weight: bold;"><i>Business Operation Agreement</i></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify;">Fangdd Information, Shenzhen Fangdd and Shenzhen Fangdd’s shareholders have entered into a business operation agreement, pursuant to which Shenzhen Fangdd and its shareholders undertake not to enter into any transactions that may have material effects on Shenzhen Fangdd’s assets, obligations, rights or business operations without Fangdd Information’s prior written consent.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify;">Additionally, Shenzhen Fangdd’s shareholders undertake that, without the Fangdd Information’s prior written consent, they shall not (a) sell, transfer, pledge or otherwise dispose of any rights associated with their equity interests in Shenzhen Fangdd, (b) approve any merger or acquisition of Shenzhen Fangdd, (c) take any actions that may have a material adverse effect on Shenzhen Fangdd’s assets, businesses and liabilities, or sell, transfer, pledge or otherwise dispose or impose other encumbrances of any assets, businesses or income of Shenzhen Fangdd, (d) request Shenzhen Fangdd to declare dividend or make other distribution, (e) amend Shenzhen Fangdd’s articles of association, (f) increase, decrease or otherwise change Shenzhen Fangdd’s registered capital. Fangdd Information may request Shenzhen Fangdd to transfer at any time all the intellectual property rights held by Shenzhen Fangdd to Fangdd Information or any person designated by Fangdd Information. Shenzhen Fangdd and certain of its shareholders, including Mr. Xi Zeng, shall be jointly and severally responsible for the performance of their obligations under this agreement. This agreement has a term of ten years, and the term has been extended by a supplementary agreement dated November 20, 2023 to November 19, 2033. The term may be further extended upon Fangdd Information’s unilateral written confirmation prior to the expiry. Shenzhen Fangdd has no right of transfer without Fangdd information’s written confirmation or right of early termination while Fangdd Information may unilaterally transfer its rights and obligations under this agreement to third parties at any time through written notification and may early terminate this agreement via a 30-day prior written notice.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;"><span style="font-weight: bold;"><i>Powers of Attorney</i></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify;">Each of the shareholders of Shenzhen Fangdd has issued a power of attorney, irrevocably appointing Mr. Xi Zeng, the chairman of the board of directors of Fangdd Information , as such shareholder’s attorney-in-fact to exercise all shareholder rights, including, but not limited to, the right to call shareholders’ meeting, the right to vote on all matters of Shenzhen Fangdd that require shareholders’ approval, and the right to dispose of all or part of the shareholder’s equity interest in Shenzhen Fangdd, on behalf of such shareholder. The foregoing authorization is conditioned upon Mr. Xi Zeng’s continuing directorship at Fangdd Information and Fangdd Information’s written consent to such authorization. In the event that Mr. Xi Zeng ceases to serve as a director of Fangdd Information or that Fangdd Information requests the shareholders to terminate the authorization in writing, the power of attorney will terminate immediately and the shareholder shall then appoint any person designated by Fangdd Information as his or her attorney-in-fact to exercise all shareholder rights. Other than the foregoing circumstances, the power of attorney will remain in force until the termination of the business operation agreement and during its effective term, shall not be amended or terminated without consent of Fangdd Information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;"><span style="font-weight: bold;"><i>Equity Interest Pledge Agreements</i></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify;">Each of the shareholders of Shenzhen Fangdd has entered into an equity interest pledge agreement with Fangdd Information and Shenzhen Fangdd, pursuant to which, the shareholders have pledged all of his or her equity interest in Shenzhen Fangdd to Fangdd Information to guarantee the performance by Shenzhen Fangdd and its shareholders of their obligations under the main contracts, which include technology development and application service agreement, the operation maintenance service agreement, the business operation agreement and the exclusive option agreements. Each shareholder of Shenzhen Fangdd agrees that, during the term of the equity interest pledge agreement, he or she will not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity interests without the prior written consent of Fangdd Information. The equity interest pledge agreements remain effective until Shenzhen Fangdd and its shareholders discharge all of their obligations under the main contracts. The equity pledges under the equity interest pledge agreement have been registered with the local branches of the Administration for Market Regulation in accordance with the PRC Property Rights Law.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;"><span style="font-weight: bold;"><i>Exclusive Option Agreements</i></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify;">Fangdd Information, Shenzhen Fangdd and each of the Shenzhen Fangdd’s shareholders have entered into an exclusive option agreement, pursuant to which each of the Shenzhen Fangdd’s shareholders has irrevocably granted Fangdd Information an exclusive option, to the extent permitted by PRC law, to purchase, or have its designated person or persons to purchase, at its discretion all or part of the shareholder’s equity interests in Shenzhen Fangdd or all or part of Shenzhen Fangdd’s assets. The purchase price shall be a nominal price unless where PRC laws and regulations require valuation of the equity interests or the assets, or promulgates other restrictions on the purchase price, or otherwise prohibits purchasing the equity interests or the assets at a nominal price. If the PRC laws and regulations prohibit purchasing the equity interests or the assets at a nominal price, the purchase price shall be equal to the original investment of the equity interests made by such shareholders or the book value of the assets. Where PRC laws and regulations require valuation of the equity interests or the assets or promulgates other restrictions on the purchase price, the purchase price shall be the minimum price permitted under PRC laws and regulations. However, if the minimum price permitted under PRC laws and regulations exceed the original investment of the equity interests or the book value of the assets, Shenzhen Fangdd’s shareholders shall reimburse Fangdd Information the exceeded amount after deducting all taxes and fees paid under PRC laws and regulations. The shareholders of Shenzhen Fangdd undertake, among other things, that they shall not take any actions that may have material effects on Shenzhen Fangdd’s assets, businesses and liabilities, nor shall they appoint or replace any directors, supervisors and officers of Shenzhen Fangdd without Fangdd Information’s prior written consent. These agreements have terms of ten years, and the term has been extended by supplementary agreements dated November 20, 2023 to November 19, 2033. The term may be extended upon Fangdd Information’s written confirmation prior to the expiry.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;"><span style="font-weight: bold;"><i>Operation Maintenance Service Agreement</i></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify;">Fangdd Information and Shenzhen Fangdd have entered into an operation maintenance service agreement, pursuant to which Fangdd Information has the exclusive right to provide Shenzhen Fangdd with operation maintenance services and marketing services. Without Fangdd Information’s written consent, Shenzhen Fangdd shall not engage any third party to provide the services covered by this agreement. Shenzhen Fangdd agrees to pay service fees on an annual basis and at an amount determined by Fangdd Information after taking into account factors such as the labor cost, facility cost and marketing expenses incurred by Fangdd Information in providing the services. Unless otherwise agreed by both parties, this agreement will remain effective until Fangdd Information ceases business operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;"><span style="font-weight: bold;"><i>Technology Development and Application Service Agreement</i></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify;">Fangdd Information and Shenzhen Fangdd have entered into a technology development and application service agreement, pursuant to which, Fangdd Information has the exclusive right to provide Shenzhen Fangdd with technology development and application services. Without Fangdd Information’s written consent, Shenzhen Fangdd shall not accept any technology development and application services covered by this agreement from any third party. Shenzhen Fangdd agrees to pay service fees on an annual basis and at an amount determined by Fangdd Information after taking into account multiple factors, such as the labor and time consumed for provision of the service, the type and complexity of the services provided, the difficulties in providing the service, the commercial value of services provided and the market price of comparable services. Unless otherwise agreed by the parties, this agreement will remain effective until Fangdd Information ceases business operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"><span style="font-weight: bold;"><i>Risks in relation to the VIE structure </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">In the opinion of the Group’s management, the contractual arrangements have resulted in Fangdd Information having the power to direct activities that most significantly impact Shenzhen Fangdd and Shenzhen Fangdd’s subsidiaries, including appointing key management, setting up operating policies, exerting financial controls and transferring profit or assets out of Shenzhen Fangdd and Shenzhen Fangdd’s subsidiaries at its discretion. Fangdd Information considers that it has the right to receive all the benefits and assets of Shenzhen Fangdd and Shenzhen Fangdd’s subsidiaries. As Shenzhen Fangdd and Shenzhen Fangdd’s subsidiaries were established as limited liability companies under the PRC law, their creditors do not have recourse to the general credit of Fangdd Information for the liabilities of Shenzhen Fangdd and Shenzhen Fangdd’s subsidiaries, and Fangdd Information does not have the obligation to assume the liabilities of Shenzhen Fangdd and Shenzhen Fangdd’s subsidiaries.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The Group has determined that Shenzhen Fangdd VIE Agreements are in compliance with PRC laws and are legally enforceable. However, uncertainties in the PRC legal system could limit the Group’s ability to enforce Shenzhen Fangdd VIE Agreements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">If the PRC government finds that these contractual arrangements do not comply with its restrictions on foreign investment in the internet business, or if the PRC government otherwise finds that the Group, the VIE, or any of its subsidiaries is in violation of PRC laws or regulations or lack the necessary permits or licenses to operate the business, the relevant PRC regulatory authorities, including but not limited to the Ministry of Industry and Information Technology (“MIIT”) of the People’s Republic China, which regulates internet information service companies, would have broad discretion in dealing with such violations, including:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.5in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;">revoking the business and operating licenses;</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.5in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;">discontinuing or restricting the operations;</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.5in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;">imposing fines or confiscating any of the income that they deem to have been obtained through illegal operations;</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.5in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;">imposing conditions or requirements with which the Group or the PRC subsidiaries and affiliates may not be able to comply;</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.5in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;">requiring the Company or the PRC subsidiaries and affiliates to restructure the relevant ownership structure or operations;</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.5in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;">placing restrictions on the right to collect revenues;</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.5in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;">restricting or prohibiting the use of the proceeds from this offering to finance the business and operations of the VIE; and</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.5in;"></td> <td style="width: 0.25in; text-align: left;">●</td> <td style="text-align: justify;">taking other regulatory or enforcement actions that could be harmful to the business.</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The imposition of any of these penalties could have a material and adverse effect on the business, financial condition and results of operations. If any of these penalties results in the inability to direct the activities of the VIE that most significantly impact its economic performance, and/or failure to receive the economic benefits from the VIE, the Group may not be able to consolidate the financial results of the VIE and its subsidiaries in Unaudited Interim Condensed Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">There is no VIE in which the Group has a variable interest but is not the primary beneficiary. Currently there is no contractual arrangement that could require the Group to provide additional financial support to Shenzhen Fangdd.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">(b)</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Summary financial information of the Group’s VIE and its subsidiaries</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following consolidated assets and liabilities information of the Group’s VIE and VIE’s subsidiaries as of December 31, 2025 and June 30, 2026, and consolidated operating results and cash flows information for the periods ended June 30, 2025 and 2026, have been included in the accompanying Unaudited Interim Condensed Consolidated Financial Statements:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><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<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">16,502</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">6,675</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Restricted cash</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">659</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,244</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accounts receivable, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">133,001</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">113,790</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Amount due from related parties <i>(Note (i))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">350,759</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">351,593</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Prepayments and other current assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">63,771</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">60,231</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Inventories</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">5,022</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">4,938</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total current assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">569,714</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">538,471</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Property, plant and equipment, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,423</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,572</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Intangible assets, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">152</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">137</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Right-of-use assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">244</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">59</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Equity method investments, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">115,003</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">94,923</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Long-term equity investment, net</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">12,010</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">12,010</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total non-current assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">130,832</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">112,701</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total assets</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">700,546</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">651,172</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accounts payable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">63,450</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,739</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Customers’ refundable fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,201</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,699</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;"><span style="font-size: 10pt;">Amounts due to related parties <i>(Note (i))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,690,573</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,694,197</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued expenses and other payables</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">62,111</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">53,206</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Income tax payables</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">87</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">152</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Lease liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">230</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">49</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,833,652</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,799,042</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">Non-current 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 style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total non-current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_218187551;">—</span></td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1410005894;">—</span></td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,833,652</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,799,042</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(i)</td> <td style="text-align: justify;">Amounts due from/to related parties include the amounts due from/to subsidiaries other than the Group’s VIE and VIE’s subsidiaries, which are eliminated upon the group consolidation.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Total revenue</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">182,285</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">87,351</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Net income/(loss)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,403</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(14,764</td> <td style="text-align: left;">)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Net cash provided by/(used in) operating activities</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">25,045</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(8,348</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Net cash provided by investing activities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,192</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,999</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Net cash used in financing activities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(25,000</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:fc_281553753;">—</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Effect of exchange rate changes on cash, cash equivalents and restricted cash</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,893</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Net increase/(decrease) in cash, cash equivalents and restricted cash</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,236</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(9,242</td> <td style="text-align: left;">)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">(c)</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Sales commitment arrangements</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Certain property sales contracts entered with real estate developers provide the Group with exclusive selling rights for the selected properties for a specific period of time (the “Exclusive Sales Contracts”), which typically lasts for several months. Certain of these Exclusive Sales Contracts requires the Group or, in case of tri-party agreements (see below), the Group’s equity method investees to purchase any unsold units of properties at the end of the exclusive sales period (the “Sales Commitment Arrangements”). Under the Sales Commitment Arrangements, the real estate developers either enter into project sales contracts with the Group directly (the “Self-Commitment Arrangements”) or enter into tri-party agreements with the Group and its equity method investees (the “Non-Group Commitment Arrangements”). The Group, or in case of tri-party agreements, its equity method investees is required to advance real estate developer an initial deposit prior to the commencement of the exclusive sales period. The amount of initial deposits required is generally determined at a percentage of the minimum transaction price, as pre-agreed with the real estate developer, of the properties (the “Base Transaction Price”) to be sold to home purchasers in the market during the exclusive sales period. The amount of deposits advanced by the Group, or its equity method investees are adjusted throughout the exclusive sales period based on an agreed schedule such that 100% of the Base Transaction Price for the unsold properties, if any, is advanced to the real estate developers at the end of the exclusive sales period. If all properties are sold during the exclusive sales period, any outstanding deposits are immediately returned to the Group, or its equity method investees. Under all of these arrangements, the Group is responsible to render the properties sales services as specified in the exclusive sales contracts. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">For Self-Commitment Arrangements, the Group is required under the project sales contracts to advance the deposits and purchase any unsold properties at the Base Transaction Price at the end of exclusive sales period. The Group would either finance the entire deposits with its own fund or by entering into separate collaborative agreements with certain funds providers (the “Self-Commitment Collaborative Agreements”) that, are either independent third parties or the Group’s equity method investees, to fully or partially fund the deposits required. The funds providers provide the Group with the funds required and requested the funds to be designated for use in a specific Self-Commitment Arrangement. Pursuant to the Self-Commitment Collaborative Agreements, the Group is required to share with the funds provider a portion of the Base Commission Income (see Note 2.22) and any Sales Incentive Income (see Note 2.22) earned, based on the agreed profit-sharing arrangements. However, the Group does not commit or guarantee them any minimum return. Also, there is no limit on the reward that accrues to either the Group or the funds providers. The amounts of profit shared with the funds providers under the Self-Commitment Collaborative Agreements are recorded in “Cost of revenue” in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss. The funds provided by these independent third parties or equity method investees to the Group to fulfil the deposits requirement under the Self-Commitment Arrangements are recorded as “Amounts due to third parties under collaborative agreements” or “Amounts due to equity method investees under collaborative agreements”. The deposits advanced by the Group to the property developers, either using entirely its own funds or combining its own funds with funds provided by funds providers, are recorded as “Security deposits with real estate developers” included in “Prepayments and other assets, net” (see Note 7(a)) on the Unaudited Interim Condensed Consolidated Balance Sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">For Non-Group Commitment Arrangements, the equity method investees of the Group are obliged to pay the deposits required directly to the real estate developers and subject to the commitment to purchase any unsold properties at the Base Transaction Price at the end of exclusive sales period. No payable to the equity method investees or deposits with real estate developers were recorded on the Unaudited Interim Condensed Consolidated Balance Sheets in respect of the deposits payments or refund transactions directly made by the funds providers to property developers, as the Group is not the obligator for such deposit payments or the purchase commitment regarding the unsold properties. The Group would enter into separate collaborative agreements (the “Non-Group Collaborative Agreements”) to set out the basis of sharing of the Base Commission Income and any Sales Incentive Income earned, with the equity method investees under the Non-Group Commitment Arrangements. And the Group does not commit or guarantee them any minimum return. Also, there is no limit on the reward that accrues to either the Group or these equity method investees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Under certain Non-Group Commitment Arrangements entered into amongst the Group, the equity method investees and real estate developers in 2019 and 2020, the equity method investee (i.e. fund provider) has the option to withdraw from the arrangement by paying a penalty to the real estate developer at any time during the term of the arrangement. The withdrawal penalty is based on either not more than 10% of the total Based Transaction Price of all properties or not more than 10% of the Based Transaction Price of the unsold properties at the withdrawal date. The Group is not responsible for the penalty payment. Upon the withdrawal by the fund provider, the Non-Group Commitment Arrangement would be terminated, and the Group would cease to have the right of exclusive sales. The Group did not enter into any such arrangement for the six months ended June 30, 2025 and 2026.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Although the Group is responsible to design and execute the overall sales plan as well as managing and directing its Registered Agents to facilitate the property transactions, the equity method investees do not simply provide financial resources but also participate in these processes through joint evaluation with the Group about the marketability of the specified properties and their pricing strategy. The Non-Group Collaborative Arrangements are accounted for under ASC 808 with costs incurred and revenue generated by the Group and the equity method investees reported in their respective Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss. Revenue earned from the real estate developer for property sales contracts with Non-Group Collaborative Agreements simultaneously entered with equity method investees are presented on a gross basis with the Base Commission Income and Sales Incentive Income recognized as “Revenue” and the amounts of profit shared with equity method investees recorded in “Cost of Revenue” in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss as the Group is deemed to be the principal under these arrangements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> The Group recognized <span style="-sec-ix-hidden:fc_1182975019;"><span style="-sec-ix-hidden:fc_1642880821;">nil</span></span> Sales Incentive Income for the six months ended June 30, 2025 and 2026. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group believes its key management has sufficient knowledge and experience in the relevant real estate markets and has in place adequate process that guides its selection of projects, negotiation of terms and ongoing monitoring of risks.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Prior to entering into a Sales Commitment Arrangement, the Group would assess the marketability of the specified properties, the reasonableness of the Base Transaction Price and other relevant factors. The Group performs such assessment based on the results of its research activities and other factors such as the availability of agents’ resources and has determined that the probability of all properties under such arrangements not being sold within the exclusive sales period is low. The Group believes that the developers enter into such Sales Commitment Arrangement largely due to liquidity consideration in that it could shorten the cash payback period through the receipts of deposits under the arrangement. Also, such Sales Commitment Arrangement may provide higher return to the developer when the properties are sold at a price in excess of the Base Transaction price. Therefore, the Group determines that it is remote that the real estate developers will request the Group, or for Non-Group Commitment Arrangements, the Group’s equity method investees to purchase the unsold properties at the end of exclusive sales period. Management has concluded such assessment is supported by the historical experiences where developers agreed to an extended sales period for a few months in those limited instances where certain properties remained unsold at the end of exclusive sales period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group started entering into the above-mentioned Sales Commitment Arrangements in 2016. For the six months ended June 30, 2025 and 2026, the Group did not enter into any property sales contracts with real estate developers under Self-Commitment Arrangements. All new property sales contracts with Sales Commitment Arrangement are entered with the property developers and equity method investees in tri-party agreements under the Non-Group Commitment Arrangements, pursuant to which the Group’s equity method investees, rather than the Group, are required to pay the deposits directly to the property developers and obliged to purchase any unsold units of properties at the end of exclusive sales period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The deposits made by the Group under all the Exclusive Sales Contracts including those under the Self-Commitment Arrangement are recorded as security deposits with real estate developers, net of allowance for credit losses, under current assets on the Unaudited Interim Condensed Consolidated Balance Sheets. The Group assesses the recoverability of the deposits with real estate developers based on a combination of factors, including the contractual terms, the developers’ intention in entering into such arrangements as described above, the continuing assessment of the marketability of the properties during the exclusive sales period and the extended sales period, if any, historical experiences and negotiation results of developers’ action at the end of exclusive sales period, and the market price of similar properties. An allowance for credit losses against the deposits is recorded when any portion of deposits is considered not recoverable.</p> 2013-09-19 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following consolidated assets and liabilities information of the Group’s VIE and VIE’s subsidiaries as of December 31, 2025 and June 30, 2026, and consolidated operating results and cash flows information for the periods ended June 30, 2025 and 2026, have been included in the accompanying Unaudited Interim Condensed Consolidated Financial Statements:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><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<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">16,502</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">6,675</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Restricted cash</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">659</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,244</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accounts receivable, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">133,001</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">113,790</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Amount due from related parties <i>(Note (i))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">350,759</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">351,593</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Prepayments and other current assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">63,771</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">60,231</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Inventories</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">5,022</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">4,938</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total current assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">569,714</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">538,471</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Property, plant and equipment, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,423</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,572</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Intangible assets, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">152</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">137</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Right-of-use assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">244</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">59</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Equity method investments, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">115,003</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">94,923</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Long-term equity investment, net</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">12,010</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">12,010</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total non-current assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">130,832</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">112,701</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total assets</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">700,546</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">651,172</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accounts payable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">63,450</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,739</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Customers’ refundable fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,201</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,699</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;"><span style="font-size: 10pt;">Amounts due to related parties <i>(Note (i))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,690,573</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,694,197</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued expenses and other payables</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">62,111</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">53,206</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Income tax payables</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">87</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">152</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Lease liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">230</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">49</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,833,652</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,799,042</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">Non-current 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 style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total non-current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_218187551;">—</span></td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1410005894;">—</span></td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,833,652</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,799,042</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(i)</td> <td style="text-align: justify;">Amounts due from/to related parties include the amounts due from/to subsidiaries other than the Group’s VIE and VIE’s subsidiaries, which are eliminated upon the group consolidation.</td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Total revenue</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">182,285</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">87,351</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Net income/(loss)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,403</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(14,764</td> <td style="text-align: left;">)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Net cash provided by/(used in) operating activities</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">25,045</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(8,348</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Net cash provided by investing activities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,192</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,999</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Net cash used in financing activities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(25,000</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:fc_281553753;">—</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Effect of exchange rate changes on cash, cash equivalents and restricted cash</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,893</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Net increase/(decrease) in cash, cash equivalents and restricted cash</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,236</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(9,242</td> <td style="text-align: left;">)</td> </tr></tbody></table> 16502000 6675000 659000 1244000 133001000 113790000 350759000 351593000 63771000 60231000 5022000 4938000 569714000 538471000 3423000 5572000 152000 137000 244000 59000 115003000 94923000 12010000 12010000 130832000 112701000 700546000 651172000 63450000 34739000 17201000 16699000 1690573000 1694197000 62111000 53206000 87000 152000 230000 49000 1833652000 1799042000 1833652000 1799042000 182285000 87351000 8403000 -14764000 25045000 -8348000 3192000 1999000 -25000000 -1000 -2893000 3236000 -9242000 1 <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-weight: bold;">2.</span></td> <td><span style="font-weight: bold;">Summary of significant accounting policies</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-align: justify; text-indent: 0.7pt;"><span style="font-weight: bold;">2.1 Basis of presentation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Unaudited Interim Condensed Consolidated Financial Statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-align: justify; text-indent: 0.7pt;"><span style="font-weight: bold;">2.2 Going concern</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The accompanying Unaudited Interim Condensed Consolidated Financial Statements have been prepared assuming that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Group’s ability to generate cash flows from operations, and the Group’s ability to arrange adequate financing arrangements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> As of June 30, 2026, the Group had an accumulated deficit of RMB4,737,342. For the six months ended June 30, 2026, the Group incurred a net loss of RMB34,484 and had cash outflows from operating activities of RMB36,674. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group has prepared a future cash flow forecasts, taken the actions of equity financing and the management is of the opinion that the Group will have sufficient unrestricted liquidity for at least the next 12 months from the date of approval of the Unaudited Interim Condensed Consolidated Financial Statements. Among the assumptions made by the management, it is expected that the Group will continue to reduce its operating expenditure by reducing headcounts and office space. Accordingly, management concludes that it is appropriate to prepare the financial statements on a going concern basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group has taken positive actions to speed up the collection of accounts receivable, such as litigation, strict developer credit rating management, but the effects of these actions may be limited where the developers have already been in severe finance distress. The Group also intends to obtain additional equity or debt financing arrangements, however, the availability and amount of such funding are not certain. Additionally, the strict macroeconomic regulation on real estate market and the tightening of mortgage lending activities have negatively impacted the real estate market and heightened the credit risk associated with developers. The new and resale property transactions are expected to remain vulnerable to macro challenges for an extended period, which may adversely impact the Group’s ability to raise the financing needed. The accompanying financial statements do not include any adjustments that might be necessary should the Group be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary for the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-align: justify; text-indent: 0.7pt;"><span style="font-weight: bold;">2.3 Principle of consolidation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The accompanying Unaudited Interim Condensed Consolidated Financial Statements include the financial statements of the Company and its subsidiaries, which include the Cayman Islands-registered entities, British Virgin Islands-registered entities, Hong Kong-registered entities, United States-registered entities and PRC-registered entities directly or indirectly owned by the Company. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. The results of subsidiaries acquired or disposed of are recorded in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss from the effective date of acquisition or up to the effective date of disposal, as appropriate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power; or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors or to cast a majority of votes at the meetings of the board of directors or to govern the financial and operating policies of the investee pursuant to a statute or under an agreement among the shareholders or equity holders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-indent: 0.7pt;"><span style="font-weight: bold;">2.4 Use of estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities on the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Group to revise its estimates. In accordance with ASC 250, the changes in estimates will be recognized in the same period of changes in facts and circumstances. The Group bases its estimates on past experiences and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates are used when accounting for items and matters including, but not limited to, allowances for credit losses, write-off of contested accounts payables, useful lives and impairment of long-lived assets, and valuation allowance for deferred tax assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-indent: 0.7pt;"><span style="font-weight: bold;">2.5 Business combinations and non-controlling interests</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Group and equity instruments issued by the Group. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss. During the measurement period, which can be up to one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments are recorded in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">For the Group’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Group. Consolidated net income/(loss) in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss includes net income/(loss) attributable to non-controlling interests when applicable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-indent: 0.7pt;"><span style="font-weight: bold;">2.6 Foreign currency</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and the Group’s entities incorporated in the Cayman Island, British Virgin Islands (“BVI”), Hong Kong and United States is the United States dollars (“US$”). The functional currency of the Group’s PRC subsidiaries, VIE and VIE’s subsidiaries is RMB.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulting exchange differences are recorded as foreign currency exchange gain/(loss) in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss. Total foreign currency exchange differences were a gain of RMB524 and RMB7,205 for the six months ended June 30, 2025 and 2026, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The financial statements of the Company and the Group’s entities incorporated in the Cayman Island, BVI, Hong Kong and United States are translated from the functional currency into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings/(deficit) generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive loss in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss in the Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt;"><span style="font-weight: bold;">2.7 Convenience translation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> Translations of certain balances in accompanying Unaudited Interim Condensed Consolidated Financial Statements from RMB into US$ as of and for the six months ended June 30, 2026 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.7851 representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on July 6, 2026. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2026, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying Unaudited Interim Condensed Consolidated Financial Statements are unaudited. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;">2.8 Fair value measurements</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.5in;"></td> <td style="width: 0.25in;">●</td> <td style="text-align: justify;">Level 1 — Quoted prices in active markets for identical assets and liabilities.</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.5in;"></td> <td style="width: 0.25in;">●</td> <td style="text-align: justify;">Level 2 — Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.5in;"></td> <td style="width: 0.25in;">●</td> <td style="text-align: justify;">Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group considers the carrying amount of its financial assets and liabilities, which consist primarily of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amounts due from/to related parties, accounts payables, customers’ refundable fees, and accrued expenses and other payables, approximate the fair value of the respective assets and liabilities as of December 31, 2025 and June 30, 2026 owing to their short-term or present value nature or present value of the assets and liabilities. Fair value approximates their carrying value at the year-end as the fair value is estimated by used discounted cash flow, in which interest rates used to discount the host contracts approximate market rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">For the six months ended June 30, 2025 and 2026, there were no transfers between different levels of inputs used to measure fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;">2.9 Cash and cash equivalents</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Cash and cash equivalents represent demand deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal or use, and which have original maturities of three months or less and are readily convertible to known amounts of cash.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;">2.10 Restricted cash</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Cash that is legally or contractually restricted as to withdrawal or for use or pledged as security is reported separately on the face of the Unaudited Interim Condensed Consolidated Balance Sheets. In accordance with Accounting Standards Codification (“ASC”) 230, the amounts generally described as restricted cash and restricted cash equivalents are included in the total cash, cash equivalents and restricted cash balances in the Unaudited Interim Condensed Consolidated Statements of Cash Flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;">Restricted cash represents as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.5in;"></td> <td style="width: 0.25in;">(i)</td> <td style="text-align: justify;">Bank balances of RMB659 and RMB1,244 were frozen for lawsuits undergoing with suppliers and brokerage firms as of December 31, 2025 and June 30, 2026, respectively.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.5in;"></td> <td style="width: 0.25in;">(ii)</td> <td style="text-align: justify;">Bank balances of RMB2,672 and RMB2,651 were other miscellaneous restricted cash as of December 31, 2025 and June 30, 2026.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;">2.11 Short-term investments</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Short-term investments include fund investments and investments in wealth management products issued by certain banks which are redeemable by the Group at any time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The wealth management products are either unsecured with variable interest rates or fixed interest rate. The Group measures the wealth management products at fair value using the quoted subscription or redemption prices published by these banks, with unrealized holding gains or losses, net of the related tax effect, excluded from earnings and recorded as a separate component of accumulated other comprehensive loss until realized. Realized gains or losses from the sale of wealth management products are determined on a specific identification basis and are recorded as gain/(loss) on short-term investments when earned in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group classifies fund investments as trading securities given the fund investments are purchased for the purpose of selling them in the near future. The fund investments are classified as investments with readily determinable fair values, which are reported at fair value in the Unaudited Interim Condensed Consolidated Balance Sheets. Changes in fair values of fund investments are recorded as gain/(loss) on short-term investments in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;">2.12 Accounts receivable, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> Accounts receivable mainly represent amounts due from the real estate developers for primary property business upon the completion of their services. Accounts receivables are recorded net of an allowance for credit losses, if any. The Group considers many factors in assessing the collectability of its accounts receivable, such as the age of the amounts due, the payment history, credit-worthiness and the financial condition of the debtor. An allowance for credit losses is recorded in the period in which a loss is determined to be probable. The Group also makes a specific allowance if there is strong evidence indicating that an accounts receivable is likely to be unrecoverable. Accounts receivable are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any off-balance-sheet credit exposure. Allowance of RMB642,786 and RMB631,528 was provided as of December 31, 2025 and June 30, 2026, respectively. Approximately 6% of the Group’s accounts receivable represent output VAT amounts, which are excluded from the Group’s revenues. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Accounts receivable are recorded at the gross billing amount less an allowance for expected credit losses from the customers. Accounts receivable do not bear interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"><i>Expected credit losses</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Since July 1, 2022, the Group adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), using the modified retrospective transition method. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. Upon adoption, the Group changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost and receivables resulting from the application of ASC 606, including contract assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group maintains an allowance for credit losses in accordance with ASC Topic 326, Credit Losses (“ASC 326”) and records the allowance for credit losses as an offset to accounts receivable, and the estimated credit losses charged to the allowance in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss. The Group assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar business lines, services or product offerings and on an individual basis when the Group identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Group considers historical collectability based on past due status, the age of the accounts receivable balances, credit quality of the Group’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Group’s ability to collect from customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> For the six months ended June 30, 2025, the Group provided expected credit losses against accounts receivable of RMB946. For the six months ended June 30, 2026, the reversal of expected credit losses against accounts receivable was RMB10,776. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="margin-left: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <span style="font-weight: bold;">2.13</span> <span style="font-weight: bold;">Inventories</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Inventories, primarily consisting of parking spaces, are stated at the lower of cost and net realizable value. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. The Group takes ownership, risks and rewards of the products purchased.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> As of December 31, 2025 and June 30, 2026, <span style="-sec-ix-hidden:fc_2006045496;"><span style="-sec-ix-hidden:fc_1784387857;">no</span></span> adjustment is deemed necessary to reduce inventory to net realizable value. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt;"><span style="font-weight: bold;">2.14 Property, plant and equipment, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Property, plant and equipment are stated at cost less accumulated depreciation and impairment, if any. Property, plant and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value if any over their estimated useful lives on a straight-line basis. The estimated useful lives are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Category</span></span></td> <td style="padding-bottom: 1.5pt; width: 2%;"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Estimated useful lives</span></span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Buildings</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">20 years</span></td> </tr><tr style="vertical-align: bottom;"><td><span style="font-size: 10pt;">Investment properties</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">20 years</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Leasehold improvements</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">2-3 years</span></td> </tr><tr style="vertical-align: bottom;"><td><span style="font-size: 10pt;">Furniture, office equipment</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">3-5 years</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Motor vehicles</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">3-4 years</span></td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Investment properties are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Maintenance, repairs and minor renewals are charged directly to expenses as incurred. Major additions and improvements to the investment properties are capitalized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Leasehold improvements are depreciated on a straight-line basis over the period of the lease or their estimated useful lives, if shorter. Expenditures for repairs and maintenance are expensed as incurred, whereas the costs of renewals and betterment that extends the useful lives are capitalized as additions to the related assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.15 Intangible assets, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Intangible assets mainly include purchased intangible assets. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives based upon the usage of the asset, which is approximated using a straight-line method as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt;"><span style="font-weight: bold;"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Category</span></span></td> <td style="padding-bottom: 1.5pt; width: 2%;"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Estimated useful lives</span></span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Software</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">2-10 years</span></td> </tr><tr style="vertical-align: bottom;"><td><span style="font-size: 10pt;">Artificial intelligence technology</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">10 years</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Membership</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">10 years</span></td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.16 Impairment of long-lived assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets that management expects to hold and use is based on the amount the carrying value exceeds the fair value of the asset. When impairment is recognized, the adjusted carrying amount of the underlying fixed assets becomes their carrying value. The new cost basis is depreciated over the remaining useful lives of the assets. For the six months ended June 30, 2025 and 2026, the Group recognized an impairment loss of RMB10,108 and RMB1,461 for long-lived assets, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.17 Goodwill</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Group’s acquisitions of interests in its subsidiaries. The Group assesses goodwill for impairment in accordance with ASC 350-20 (“ASC 350-20”), “Intangibles–Goodwill and Other: Goodwill”, which requires that goodwill to be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Prior to the adoption of ASU 2017-04, “Simplifying the Test for Goodwill Impairment”, on January 1, 2022, the Group has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step test in accordance with ASC 350-20. If the Group believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the two-step quantitative impairment test described above is required. Otherwise, no further testing is required. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. In performing the two-step quantitative impairment test, the first step compares the carrying amount of the reporting unit to the fair value of the reporting unit based on either quoted market prices of the ordinary shares or estimated fair value using a combination of the income approach and the market approach. If the fair value of the reporting unit exceeds the carrying value of the reporting unit, goodwill is not impaired and the Group is not required to perform further testing. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, then the Group must perform the second step of the impairment test in order to determine the implied fair value of the reporting unit’s goodwill. The fair value of the reporting unit is allocated to its assets and liabilities in a manner similar to a purchase price allocation in order to determine the implied fair value of the reporting unit goodwill. If the carrying amount of the goodwill is greater than its implied fair value, the excess is recognized as an impairment loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In January 2017, the FASB issued Accounting Standards Update No. 2017-04(“ASU 2017-04”), “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The Group adopted the ASU 2017-04 on January 1, 2022. On and after January 1, 2022, the Group performed qualitative and quantitative assessment in accordance with ASU 2017-04.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.18 Leases</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">From January 1, 2022, the Group adopted Accounting Standards Update (“ASU”) 2016-02, Lease (FASB ASC Topic 842). The adoption of Topic 842 resulted in the presentation of operating lease right-of-use (“ROU”) assets and operating lease liabilities on the consolidated balance sheet. The Group has elected the package of practical expedients, which allows the Group not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Group elected the short-term lease exemption for all contracts with lease terms of 12 months or less.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The right-of-use assets and related lease liabilities are recognized at the lease commencement date. The Group recognizes operating lease expenses on a straight-line basis over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"><i>Right-of-use of assets</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group recognizes right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. All right-of-use assets are reviewed for impairment annually.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> There was no impairment for right-of-use lease assets for the six months ended June 30, 2025 and 2026. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"><i>Lease liabilities</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the Group’s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee and any exercise price under a purchase option that the Group is reasonably certain to exercise. Lease liability is measured at amortized cost using the effective interest rate method. It is re-measured when there is a change in future lease payments, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if there is any change in the Group assessment of option purchases, contract extensions or termination options.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.19 Equity method investments, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group accounts for an equity method investment over which it has significant influence but does not own a majority of the equity interest or otherwise controls and the investments are either common stock or in substance common stock using the equity method. The Group’s share of the investee’s profit and loss is recognized in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group assesses its equity method investments for other-than-temporary impairment by considering factors as well as all relevant and available information including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends, and other Group-specific information such as financing rounds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> An impairment loss of <span style="-sec-ix-hidden:fc_877164134;">nil</span> and RMB20,080 for equity method investments was recognized for the six months ended June 30, 2025 and 2026, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.20 Long-term equity investments, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Long-term equity investments, except those accounted for under the equity method or those that result in the consolidation of the investee, that do not have readily determinable fair value are measured and recorded at cost, less impairment, with subsequent adjustments for observable price changes in orderly transactions for identical or similar equity investments of the issuer. Purchased options on these equity investments that are not derivatives are accounted for in a manner consistent with the accounting for the equity investments that do not have readily determinable fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> <span style="-sec-ix-hidden:fc_292847767;"><span style="-sec-ix-hidden:fc_2081096679;">No</span></span> impairment loss of long-term equity investments was recognized for the six months ended June 30, 2025 and 2026, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.21 Statutory reserves</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group’s subsidiaries, VIE, and VIE’s subsidiaries established in the PRC are required to make appropriations to certain non-distributable reserve funds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Group’s subsidiaries registered as wholly foreign owned enterprise have to make appropriations from their after-tax profits (as determined under generally accepted accounting principles in the PRC (‘‘PRC GAAP’’)) to non-distributable reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the Group. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> In addition, in accordance with the PRC Company Laws, the Group’s VIE and VIE’s subsidiaries, registered as Chinese domestic companies, must make appropriations from their after-tax profits as determined under the PRC GAAP to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the Group. Appropriation to the discretionary surplus fund is made at the discretion of the Group. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective entity. The staff bonus and welfare fund are liability in nature and is restricted to make payment of special bonuses to employees and for the collective welfare of employees. None of these reserves is allowed to be transferred to the Group by way of cash dividends, loans or advances, nor can they be distributed except under liquidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> For the six months ended June 30, 2025 and 2026, <span style="-sec-ix-hidden:fc_619072756;"><span style="-sec-ix-hidden:fc_805818613;">no</span></span> appropriation was made to the general reserve fund by the Group’s wholly foreign owned PRC subsidiaries, and no appropriation was made to the statutory surplus fund by the Group’s VIE and VIE’s subsidiaries, respectively. <span style="-sec-ix-hidden:fc_1810419009;">No</span> appropriation has been made by these companies to discretionary funds. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.22 Revenue recognition</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In accordance with ASC 606, Revenue from Contracts with Customers, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when (or as) the entity satisfies a performance obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Revenues are recorded net of value-added taxes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"><i>Commission income</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Through its platforms and services provided by real estate agents registered as a member in the Group’s platform (the “Registered Agents”), the Group earns commission revenue from real estate developers for sales transactions of primary properties and to a lesser extent from home owners for sales or rental transactions of secondary properties. For services rendered by the Registered Agents in completing the transactions, the Group pays those agents a commission fee. The real estate developers and home owners are collectively referred as the property owners. For each of the property’s transactions, the Group enters into contracts with the Registered Agents (the “Agents’ Contracts”) and properties owners (the “Properties Sales Contracts”) separately. As Registered Agents are involved in providing the services to the property owners, the Group considers all the relevant facts and circumstances in determining whether it acts as the principal or as an agent in these properties’ transactions in accordance with ASC 606-10-50-12 and ASC 606-10-50-20.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group has determined that it is a principal for the following reasons: (1) the Properties Sales Contract and the Agents’ Contract are negotiated and entered into separately between the Group and the property owners and the Registered Agents, respectively, at the discretion of the Group, and there is no contractual relationship between the property owners and the Registered Agents; (2) the Group negotiates with the property owners the total commission fee to be paid by the properties owners. The Group also determines the commission rate payable to the Registered Agents at its discretion without any involvement of the properties owners; (3) pursuant to the Properties Sales Contracts, the Group is responsible for the sales or leasing of the properties. In particular, the Group is responsible to undertake the sales and marketing activities it considers necessary to induce potential home purchasers to visit the sales center of the property and complete the purchase of properties from the real estate developers. The Group is entitled to a pre-determined commission income upon the signing of the sales agreements between the real estate developers and the home purchasers pursuant to the Properties Sales Contracts. The Group’s project management team carries out a series of activities including sales data analysis, development of project sales strategy, resources allocation, assignment of agents, sales and marketing activities, and monitoring of the entire sales process; (4) the Group monitors Registered Agents’ services and provide them with instructions and guidelines in approaching and serving the home purchasers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Commission income for sales transactions of primary properties and rental transactions for secondary properties are recognized by the Group upon the signing of the sales and purchase agreements or rental agreements and making the required down payment by the home purchasers or tenants. Commission income for sales transactions of secondary properties are recognized when the transfer over legal title of ownership of the properties between the home owners and home purchasers are complete.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group also enters into certain arrangements with real-estate developers pursuant to which potential home purchasers may pay the Group a fixed amount in return for a discount for their purchases of specified properties from the real estate developers. The fees paid by the home purchasers to the Group are fully refundable before the execution of the sales and purchase agreements between the home purchasers and the real estate developers. For these transactions, except for the fees received from the home purchasers, the Group is not entitled to any additional commission from the real estate developers. The Group recognizes commission income in the amount of fees received from the home purchasers when the Group’s services are rendered upon the execution of the sales and purchase agreements between the home purchasers and the real estate developers. Fees received from home purchasers in advance of the revenue recognition are recorded as “Customers’ Refundable Fees” (see Note 13) on the Unaudited Interim Condensed Consolidated Balance Sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">For primary properties transactions, the Group generally earns a fixed commission rate (“Base Commission”) of the pre-determined properties transaction price (the “Base Transaction Price”) as stated in the Properties Sales Contracts. For certain primary properties transactions, the Group obtains exclusive sales right from real estate developers to sell the properties for a limited period of time and is required to advance certain amount of deposits. Not all of the Exclusive Sales Contracts contains Sales Commitment Arrangement as disclosed in Note 1(c). Pursuant to those Exclusive Sales Contracts with Sales Commitment Arrangement, the Group is permitted to sell the properties in the market at a price above the Base Transaction Price. In addition to the Base Commission, the Group is entitled to an additional income (the “Sales Incentive Income”), determined at a progressive rate on the excess of the actual transaction price over the Base Transaction price. Same as Base Commission income, the Sales Incentive Income is also recognized as revenue upon the signing of the sales and purchase agreements and making the down payment by the home purchasers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"><i>Other value-added services</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Other value-added services such as asset management services are recognized as revenue on a straight-line basis over which the services are rendered, they mainly represent subscription fee earned by offering Registered Agents with a suite of marketing and business technology products and services for use in a specified period of time so as to assist them growing and managing their businesses. The Group concludes that the services provided each month are substantially similar and result in the transfer of substantially similar services to the clients each month. That is, the benefit consumed by the clients is substantially similar for each month, even though the exact volume of services may vary. Therefore, the Group concludes that the other value-added services satisfy the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation. There is no variable consideration, significant financing components or non-cash consideration in the contracts. And there is no contract asset that the Group has right to consideration in exchange for its other value-added services that the Group has transferred to its clients. Such right is not conditional on something other than the passage of time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"><i>Parking space sales under the self-commitment arrangement</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Parking space sales are recognized as revenue when control of the parking space is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those parking spaces. The control of the parking space transfers at a point in time when the customer obtains the physical possession, the legal title, or the significant risks and rewards of ownership of the assets and the Group has a present right to a payment and the collection of the consideration is probable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.23 Cost of revenue</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Cost of revenue primarily consists of agents’ commission, promotion and operational expenses, and salaries and benefits expenses that incurred for properties transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.24 Sales and marketing expenses</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Sales and marketing expenses mainly consist of salaries and advertising costs, which consist primarily of online and offline advertisements, are expensed when the services are received.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.25 Product development expenses</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Product development expenses primarily consist of salaries and benefits expenses, depreciation of equipment relating to the development of new products or upgrading of existing products and other expenses for the product activity of the Group. The Group expenses product development expenses as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.26 General and administrative expenses</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">General and administrative expenses mainly consist of provision of credit losses, payroll and related staff costs for corporate functions, professional services fees, as well as other general corporate expenses such as rental expenses and depreciation expenses for offices and equipment for use by these corporate functions of the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.27 Share-based compensation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">Share-based awards granted to the employees and directors in the form of share options are subject to service and performance conditions. They are measured at the grant date fair value of the awards, and are recognized as compensation expense using the graded vesting method, net of estimated forfeitures, if and when the Group considers that it is probable that the performance condition will be achieved.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">For vested awards, the Group recognizes incremental compensation cost in the period the modification occurs. For awards not being fully vested, the Group recognizes the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original awards over the remaining requisite service period after modification.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">Estimation of the fair market value of the Group’s ordinary shares involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, including the expected share price volatility (approximated by the volatility of comparable companies), discount rate, risk-free interest rate and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made. Share-based compensation in relation to the share options is estimated using the Binominal Option Pricing Model. The determination of the fair value of share options is affected by the share price of the Group’s ordinary shares as well as the assumptions regarding a number of complex and subjective variables, including the expected share price volatility, risk-free interest rate, exercise multiple and expected dividend yield. The fair value of these awards was determined with the assistance from a valuation report prepared by an independent valuation firm using management’s estimates and assumptions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.28 Employee benefits</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group’s subsidiaries, the VIE and VIE’s subsidiaries in China participate in a government mandated, multi-employer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in China to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the monthly basic compensation of qualified employees. The Group has no further commitments beyond its monthly contribution. The fair value of the employee benefits liabilities approximates their carrying value due to the short-term nature of these liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> Employee social insurance benefits included as expenses in the accompanying Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss amounted to RMB4,605 and RMB3,752 for the six months ended June 30, 2025 and 2026, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.29 Government grants</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">Government grants represent amounts granted by local government authorities as an incentive for companies to promote economic development of the local technology industry. Government grants received by the Group were non-refundable and were for the purpose of giving immediate incentive with no future costs or obligations are recognized in earnings in the Group’s Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.30 Income tax</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">Income tax is accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">The Group reduces the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carryforward periods, the Group’s experience with operating loss and tax credit carryforwards, if any, not expiring.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">The Group recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group records interest related to unrecognized tax benefits in income tax expense and penalties in general and administrative expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.31 Comprehensive income/(loss)</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">Comprehensive income/(loss) is defined to include all changes in equity of the Group during a period arising from transactions and other event and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the periods presented, the Group’s comprehensive income/(loss) includes net income/(loss) and other comprehensive income/(loss), which mainly consists of the foreign currency translation adjustment that have been excluded from the determination of net income/(loss).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.32 Net income/(loss) per share</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Basic net income/(loss) per share is computed by dividing net income/(loss) attributable to ordinary shareholders, considering the accretions to redemption value and the deemed dividend of the preferred shares, by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on their participating rights. A net loss is not allocated to participating securities when the participating securities does not have contractual obligation to share losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Company’s preferred shares are participating securities as they participate in undistributed earnings on an as-if-converted basis. The preferred shares have no contractual obligation to fund or otherwise absorb the Group’s losses. Accordingly, any undistributed net income is allocated on a pro rata basis to the ordinary shares and preferred shares; whereas any undistributed net loss is allocated to ordinary shares only.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Diluted net income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, as adjusted for the accretion and allocation of net income related to the preferred shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares and convertible loan using the if-converted method, and ordinary shares issuable upon the vest of restricted ordinary shares or exercise of outstanding share option (using the treasury stock method). Ordinary equivalent shares are calculated based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.33 Related parties</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">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 or significant influence, such as a family member or relative, shareholder, or a related corporation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.34 Segment reporting</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">An operating segment is a component of the Group that engages in business activities from which it may earn revenue and incur expenses and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Group’s chief operating decision maker (“CODM”) in order to allocate resources and assess performance of the segment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM, in deciding how to allocate resources and in assessing performance. The Group’s revenue segments have similar economic characteristics and they are managed as a single business unit. The Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Group’s CODM has been identified as the <span style="-sec-ix-hidden:fc_1790703694;">chief executive officer</span>, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group has determined that there is only one reportable operating segment. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.35 Commitments and contingencies</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt;"><span style="font-weight: bold;">2.36 Recent accounting pronouncements</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of Update 2024-03 is permitted. The Group is currently evaluating the impact of this ASU on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In July 2025, the FASB issued ASU 2025-05 - Financial Instruments—Credit Losses (Topic 326). The amendments in this Update provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. An entity that elects the practical expedient and the accounting policy election, if applicable, should apply the amendments in this Update prospectively. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Group is evaluating the impact of the adoption of this guidance. We believe the future adoption of this ASU is not expected to have a material impact on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (“Topic 815”) and Revenue from Contracts with Customers (“Topic 606”): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). ASU 2025-07, expands an existing scope exception under Topic 815 to exclude non-exchange-traded contracts where the underlying is based on the operations or activities specific to one of the contract parties. The Company is currently evaluating the impact of this ASU on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In November 2025, the FASB issued ASU 2025-08, Financial Instruments — Credit Losses (“Topic 326”): Purchased Loans (“ASU 2025-08”). The amendments expand the population of acquired loans subject to the gross-up approach, treating non-credit-deteriorated loans (excluding credit cards) as “seasoned” if purchased at least 90 days after origination or acquired in a business combination. ASU 2025-08 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that adoption of this ASU will have on its interim financial statement disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This update improves U.S. GAAP by establishing authoritative guidance on the accounting for government grants received by business entities. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. The Company is currently in the process of evaluating the impact this amended guidance may have on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-align: justify; text-indent: 0.7pt;"><span style="font-weight: bold;">2.1 Basis of presentation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Unaudited Interim Condensed Consolidated Financial Statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-align: justify; text-indent: 0.7pt;"><span style="font-weight: bold;">2.2 Going concern</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The accompanying Unaudited Interim Condensed Consolidated Financial Statements have been prepared assuming that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Group’s ability to generate cash flows from operations, and the Group’s ability to arrange adequate financing arrangements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> As of June 30, 2026, the Group had an accumulated deficit of RMB4,737,342. For the six months ended June 30, 2026, the Group incurred a net loss of RMB34,484 and had cash outflows from operating activities of RMB36,674. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group has prepared a future cash flow forecasts, taken the actions of equity financing and the management is of the opinion that the Group will have sufficient unrestricted liquidity for at least the next 12 months from the date of approval of the Unaudited Interim Condensed Consolidated Financial Statements. Among the assumptions made by the management, it is expected that the Group will continue to reduce its operating expenditure by reducing headcounts and office space. Accordingly, management concludes that it is appropriate to prepare the financial statements on a going concern basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group has taken positive actions to speed up the collection of accounts receivable, such as litigation, strict developer credit rating management, but the effects of these actions may be limited where the developers have already been in severe finance distress. The Group also intends to obtain additional equity or debt financing arrangements, however, the availability and amount of such funding are not certain. Additionally, the strict macroeconomic regulation on real estate market and the tightening of mortgage lending activities have negatively impacted the real estate market and heightened the credit risk associated with developers. The new and resale property transactions are expected to remain vulnerable to macro challenges for an extended period, which may adversely impact the Group’s ability to raise the financing needed. The accompanying financial statements do not include any adjustments that might be necessary should the Group be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary for the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.</p> -4737342000 -34484000 36674000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-align: justify; text-indent: 0.7pt;"><span style="font-weight: bold;">2.3 Principle of consolidation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The accompanying Unaudited Interim Condensed Consolidated Financial Statements include the financial statements of the Company and its subsidiaries, which include the Cayman Islands-registered entities, British Virgin Islands-registered entities, Hong Kong-registered entities, United States-registered entities and PRC-registered entities directly or indirectly owned by the Company. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. The results of subsidiaries acquired or disposed of are recorded in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss from the effective date of acquisition or up to the effective date of disposal, as appropriate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power; or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors or to cast a majority of votes at the meetings of the board of directors or to govern the financial and operating policies of the investee pursuant to a statute or under an agreement among the shareholders or equity holders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-indent: 0.7pt;"><span style="font-weight: bold;">2.4 Use of estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities on the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Group to revise its estimates. In accordance with ASC 250, the changes in estimates will be recognized in the same period of changes in facts and circumstances. The Group bases its estimates on past experiences and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates are used when accounting for items and matters including, but not limited to, allowances for credit losses, write-off of contested accounts payables, useful lives and impairment of long-lived assets, and valuation allowance for deferred tax assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-indent: 0.7pt;"><span style="font-weight: bold;">2.5 Business combinations and non-controlling interests</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Group and equity instruments issued by the Group. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss. During the measurement period, which can be up to one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments are recorded in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">For the Group’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Group. Consolidated net income/(loss) in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss includes net income/(loss) attributable to non-controlling interests when applicable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt; text-indent: 0.7pt;"><span style="font-weight: bold;">2.6 Foreign currency</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and the Group’s entities incorporated in the Cayman Island, British Virgin Islands (“BVI”), Hong Kong and United States is the United States dollars (“US$”). The functional currency of the Group’s PRC subsidiaries, VIE and VIE’s subsidiaries is RMB.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulting exchange differences are recorded as foreign currency exchange gain/(loss) in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss. Total foreign currency exchange differences were a gain of RMB524 and RMB7,205 for the six months ended June 30, 2025 and 2026, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The financial statements of the Company and the Group’s entities incorporated in the Cayman Island, BVI, Hong Kong and United States are translated from the functional currency into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings/(deficit) generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive loss in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss in the Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity.</p> 524000 7205000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt;"><span style="font-weight: bold;">2.7 Convenience translation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> Translations of certain balances in accompanying Unaudited Interim Condensed Consolidated Financial Statements from RMB into US$ as of and for the six months ended June 30, 2026 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.7851 representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on July 6, 2026. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2026, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying Unaudited Interim Condensed Consolidated Financial Statements are unaudited. </p> 1 6.7851 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;">2.8 Fair value measurements</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.5in;"></td> <td style="width: 0.25in;">●</td> <td style="text-align: justify;">Level 1 — Quoted prices in active markets for identical assets and liabilities.</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.5in;"></td> <td style="width: 0.25in;">●</td> <td style="text-align: justify;">Level 2 — Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.5in;"></td> <td style="width: 0.25in;">●</td> <td style="text-align: justify;">Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group considers the carrying amount of its financial assets and liabilities, which consist primarily of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amounts due from/to related parties, accounts payables, customers’ refundable fees, and accrued expenses and other payables, approximate the fair value of the respective assets and liabilities as of December 31, 2025 and June 30, 2026 owing to their short-term or present value nature or present value of the assets and liabilities. Fair value approximates their carrying value at the year-end as the fair value is estimated by used discounted cash flow, in which interest rates used to discount the host contracts approximate market rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">For the six months ended June 30, 2025 and 2026, there were no transfers between different levels of inputs used to measure fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;">2.9 Cash and cash equivalents</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Cash and cash equivalents represent demand deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal or use, and which have original maturities of three months or less and are readily convertible to known amounts of cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;">2.10 Restricted cash</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Cash that is legally or contractually restricted as to withdrawal or for use or pledged as security is reported separately on the face of the Unaudited Interim Condensed Consolidated Balance Sheets. In accordance with Accounting Standards Codification (“ASC”) 230, the amounts generally described as restricted cash and restricted cash equivalents are included in the total cash, cash equivalents and restricted cash balances in the Unaudited Interim Condensed Consolidated Statements of Cash Flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;">Restricted cash represents as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.5in;"></td> <td style="width: 0.25in;">(i)</td> <td style="text-align: justify;">Bank balances of RMB659 and RMB1,244 were frozen for lawsuits undergoing with suppliers and brokerage firms as of December 31, 2025 and June 30, 2026, respectively.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.5in;"></td> <td style="width: 0.25in;">(ii)</td> <td style="text-align: justify;">Bank balances of RMB2,672 and RMB2,651 were other miscellaneous restricted cash as of December 31, 2025 and June 30, 2026.</td> </tr></tbody> </table> 659000 1244000 2672000 2651000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;">2.11 Short-term investments</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Short-term investments include fund investments and investments in wealth management products issued by certain banks which are redeemable by the Group at any time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The wealth management products are either unsecured with variable interest rates or fixed interest rate. The Group measures the wealth management products at fair value using the quoted subscription or redemption prices published by these banks, with unrealized holding gains or losses, net of the related tax effect, excluded from earnings and recorded as a separate component of accumulated other comprehensive loss until realized. Realized gains or losses from the sale of wealth management products are determined on a specific identification basis and are recorded as gain/(loss) on short-term investments when earned in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group classifies fund investments as trading securities given the fund investments are purchased for the purpose of selling them in the near future. The fund investments are classified as investments with readily determinable fair values, which are reported at fair value in the Unaudited Interim Condensed Consolidated Balance Sheets. Changes in fair values of fund investments are recorded as gain/(loss) on short-term investments in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;">2.12 Accounts receivable, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> Accounts receivable mainly represent amounts due from the real estate developers for primary property business upon the completion of their services. Accounts receivables are recorded net of an allowance for credit losses, if any. The Group considers many factors in assessing the collectability of its accounts receivable, such as the age of the amounts due, the payment history, credit-worthiness and the financial condition of the debtor. An allowance for credit losses is recorded in the period in which a loss is determined to be probable. The Group also makes a specific allowance if there is strong evidence indicating that an accounts receivable is likely to be unrecoverable. Accounts receivable are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any off-balance-sheet credit exposure. Allowance of RMB642,786 and RMB631,528 was provided as of December 31, 2025 and June 30, 2026, respectively. Approximately 6% of the Group’s accounts receivable represent output VAT amounts, which are excluded from the Group’s revenues. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Accounts receivable are recorded at the gross billing amount less an allowance for expected credit losses from the customers. Accounts receivable do not bear interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"><i>Expected credit losses</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Since July 1, 2022, the Group adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), using the modified retrospective transition method. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. Upon adoption, the Group changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost and receivables resulting from the application of ASC 606, including contract assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group maintains an allowance for credit losses in accordance with ASC Topic 326, Credit Losses (“ASC 326”) and records the allowance for credit losses as an offset to accounts receivable, and the estimated credit losses charged to the allowance in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss. The Group assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar business lines, services or product offerings and on an individual basis when the Group identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Group considers historical collectability based on past due status, the age of the accounts receivable balances, credit quality of the Group’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Group’s ability to collect from customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> For the six months ended June 30, 2025, the Group provided expected credit losses against accounts receivable of RMB946. For the six months ended June 30, 2026, the reversal of expected credit losses against accounts receivable was RMB10,776. </p> 642786000 631528000 0.06 946000 10776000 <p style="margin-left: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <span style="font-weight: bold;">2.13</span> <span style="font-weight: bold;">Inventories</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Inventories, primarily consisting of parking spaces, are stated at the lower of cost and net realizable value. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. The Group takes ownership, risks and rewards of the products purchased.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> As of December 31, 2025 and June 30, 2026, <span style="-sec-ix-hidden:fc_2006045496;"><span style="-sec-ix-hidden:fc_1784387857;">no</span></span> adjustment is deemed necessary to reduce inventory to net realizable value. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt;"><span style="font-weight: bold;">2.14 Property, plant and equipment, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Property, plant and equipment are stated at cost less accumulated depreciation and impairment, if any. Property, plant and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value if any over their estimated useful lives on a straight-line basis. The estimated useful lives are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Category</span></span></td> <td style="padding-bottom: 1.5pt; width: 2%;"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Estimated useful lives</span></span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Buildings</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">20 years</span></td> </tr><tr style="vertical-align: bottom;"><td><span style="font-size: 10pt;">Investment properties</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">20 years</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Leasehold improvements</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">2-3 years</span></td> </tr><tr style="vertical-align: bottom;"><td><span style="font-size: 10pt;">Furniture, office equipment</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">3-5 years</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Motor vehicles</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">3-4 years</span></td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Investment properties are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Maintenance, repairs and minor renewals are charged directly to expenses as incurred. Major additions and improvements to the investment properties are capitalized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Leasehold improvements are depreciated on a straight-line basis over the period of the lease or their estimated useful lives, if shorter. Expenditures for repairs and maintenance are expensed as incurred, whereas the costs of renewals and betterment that extends the useful lives are capitalized as additions to the related assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p> The estimated useful lives are as follows:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Category</span></span></td> <td style="padding-bottom: 1.5pt; width: 2%;"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Estimated useful lives</span></span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Buildings</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">20 years</span></td> </tr><tr style="vertical-align: bottom;"><td><span style="font-size: 10pt;">Investment properties</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">20 years</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Leasehold improvements</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">2-3 years</span></td> </tr><tr style="vertical-align: bottom;"><td><span style="font-size: 10pt;">Furniture, office equipment</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">3-5 years</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Motor vehicles</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">3-4 years</span></td> </tr></tbody> </table> P20Y P20Y P2Y P3Y P3Y P5Y P3Y P4Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.15 Intangible assets, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Intangible assets mainly include purchased intangible assets. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives based upon the usage of the asset, which is approximated using a straight-line method as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt;"><span style="font-weight: bold;"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Category</span></span></td> <td style="padding-bottom: 1.5pt; width: 2%;"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Estimated useful lives</span></span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Software</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">2-10 years</span></td> </tr><tr style="vertical-align: bottom;"><td><span style="font-size: 10pt;">Artificial intelligence technology</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">10 years</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Membership</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">10 years</span></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Intangible assets mainly include purchased intangible assets. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives based upon the usage of the asset, which is approximated using a straight-line method as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt;"><span style="font-weight: bold;"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Category</span></span></td> <td style="padding-bottom: 1.5pt; width: 2%;"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid; width: 49%;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Estimated useful lives</span></span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Software</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">2-10 years</span></td> </tr><tr style="vertical-align: bottom;"><td><span style="font-size: 10pt;">Artificial intelligence technology</span></td> <td style="text-align: center;"> </td> <td style="text-align: center;"><span style="font-size: 10pt;">10 years</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td><span style="font-size: 10pt;">Membership</span></td> <td> </td> <td style="text-align: center;"><span style="font-size: 10pt;">10 years</span></td> </tr></tbody> </table> P2Y P10Y P10Y P10Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.16 Impairment of long-lived assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets that management expects to hold and use is based on the amount the carrying value exceeds the fair value of the asset. When impairment is recognized, the adjusted carrying amount of the underlying fixed assets becomes their carrying value. The new cost basis is depreciated over the remaining useful lives of the assets. For the six months ended June 30, 2025 and 2026, the Group recognized an impairment loss of RMB10,108 and RMB1,461 for long-lived assets, respectively. </p> 10108000 1461000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.17 Goodwill</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Group’s acquisitions of interests in its subsidiaries. The Group assesses goodwill for impairment in accordance with ASC 350-20 (“ASC 350-20”), “Intangibles–Goodwill and Other: Goodwill”, which requires that goodwill to be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Prior to the adoption of ASU 2017-04, “Simplifying the Test for Goodwill Impairment”, on January 1, 2022, the Group has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step test in accordance with ASC 350-20. If the Group believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the two-step quantitative impairment test described above is required. Otherwise, no further testing is required. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. In performing the two-step quantitative impairment test, the first step compares the carrying amount of the reporting unit to the fair value of the reporting unit based on either quoted market prices of the ordinary shares or estimated fair value using a combination of the income approach and the market approach. If the fair value of the reporting unit exceeds the carrying value of the reporting unit, goodwill is not impaired and the Group is not required to perform further testing. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, then the Group must perform the second step of the impairment test in order to determine the implied fair value of the reporting unit’s goodwill. The fair value of the reporting unit is allocated to its assets and liabilities in a manner similar to a purchase price allocation in order to determine the implied fair value of the reporting unit goodwill. If the carrying amount of the goodwill is greater than its implied fair value, the excess is recognized as an impairment loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In January 2017, the FASB issued Accounting Standards Update No. 2017-04(“ASU 2017-04”), “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The Group adopted the ASU 2017-04 on January 1, 2022. On and after January 1, 2022, the Group performed qualitative and quantitative assessment in accordance with ASU 2017-04.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.18 Leases</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">From January 1, 2022, the Group adopted Accounting Standards Update (“ASU”) 2016-02, Lease (FASB ASC Topic 842). The adoption of Topic 842 resulted in the presentation of operating lease right-of-use (“ROU”) assets and operating lease liabilities on the consolidated balance sheet. The Group has elected the package of practical expedients, which allows the Group not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Group elected the short-term lease exemption for all contracts with lease terms of 12 months or less.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The right-of-use assets and related lease liabilities are recognized at the lease commencement date. The Group recognizes operating lease expenses on a straight-line basis over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"><i>Right-of-use of assets</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group recognizes right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. All right-of-use assets are reviewed for impairment annually.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> There was no impairment for right-of-use lease assets for the six months ended June 30, 2025 and 2026. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;"><i>Lease liabilities</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the Group’s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee and any exercise price under a purchase option that the Group is reasonably certain to exercise. Lease liability is measured at amortized cost using the effective interest rate method. It is re-measured when there is a change in future lease payments, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if there is any change in the Group assessment of option purchases, contract extensions or termination options.</p> 0 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.19 Equity method investments, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group accounts for an equity method investment over which it has significant influence but does not own a majority of the equity interest or otherwise controls and the investments are either common stock or in substance common stock using the equity method. The Group’s share of the investee’s profit and loss is recognized in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group assesses its equity method investments for other-than-temporary impairment by considering factors as well as all relevant and available information including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends, and other Group-specific information such as financing rounds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> An impairment loss of <span style="-sec-ix-hidden:fc_877164134;">nil</span> and RMB20,080 for equity method investments was recognized for the six months ended June 30, 2025 and 2026, respectively. </p> 20080000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.20 Long-term equity investments, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Long-term equity investments, except those accounted for under the equity method or those that result in the consolidation of the investee, that do not have readily determinable fair value are measured and recorded at cost, less impairment, with subsequent adjustments for observable price changes in orderly transactions for identical or similar equity investments of the issuer. Purchased options on these equity investments that are not derivatives are accounted for in a manner consistent with the accounting for the equity investments that do not have readily determinable fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> <span style="-sec-ix-hidden:fc_292847767;"><span style="-sec-ix-hidden:fc_2081096679;">No</span></span> impairment loss of long-term equity investments was recognized for the six months ended June 30, 2025 and 2026, respectively. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.21 Statutory reserves</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group’s subsidiaries, VIE, and VIE’s subsidiaries established in the PRC are required to make appropriations to certain non-distributable reserve funds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Group’s subsidiaries registered as wholly foreign owned enterprise have to make appropriations from their after-tax profits (as determined under generally accepted accounting principles in the PRC (‘‘PRC GAAP’’)) to non-distributable reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the Group. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> In addition, in accordance with the PRC Company Laws, the Group’s VIE and VIE’s subsidiaries, registered as Chinese domestic companies, must make appropriations from their after-tax profits as determined under the PRC GAAP to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the Group. Appropriation to the discretionary surplus fund is made at the discretion of the Group. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective entity. The staff bonus and welfare fund are liability in nature and is restricted to make payment of special bonuses to employees and for the collective welfare of employees. None of these reserves is allowed to be transferred to the Group by way of cash dividends, loans or advances, nor can they be distributed except under liquidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> For the six months ended June 30, 2025 and 2026, <span style="-sec-ix-hidden:fc_619072756;"><span style="-sec-ix-hidden:fc_805818613;">no</span></span> appropriation was made to the general reserve fund by the Group’s wholly foreign owned PRC subsidiaries, and no appropriation was made to the statutory surplus fund by the Group’s VIE and VIE’s subsidiaries, respectively. <span style="-sec-ix-hidden:fc_1810419009;">No</span> appropriation has been made by these companies to discretionary funds. </p> 0.10 0.50 0.10 0.50 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.22 Revenue recognition</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In accordance with ASC 606, Revenue from Contracts with Customers, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when (or as) the entity satisfies a performance obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Revenues are recorded net of value-added taxes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"><i>Commission income</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Through its platforms and services provided by real estate agents registered as a member in the Group’s platform (the “Registered Agents”), the Group earns commission revenue from real estate developers for sales transactions of primary properties and to a lesser extent from home owners for sales or rental transactions of secondary properties. For services rendered by the Registered Agents in completing the transactions, the Group pays those agents a commission fee. The real estate developers and home owners are collectively referred as the property owners. For each of the property’s transactions, the Group enters into contracts with the Registered Agents (the “Agents’ Contracts”) and properties owners (the “Properties Sales Contracts”) separately. As Registered Agents are involved in providing the services to the property owners, the Group considers all the relevant facts and circumstances in determining whether it acts as the principal or as an agent in these properties’ transactions in accordance with ASC 606-10-50-12 and ASC 606-10-50-20.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group has determined that it is a principal for the following reasons: (1) the Properties Sales Contract and the Agents’ Contract are negotiated and entered into separately between the Group and the property owners and the Registered Agents, respectively, at the discretion of the Group, and there is no contractual relationship between the property owners and the Registered Agents; (2) the Group negotiates with the property owners the total commission fee to be paid by the properties owners. The Group also determines the commission rate payable to the Registered Agents at its discretion without any involvement of the properties owners; (3) pursuant to the Properties Sales Contracts, the Group is responsible for the sales or leasing of the properties. In particular, the Group is responsible to undertake the sales and marketing activities it considers necessary to induce potential home purchasers to visit the sales center of the property and complete the purchase of properties from the real estate developers. The Group is entitled to a pre-determined commission income upon the signing of the sales agreements between the real estate developers and the home purchasers pursuant to the Properties Sales Contracts. The Group’s project management team carries out a series of activities including sales data analysis, development of project sales strategy, resources allocation, assignment of agents, sales and marketing activities, and monitoring of the entire sales process; (4) the Group monitors Registered Agents’ services and provide them with instructions and guidelines in approaching and serving the home purchasers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Commission income for sales transactions of primary properties and rental transactions for secondary properties are recognized by the Group upon the signing of the sales and purchase agreements or rental agreements and making the required down payment by the home purchasers or tenants. Commission income for sales transactions of secondary properties are recognized when the transfer over legal title of ownership of the properties between the home owners and home purchasers are complete.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group also enters into certain arrangements with real-estate developers pursuant to which potential home purchasers may pay the Group a fixed amount in return for a discount for their purchases of specified properties from the real estate developers. The fees paid by the home purchasers to the Group are fully refundable before the execution of the sales and purchase agreements between the home purchasers and the real estate developers. For these transactions, except for the fees received from the home purchasers, the Group is not entitled to any additional commission from the real estate developers. The Group recognizes commission income in the amount of fees received from the home purchasers when the Group’s services are rendered upon the execution of the sales and purchase agreements between the home purchasers and the real estate developers. Fees received from home purchasers in advance of the revenue recognition are recorded as “Customers’ Refundable Fees” (see Note 13) on the Unaudited Interim Condensed Consolidated Balance Sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">For primary properties transactions, the Group generally earns a fixed commission rate (“Base Commission”) of the pre-determined properties transaction price (the “Base Transaction Price”) as stated in the Properties Sales Contracts. For certain primary properties transactions, the Group obtains exclusive sales right from real estate developers to sell the properties for a limited period of time and is required to advance certain amount of deposits. Not all of the Exclusive Sales Contracts contains Sales Commitment Arrangement as disclosed in Note 1(c). Pursuant to those Exclusive Sales Contracts with Sales Commitment Arrangement, the Group is permitted to sell the properties in the market at a price above the Base Transaction Price. In addition to the Base Commission, the Group is entitled to an additional income (the “Sales Incentive Income”), determined at a progressive rate on the excess of the actual transaction price over the Base Transaction price. Same as Base Commission income, the Sales Incentive Income is also recognized as revenue upon the signing of the sales and purchase agreements and making the down payment by the home purchasers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"><i>Other value-added services</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Other value-added services such as asset management services are recognized as revenue on a straight-line basis over which the services are rendered, they mainly represent subscription fee earned by offering Registered Agents with a suite of marketing and business technology products and services for use in a specified period of time so as to assist them growing and managing their businesses. The Group concludes that the services provided each month are substantially similar and result in the transfer of substantially similar services to the clients each month. That is, the benefit consumed by the clients is substantially similar for each month, even though the exact volume of services may vary. Therefore, the Group concludes that the other value-added services satisfy the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation. There is no variable consideration, significant financing components or non-cash consideration in the contracts. And there is no contract asset that the Group has right to consideration in exchange for its other value-added services that the Group has transferred to its clients. Such right is not conditional on something other than the passage of time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"><i>Parking space sales under the self-commitment arrangement</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Parking space sales are recognized as revenue when control of the parking space is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those parking spaces. The control of the parking space transfers at a point in time when the customer obtains the physical possession, the legal title, or the significant risks and rewards of ownership of the assets and the Group has a present right to a payment and the collection of the consideration is probable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.23 Cost of revenue</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Cost of revenue primarily consists of agents’ commission, promotion and operational expenses, and salaries and benefits expenses that incurred for properties transactions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.24 Sales and marketing expenses</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Sales and marketing expenses mainly consist of salaries and advertising costs, which consist primarily of online and offline advertisements, are expensed when the services are received.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.25 Product development expenses</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Product development expenses primarily consist of salaries and benefits expenses, depreciation of equipment relating to the development of new products or upgrading of existing products and other expenses for the product activity of the Group. The Group expenses product development expenses as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.26 General and administrative expenses</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">General and administrative expenses mainly consist of provision of credit losses, payroll and related staff costs for corporate functions, professional services fees, as well as other general corporate expenses such as rental expenses and depreciation expenses for offices and equipment for use by these corporate functions of the Group.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.27 Share-based compensation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">Share-based awards granted to the employees and directors in the form of share options are subject to service and performance conditions. They are measured at the grant date fair value of the awards, and are recognized as compensation expense using the graded vesting method, net of estimated forfeitures, if and when the Group considers that it is probable that the performance condition will be achieved.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">For vested awards, the Group recognizes incremental compensation cost in the period the modification occurs. For awards not being fully vested, the Group recognizes the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original awards over the remaining requisite service period after modification.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">Estimation of the fair market value of the Group’s ordinary shares involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, including the expected share price volatility (approximated by the volatility of comparable companies), discount rate, risk-free interest rate and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made. Share-based compensation in relation to the share options is estimated using the Binominal Option Pricing Model. The determination of the fair value of share options is affected by the share price of the Group’s ordinary shares as well as the assumptions regarding a number of complex and subjective variables, including the expected share price volatility, risk-free interest rate, exercise multiple and expected dividend yield. The fair value of these awards was determined with the assistance from a valuation report prepared by an independent valuation firm using management’s estimates and assumptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.28 Employee benefits</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group’s subsidiaries, the VIE and VIE’s subsidiaries in China participate in a government mandated, multi-employer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in China to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the monthly basic compensation of qualified employees. The Group has no further commitments beyond its monthly contribution. The fair value of the employee benefits liabilities approximates their carrying value due to the short-term nature of these liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> Employee social insurance benefits included as expenses in the accompanying Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss amounted to RMB4,605 and RMB3,752 for the six months ended June 30, 2025 and 2026, respectively. </p> 4605000 3752000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.29 Government grants</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">Government grants represent amounts granted by local government authorities as an incentive for companies to promote economic development of the local technology industry. Government grants received by the Group were non-refundable and were for the purpose of giving immediate incentive with no future costs or obligations are recognized in earnings in the Group’s Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.30 Income tax</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">Income tax is accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">The Group reduces the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carryforward periods, the Group’s experience with operating loss and tax credit carryforwards, if any, not expiring.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">The Group recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group records interest related to unrecognized tax benefits in income tax expense and penalties in general and administrative expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.31 Comprehensive income/(loss)</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 17pt; text-align: justify;">Comprehensive income/(loss) is defined to include all changes in equity of the Group during a period arising from transactions and other event and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the periods presented, the Group’s comprehensive income/(loss) includes net income/(loss) and other comprehensive income/(loss), which mainly consists of the foreign currency translation adjustment that have been excluded from the determination of net income/(loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.32 Net income/(loss) per share</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Basic net income/(loss) per share is computed by dividing net income/(loss) attributable to ordinary shareholders, considering the accretions to redemption value and the deemed dividend of the preferred shares, by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on their participating rights. A net loss is not allocated to participating securities when the participating securities does not have contractual obligation to share losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Company’s preferred shares are participating securities as they participate in undistributed earnings on an as-if-converted basis. The preferred shares have no contractual obligation to fund or otherwise absorb the Group’s losses. Accordingly, any undistributed net income is allocated on a pro rata basis to the ordinary shares and preferred shares; whereas any undistributed net loss is allocated to ordinary shares only.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Diluted net income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, as adjusted for the accretion and allocation of net income related to the preferred shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares and convertible loan using the if-converted method, and ordinary shares issuable upon the vest of restricted ordinary shares or exercise of outstanding share option (using the treasury stock method). Ordinary equivalent shares are calculated based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.33 Related parties</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">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 or significant influence, such as a family member or relative, shareholder, or a related corporation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.34 Segment reporting</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">An operating segment is a component of the Group that engages in business activities from which it may earn revenue and incur expenses and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Group’s chief operating decision maker (“CODM”) in order to allocate resources and assess performance of the segment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM, in deciding how to allocate resources and in assessing performance. The Group’s revenue segments have similar economic characteristics and they are managed as a single business unit. The Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Group’s CODM has been identified as the <span style="-sec-ix-hidden:fc_1790703694;">chief executive officer</span>, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group has determined that there is only one reportable operating segment. </p> 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"><span style="font-weight: bold;">2.35 Commitments and contingencies</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.1pt;"><span style="font-weight: bold;">2.36 Recent accounting pronouncements</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of Update 2024-03 is permitted. The Group is currently evaluating the impact of this ASU on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In July 2025, the FASB issued ASU 2025-05 - Financial Instruments—Credit Losses (Topic 326). The amendments in this Update provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. An entity that elects the practical expedient and the accounting policy election, if applicable, should apply the amendments in this Update prospectively. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Group is evaluating the impact of the adoption of this guidance. We believe the future adoption of this ASU is not expected to have a material impact on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (“Topic 815”) and Revenue from Contracts with Customers (“Topic 606”): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). ASU 2025-07, expands an existing scope exception under Topic 815 to exclude non-exchange-traded contracts where the underlying is based on the operations or activities specific to one of the contract parties. The Company is currently evaluating the impact of this ASU on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In November 2025, the FASB issued ASU 2025-08, Financial Instruments — Credit Losses (“Topic 326”): Purchased Loans (“ASU 2025-08”). The amendments expand the population of acquired loans subject to the gross-up approach, treating non-credit-deteriorated loans (excluding credit cards) as “seasoned” if purchased at least 90 days after origination or acquired in a business combination. ASU 2025-08 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that adoption of this ASU will have on its interim financial statement disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This update improves U.S. GAAP by establishing authoritative guidance on the accounting for government grants received by business entities. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. The Company is currently in the process of evaluating the impact this amended guidance may have on its consolidated financial statements.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">3.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Concentration and risk</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 368.45pt 0pt 17pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 368.45pt 0pt 17pt;"><span style="font-weight: bold;"><i>Concentration of customers</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 368.45pt 0pt 17pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> For the six months ended June 30, 2025, three developers with good credit from whom revenue contributed more than 10% of the total revenue of the Group with the percentage to be 30%, 18% and 15%, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> For the six months ended June 30, 2026, the Group adjusted the new property business scale and took actions to cease business cooperation with high credit risk developers to avoid further losses due to continuous downturn of real estate transactions market, which resulted in a significant increase of the percentage of two good credit developers’ revenue to the total revenue of the Group being more than 10%, with the percentage to be 21% and 15%, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"><i>Concentration of credit risk</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> Assets that potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents. The maximum exposure of such assets to credit risk is their carrying amount as at the balance sheet dates. As of June 30, 2026, cash and cash equivalents and restricted cash of RMB17,760 were deposited in financial institutions in the PRC and Hong Kong. The bank deposits with financial institutions in the PRC are insured by the government authority for up to RMB500. The bank deposits with financial institutions in Hong Kong are insured by the government authority for up to HK$500. To limit exposure to credit risk relating to deposits, the Group primarily places cash and cash equivalent with large financial institutions in the PRC and Hong Kong which management believes are of high credit quality and the Group also continually monitors their credit worthiness. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group’s operations are carried out in China. Accordingly, the Group’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC as well as by the general state of the PRC’s economy. In addition, the Group’s business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, rates and methods of taxation among other factors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">Accounts receivable are typically unsecured and are primarily derived from revenue earned from real estate developers. Security deposits with real estate developers are also unsecured and are the advance payment to real estate developers to obtain the exclusive selling right under Exclusive Sales Contracts without Sales Commitment Arrangements (see Note 1(c)). The risk with respect to accounts receivable and security deposit with real estate developers are managed by credit evaluations the Group performs on its customers and its ongoing monitoring of outstanding balances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"><i>Currency risk</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">The Group’s operational transactions and its assets and liabilities are primarily denominated in RMB, which is not freely convertible into foreign currencies. The value of RMB is subject to changes in central government policies and international economic and political developments that affect the supply and demand of RMB in the foreign exchange market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances from China in currencies other than RMB by the Group must be processed through the PBOC or other China foreign exchange regulatory bodies and require certain supporting documentation in order to execute the remittance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt;"><span style="font-weight: bold;"><i>Liquidity Risk</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify;">We are also exposed to liquidity risk which is risk that we are unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to other financial institutions and related parties to obtain short-term funding to meet the liquidity shortage.</p> 0.30 0.18 0.15 0.21 0.15 17760000 17760000 500000 500000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">4.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Cash and cash equivalents and restricted cash</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Cash and cash equivalents and restricted cash mentioned below maintained at banks consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><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<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; 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;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">RMB denominated bank deposits with:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Financial institutions in the PRC</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">27,315</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">13,156</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">HKD denominated bank deposits with:</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 style="text-align: left;">Financial institutions in Hong Kong</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">471</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">226</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">U.S. dollar denominated bank deposits with:</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 style="text-align: left;">Financial institutions in Hong Kong</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,286</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,650</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Financial institutions in the PRC</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,587</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">728</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">32,659</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">17,760</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The Group has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Cash and cash equivalents and restricted cash mentioned below maintained at banks consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><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<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; 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;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">RMB denominated bank deposits with:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Financial institutions in the PRC</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">27,315</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">13,156</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">HKD denominated bank deposits with:</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 style="text-align: left;">Financial institutions in Hong Kong</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">471</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">226</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">U.S. dollar denominated bank deposits with:</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 style="text-align: left;">Financial institutions in Hong Kong</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,286</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,650</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Financial institutions in the PRC</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,587</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">728</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">32,659</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">17,760</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 27315000 13156000 471000 226000 3286000 3650000 1587000 728000 32659000 17760000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">5.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Fair value measurement</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports in its consolidated balance sheets at fair value on a recurring basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"><span style="font-weight: bold;"><i>Short-term investments</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;">December 31, 2025</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Level 1</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Level 2</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Balance at</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Inputs</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Inputs</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left;">Wealth management products</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_120519037;">—</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">101,268</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">101,268</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Fund</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">13,605</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_260467837;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">13,605</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">13,605</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">101,268</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">114,873</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;">June 30, 2026</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Level 1</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Level 2</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Balance at</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Inputs</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Inputs</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left;">Wealth management products</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_256539788;">—</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">72,540</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">72,540</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Fund</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">16,933</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_738990177;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">16,933</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">16,933</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">72,540</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">89,473</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The Group values its investments in wealth management products issued by certain banks using quoted subscription or redemption prices published by these banks, and accordingly, the Group classifies the valuation techniques that use these inputs as level 2.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> In October 2025, the Group subscribed for Class A and Class S participating, non-voting shares attributable to Grow Investment Fund, a sub-fund of Grow Global Allocation OFC which is a Hong Kong private umbrella open-ended fund company incorporated with limited liability and segregated liability between sub-funds. As of December 31, 2025 and June 30, 2026, the net asset value of the sub-fund investment amounted to RMB13,605 and RMB16,933, respectively. Management fee is 0.6% and <span style="-sec-ix-hidden:fc_1128479374;">nil</span> per annum of the net asset value of each series of the Class A shares and Class S shares in respect of the sub-fund, respectively. No performance fee is payable. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> For the six months ended June 30, 2025 and 2026, a gain of RMB2,917 and RMB421 was recognized on short-term investments, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">There have no transfers between level 1, level 2 and level 3 categories.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><span style="font-weight: bold;"><i>Other financial instruments</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Accounts receivable, amounts due from related parties and prepayments and other assets are financial assets with carrying values that approximate to fair value due to their short-term nature.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Accounts payable, amounts due to related parties, customers’ refundable fees and accrued expenses and other payables are financial liabilities with carrying values that approximate to fair value due to their short-term nature.</p> Following is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports in its consolidated balance sheets at fair value on a recurring basis.<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Level 1</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Level 2</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Balance at</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Inputs</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Inputs</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left;">Wealth management products</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_120519037;">—</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">101,268</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">101,268</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Fund</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">13,605</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_260467837;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">13,605</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">13,605</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">101,268</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">114,873</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Level 1</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Level 2</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">Balance at</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Inputs</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Inputs</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%; text-align: left;">Wealth management products</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_256539788;">—</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">72,540</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">72,540</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Fund</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">16,933</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_738990177;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">16,933</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">16,933</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">72,540</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">89,473</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 101268000 101268000 13605000 13605000 13605000 101268000 114873000 72540000 72540000 16933000 16933000 16933000 72540000 89473000 13605000 16933000 0.006 2917000 421000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">6.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Accounts receivable, net</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Accounts receivable, net consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Accounts receivable</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">790,706</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">762,320</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: allowance for credit losses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(642,786</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(631,528</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Accounts receivable, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">147,920</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">130,792</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">No accounts receivable was pledged as of December 31, 2025 and June 30, 2026.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table presents the movement of allowance for credit losses for the six months ended June 30, 2025 and 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; 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="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="text-align: center; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</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: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">640,394</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">642,786</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Provision/(reversal) of allowance for credit losses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">946</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(10,776</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: 1.5pt;">Receivables written off for the period</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(9,103</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(482</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">632,237</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">631,528</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The provision of allowance for credit losses was included in general and administrative expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Accounts receivable, net consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Accounts receivable</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">790,706</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">762,320</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: allowance for credit losses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(642,786</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(631,528</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Accounts receivable, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">147,920</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">130,792</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 790706000 762320000 642786000 631528000 147920000 130792000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table presents the movement of allowance for credit losses for the six months ended June 30, 2025 and 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; 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="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="text-align: center; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</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: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">640,394</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">642,786</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Provision/(reversal) of allowance for credit losses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">946</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(10,776</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: 1.5pt;">Receivables written off for the period</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(9,103</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(482</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">632,237</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">631,528</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 640394000 642786000 946000 -10776000 9103000 482000 632237000 631528000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">7.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Prepayments and other assets, net</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;"><span style="font-size: 10pt;">Security deposits with real estate developers, net <i>(Note(a))</i></span></td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">17,801</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">16,433</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Rental and other deposits, net <i>(Note (b))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,329</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,188</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: 1.5pt;"><span style="font-size: 10pt;">Other receivables, net <i>(Note (c))</i></span></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">62,476</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">74,130</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Prepayments and other assets, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">82,606</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">92,751</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">(a) Security deposits with real estate developers, net</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Security deposits with real estate developers</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">50,465</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">50,369</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: allowance for credit losses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(32,664</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(33,936</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Security deposits with real estate developers, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">17,801</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">16,433</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> The allowance for credit losses provided against the deposits under Exclusive Sales Contract without Sales Commitment Arrangement (Note 1(c)) which were considered not recoverable was RMB32,664 and RMB33,936 as of December 31, 2025 and June 30, 2026, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table sets forth the movement in the allowance for credit losses of security deposits with real estate developers for the six months ended June 30, 2025 and 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt; text-align: center;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">32,035</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">32,664</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Provision of allowance for credit losses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">500</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,452</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: 1.5pt;">Receivables written off for the period</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(500</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(180</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">32,035</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">33,936</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">(b) Rental and other deposits, net</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Rental and other deposits</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">6,288</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">6,147</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: allowance for credit losses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,959</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,959</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Rental and other deposits, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,329</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,188</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> The allowance of credit losses against rental and other deposits which were considered not recoverable was RMB3,959 as of both December 31, 2025 and June 30, 2026. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table sets forth the movement in the allowance for credit losses of rental and other deposits for the six months ended June 30, 2025 and 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%;">Balance as of June 30, 2025 and 2026</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,959</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,959</td> <td style="width: 1%; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">(c) Other receivables, net</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Other receivables</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">72,979</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">84,633</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: allowance for credit losses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(10,503</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(10,503</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Other receivables, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">62,476</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">74,130</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> The allowance of credit losses against other receivables which were considered not recoverable was RMB10,503 as of both December 31, 2025 and June 30, 2026. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table sets forth the movement in the allowance for credit losses of other receivables for the six months ended June 30, 2025 and 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">20,416</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">10,503</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Provision of allowance for credit losses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,875</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:fc_1033364131;">—</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: 1.5pt;">Receivables written off for the period</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(14,789</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1651601982;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">9,502</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">10,503</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;"><span style="font-size: 10pt;">Security deposits with real estate developers, net <i>(Note(a))</i></span></td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">17,801</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">16,433</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Rental and other deposits, net <i>(Note (b))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,329</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,188</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: 1.5pt;"><span style="font-size: 10pt;">Other receivables, net <i>(Note (c))</i></span></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">62,476</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">74,130</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Prepayments and other assets, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">82,606</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">92,751</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 17801000 16433000 2329000 2188000 62476000 74130000 82606000 92751000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">(a) Security deposits with real estate developers, net</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Security deposits with real estate developers</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">50,465</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">50,369</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: allowance for credit losses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(32,664</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(33,936</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Security deposits with real estate developers, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">17,801</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">16,433</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 50465000 50369000 32664000 33936000 17801000 16433000 32664000 33936000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table sets forth the movement in the allowance for credit losses of security deposits with real estate developers for the six months ended June 30, 2025 and 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt; text-align: center;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">32,035</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">32,664</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Provision of allowance for credit losses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">500</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,452</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: 1.5pt;">Receivables written off for the period</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(500</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(180</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">32,035</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">33,936</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 32035000 32664000 500000 1452000 500000 180000 32035000 33936000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">(b) Rental and other deposits, net</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Rental and other deposits</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">6,288</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">6,147</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: allowance for credit losses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,959</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,959</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Rental and other deposits, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,329</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,188</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 6288000 6147000 3959000 3959000 2329000 2188000 3959000 3959000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table sets forth the movement in the allowance for credit losses of rental and other deposits for the six months ended June 30, 2025 and 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%;">Balance as of June 30, 2025 and 2026</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,959</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3,959</td> <td style="width: 1%; text-align: left;"> </td> </tr></tbody></table> 3959000 3959000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">(c) Other receivables, net</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Other receivables</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">72,979</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">84,633</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: allowance for credit losses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(10,503</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(10,503</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Other receivables, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">62,476</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">74,130</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 72979000 84633000 10503000 10503000 62476000 74130000 10503000 10503000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table sets forth the movement in the allowance for credit losses of other receivables for the six months ended June 30, 2025 and 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">20,416</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">10,503</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Provision of allowance for credit losses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,875</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:fc_1033364131;">—</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: 1.5pt;">Receivables written off for the period</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(14,789</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1651601982;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">9,502</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">10,503</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 20416 10503 3875000 -14789000 9502 10503000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-weight: bold;">8.</span></td> <td><span style="font-weight: bold;">Property, plant and equipment, net</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%;">Buildings</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">33,045</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">34,759</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Leasehold improvements</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">46,310</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">46,310</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Furniture and office equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">327</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">327</td> <td style="text-align: left;"> </td> </tr><tr 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;">1,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,114</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: 1.5pt;">Investment properties</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,890</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,890</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left;">Total original costs</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">83,705</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;">85,400</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Less: accumulated depreciation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(48,765</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(49,666</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: impairment loss</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,104</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,232</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Net book value</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">32,836</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">33,502</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Depreciation expenses were RMB925 and RMB920 for the six months ended June 30, 2025 and 2026, respectively. </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%;">Buildings</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">33,045</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">34,759</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Leasehold improvements</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">46,310</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">46,310</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Furniture and office equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">327</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">327</td> <td style="text-align: left;"> </td> </tr><tr 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;">1,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,114</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: 1.5pt;">Investment properties</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,890</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,890</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left;">Total original costs</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">83,705</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;">85,400</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Less: accumulated depreciation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(48,765</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(49,666</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: impairment loss</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,104</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,232</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Net book value</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">32,836</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">33,502</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 33045000 34759000 46310000 46310000 327000 327000 1133000 1114000 2890000 2890000 83705000 85400000 48765000 49666000 2104000 2232000 32836000 33502000 925000 920000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><tbody><tr style="vertical-align: top;"><td style="width: 16.8pt;"><span style="font-weight: bold;">9.</span></td> <td><span style="font-weight: bold;">Intangible assets, net</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.5pt;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; 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="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="text-align: center; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</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: 76%; text-align: left;"><span style="font-size: 10pt;">Artificial intelligence technology <i>(Note (a))</i></span></td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">241,228</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">241,228</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Software</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,245</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,245</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;">Membership</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">957</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">821</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left;">Total original costs</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">245,430</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;">245,294</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Less: accumulated amortization</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(11,491</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(22,731</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Currency translation difference</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">126</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(7,477</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Net book value</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">234,065</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">215,086</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">(a)</td> <td style="text-align: justify;">On September 29, 2025, the Company entered into an asset purchase agreement with a company incorporated in the British Virgin Island relating to the purchase of certain artificial intelligence technology in order to enhance our SaaS solutions. The purchase price for the acquired intangible asset was US$34,320.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Amortization expenses were RMB63 and RMB11,502 for the six months ended June 30, 2025 and 2026, respectively. </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; 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="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="text-align: center; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</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: 76%; text-align: left;"><span style="font-size: 10pt;">Artificial intelligence technology <i>(Note (a))</i></span></td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">241,228</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">241,228</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Software</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,245</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,245</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;">Membership</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">957</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">821</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left;">Total original costs</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">245,430</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;">245,294</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Less: accumulated amortization</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(11,491</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(22,731</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Currency translation difference</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">126</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(7,477</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Net book value</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">234,065</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">215,086</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">(a)</td> <td style="text-align: justify;">On September 29, 2025, the Company entered into an asset purchase agreement with a company incorporated in the British Virgin Island relating to the purchase of certain artificial intelligence technology in order to enhance our SaaS solutions. The purchase price for the acquired intangible asset was US$34,320.</td> </tr></tbody> </table> 241228 241228000 3245000 3245000 957000 821000 245430000 245294000 11491000 22731000 -126 7477000 234065000 215086000 34320000 63000 11502000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;" width="100%"><tbody><tr style="vertical-align: top;"><td style="width: 0;"></td> <td style="width: 16.8pt;"><span style="font-weight: bold;">10.</span></td> <td><span style="font-weight: bold;">Lease</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4pt;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Operating leases of the Group are mainly leases of office. The balance for the operating leases where the Group was the lessee are as follows within the Unaudited Interim Condensed Consolidated Balance Sheets:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Right-of-use assets</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">877</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">302</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Lease liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">806</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">254</td> <td style="text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The operating lease expenses and short-term lease expenses were recognized in sales and marketing expenses, product development expenses and general and administrative expenses. The following table presents operating lease cost reported in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss related to the Group’s leases:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Operating lease expenses</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">777</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">583</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Short-term lease expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">236</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">613</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total lease expenses</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,013</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,196</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table reconciles the undiscounted cash flows of the Group’s leases as of December 31, 2025 and June 30, 2026 to the present value of its operating lease payments:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">Less than 1 year</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">816</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">256</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left;">Total minimum lease payments</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">816</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;">256</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: discounted interest</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(10</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold;">Present value of lease obligations</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">806</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;">254</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: current portion</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(806</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(254</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Non-current portion of lease obligations</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_747501308;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_2032438330;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4pt;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Other information related to operating leases where the Group is the lessee is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Weighted-average remaining lease term (in years)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.75</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.33</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Weighted-average discount rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.07</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.01</td> <td style="text-align: left;">%</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> For the six months ended June 30, 2026, the operating lease cost was RMB583, including the amortization expenses of right-of-use assets RMB575 and the interest expenses of lease liabilities RMB8. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Operating leases of the Group are mainly leases of office. The balance for the operating leases where the Group was the lessee are as follows within the Unaudited Interim Condensed Consolidated Balance Sheets:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Right-of-use assets</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">877</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">302</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Lease liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">806</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">254</td> <td style="text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The operating lease expenses and short-term lease expenses were recognized in sales and marketing expenses, product development expenses and general and administrative expenses. The following table presents operating lease cost reported in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss related to the Group’s leases:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Operating lease expenses</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">777</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">583</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Short-term lease expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">236</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">613</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total lease expenses</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,013</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,196</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Other information related to operating leases where the Group is the lessee is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Weighted-average remaining lease term (in years)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.75</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.33</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Weighted-average discount rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.07</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.01</td> <td style="text-align: left;">%</td> </tr></tbody></table> 877000 302000 806000 254000 777000 583000 236000 613000 1013000 1196000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table reconciles the undiscounted cash flows of the Group’s leases as of December 31, 2025 and June 30, 2026 to the present value of its operating lease payments:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">Less than 1 year</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">816</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">256</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left;">Total minimum lease payments</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">816</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;">256</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: discounted interest</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(10</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold;">Present value of lease obligations</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">806</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;">254</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: current portion</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(806</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(254</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Non-current portion of lease obligations</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_747501308;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_2032438330;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 816000 256000 816000 256000 10000 2000 806000 254000 806000 254000 P0Y9M P0Y3M29D 0.0307 0.0301 583000 575000 8000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;" width="100%"><tbody><tr style="vertical-align: top;"><td style="width: 0;"></td> <td style="width: 16.8pt;"><span style="font-weight: bold;">11.</span></td> <td><span style="font-weight: bold;">Equity method investments, net</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Amount</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; font-weight: bold; padding-bottom: 1.5pt;">Balance as of December 31, 2024</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">162,761</td> <td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Additions</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">923</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Share of results</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(615</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Changes of equity ownership</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">105</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Balance as of June 30, 2025</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">163,174</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </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 style="font-weight: bold; padding-bottom: 1.5pt;">Balance as of December 31, 2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">118,397</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Share of results</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(180</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Impairment losses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(20,080</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Changes of equity ownership</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(923</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: 1.5pt;">Currency translation difference</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">17</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Balance as of June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">97,231</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The Group made certain equity method investments. The Group does not have controlling financial interests over these investees, but it has ability to exercise significant influence over their financial and operating polices.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">In connection with the Sales Commitment Arrangements as described in Note 1(c), the Group invested into certain limited partnerships as a limited partner. The Group has determined that given the design of these limited partnerships, they are considered to be unconsolidated VIEs and the Group is not considered to be the primary beneficiary, as further described below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The limited partnerships were either involved in or invested by the Group for the purpose of the Sales Commitment Arrangements as a fund provider, details of which are disclosed in Note 1(c). Under these arrangements, an initial deposit is required to be paid to the real estate developers prior to the commencement of the exclusive sales period. The limited partnerships are designed such that the investors (including the Group) would make their respective initial equity capital payments based on the initial deposit requirements. The investors are committed to provide additional capital funding in several tranches based on a funding schedule prepared considering of the forecast sale plan and actual progress of properties sales throughout the exclusive sale period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The Group has determined that the total equity investment at risk of these limited partnerships is limited to the capital injected in these limited partnerships and does not include the commitments of the partners to contribute additional equity as the funding commitments are not reported as equity in the balance sheet of the limited partnerships. Capital investments of the partners are the only source of funding of these limited partnerships. In addition, the amount of paid-up capital at inception is limited to the funding requirements for the initial stage of the project. The Group has determined that the limited partnerships are VIEs as their total equity investments at risk are not considered to be sufficient to permit the limited partnerships to finance their activities without additional subordinated financial support.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">To determine whether the Group is the primary beneficiary of these limited partnerships, the Group has evaluated whether it has both (i) the power to direct the activities of the limited partnerships that most significantly impact their economic performance; and (ii) the obligation to absorb losses of, or the right to receive benefits from, the limited partnerships that could potentially be significant to these entities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The Group determined that the activities that most significantly impact the economic performance of the limited partnerships include: (i) selecting real estate projects, (ii) negotiating the terms of sale commitment arrangement, (iii) monitoring the progress of property sales and (iv) for the limited partnerships under Non-Group Commitment Arrangements as described in Note 1(c), managing the disposal of unsold properties, if any, at the end of the sales period that the limited partnerships are required to purchase from the property developer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Based on these activities that the Group considered to be most significant, the Group evaluated who has the power to direct them beginning with an assessment of the parties involved in the ownership and governance structure of these limited partnerships. In this regard, each of the limited partnerships is sponsored by an investor that is unrelated to the Group. The investments of the sponsoring investor in the limited partnerships are generally in the form of both limited partnership interest and general partnership interest, with these partnership interests being held by two or more of the sponsoring investor’s-controlled subsidiaries. Under the limited partnership agreement, the general partner can make key management decisions for the limited partnership. In addition, the Group does not have any kick-out right or the unilateral ability to exercise any substantive participating rights. Accordingly, the Group has determined that the power to direct the activities that most significantly impact the economic performance rests with the general partner and the other limited partners that are all under the common control of the sponsoring investor.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The Group’s obligation to absorb losses of, or the right to receive benefits from, the limited partnerships are limited to its committed capital investments or its rights to receive sharing of profit from the limited partnerships based on its proportionate share of the capital contributions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Based on the analysis above, as the Group does not have the power to direct the activities of limited partnerships that most significantly impact their economic performance, the Group has concluded it is not the primary beneficiary of the limited partnerships established in connection with the Sales Commitment Arrangements. The Group determined that it has significant influence over these limited partnerships and therefore has accounted for its investments under the equity method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The Group considers, as a limited partner, that its maximum exposures to the losses from the limited partnerships are the maximum loss that could potentially be recorded through earnings in future periods as a result of its investments and other variable interests in the limited partnerships, regardless of the probability of the losses actually occurring. The Group’s maximum exposures to the losses of the limited partnerships as of December 31, 2025 and June 30, 2026 are set out below, which represent the aggregated amounts of the carrying amounts of the investments in limited partnerships and the maximum amount of additional capital commitments as stipulated in the respective partnership deeds. The Group does not have any other obligation or commitment to provide any guarantee, loan or other financial support to the limited partnerships.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Aggregated carrying<br/> amount (before impairment loss) of the<br/> limited partnerships</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Maximum amount of<br/> additional capital<br/> commitments (Note 21)</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Maximum exposures to<br/> the losses of the limited<br/> partnerships</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%;">Balance as of December 31, 2025 and June 30, 2026</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">357,219</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">86,331</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">443,550</td> <td style="width: 1%; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><span style="font-weight: bold;"><i>Impairment loss</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> <span style="-sec-ix-hidden:fc_1919247458;">No</span> impairment loss was recognized for the six months ended June 30, 2025. The Group recognized other-than-temporary impairment loss of RMB20,080 to the investment in Ningbo Meishan Jiushen Investment Limited Partnership (“Jiushen”) for the six months ended June 30, 2026. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following equity method investees were either involved in or invested by the Group for the purpose of the Sales Commitment Arrangements as a fund provider or other transactions, details of which are disclosed in Note 1(c). The Group’s effective interests to the limited partnerships as of December 31, 2025 and June 30, 2026 are as below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold; text-align: left;">Name of the limited partnerships</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Shanghai Gefei Chengyun Investment Center Limited Partnership (“Gefei Chengyun”)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">        20</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">20</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Jiushen</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Ningbo Meishan Jiuchuan Investment Limited Partnership (“Jiuchuan”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Yiwu Longshu Tianye Investment Management Limited Partnership (“Longshu Tianye”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Ningbo Meishan Yunde Investment Limited Partnership (“Yunde”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Ningbo Meishan Deyan Investment Limited Partnership (“Deyan”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Ningbo Meishan Detong Investment Limited Partnership (“Detong”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Ningbo Meishan Derong Investment Limited Partnership (“Derong”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">37</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">37</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Ningbo Meishan Jiushi Investment Limited Partnership (“Jiushi”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Shenzhen Jiaxinda No.3 Investment Limited Partnership (“Jiaxinda”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Ningbo Chunyu Management Limited Partnership (“Chunyu”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">89.95</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">89.95</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"><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: rgb(204,238,255);"><td style="font-weight: bold; text-align: left;">Name of other equity method investees</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="text-align: left; text-indent: -9pt; padding-left: 9pt;">Shanghai Nuancheng Network Technology Co., Ltd. (“Shanghai Nuancheng”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Shenzhen Duoduo Robot Technology Co., Ltd. (“Duoduo Robot”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">32</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">32</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Shanghai Youxi Network Technology Co., Ltd. (“Shanghai Youxi”) <i>(Note (a))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">25.5</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">25.5</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;"><span style="font-size: 10pt;">Duo Concierge lnc. (“Duo Concierge”) <i>(Note (b))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="font-size: 10pt;"><span style="-sec-ix-hidden:fc_165436710;">Not applicable</span></span></td> <td style="text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">(a)</td> <td style="text-align: justify;">Shanghai Youxi was a subsidiary of the Group. In March 2025, the Group reduced its shareholding in Shanghai Youxi to 25.5% and only has ability to exercise significant influence over its financial and operating policies accounting for 25.5% of its total equity.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">(b)</td> <td style="text-align: justify;">Duo Concierge was incorporated in the United States in November 2024. The Group does not have controlling financial interests over Duo Concierge, but has ability to exercise significant influence over its financial and operating policies accounting for 20% of its total equity. In April 2026, the Group further acquired the remaining 80% equity interests in Duo Concierge to achieve control, and it became a wholly-owned subsidiary of the Group.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">During the six months ended June 30, 2025 and 2026, the details of the movements of equity method investments are summarized below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;">Name of other equity method investees</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Capital Investments</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Changes of equity ownership</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Currency translation difference</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Changes of equity ownership</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 9pt;"><span style="font-size: 10pt;">Suzhou Tinghaozhu Technology Co., Ltd. (“Suzhou Tinghaozhu”) <i>(Note 20)</i></span></td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_908711583;">—</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(150</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_360833115;">—</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_1981170175;">—</span></td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Shanghai Youxi <i>(Note 11(a))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_2004391742;">—</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">255</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:fc_277297880;">—</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:fc_1270983966;">—</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: 1.5pt;"><span style="font-size: 10pt;">Duo Concierge <i>(Note 11(b))</i></span></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">923</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_332737779;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">17</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(923</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">923</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">105</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">17</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(923</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Summary of consolidated unaudited financial information for these equity method investees as of December 31, 2025 and June 30, 2026, and for the six months ended June 30, 2025 and 2026 are presented below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Balance sheet data:</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Current assets</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">265,059</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">262,190</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Non-current assets</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">100,743</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">97,142</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total assets</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">365,802</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">359,332</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><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: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Current liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">61,731</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">60,825</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">61,731</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">60,825</td> <td style="padding-bottom: 2.5pt; font-weight: bold; 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="text-align: left; padding-bottom: 1.5pt;">Shareholders’ equity</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">304,071</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">298,507</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total liabilities and shareholders’ equity</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">365,802</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">359,332</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Operation results data:</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%;">Revenue</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">2,541</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,758</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Operating loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,600</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,062</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Net loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,225</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,081</td> <td style="text-align: left;">)</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Amount</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; font-weight: bold; padding-bottom: 1.5pt;">Balance as of December 31, 2024</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">162,761</td> <td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Additions</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">923</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Share of results</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(615</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Changes of equity ownership</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">105</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Balance as of June 30, 2025</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">163,174</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </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 style="font-weight: bold; padding-bottom: 1.5pt;">Balance as of December 31, 2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">118,397</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Share of results</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(180</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Impairment losses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(20,080</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Changes of equity ownership</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(923</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: 1.5pt;">Currency translation difference</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">17</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Balance as of June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">97,231</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 162761000 923000 -615000 105000 163174000 118397000 -180000 20080000 -923000 17000 97231000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Aggregated carrying<br/> amount (before impairment loss) of the<br/> limited partnerships</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Maximum amount of<br/> additional capital<br/> commitments (Note 21)</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Maximum exposures to<br/> the losses of the limited<br/> partnerships</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 64%;">Balance as of December 31, 2025 and June 30, 2026</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">357,219</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">86,331</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">443,550</td> <td style="width: 1%; text-align: left;"> </td> </tr></tbody></table> 357219000 357219000 86331000 86331000 443550000 443550000 20080000 The Group’s effective interests to the limited partnerships as of December 31, 2025 and June 30, 2026 are as below:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold; text-align: left;">Name of the limited partnerships</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Shanghai Gefei Chengyun Investment Center Limited Partnership (“Gefei Chengyun”)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">        20</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">20</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Jiushen</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Ningbo Meishan Jiuchuan Investment Limited Partnership (“Jiuchuan”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Yiwu Longshu Tianye Investment Management Limited Partnership (“Longshu Tianye”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Ningbo Meishan Yunde Investment Limited Partnership (“Yunde”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Ningbo Meishan Deyan Investment Limited Partnership (“Deyan”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Ningbo Meishan Detong Investment Limited Partnership (“Detong”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Ningbo Meishan Derong Investment Limited Partnership (“Derong”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">37</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">37</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Ningbo Meishan Jiushi Investment Limited Partnership (“Jiushi”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Shenzhen Jiaxinda No.3 Investment Limited Partnership (“Jiaxinda”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Ningbo Chunyu Management Limited Partnership (“Chunyu”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">89.95</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">89.95</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"><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: rgb(204,238,255);"><td style="font-weight: bold; text-align: left;">Name of other equity method investees</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="text-align: left; text-indent: -9pt; padding-left: 9pt;">Shanghai Nuancheng Network Technology Co., Ltd. (“Shanghai Nuancheng”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Shenzhen Duoduo Robot Technology Co., Ltd. (“Duoduo Robot”)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">32</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">32</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Shanghai Youxi Network Technology Co., Ltd. (“Shanghai Youxi”) <i>(Note (a))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">25.5</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">25.5</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;"><span style="font-size: 10pt;">Duo Concierge lnc. (“Duo Concierge”) <i>(Note (b))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="font-size: 10pt;"><span style="-sec-ix-hidden:fc_165436710;">Not applicable</span></span></td> <td style="text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">(a)</td> <td style="text-align: justify;">Shanghai Youxi was a subsidiary of the Group. In March 2025, the Group reduced its shareholding in Shanghai Youxi to 25.5% and only has ability to exercise significant influence over its financial and operating policies accounting for 25.5% of its total equity.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"></td> <td style="width: 0.25in;">(b)</td> <td style="text-align: justify;">Duo Concierge was incorporated in the United States in November 2024. The Group does not have controlling financial interests over Duo Concierge, but has ability to exercise significant influence over its financial and operating policies accounting for 20% of its total equity. In April 2026, the Group further acquired the remaining 80% equity interests in Duo Concierge to achieve control, and it became a wholly-owned subsidiary of the Group.</td> </tr></tbody> </table> 0.20 0.20 0.12 0.12 0.10 0.10 0.26 0.26 0.20 0.20 0.20 0.20 0.40 0.40 0.37 0.37 0.40 0.40 0.10 0.10 0.8995 0.8995 0.30 0.30 0.32 0.32 0.255 0.255 0.20 0.255 0.255 0.20 0.80 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">During the six months ended June 30, 2025 and 2026, the details of the movements of equity method investments are summarized below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;">Name of other equity method investees</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Capital Investments</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Changes of equity ownership</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Currency translation difference</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Changes of equity ownership</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 9pt;"><span style="font-size: 10pt;">Suzhou Tinghaozhu Technology Co., Ltd. (“Suzhou Tinghaozhu”) <i>(Note 20)</i></span></td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_908711583;">—</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(150</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_360833115;">—</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_1981170175;">—</span></td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Shanghai Youxi <i>(Note 11(a))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_2004391742;">—</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">255</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:fc_277297880;">—</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:fc_1270983966;">—</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: 1.5pt;"><span style="font-size: 10pt;">Duo Concierge <i>(Note 11(b))</i></span></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">923</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_332737779;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">17</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(923</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">923</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">105</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">17</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(923</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> </tr></tbody></table> -150000 255000 923000 17000 -923000 923000 105000 17000 -923000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Summary of consolidated unaudited financial information for these equity method investees as of December 31, 2025 and June 30, 2026, and for the six months ended June 30, 2025 and 2026 are presented below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Balance sheet data:</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Current assets</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">265,059</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">262,190</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Non-current assets</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">100,743</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">97,142</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total assets</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">365,802</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">359,332</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><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: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Current liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">61,731</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">60,825</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">61,731</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">60,825</td> <td style="padding-bottom: 2.5pt; font-weight: bold; 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="text-align: left; padding-bottom: 1.5pt;">Shareholders’ equity</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">304,071</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">298,507</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total liabilities and shareholders’ equity</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">365,802</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">359,332</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Operation results data:</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%;">Revenue</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">2,541</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,758</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Operating loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,600</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,062</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Net loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,225</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,081</td> <td style="text-align: left;">)</td> </tr></tbody></table> 265059000 262190000 100743000 97142000 365802000 359332000 61731000 60825000 61731000 60825000 304071000 298507000 365802000 359332000 2541000 1758000 -4600000 -2062000 -4225000 -2081000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">12.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Long-term equity investment, net</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Amount</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; font-weight: bold;">Balance as of December 31, 2024</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">2,000</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;"><span style="font-size: 10pt;">Addition <i>(Note (b))</i></span></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">11,000</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Balance as of June 30, 2025</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">13,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </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 style="font-weight: bold; padding-bottom: 4pt;">Balance as of December 31, 2025 and June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">12,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;">(a)</td> <td style="text-align: justify;">Long-term equity investment in Chengdu Haofangtong Technology Corporation Limited (“Haofangtong”)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Long-term equity investment in Haofangtong</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">56,000</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">56,000</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: impairment loss</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(55,000</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(55,000</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Long-term equity investment, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> In accordance with the Capital Injection and Share Transfer Agreement entered between the Group, Chengdu Haofangtong Technology Corporation Limited (“Haofangtong”) and the existing shareholders of Haofangtong dated July 7, 2018, the Group agreed to acquire 26% equity interests of Haofangtong by (1) subscribing 4,029,543 newly issued shares (the “New Share Issuing”), which represents 7% equity interests of Haofangtong, with a consideration of RMB56,000 (2) an option to purchase 10,937,339 shares, representing 19% equity interests of Haofangtong after New Share Issuing, from the existing shareholders for RMB32,000 if Haofangtong and the existing shareholders of Haofangtong fulfill certain conditions under the agreement. Haofangtong’s principal activities are the development and sales of Enterprise Resource Planning (“ERP”) system for real estate agents. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On September 5, 2018, the Group completed the transaction of subscripting 4,029,543 newly issued shares of Haofangtong. Management has determined that the consideration paid of RMB56,000 represents the cost of (i) 7% equity interests of Haofangtong and (ii) a purchase option in respect of an additional 19% equity interests of Haofangtong from the existing shareholders for RMB32,000. The total consideration paid is allocated to the 7% equity interest and the purchase option, based on the valuation report prepared by an independent valuation firm. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> The Group has determined that it does not have significant influence in Haofangtong and that there is no readily determinable fair value of Haofangtong’s shares. The investments in the 7% equity interests and the purchase option on additional equity interests are measured at their respective allocated costs, less impairment, with subsequent adjustments for observable price changes. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> The Group continually reviews the equity investments in Haofangtong to determine whether a decline in fair value to below the carrying value is other-than-temporary. The impairment recorded for equity investments in Haofangtong was RMB55,000 as of both December 31, 2025 and June 30, 2026. For the six months ended June 30, 2025 and 2026, no impairment loss was recognized according to the estimated fair value determined by the management. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;">(b)</td> <td style="text-align: justify;">Long-term equity investment in Wuhu Fangrong Network Small Loan Co., Ltd. (“Wuhu Fangrong”)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">Long-term investment in Wuhu Fangrong</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">11,000</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">11,000</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Long-term equity investment, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">11,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">11,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Wuhu Fangrong Network Small Loan Co., Ltd. (“Wuhu Fangrong”) was a subsidiary of the Group, which provided loan facilitation services. In January 2025, the Group reduced its shareholding in Wuhu Fangrong to 11% and the fair value of the investment amounted to RMB11,000. The Group neither has significant influence nor own a majority equity interests or otherwise control over Wuhu Fangrong since then. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">As of December 31, 2025 and June 30, 2026, no impairment recorded for equity investment in Wuhu Fangrong.</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Amount</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; font-weight: bold;">Balance as of December 31, 2024</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; font-weight: bold; text-align: right;">2,000</td> <td style="width: 1%; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;"><span style="font-size: 10pt;">Addition <i>(Note (b))</i></span></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">11,000</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Balance as of June 30, 2025</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">13,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td> </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 style="font-weight: bold; padding-bottom: 4pt;">Balance as of December 31, 2025 and June 30, 2026</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">12,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 2000000 11000000 13000000 12000000 12000000 Long-term equity investment in Chengdu Haofangtong Technology Corporation Limited (“Haofangtong”)<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Long-term equity investment in Haofangtong</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">56,000</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">56,000</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: impairment loss</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(55,000</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(55,000</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Long-term equity investment, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;">(b)</td> <td style="text-align: justify;">Long-term equity investment in Wuhu Fangrong Network Small Loan Co., Ltd. (“Wuhu Fangrong”)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">Long-term investment in Wuhu Fangrong</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">11,000</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">11,000</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Long-term equity investment, net</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">11,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">11,000</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 56000000 56000000 55000000 55000000 1000000 1000000 0.26 4029543 0.07 56000000 10937339 0.19 32000000 4029543 56000000 0.07 0.19 32000000 0.07 0.07 55000000 55000000 11000000 11000000 11000000 11000000 0.11 11000000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">13.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Customers’ refundable fees</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">15,879</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">18,163</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Cash received from customers</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,162</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,228</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Cash refunded to customers</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(446</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,058</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Revenue recognized</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(10,485</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(4,653</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">21,110</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">17,680</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Customers’ refundable fees represent the commission income received in advance (see Note 2.22).</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">15,879</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">18,163</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Cash received from customers</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,162</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,228</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Cash refunded to customers</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(446</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,058</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Revenue recognized</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(10,485</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(4,653</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">21,110</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">17,680</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 15879000 18163000 16162000 5228000 -446000 -1058000 -10485000 -4653000 21110000 17680000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">14.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Accrued expenses and other payables</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Other taxes and surcharge payable</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">37,529</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">38,189</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Amounts due to third parties under collaborative agreements <i>(Note 1(c))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,112</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20,508</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Professional service fee</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,243</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,744</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,467</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,427</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Receipt in advance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,450</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,236</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrual for salary and bonus</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,891</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,154</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;">Others</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">26,019</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">14,164</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Accrued expenses and other payables</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">99,711</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">89,422</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Other taxes and surcharge payable</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">37,529</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">38,189</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Amounts due to third parties under collaborative agreements <i>(Note 1(c))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,112</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20,508</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Professional service fee</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,243</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,744</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrued expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,467</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,427</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Receipt in advance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,450</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,236</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Accrual for salary and bonus</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,891</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,154</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;">Others</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">26,019</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">14,164</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Accrued expenses and other payables</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">99,711</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">89,422</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 37529000 38189000 21112000 20508000 2243000 1744000 2467000 4427000 5450000 5236000 4891000 5154000 26019000 14164000 99711000 89422000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">15.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Equity</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"><span style="font-weight: bold;"><i>Ordinary shares</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Upon incorporation in 2013, the Company’s authorized ordinary shares were 2,000,000,000 shares with a par value of US$0.0000001 each and issued 975,308,700 ordinary shares at par value. The number of authorized ordinary shares was increased from 2,000,000,000 to 2,275,948,587 as of December 31, 2018 after the issuance of Series A-1, A-2, B and C Preferred Shares. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Immediately prior to the completion of Company’s initial public offering on November 1, 2019, its authorized share capital was changed to US$500 divided into 5,000,000,000 shares of a par value of US$0.0000001 each, comprising of (i) 3,380,061,942 Class A ordinary shares, (ii) 619,938,058 Class B Ordinary Shares of a par value, and (iii) 1,000,000,000 shares of such class or classes (however designated) as the board of directors may determine in accordance with the amended and restated memorandum and articles of association. 619,938,058 ordinary shares beneficially owned by the Company’s founders, Yi Duan, Xi Zeng and Jiancheng Li were re-designated into Class B ordinary shares on a one-for-one basis and remaining 325,773,972 ordinary shares were re-designated into Class A ordinary shares on a one-for-one basis. All outstanding preferred shares were converted into 715,043,731 Class A ordinary shares. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Upon the completion of Company’s initial public offering and exercise of the overallotment options, the Company issued 150,000,000 and 12,504,475 Class A ordinary shares at price of US$0.52 per Class A ordinary share, respectively. The total net proceeds received were US$71,596 (equivalent to approximately RMB498,436). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On October 14, 2022, the Company’s authorized share capital was changed to US$5,000 divided into 50,000,000,000 shares of a par value of US$0.0000001 each, comprising of (i) 30,000,000,000 Class A ordinary shares of a par value, (ii) 10,000,000,000 Class B ordinary shares of a par value, and (iii) 10,000,000,000 shares of such class or classes (however designated) as the board of directors may determine in accordance with the amended and restated memorandum and articles of association. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Upon the completion of the Company’s the offering on December 8, 2022, the Company issued 375,000,000 Class A ordinary shares at price of US$0.0017 per Class A ordinary share and 75,000 Class C ordinary shares at price of US$0.0036 per Class C ordinary share, respectively. The total net proceeds received were US$450 (equivalent to approximately RMB3,136). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On February 21, 2023, 129,519,698 Class A ordinary shares were issued to Mr. Jiancheng Li upon the conversion of the same number of Class B ordinary shares held by him on February 21, 2023. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On March 3, 2023, the Company additionally offered and issued 120,811,500 Class A ordinary shares at an offering price of US$0.0017 per Class A ordinary share. The total net proceeds received were US$23 (equivalent to approximately RMB158). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On February 10, 2023, the Company received a convertible promissory note payment of US$21 million, under which the Company would sell and issue a convertible promissory note in a principal amount of US$21 million to an investor through private placement. The note will mature in six months following the issuance, bearing interest at the rate of 8% per annum which shall be payable on the maturity date. At any time after the issuance and before the maturity date, the note is convertible, in whole but not in part, into class A ordinary shares of the Company at the option of the holder thereof at a price equal to 64% of the higher of the following (adjusted by the ADS-to-share ratio): (i) the average closing price of the Company’s American depositary shares (the <span style="font-family: Times New Roman, Times, Serif;">“</span>ADSs”) for the last 5 days preceding the date of the conversion notice and (ii) US$0.47. Each ADS currently represents 375 Class A Ordinary Shares. To maintain a stable corporate structure following the potential conversion of the note, the Company had simultaneously entered into a share subscription agreement, under which the Company has agreed to sell and issue up to 7,875,000 class C ordinary shares of the Company with the same rights, privileges and restrictions approved by the board of directors on November 29, 2022 to ZX INTERNATIONAL LTD, a British Virgin Islands company controlled by Mr. Xi Zeng, the chairman of the board of directors and chief executive officer of the Company, if the Company receives a conversion notice from the noteholder. The per share purchase price would be calculated based on the average closing price of the Company’s ADSs for the 30 trading days prior to the closing notice date and adjusted by the ADS-to-share ratio. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On March 9, 2023, the Company entered into a note conversion agreement with the holder of the convertible promissory note in a principal amount of US$21 million. Pursuant to the Note Conversion Agreement, the Noteholder has converted the outstanding balance of the Note into an aggregate of 18,750,000,000 Class A ordinary shares of the Company at an amended conversion price of US$0.00112 per share. Concurrently with the conversion of the Note, the Company has issued 5,625,000 Class C ordinary shares of the Company, at a purchase price of US$0.00271 per share, to ZX INTERNATIONAL LTD, a British Virgin Islands company controlled by Mr. Xi Zeng, the chairman of the board of directors and chief executive officer of the Company. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On July 19, 2023, the Company was offering to certain investors (i) an aggregate of 4,285,711,875 Class A ordinary shares at an offering price of US$0.0019 per Class A ordinary share, (ii) certain regular warrants, or the Regular Warrants, to purchase up to an aggregate of 4,285,711,875 Class A ordinary shares, and (iii) certain reset warrants, or the Reset Warrants, that permit cashless exercise of up to an aggregate of 10,714,279,875 Class A ordinary shares. Consequently, on July 19, 2023, 4,285,711,875 Class A ordinary shares were offered and issued at an offering price of US$0.00187 per Class A ordinary share. The total net proceeds received were US$6,471 (equivalent to approximately RMB46,245) and on August 7, 2023, 8,169,637,500 Class A ordinary shares were cashlessly offered and issued pursuant to the reset warrants. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On July 21, 2023, the Company issued 1,371,427 Class C ordinary shares of the Company, at a purchase price of US$0.00223 per share, to ZX INTERNATIONAL LTD, a British Virgin Islands company controlled by Mr. Xi Zeng, the chairman of the board of directors and chief executive officer of the Company. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On July 24, 2023, the Company announced that it will change the ratio of the American depositary shares (“ADSs”) representing its Class A ordinary shares from one (1) ADS representing three hundred and seventy-five (375) Class A ordinary share to one (1) ADS representing five thousand six hundred and twenty-five (5,625) Class A ordinary shares. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On August 12, 2024, the Company effected a share consolidation to consolidate every 5,625 ordinary shares of a par value US$0.0000001 per share into one ordinary share of a par value US$0.0005625 per share (the “Share Consolidation”). The Share Consolidation, along with other related matters, was approved by the shareholders at an extraordinary general meeting held on July 11, 2024. No fractional shares were issued in connection with the Share Consolidation, and all fractional shares were rounded up to the nearest whole number. The Share Consolidation changed the ratio of the ADSs (previously representing our Class A ordinary shares) to the Class A ordinary shares from one ADS representing 5,625 Class A ordinary shares of a par value US$0.0000001 per share, to one ADS representing one Class A ordinary share of a par value US$0.0005625 per share. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">On September 30, 2024, the Company implemented a substitution listing, whereby all ADSs were exchanged into the Company’s Class A ordinary shares on a mandatory basis. After the mandatory exchange, ADSs that previously represented the Class A ordinary shares ceased to be listed on The Nasdaq Capital Market, or Nasdaq, and the underlying Class A ordinary shares began trading on Nasdaq under the same symbol “DUO.”</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On October 1, 2024, the Company entered into a securities purchase agreement with certain investors relating to the sale of 1,612,902 Class A ordinary shares, par value US$0.0005625 per share, at a negotiated price of US$1.55 per Class A ordinary share. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> From October 2 to October 4, 2024, the Company issued 2,288,558 Class A ordinary shares at an exercise price of US$2.22546 per Class A ordinary share, upon exercise of certain regular warrants issued on July 19, 2023. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On October 7, 2024, the Company entered into a securities purchase agreement with certain investors relating to sale of 2,464,000 Class A ordinary shares, par value US$0.0005625 per share, at a negotiated price of US$1.60 per Class A ordinary share. The Company also offered pre-funded warrants, or the Pre-Funded Warrants, in lieu of Class A ordinary shares, to purchase up to 661,232 Class A ordinary shares to certain investors. Each Pre-Funded Warrant is exercisable for one Class A ordinary share and has an exercise price of US$0.0005625 per share. The purchase price per Pre-Funded Warrant is US$1.5994375. Each Pre-Funded Warrant will be exercisable immediately upon issuance and will expire when exercised in full. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> From October 7 to October 8, 2024, the Company issued 661,232 Class A ordinary shares at an exercise price of US$0.0005625 per Class A ordinary share, upon exercise of pre-funded warrants issued on October 7, 2024. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On October 10, 2024, the Company issued 3,901 Class C ordinary shares to ZX INTERNATIONAL LTD, a company controlled by Mr. Xi Zeng, at a per share purchase price of US$2.53. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On October 11, 2024, the Company entered into a securities purchase agreement with certain investors relating to the sale of 3,181,044 Class A ordinary shares, par value US$0.0005625 per share, at a negotiated price of US$0.88 per Class A ordinary share. The Company also offered pre-funded warrants, or the Pre-Funded Warrants, in lieu of Class A ordinary shares, to purchase up to 1,933,828 Class A ordinary shares to certain investors. Each Pre-Funded Warrant is exercisable for one Class A ordinary share and has an exercise price of US$0.0005625 per share. The purchase price per Pre-Funded Warrant is US$0.8794375. Each Pre-Funded Warrant will be exercisable immediately upon issuance and will expire when exercised in full. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> From October 11 to October 15, 2024, the Company issued 1,933,828 Class A ordinary shares, at an exercise price of US$0.005625 per Class A ordinary share, upon exercise of pre-funded warrants issued on October 11, 2024. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On November 8, 2024, the Company entered into a securities purchase agreement with certain investors relating to the sale of 4,623,266 Class A ordinary shares, par value US$0.0005625 per share, at a negotiated price of US$0.70 per Class A ordinary share. The Company also offered pre-funded warrants, or the Pre-Funded Warrants, in lieu of Class A ordinary shares, to purchase up to 2,521,616 Class A ordinary shares to certain investors. Each Pre-Funded Warrant is exercisable for one Class A ordinary share and has an exercise price of US$0.0005625 per share. The purchase price per Pre-Funded Warrant is US$0.6994375. Each Pre-Funded Warrant will be exercisable immediately upon issuance and will expire when exercised in full. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> From November 12 to November 15, 2024, the Company issued 2,521,616 Class A ordinary shares, at an exercise price of US$0.0005625 per Class A ordinary share, upon exercise of pre-funded warrants issued on November 8, 2024. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On December 10, 2024, the Company entered into a securities purchase agreement with certain investors relating to the sale of 6,092,446 Class A ordinary shares, par value US$0.0005625 per share, at a negotiated price of US$0.70 per Class A ordinary share. The Company also offered pre-funded warrants, or the Pre-Funded Warrants, in lieu of Class A ordinary shares, to purchase up to 3,910,696 Class A ordinary shares to certain investors. Each Pre-Funded Warrant is exercisable for one Class A ordinary share and has an exercise price of US$0.0005625 per share. The purchase price per Pre-Funded Warrant is US$0.6994375. Each Pre-Funded Warrant will be exercisable immediately upon issuance and will expire when exercised in full. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On December 10, 2024, the Company issued 3,910,696 Class A ordinary shares, at an exercise price of US$0.0005625 per Class A ordinary share, upon exercise of pre-funded warrants issued on December 10, 2024. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On December 12, 2024, the Company issued 10,000 Class C ordinary shares to ZX INTERNATIONAL LTD, a company controlled by Mr. Xi Zeng, at a per share purchase price of US$0.88. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> On February 10, 2025, the Company was offering to certain investors (i) US$5 million senior 5% original issue discount convertible promissory notes, (ii) Class A ordinary shares, par value US$0.0005625 per share, or Class A ordinary shares, issuable from time to time upon conversion under the notes, and (iii) additional 164,610 Class A ordinary shares as commitment shares for the issuance of the notes. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On March 14, 2025, the Company was offering to certain investors (i) US$5 million senior 5% original issue discount convertible promissory notes, (ii) Class A ordinary shares, par value US$0.005625 per share, or Class A ordinary shares, issuable from time to time upon conversion under the notes, and (iii) additional 251,890 Class A ordinary shares as commitment shares for the issuance of the notes. The notes carry a 5% original issue discount, and have a term of nine months from the original issuance date. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On June 9, 2025, the Company effected a share consolidation to consolidate every 16 ordinary shares of a par value US$0.0005625 per share into one ordinary share of a par value US$0.009 per share (the “2025 Share Consolidation”). The 2025 Share Consolidation, along with other related matters, was approved by the shareholders at an extraordinary general meeting held on May 27, 2025. No fractional shares were issued in connection with the 2025 Share Consolidation, and all fractional shares were rounded up to the nearest whole number. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On October 24, 2025, the Company issued to certain investor a US$34.32 million convertible promissory note for a principal amount of US$34.32 million pursuant to a note purchase agreement dated September 29, 2025. On December 5, 2025, the noteholder elected to convert the outstanding balance of the note into an aggregate of 32,971,466 Class A ordinary shares of the Company at a conversion price of US$1.0409 per share. In accordance with the instructions from the noteholder and the terms of the note, such Class A ordinary shares of the Company were issued to certain permitted designees of the noteholder. After the issuance of the conversion shares, the note was cancelled and no amount of the note remains outstanding. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> On September 29, 2025, concurrent with the entry into a convertible note purchase agreement, the Company entered into another share subscription agreement, and pursuant to the agreement, the Company issued 12,731 Class C ordinary shares of the Company, at a purchase price of US$1.81 per share, to ZX INTERNATIONAL LTD. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> In respect of matters requiring the votes of shareholders, the holders of Class B ordinary shares is entitled to ten votes per share, the holders of Class C ordinary shares is entitled to 10,000 votes per share, while the holders of Class A ordinary shares entitle to one vote per share. Each Class B and each Class C ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B or Class A ordinary shares under any circumstances. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"><span style="font-weight: bold;"><i>Non-controlling interests</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;">As of December 31, 2025 and June 30, 2026, the Group’s non-controlling interests represented as below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: left; vertical-align: top;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: left; vertical-align: top;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: left; font-weight: bold; vertical-align: top;">Name of the subsidiaries of the Group</td> <td> </td> <td colspan="2" style="text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; width: 76%; text-align: left;"><span style="font-size: 10pt;">385 Homer LLC <i>(Note (a))</i></span></td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">15</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="font-size: 10pt;"><span style="-sec-ix-hidden:fc_1845427906;">Not applicable</span></span></td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Shenzhen Jinqida Information Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Changsha Xingzhisheng Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt;">Nanjing Juyuan Asset Services Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Chongqing Xinzidao Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Hangzhou Yongsheng Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Shanghai Yiqicheng Real Estate Consulting Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Chongqing Duoduo Fangyi Information Technology Co., Ltd. (“Duoduo Fangyi”) <i>(Note (b))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="font-size: 10pt;"><span style="-sec-ix-hidden:fc_189712784;">Not applicable</span></span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Wuxi Fangyun Digital Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Chengdu Junyi Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Suzhou Tinghaozhu <i>(Note 20)</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Wuhan Qianhe Real Estate Management Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt;"><span style="font-size: 10pt;">Beijing Tuqiang Yunxia Technology Limited (“Tuqiang”) <i>(Note (b))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">22.2</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="font-size: 10pt;"><span style="-sec-ix-hidden:fc_1669574599;">Not applicable</span></span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt;">Shenzhen Jiuzhou Fangyun Digital Live Streaming Industry Technology Co., Ltd.</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;">47</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Guiyang Zhuhaofang Commercial Management Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Shanghai Weiming Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Kunshan Huating Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Shenzhen Duobao Fisheries Industry Management Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(a)</td> <td style="text-align: justify;">385 Homer LLC was incorporated in the United States in December 2024. In April 2026, the Group further acquired the remaining 15% equity interests in 385 Homer LLC and it became a wholly-owned subsidiary of the Group.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(b)</td> <td style="text-align: justify;">During the six months ended June 30, 2026, the Group fully disposed its equity interests in Duoduo Fangyi and Tuqiang through company deregistration.</td> </tr></tbody> </table> 2000000000 0.0000001 975308700 2000000000 2275948587 500000 5000000000 0.0000001 3380061942 619938058 1000000000 619938058 325773972 715043731 150000000 12504475 0.52 71596000 498436000 5000000 50000000000 0.0000001 30000000000 10000000000 10000000000 375000000 0.0017 75000 0.0036 450000 3136000 129519698 120811500 0.0017 23000 158000 21000000 21000000 0.08 0.64 0.47 375 7875000 21000000 18750000000 0.00112 5625000 0.00271 4285711875 0.0019 4285711875 10714279875 4285711875 0.00187 6471000 46245000 8169637500 1371427 0.00223 On July 24, 2023, the Company announced that it will change the ratio of the American depositary shares (“ADSs”) representing its Class A ordinary shares from one (1) ADS representing three hundred and seventy-five (375) Class A ordinary share to one (1) ADS representing five thousand six hundred and twenty-five (5,625) Class A ordinary shares. 5625 5625 0.0000001 0.0005625 5625 0.0000001 0.0005625 1612902 0.0005625 1.55 2288558 2.22546 2464000 0.0005625 1.6 661232 0.0005625 1.5994375 661232 0.0005625 3901 2.53 3181044 0.0005625 0.88 1933828 0.0005625 0.8794375 1933828 0.005625 4623266 0.0005625 0.7 2521616 0.0005625 0.6994375 2521616 0.0005625 6092446 0.0005625 0.7 3910696 0.0005625 0.6994375 3910696 0.0005625 10000 0.88 5000000 0.05 0.0005625 164610 5000000 0.05 0.005625 251890 0.05 16 0.0005625 1 0.009 34320000 34320000 32971466 1.0409 12731 1.81 ten 10,000 one 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;">As of December 31, 2025 and June 30, 2026, the Group’s non-controlling interests represented as below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: left; vertical-align: top;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: left; vertical-align: top;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: left; font-weight: bold; vertical-align: top;">Name of the subsidiaries of the Group</td> <td> </td> <td colspan="2" style="text-align: center;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; width: 76%; text-align: left;"><span style="font-size: 10pt;">385 Homer LLC <i>(Note (a))</i></span></td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">15</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="font-size: 10pt;"><span style="-sec-ix-hidden:fc_1845427906;">Not applicable</span></span></td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Shenzhen Jinqida Information Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Changsha Xingzhisheng Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt;">Nanjing Juyuan Asset Services Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Chongqing Xinzidao Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Hangzhou Yongsheng Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Shanghai Yiqicheng Real Estate Consulting Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Chongqing Duoduo Fangyi Information Technology Co., Ltd. (“Duoduo Fangyi”) <i>(Note (b))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="font-size: 10pt;"><span style="-sec-ix-hidden:fc_189712784;">Not applicable</span></span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Wuxi Fangyun Digital Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Chengdu Junyi Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Suzhou Tinghaozhu <i>(Note 20)</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Wuhan Qianhe Real Estate Management Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt;"><span style="font-size: 10pt;">Beijing Tuqiang Yunxia Technology Limited (“Tuqiang”) <i>(Note (b))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">22.2</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="font-size: 10pt;"><span style="-sec-ix-hidden:fc_1669574599;">Not applicable</span></span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt;">Shenzhen Jiuzhou Fangyun Digital Live Streaming Industry Technology Co., Ltd.</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;">47</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Guiyang Zhuhaofang Commercial Management Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Shanghai Weiming Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="vertical-align: top; text-align: left;">Kunshan Huating Network Technology Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="vertical-align: top; text-align: left;">Shenzhen Duobao Fisheries Industry Management Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(a)</td> <td style="text-align: justify;">385 Homer LLC was incorporated in the United States in December 2024. In April 2026, the Group further acquired the remaining 15% equity interests in 385 Homer LLC and it became a wholly-owned subsidiary of the Group.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(b)</td> <td style="text-align: justify;">During the six months ended June 30, 2026, the Group fully disposed its equity interests in Duoduo Fangyi and Tuqiang through company deregistration.</td> </tr></tbody> </table> 15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.20 0.15 0.15 0.15 0.15 35 0.35 0.15 0.15 0.222 0.47 0.47 0.49 0.49 0.49 0.49 0.49 0.49 0.49 0.49 0.15 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">16.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Revenue</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Revenue consists of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Base commission from transactions</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">195,379</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">108,879</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Innovation initiatives and other value-added services</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">8,015</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">6,866</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">203,394</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">115,745</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">For the six months ended June 30, 2025 and 2026, substantially all revenues of the Group are derived from the PRC, no geographical segments are presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Innovation initiatives and other value-added services primarily consist of asset management services, parking space transaction services, income from software as a service (“SaaS”) platform participants and revenue from other value-added services rendered to the Registered Agents and market participants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;">The following table summarized the Group’s revenues recognized at a point in time or over time:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Timing of Revenue Recognition:</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Services transferred at a point in time</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">198,374</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">112,554</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Services transferred over time</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,341</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,028</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: 1.5pt;">Goods transferred at a point in time</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">679</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">163</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 4pt;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">203,394</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">115,745</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Revenue consists of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Base commission from transactions</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">195,379</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">108,879</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Innovation initiatives and other value-added services</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">8,015</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">6,866</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">203,394</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">115,745</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 195379000 108879000 8015000 6866000 203394000 115745000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;">The following table summarized the Group’s revenues recognized at a point in time or over time:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Timing of Revenue Recognition:</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Services transferred at a point in time</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">198,374</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">112,554</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Services transferred over time</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,341</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,028</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: 1.5pt;">Goods transferred at a point in time</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">679</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">163</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 4pt;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">203,394</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">115,745</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 198374000 112554000 4341000 3028000 679000 163000 203394000 115745000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">17.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Share-based compensation</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">On December 21, 2018, the Group adopted the 2018 Share Incentive Plan (“2018 Plan”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Under the 2018 Plan, the Board of Directors has approved that a maximum aggregate number of shares that may be issued pursuant to all awards granted under the 2018 Plan shall be 2,231 shares, which was retrospectively restated to reflect the 2025 Share Consolidation. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> All stock options granted under the 2018 Plan are not exercisable until the consummation of the Group’s IPO and certain of the option granted to employees are required to render service to the Group in accordance with a stipulated service schedule under which an employee earns an entitlement to vest in 30% of his option grants at the end of each of the first two years and 40% at the end of the third year of completed service. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Prior to the completion of the IPO, the stock options granted to the employees and directors shall be forfeited upon the termination of employment of the employees and directors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Options granted under the 2018 Plan during the year of 2021, grantees are entitled to vest the option at the end of the first year of completed service.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> 2231 0.30 P2Y 0.40 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table sets forth the stock options activities for the six months ended June 30, 2025 and 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Number of shares</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted average exercise price</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted average remaining contractual term<br/> (in years)</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Weighted average grant date fair value</td> <td style="padding-bottom: 1.5pt; 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> </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: 52%;">Outstanding as of December 31, 2024</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">724</td> <td style="width: 1%; text-align: left;">*</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.009</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1.21</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">46,395</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Outstanding as of June 30, 2025</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">724</td> <td style="text-align: left;">*</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.009</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.89</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">46,395</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Exercisable as of June 30, 2025</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">724</td> <td style="text-align: left;">*</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.009</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.89</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">46,395</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><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> <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 December 31, 2025</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">724</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.009</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.56</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">46,395</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-indent: 5.6pt;">-Forfeited</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(96</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.009</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 style="text-align: right;">628</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.009</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.28</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35,189</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td>Exercisable as of June 30, 2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">628</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.009</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.28</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35,189</td> <td style="text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">*</td> <td style="text-align: justify;">Retrospectively restated to reflect the 2025 Share Consolidation.</td> </tr></tbody> </table> 724 0.009 P1Y2M15D 46395 724 0.009 P0Y10M20D 46395 724 0.009 P0Y10M20D 46395 724 0.009 P0Y6M21D 46395 96 0.009 628 0.009 P0Y3M10D 35189 628 0.009 P0Y3M10D 35189 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Options granted to Grantees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2019</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2021</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Expected volatility</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">60</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">48.56</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Risk-free interest rate (per annum)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.8</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.25</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td>Exercise multiple</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.2</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.2</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Contractual term (in years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;"> </td> </tr></tbody></table> 0.60 0.4856 0.028 0.0125 0.022 0.022 0 0 P5Y P5Y <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">18.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Taxation</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">(a)</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Income tax</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"><i>Cayman Islands</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"><i>Hong Kong</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiary is subject to Hong Kong profits tax at the rate of 16.5% on its taxable income generated from the operations in Hong Kong. A two-tiered Profits Tax rates regime was introduced since year 2018 where the first HK$2,000 of assessable profits earned by a company will be taxed at half the current tax rate 8.25% whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. Payments of dividends by the subsidiary to the Company is not subject to withholding tax in Hong Kong. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"><i>British Virgin Islands</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The Group’s subsidiary incorporated in the British Virgin Islands is not subject to income or capital gains tax under the current laws of the British Virgin Islands. In addition, payment of dividends by the British Virgin Islands subsidiaries to their respective shareholders who are not resident in the British Virgin Islands, if any, is not subject to withholding tax in the British Virgin Islands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"><i>United States</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The Group’s subsidiaries incorporated in the State of California, United States are subject to different income tax rates according to the business types of the subsidiaries.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;">(i)</td> <td style="text-align: justify;">The California income tax rate for C corporations, other than banks and financial institutions, is 8.84%.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;">(ii)</td> <td style="text-align: justify;">A limited liability company (“LLC”) that is doing business or organized in California must pay a minimum annual tax of US$0.8. If the LLC makes more than US$250 total California income, additional LLC fee need to be paid.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> Additionally, the United States taxes resident corporations at a flat rate of 21%. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"><i>PRC</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Under the Enterprise Income Tax Law (“EIT Law”) in the PRC, domestic companies are subject to EIT at a uniform rate of 25%. The Company’s PRC subsidiaries, VIE and VIE’s subsidiaries are subject to the statutory income tax rate at 25% unless otherwise specified. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> Under the EIT Law and its implementation rules, an enterprise established outside China with a “place of effective management” within China is considered a China resident enterprise for Chinese enterprise income tax purposes. A China resident enterprise is generally subject to certain Chinese tax reporting obligations and a uniform 25% enterprise income tax rate on its worldwide income. The implementation rules to the New EIT Law provide that non-resident legal entities are considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Company does not believe that the legal entities organized outside the PRC should be treated as residents for 2008 EIT law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC are deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income tax at a rate of 25%. Dividends paid to non-PRC-resident corporate investor from profits earned by the PRC subsidiaries after January 1, 2008 would be subject to a withholding tax. The EIT law and its relevant regulations impose a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends distributed by a PRC-resident enterprise to its non-PRC-resident corporate investor for earnings generated beginning on January 1, 2008. As of December 31, 2025 and June 30, 2026, there was <span style="-sec-ix-hidden:fc_1512072689;"><span style="-sec-ix-hidden:fc_1354003199;">no</span></span> retained earnings from consolidated level of all the foreign subsidiaries. And thus, the Company has not provided for deferred tax liabilities on undistributed earnings. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Income before provision for income taxes is attributable to the following geographic locations for the six months ended June 30, 2025 and 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%;">Non-PRC</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(53,062</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(20,431</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">PRC</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">13,709</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(13,686</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(39,353</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(34,117</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The Group had minimal current income tax expense for the six months ended June 30, 2025 and 2026, as most of the companies in the Group either made a loss or had tax loss carried forwards to net against taxable income in the respective years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Income tax benefit consists of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">Current income tax (benefit)/expense</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">(171</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">367</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total income tax (benefit)/expense</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(171</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">367</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The actual income tax expense reported in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss for each of six months ended June 30, 2025 and 2026 differs from the amount computed by applying the PRC statutory income tax rate of 25% to loss before income taxes due to the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">Loss before income tax</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">(39,353</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">(34,117</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><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: rgb(204,238,255);"> <td style="text-align: left;">Income tax benefit computed at PRC statutory tax rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(9,838</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(8,529</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td>Tax effects of:</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 style="text-align: left; text-indent: 5.6pt;">-Tax rate differential not subject to PRC income tax</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,521</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,108</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: 5.6pt;">-Permanent difference</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(14,357</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,452</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: 5.6pt;">-Changes in valuation allowance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,755</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,240</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 5.6pt;">-Late payment surcharge on uncertain tax position</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(252</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1942535452;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 4pt;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(171</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">367</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">(b)</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Deferred tax assets and liabilities</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The tax effects of temporary differences that give rise to the deferred income tax assets and liabilities as of December 31, 2025 and June 30, 2026 are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Net operating loss carrying forward</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">150,777</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">143,608</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Allowance for credit losses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">238,613</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">252,569</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Payroll and accrued expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,993</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,993</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Long-term equity investment impairment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">76,896</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">79,324</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;"><span style="font-size: 10pt;">Intangible assets <i>(Note (i))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,408</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,638</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Accounts payable written off</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(96,984</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(96,984</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left;">Gross deferred tax assets</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">390,703</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;">398,148</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: valuation allowance</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(390,703</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(398,148</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Net deferred tax assets</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1496508914;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1540750006;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(i)</td> <td style="text-align: justify;">In December 2020, Shenzhen Fangdd transferred certain internal developed software to another subsidiary of the Group at a consideration of RMB141.5 million which resulted a difference between the financial statement carrying amounts of the intangible asset and the respective tax base.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The movements of the valuation allowance are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(383,153</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(392,908</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Changes of valuation allowance</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(9,755</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(5,240</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(392,908</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(398,148</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> As of June 30, 2026, the valuation allowance of RMB398,148 was related to the deferred income tax asset of the Group’s certain subsidiaries, VIEs and the VIEs’ subsidiaries established in PRC. These entities were in a cumulative loss position, which is a significant negative indicator to overcome that sufficient income will be generated over the periods in which the deferred income tax assets are deductible or utilized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilized. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> The net operating losses carry forwards of the Company’s PRC subsidiaries amounted to RMB538,346 as of June 30, 2026, of which RMB200,685, RMB111,893, RMB96,812, RMB89,821 and RMB39,135 will expire if unused by December 31, 2026, 2027, 2028, 2029 and 2030, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the six months ended June 30, 2025 and 2026 is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(21,176</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_577365217;">—</span></td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Changes of unrecognized tax benefits</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">560</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_899886530;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(20,616</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1413620190;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> As of December 31, 2025 and June 30, 2026, the Group did <span style="-sec-ix-hidden:fc_114327429;"><span style="-sec-ix-hidden:fc_1117349892;">not</span></span> have any significant unrecognized uncertain tax positions. The Group does not anticipate any significant increase to our liability for unrecognized tax benefits within the next 12 months. Interest and penalties related to income tax matters, if any, is included in income tax expense. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> According to the PRC Tax Administration and Collection Law, the statute of limitations is three years for tax underpayment due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances where the underpayment of taxes is more than RMB100. In the case of transfer pricing issues, the statute of limitations is 10 years. There is <span style="-sec-ix-hidden:fc_599643041;">no</span> statute of limitations for tax evasions. </p> 0.165 2000000 0.0825 0.165 0.0884 800 250000 0.21 0.25 0.25 0.25 0.25 0.10 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Income before provision for income taxes is attributable to the following geographic locations for the six months ended June 30, 2025 and 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%;">Non-PRC</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(53,062</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(20,431</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">PRC</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">13,709</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(13,686</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(39,353</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(34,117</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> </tr></tbody></table> -53062000 -20431000 13709000 -13686000 -39353000 -34117000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Income tax benefit consists of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">Current income tax (benefit)/expense</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">(171</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">367</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total income tax (benefit)/expense</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(171</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">367</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> -171000 367000 -171000 367000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The actual income tax expense reported in the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss for each of six months ended June 30, 2025 and 2026 differs from the amount computed by applying the PRC statutory income tax rate of 25% to loss before income taxes due to the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">Loss before income tax</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">(39,353</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">(34,117</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><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: rgb(204,238,255);"> <td style="text-align: left;">Income tax benefit computed at PRC statutory tax rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(9,838</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(8,529</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td>Tax effects of:</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 style="text-align: left; text-indent: 5.6pt;">-Tax rate differential not subject to PRC income tax</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,521</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,108</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: 5.6pt;">-Permanent difference</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(14,357</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,452</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: 5.6pt;">-Changes in valuation allowance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,755</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,240</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 5.6pt;">-Late payment surcharge on uncertain tax position</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(252</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1942535452;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 4pt;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(171</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">367</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> -39353000 -34117000 -9838000 -8529000 14521000 5108000 -14357000 -1452000 9755000 5240000 -252000 -171000 367000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The tax effects of temporary differences that give rise to the deferred income tax assets and liabilities as of December 31, 2025 and June 30, 2026 are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Net operating loss carrying forward</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">150,777</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">143,608</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Allowance for credit losses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">238,613</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">252,569</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Payroll and accrued expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,993</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,993</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Long-term equity investment impairment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">76,896</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">79,324</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;"><span style="font-size: 10pt;">Intangible assets <i>(Note (i))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,408</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,638</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Accounts payable written off</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(96,984</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(96,984</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left;">Gross deferred tax assets</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">390,703</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;">398,148</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: valuation allowance</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(390,703</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(398,148</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Net deferred tax assets</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1496508914;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1540750006;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(i)</td> <td style="text-align: justify;">In December 2020, Shenzhen Fangdd transferred certain internal developed software to another subsidiary of the Group at a consideration of RMB141.5 million which resulted a difference between the financial statement carrying amounts of the intangible asset and the respective tax base.</td> </tr></tbody> </table> 150777000 143608000 238613000 252569000 3993000 3993000 76896000 79324000 17408000 15638000 -96984000 -96984000 390703000 398148000 390703000 398148000 141500000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The movements of the valuation allowance are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(383,153</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(392,908</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Changes of valuation allowance</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(9,755</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(5,240</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(392,908</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(398,148</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> </tr></tbody></table> 383153000 392908000 9755000 5240000 392908000 398148000 398148000 538346000 200685000 111893000 96812000 89821000 39135000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the six months ended June 30, 2025 and 2026 is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(21,176</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_577365217;">—</span></td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Changes of unrecognized tax benefits</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">560</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_899886530;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(20,616</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_1413620190;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 21176000 560000 20616000 P3Y P5Y 100000 P10Y <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">19.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Net loss per share</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table sets forth the basic and diluted net loss per share computation and provides a reconciliation of the numerator and denominator for the periods presented:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="white-space: nowrap; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Numerator:</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td style="white-space: nowrap;"> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Net loss</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(39,182</td> <td style="white-space: nowrap; width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(34,484</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Net loss attributable to non-controlling interests</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(1,063</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(447</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Numerator for basic and diluted net loss per share calculation</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(38,119</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(34,037</td> <td style="padding-bottom: 1.5pt; font-weight: bold; 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="white-space: nowrap; 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 style="text-align: left;">Denominator for basic net loss per share-weighted average ordinary shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,010,123</td> <td style="white-space: nowrap; text-align: left;">*</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">38,548,413</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Adjustments for dilutive convertible promissory note</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">931,143</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left;">*</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_672862569;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt;">Denominator for diluted net loss per share-weighted average ordinary shares outstanding</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">3,941,266</td> <td style="white-space: nowrap; padding-bottom: 4pt; text-align: left;">*</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">38,548,413</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold;">Net loss per ordinary share</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="white-space: nowrap; 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 style="padding-left: 6.3pt;">-Basic</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(12.66</td> <td style="white-space: nowrap; text-align: left;">)*</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(0.88</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 4pt; padding-left: 6.3pt;">-Diluted</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">(9.67</td> <td style="white-space: nowrap; padding-bottom: 4pt; text-align: left;">)*</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.88</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">*</td> <td style="text-align: justify;">Retrospectively restated to reflect the 2025 Share Consolidation.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The potentially dilutive securities that have not been included in the calculation of diluted net loss per share as their inclusion would be anti-dilutive or immaterial to the net loss per share are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;"><span style="font-size: 10pt;">Share options to employees <i>(Note 17)</i></span></td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">724</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">628</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">724</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">628</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following table sets forth the basic and diluted net loss per share computation and provides a reconciliation of the numerator and denominator for the periods presented:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="white-space: nowrap; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Numerator:</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td style="white-space: nowrap;"> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Net loss</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(39,182</td> <td style="white-space: nowrap; width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">(34,484</td> <td style="width: 1%; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Net loss attributable to non-controlling interests</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(1,063</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(447</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Numerator for basic and diluted net loss per share calculation</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(38,119</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(34,037</td> <td style="padding-bottom: 1.5pt; font-weight: bold; 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="white-space: nowrap; 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 style="text-align: left;">Denominator for basic net loss per share-weighted average ordinary shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,010,123</td> <td style="white-space: nowrap; text-align: left;">*</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">38,548,413</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Adjustments for dilutive convertible promissory note</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">931,143</td> <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left;">*</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_672862569;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt;">Denominator for diluted net loss per share-weighted average ordinary shares outstanding</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">3,941,266</td> <td style="white-space: nowrap; padding-bottom: 4pt; text-align: left;">*</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">38,548,413</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold;">Net loss per ordinary share</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="white-space: nowrap; 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 style="padding-left: 6.3pt;">-Basic</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(12.66</td> <td style="white-space: nowrap; text-align: left;">)*</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(0.88</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 4pt; padding-left: 6.3pt;">-Diluted</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">(9.67</td> <td style="white-space: nowrap; padding-bottom: 4pt; text-align: left;">)*</td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.88</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">*</td> <td style="text-align: justify;">Retrospectively restated to reflect the 2025 Share Consolidation.</td> </tr></tbody> </table> -39182000 -34484000 -1063000 -447000 -38119000 -38119000 -34037000 -34037000 3010123 38548413 931143000 3941266 38548413 -12.66 -0.88 -9.67 -0.88 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The potentially dilutive securities that have not been included in the calculation of diluted net loss per share as their inclusion would be anti-dilutive or immaterial to the net loss per share are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;"><span style="font-size: 10pt;">Share options to employees <i>(Note 17)</i></span></td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">724</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">628</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">724</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">628</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 724 628 724 628 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">20.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Business combination</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> In 2024, the Group invested in Suzhou Tinghaozhu and had ability to exercise significant influence over its financial and operating policies accounting for 30%. In May 2025, the Group further acquired a 35% equity interest in Suzhou Tinghaozhu to achieve control at a cash consideration of RMB500. Upon the completion of the transaction, Suzhou Tinghaozhu became a consolidated subsidiary of the Group. </p> 0.30 0.35 500000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">21.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Commitments and contingencies</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><i>Contingencies</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">From time to time, the Group is a party to various legal actions arising in the ordinary course of business. The Group accrues costs associated with these matters when they become probable and the amounts can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Group’s management does not expect any liability from disposition of such claims and litigation individually or in the aggregate to have a material adverse impact on the Group’s consolidated financial position, results of operations and cash flows. The Group currently does not have any material legal proceedings.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><i>Capital commitment</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> As a limited partner of those equity method investees disclosed in Note 11, the Group is committed to make further capital injection into the limited partnership in accordance with the respective partnership deeds. Such capital investment commitment amounted to RMB86,331 as of December 31, 2025 and June 30, 2026. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><i>Lease commitment</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> The Group has entered into operating lease agreements for certain offices. Future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year is included in Note 10. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">As of June 30, 2026, the total future minimum lease payments under non-cancellable short-term leases, including the agreed property management fee, with respect to the office are payable as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Lease Commitment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left; padding-bottom: 1.5pt;">Within 1 year</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">117</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">117</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 86331000 86331000 P1Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">As of June 30, 2026, the total future minimum lease payments under non-cancellable short-term leases, including the agreed property management fee, with respect to the office are payable as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">Lease Commitment</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left; padding-bottom: 1.5pt;">Within 1 year</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">117</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">117</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 117000 117000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">22.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Related party balance and transactions</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">(a)</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Related parties</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;">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 operational decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;">The table below sets forth major related parties of the Group and their relationships with the Group:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; vertical-align: top; width: 49%; text-align: left;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Entity or individual name</span></span></td> <td style="padding-bottom: 1.5pt; vertical-align: top; width: 2%; text-align: center;"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; width: 49%; text-align: center;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Relationship with the Group</span></span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Mr. Xi Zeng</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Chairman of the board of directors and chief executive officer of the Group </span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">ZX International Ltd.</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A company that is controlled by the chief executive officer of the Group</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Gefei Chengyun</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A limited partnership (“LP”) that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Jiushen and an LP it controls (“Jiushen Group”)</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A group that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Shanghai Chongkai Enterprise Management Center (General Partnership) (“Chongkai”)</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A general partnership which management or operating policies significantly influenced by the founders and/or management of the Group</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Jiuchuan</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Longshu Tianye</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Yunde</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Deyan</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Detong</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Derong</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Jiushi</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Jiaxinda</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Chunyu</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Suzhou Tinghaozhu <i>(Note (ii))</i></span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A company that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Shanghai Nuancheng</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A company that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Duoduo Robot and its subsidiaries (“Duoduo Robot Group”)</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A group that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Shanghai Youxi <i>(Note (i))</i></span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A company that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Duo Concierge <i>(Note (iii))</i></span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A company that the Group has significant influence in</span></td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(i)</td> <td style="text-align: justify;">Shanghai Youxi was considered as a related party of the Group from March 24, 2025. Transactions between the Group and Shanghai Youxi after March 24, 2025 are disclosed as related party transactions.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(ii)</td> <td style="text-align: justify;">Suzhou Tinghaozhu was considered as a related party of the Group from October 31, 2024. In May 2025, the Group completed the acquisition of Suzhou Tinghaozhu and it became a consolidated subsidiary of the Group. Transactions between the Group and Suzhou Tinghaozhu from the period of November 1, 2024 and May 6, 2025 are disclosed as related party transactions.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(iii)</td> <td style="text-align: justify;">Duo Concierge was considered as a related party of the Group from November 21, 2024. In April 2026, the Group completed the acquisition of Duo Concierge and it became a consolidated subsidiary of the Group. Transactions between the Group and Duo Concierge from the period of November 21, 2024 and April 1, 2026 are disclosed as related party transactions.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">(b)</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Transactions with related parties</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Services provided to related parties</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Duoduo Robot Group</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_2145890909;">55</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_1044049543;">—</span></td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Shanghai Nuancheng</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1760775795;">57</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:fc_1168304107;">—</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: 1.5pt;">Shanghai Youxi</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_934657080;">75</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1310514785;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">187</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_93214201;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">(c)</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Balances with related parties</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;">As of December 31, 2025 and June 30, 2026, the Group had the following balances with related parties:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Amounts due from related parties</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Accounts receivables</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Shanghai Nuancheng</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">180</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">240</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Duoduo Robot Group</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">395</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">475</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: 1.5pt;">Shanghai Youxi</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">167</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">227</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt; text-indent: 12.6pt;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">742</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">942</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold; text-align: left;">Other receivables</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="text-align: left;">Duoduo Robot Group</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,720</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,720</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Shanghai Nuancheng</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Duo Concierge <i>(Note 22(a))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">355</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="font-size: 10pt;"><span style="-sec-ix-hidden:fc_1383342965;">Not applicable</span></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;">Mr. Xi Zeng</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,022</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,639</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">ZX International Ltd.</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">162</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">—</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">6,267</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">6,367</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">7,009</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">7,309</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;">The table below sets forth major related parties of the Group and their relationships with the Group:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: bottom;"><td style="border-bottom: Black 1.5pt solid; vertical-align: top; width: 49%; text-align: left;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Entity or individual name</span></span></td> <td style="padding-bottom: 1.5pt; vertical-align: top; width: 2%; text-align: center;"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; width: 49%; text-align: center;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Relationship with the Group</span></span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Mr. Xi Zeng</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Chairman of the board of directors and chief executive officer of the Group </span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">ZX International Ltd.</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A company that is controlled by the chief executive officer of the Group</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Gefei Chengyun</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A limited partnership (“LP”) that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Jiushen and an LP it controls (“Jiushen Group”)</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A group that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Shanghai Chongkai Enterprise Management Center (General Partnership) (“Chongkai”)</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A general partnership which management or operating policies significantly influenced by the founders and/or management of the Group</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Jiuchuan</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Longshu Tianye</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Yunde</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Deyan</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Detong</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Derong</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Jiushi</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Jiaxinda</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Chunyu</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">An LP that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Suzhou Tinghaozhu <i>(Note (ii))</i></span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A company that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Shanghai Nuancheng</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A company that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Duoduo Robot and its subsidiaries (“Duoduo Robot Group”)</span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A group that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Shanghai Youxi <i>(Note (i))</i></span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A company that the Group has significant influence in</span></td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF;"><td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">Duo Concierge <i>(Note (iii))</i></span></td> <td style="vertical-align: top; text-align: left;"> </td> <td style="vertical-align: top; text-align: left;"><span style="font-size: 10pt;">A company that the Group has significant influence in</span></td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(i)</td> <td style="text-align: justify;">Shanghai Youxi was considered as a related party of the Group from March 24, 2025. Transactions between the Group and Shanghai Youxi after March 24, 2025 are disclosed as related party transactions.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(ii)</td> <td style="text-align: justify;">Suzhou Tinghaozhu was considered as a related party of the Group from October 31, 2024. In May 2025, the Group completed the acquisition of Suzhou Tinghaozhu and it became a consolidated subsidiary of the Group. Transactions between the Group and Suzhou Tinghaozhu from the period of November 1, 2024 and May 6, 2025 are disclosed as related party transactions.</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(iii)</td> <td style="text-align: justify;">Duo Concierge was considered as a related party of the Group from November 21, 2024. In April 2026, the Group completed the acquisition of Duo Concierge and it became a consolidated subsidiary of the Group. Transactions between the Group and Duo Concierge from the period of November 21, 2024 and April 1, 2026 are disclosed as related party transactions.</td> </tr></tbody> </table> Chairman of the board of directors and chief executive officer of the Group A company that is controlled by the chief executive officer of the Group A limited partnership (“LP”) that the Group has significant influence in A group that the Group has significant influence in A general partnership which management or operating policies significantly influenced by the founders and/or management of the Group An LP that the Group has significant influence in An LP that the Group has significant influence in An LP that the Group has significant influence in An LP that the Group has significant influence in An LP that the Group has significant influence in An LP that the Group has significant influence in An LP that the Group has significant influence in An LP that the Group has significant influence in An LP that the Group has significant influence in A company that the Group has significant influence in A company that the Group has significant influence in A group that the Group has significant influence in A company that the Group has significant influence in A company that the Group has significant influence in <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Services provided to related parties</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Duoduo Robot Group</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_2145890909;">55</span></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_1044049543;">—</span></td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Shanghai Nuancheng</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1760775795;">57</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:fc_1168304107;">—</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: 1.5pt;">Shanghai Youxi</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_934657080;">75</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1310514785;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">187</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;"><span style="-sec-ix-hidden:fc_93214201;">—</span></td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;">As of December 31, 2025 and June 30, 2026, the Group had the following balances with related parties:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Amounts due from related parties</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Accounts receivables</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Shanghai Nuancheng</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">180</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">240</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Duoduo Robot Group</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">395</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">475</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: 1.5pt;">Shanghai Youxi</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">167</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">227</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt; text-indent: 12.6pt;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">742</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">942</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold; text-align: left;">Other receivables</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="text-align: left;">Duoduo Robot Group</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,720</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,720</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Shanghai Nuancheng</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-size: 10pt;">Duo Concierge <i>(Note 22(a))</i></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">355</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="font-size: 10pt;"><span style="-sec-ix-hidden:fc_1383342965;">Not applicable</span></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;">Mr. Xi Zeng</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,022</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,639</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">ZX International Ltd.</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">162</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">—</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">6,267</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">6,367</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">7,009</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">7,309</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</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 <br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Amounts due to related parties</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Payables for income shared under Non-Group Collaborative Agreements <i>(Note 1(c))</i></span></span></td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Jiushen Group</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">242</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">—</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Longshu Tianye</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,140</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,140</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;">Detong</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">3,274</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">3,274</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">13,656</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">13,414</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold; text-align: left; text-indent: -12.6pt; padding-left: 12.6pt;">Payables for Base Commission Income shared with related parties under Exclusive Sales Contracts without Sales Commitment Arrangement</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="text-align: left; padding-bottom: 1.5pt;">Jiushen Group</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">495</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">369</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">495</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">369</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">Other payables</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>Chongkai</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,934</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>Deyan</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">50</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Shanghai Nuancheng</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">74</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;"><span style="font-size: 10pt;">Duo Concierge <i>(Note 22(a))</i></span></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">35</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="font-size: 10pt;"><span style="-sec-ix-hidden:fc_58078637;">Not applicable</span></span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 1.5pt;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">3,052</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">124</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 4pt;">Total</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">17,203</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">13,907</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 187000 180 240000 395 475000 167 227000 742 942000 3720 3720000 8 8000 355000 2022 2639000 162 0 6267 6367000 7009 7309000 242000 0 10140000 10140000 3274000 3274000 13656000 13414000 495000 369000 495000 369000 2934000 0 10 50000 73000 74000 35000 3052000 124000 17203000 13907000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;">23.</span></td> <td style="text-align: justify;"><span style="font-weight: bold;">Parent only financial information</span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiary exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Company performed a test on the restricted net assets of consolidated subsidiary in accordance with such requirement and concluded that it was applicable to the Company as the restricted net assets of the Company’s subsidiary exceeded 25% of the consolidated net assets of the Company. Therefore, the condensed financial statements for the parent company are included herein.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">For purposes of the above test, restricted net assets of consolidated subsidiary shall mean that amount of the Company’s proportionate share of net assets of consolidated subsidiary (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiary in the form of loans, advances or cash dividends without the consent of a third party.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following condensed financial information of Fangdd Network Group Ltd. has been prepared using the same accounting policies as set out in the accompanying Consolidated Financial Statements except that the parent company used the equity method to account for investment in its subsidiaries. Such investment is presented on the condensed balance sheets as “Investment in and amounts due from subsidiaries, the VIE and VIE’s subsidiaries” and the respective profit or loss as “Equity income/(loss) of subsidiaries and the VIE and VIE’s subsidiaries” on the Condensed Statements of Loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">As of June 30, 2026, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable shares, or guarantees of Fangdd Network Group Ltd., except for those which have been separately disclosed in the Unaudited Interim Condensed Consolidated Financial Statements, if any.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The following disclosures present the financial positions of Fangdd Network Group Ltd. as of December 31, 2025 and June 30, 2026, and the operation results and cash flows information for the six months ended June 30, 2025 and 2026.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;"><i>(a)</i></span></td> <td style="text-align: justify;"><span style="font-weight: bold;"><i>Condensed Balance Sheets</i></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;"><p style="margin-top: 0; margin-bottom: 0;">As of</p> <p style="margin-top: 0; margin-bottom: 0;">June 30,</p></td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Assets</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Current asset</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,693</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,854</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Short-term investments</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">89,685</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">72,540</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Amount due from related parties</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">162</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:fc_1349151320;">—</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Prepayments and other assets, net</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,708</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,655</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total current asset</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">93,248</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">76,049</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">Non-current asset</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 style="text-align: left;">Intangible assets, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">233,187</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">214,271</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Investments in and amounts due from subsidiaries, the VIE and VIE’s subsidiaries</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,704,869</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,687,782</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total non-current asset</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,938,056</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,902,053</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total assets</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,031,304</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,978,102</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold;">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 style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">Current liability</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 style="text-align: left; padding-bottom: 1.5pt;">Accrued expenses and other current liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">22,813</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">21,676</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total current liability</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">22,813</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">21,676</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">22,813</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">21,676</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">Shareholders’ equity</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>Ordinary shares</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,453</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,453</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Additional paid-in capital</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,673,411</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,673,106</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accumulated other comprehensive loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(394,156</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(411,879</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Accumulated deficit</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,273,217</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,307,254</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total shareholders’ equity</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">2,008,491</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,956,426</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total liabilities and shareholders’ equity</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,031,304</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,978,102</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;"><i>(b)</i></span></td> <td style="text-align: justify;"><span style="font-weight: bold;"><i>Condensed Statements of Loss</i></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">General and administrative expenses</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">(37,892</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">(14,153</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total operating expenses</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(37,892</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(14,153</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Loss from operations</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(37,892</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(14,153</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Equity loss of subsidiaries and the VIE and VIE’s subsidiaries</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,265</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(21,430</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold; text-align: left;">Other income:</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="text-align: left;">Interest income, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">59</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:fc_248017793;">—</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: 1.5pt;">Gain on short-term investments</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,916</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,546</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left;">Loss before income tax</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">(39,182</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;">(34,037</td> <td style="font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Income tax expense</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1205373562;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_306454349;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Net loss</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(39,182</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(34,037</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accretion of Redeemable Convertible Preferred Shares</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_419761664;">—</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:fc_1452877035;">—</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Deemed dividend to preferred shareholder</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1005794654;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1212404168;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Net loss attributable to ordinary shareholders</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(39,182</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(34,037</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.25in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-weight: bold;"><i>(c)</i></span></td> <td style="text-align: justify;"><span style="font-weight: bold;"><i>Condensed Statements of Cash Flows</i></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Net cash used in operating activities</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(37,386</td> <td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(24,285</td> <td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">Cash flows from investing activities</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 style="text-align: left;">Investments in and amounts due from subsidiaries, the VIE and VIE’s subsidiaries</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(249</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,087</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Investment in short-term investments</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(41,685</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,546</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: 1.5pt;">Proceeds from redemption of short-term investments</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">11,532</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">17,653</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Net cash (used in)/provided by investing activities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(30,402</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">33,194</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold; text-align: left;">Cash flows from financing activities</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;">Proceeds from issuance of ordinary shares, net of issuance costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1990042170;">—</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">162</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Proceeds from issuance of convertible promissory note, net of issuance costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">42,278</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:fc_1708629337;">—</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Transaction with non-controlling interests</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_936519721;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(305</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Net cash provided by/(used in) financing activities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">42,278</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(143</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Effect of exchange rate changes on cash and cash equivalents</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(42</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(8,605</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left;">Net (decrease)/increase in cash and cash equivalents</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">(25,552</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;">161</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Cash and cash equivalents at the beginning of the period</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">29,762</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,693</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Cash and cash equivalents at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">4,210</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,854</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <span style="font-weight: bold;"><i>Condensed Balance Sheets</i></span><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;"><p style="margin-top: 0; margin-bottom: 0;">As of</p> <p style="margin-top: 0; margin-bottom: 0;">June 30,</p></td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Assets</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Current asset</td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,693</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,854</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Short-term investments</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">89,685</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">72,540</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Amount due from related parties</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">162</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:fc_1349151320;">—</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Prepayments and other assets, net</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,708</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,655</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total current asset</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">93,248</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">76,049</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">Non-current asset</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 style="text-align: left;">Intangible assets, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">233,187</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">214,271</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Investments in and amounts due from subsidiaries, the VIE and VIE’s subsidiaries</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,704,869</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,687,782</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total non-current asset</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,938,056</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,902,053</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total assets</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,031,304</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,978,102</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold;">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 style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">Current liability</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 style="text-align: left; padding-bottom: 1.5pt;">Accrued expenses and other current liabilities</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">22,813</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">21,676</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total current liability</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">22,813</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">21,676</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">22,813</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">21,676</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">Shareholders’ equity</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>Ordinary shares</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,453</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,453</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Additional paid-in capital</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,673,411</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,673,106</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accumulated other comprehensive loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(394,156</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(411,879</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Accumulated deficit</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,273,217</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(3,307,254</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total shareholders’ equity</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">2,008,491</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">1,956,426</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Total liabilities and shareholders’ equity</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,031,304</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,978,102</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> 1693000 1854000 89685000 72540000 162000 1708000 1655000 93248000 76049000 233187000 214271000 1704869000 1687782000 1938056000 1902053000 2031304000 1978102000 22813000 21676000 22813000 21676000 22813000 21676000 2453000 2453000 5673411000 5673106000 -394156000 -411879000 -3273217000 -3307254000 2008491000 1956426000 2031304000 1978102000 <span style="font-weight: bold;"><i>Condensed Statements of Loss</i></span><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">General and administrative expenses</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">(37,892</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">(14,153</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Total operating expenses</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(37,892</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(14,153</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Loss from operations</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(37,892</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(14,153</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Equity loss of subsidiaries and the VIE and VIE’s subsidiaries</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(4,265</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(21,430</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold; text-align: left;">Other income:</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="text-align: left;">Interest income, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">59</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:fc_248017793;">—</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: 1.5pt;">Gain on short-term investments</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">2,916</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,546</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left;">Loss before income tax</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">(39,182</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;">(34,037</td> <td style="font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Income tax expense</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1205373562;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_306454349;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Net loss</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(39,182</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(34,037</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Accretion of Redeemable Convertible Preferred Shares</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_419761664;">—</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:fc_1452877035;">—</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Deemed dividend to preferred shareholder</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1005794654;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_1212404168;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Net loss attributable to ordinary shareholders</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(39,182</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(34,037</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> </tr></tbody></table> 37892000 14153000 37892000 14153000 -37892000 -14153000 -4265000 -21430000 59000 2916000 1546000 -39182000 -34037000 -39182000 -34037000 -39182000 -34037000 <span style="font-weight: bold;"><i>Condensed Statements of Cash Flows</i></span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">For the Six Months Ended<br/> June 30,</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">RMB</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Net cash used in operating activities</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(37,386</td> <td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(24,285</td> <td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left;">Cash flows from investing activities</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 style="text-align: left;">Investments in and amounts due from subsidiaries, the VIE and VIE’s subsidiaries</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(249</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,087</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Investment in short-term investments</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(41,685</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,546</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: 1.5pt;">Proceeds from redemption of short-term investments</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">11,532</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">17,653</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Net cash (used in)/provided by investing activities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(30,402</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">33,194</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"><td style="font-weight: bold; text-align: left;">Cash flows from financing activities</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;">Proceeds from issuance of ordinary shares, net of issuance costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1990042170;">—</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">162</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Proceeds from issuance of convertible promissory note, net of issuance costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">42,278</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:fc_1708629337;">—</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Transaction with non-controlling interests</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_936519721;">—</span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(305</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt;">Net cash provided by/(used in) financing activities</td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">42,278</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right;">(143</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Effect of exchange rate changes on cash and cash equivalents</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(42</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(8,605</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left;">Net (decrease)/increase in cash and cash equivalents</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">(25,552</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;">161</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Cash and cash equivalents at the beginning of the period</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">29,762</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,693</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt;">Cash and cash equivalents at the end of the period</td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">4,210</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,854</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> -37386000 -24285000 249000 -17087000 41685000 1546000 11532000 17653000 -30402000 33194000 162000 42278000 305000 42278000 -143000 -42000 -8605000 -25552000 161000 29762000 1693000 4210000 1854000 Less than 1 after in thousand and rounding. Retrospectively restated to reflect the share consolidation effected on June 9, 2025, whereby every 16 ordinary shares of a par value US$0.0005625 per share were consolidated into 1 ordinary share of a par value US$0.009 per share (the “2025 Share Consolidation”). Less than 1 after in thousand and rounding. Retrospectively restated to reflect the 2025 Share Consolidation. Less than 1 after in thousand and rounding. Less than 1 after in thousand and rounding. Amounts due from/to related parties include the amounts due from/to subsidiaries other than the Group’s VIE and VIE’s subsidiaries, which are eliminated upon the group consolidation. On September 29, 2025, the Company entered into an asset purchase agreement with a company incorporated in the British Virgin Island relating to the purchase of certain artificial intelligence technology in order to enhance our SaaS solutions. The purchase price for the acquired intangible asset was US$34,320. Shanghai Youxi was a subsidiary of the Group. In March 2025, the Group reduced its shareholding in Shanghai Youxi to 25.5% and only has ability to exercise significant influence over its financial and operating policies accounting for 25.5% of its total equity. Duo Concierge was incorporated in the United States in November 2024. The Group does not have controlling financial interests over Duo Concierge, but has ability to exercise significant influence over its financial and operating policies accounting for 20% of its total equity. In April 2026, the Group further acquired the remaining 80% equity interests in Duo Concierge to achieve control, and it became a wholly-owned subsidiary of the Group. During the six months ended June 30, 2026, the Group fully disposed its equity interests in Duoduo Fangyi and Tuqiang through company deregistration. Retrospectively restated to reflect the 2025 Share Consolidation. In December 2020, Shenzhen Fangdd transferred certain internal developed software to another subsidiary of the Group at a consideration of RMB141.5 million which resulted a difference between the financial statement carrying amounts of the intangible asset and the respective tax base. Retrospectively restated to reflect the 2025 Share Consolidation. Shanghai Youxi was considered as a related party of the Group from March 24, 2025. Transactions between the Group and Shanghai Youxi after March 24, 2025 are disclosed as related party transactions. Suzhou Tinghaozhu was considered as a related party of the Group from October 31, 2024. In May 2025, the Group completed the acquisition of Suzhou Tinghaozhu and it became a consolidated subsidiary of the Group. Transactions between the Group and Suzhou Tinghaozhu from the period of November 1, 2024 and May 6, 2025 are disclosed as related party transactions. Duo Concierge was considered as a related party of the Group from November 21, 2024. In April 2026, the Group completed the acquisition of Duo Concierge and it became a consolidated subsidiary of the Group. Transactions between the Group and Duo Concierge from the period of November 21, 2024 and April 1, 2026 are disclosed as related party transactions.