0001104659-26-051465 | 20-F | XBRL Viewer

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025


		As of December 31,
		2025
		RMB
2026		313

OPERATING LEASE - Components of operating lease expense (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING LEASE
Operating lease costs	¥ 10,461	¥ 12,907	¥ 18,472
Expenses for short-term lease within 12 months	968	1,266	1,155
Total lease cost	¥ 11,429	¥ 14,173	¥ 19,627

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Redemption Rights (Details)	12 Months Ended
	Dec. 31, 2025
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	12.00%
Series A convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%
Series A1 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%
Series A1 Preferred Shares \| Scenario one
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%
Series A1 Preferred Shares \| Scenario two
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	200.00%
Series A2 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%
Series A2 Preferred Shares \| Scenario one
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%
Series A2 Preferred Shares \| Scenario two
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	200.00%
Series A3 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%
Series A3 Preferred Shares \| Scenario one
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%
Series A3 Preferred Shares \| Scenario two
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	200.00%
Series A 4 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%
Compound interest rate	8.00%
Series B convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%
Series B convertible redeemable preferred shares \| Scenario one
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%
Series B convertible redeemable preferred shares \| Scenario two
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	200.00%
Series C1 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Compound interest rate	8.00%
Series C2 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Compound interest rate	8.00%
Series D1 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Compound interest rate	12.00%
Series D2 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Compound interest rate	12.00%
Series D3 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Compound interest rate	12.00%
Series E1 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Compound interest rate	12.00%
Series E2 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Compound interest rate	12.00%

LONG-TERM INVESTMENTS - Available for sale debt securities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
LONG-TERM INVESTMENTS
Initial cost	¥ 138,756	¥ 138,756
Net cumulative fair value adjustments	(36,882)	(24,324)
Carrying value	101,874	114,432
Shanghai Jiayang Information System Co., Ltd
LONG-TERM INVESTMENTS
Initial cost	55,000	55,000
Net cumulative fair value adjustments	8,647	6,426
Carrying value	63,647	61,426
Guangzhou Tale Base Technology Co., Ltd
LONG-TERM INVESTMENTS
Initial cost	31,400	31,400
Net cumulative fair value adjustments	(8,999)	(1,636)
Carrying value	22,401	29,764
Beijing Lingdai
LONG-TERM INVESTMENTS
Initial cost	31,980	31,980
Net cumulative fair value adjustments	(16,154)	(13,999)
Carrying value	15,826	17,981
Others
LONG-TERM INVESTMENTS
Initial cost	20,376	20,376
Net cumulative fair value adjustments	¥ (20,376)	(15,115)
Carrying value		¥ 5,261

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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+ Details

PROPERTY, EQUIPMENT AND SOFTWARE, NET

12 Months Ended

Dec. 31, 2025

PROPERTY, EQUIPMENT AND SOFTWARE, NET

PROPERTY, EQUIPMENT AND SOFTWARE, NET

7. PROPERTY, EQUIPMENT AND SOFTWARE, NET

Property, equipment and software, net, consist of the following:


	As of December 31,
	2024	2025
	RMB	RMB
Cost
Leasehold improvements	26,520	26,539
Electronic equipment	12,264	12,489
Vehicles	3,233	3,233
Furniture	3,083	3,086
Software purchased	1,919	1,919
Construction in progress	—	966
Total cost	47,019	48,232
Less: Accumulated depreciation and amortization	(31,844)	(37,880)
Property, equipment and software, net	15,175	10,352

Depreciation expenses were RMB 9,368, RMB 7,638 and RMB 6,392 for the years ended December 31, 2023, 2024 and 2025, respectively. No impairment charges were recorded for the years ended December 31, 2023, 2024 and 2025, respectively.

ORDINARY SHARES

12 Months Ended

Dec. 31, 2025

ORDINARY SHARES

ORDINARY SHARES

16. ORDINARY SHARES

On January 20, 2017, the Company was incorporated as an exempted company with limited liability with authorized share capital of US$50 divided into 500,000,000 shares with par value US$0.0001 each.

In addition, 56,179,775 ordinary shares were issued to the Initial Ordinary Shareholders on May 4, 2017 as part of the Reorganization to swap the Initial Ordinary Shareholders’ equity interests in Radnova Intelligence with the shareholding interests in the Company.

The Company amended the numbers of its ordinary shares authorized as 493,344,264, 467,924,866, 433,071,251, 420,874,891 and 390,518,031 upon the issuance of Series A-1; Series C-1; Series D-1 and Series C-2; Series A-4 and Series D-2; Series E-1 and Series E-2 convertible redeemable preferred shares in November 2017, September 2018, January 2020, June 2020 and January 2021, respectively.

On June 24, 2020, The Company re-designated 6,943,638 ordinary shares to Series D-2 convertible redeemable preferred shares after the Initial Ordinary Shareholder transferred the ordinary share to the Series D-2 convertible redeemable preferred shares investor.

On January 25, 2021, the Company re-designated 3,939,542 ordinary shares to Series D-3 convertible redeemable preferred shares after the Initial Ordinary Shareholder transferred the ordinary share to the Series D-3 convertible redeemable preferred shares investor.

16.ORDINARY SHARES (CONTINUED)

On March 22, 2021, one of the Series E investors acquired 3,751,945 ordinary shares of the Company from Unicentury Holding Limited, which is a shareholder of the Company and wholly owned by the founder, at fair value. These shares remained as ordinary shares after the share transaction. In this share transaction, the Company didn’t receive any consideration.

On September 10, 2021, the Company granted 1,478,415 restricted ordinary shares at par value US$0.0001 to Zuniform Limited, owned by the CEO. The restricted ordinary shares vested in two tranches, i.e. 739,207 and 739,208 ordinary shares and no longer be deemed restricted shares on July 5, 2022 and July 5, 2023, respectively. This transaction was treated as the Company’s share-based compensation to CEO, refer to Note 18 for more details.

On September 10, 2021, the Company also granted 1,478,415 ordinary shares at par value US$0.0001 to Zuniform Limited, which were vested immediately on the grant date. This transaction was treated as the Company’s share-based compensation to the CEO.

On September 10, 2021, one of the Company’s shareholders Unicentury Holdings Limited (owned by Xiaoyan Lu, the founder) transferred 825,131 ordinary shares to Zuniform Limited (owned by Teng Zu, the Co-founder) with no consideration being exchanged. This transaction was treated as the Company’s share-based compensation to CEO.

On July 1, 2024, the Company adopted an eighth amended and restated memorandum and articles of association that provided that, immediately prior to the completion of IPO, the Company authorized share capital was $50 divided into 500,000,000 ordinary shares, comprising of (i) 483,068,176 Class A ordinary shares with a par value of US$0.0001 each, and (ii) 16,931,824 Class B ordinary shares with a par value of US$0.0001 each. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to twenty votes. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Except for voting and conversion rights, holder of Class A ordinary shares and Class B ordinary shares have the same rights.

Upon the completion of the Company’s IPO on August 15, 2024, (1) the Company offered and issued 6,819,000 Class A ordinary shares at the total gross proceeds of $25,003, and IPO related expense was $7,866; (2) the Company granted the underwriters the rights to purchase up to an additional 1,022,850 Class A ordinary shares from the Company within 30 days from August 15, 2024, to cover over-allotments. (3) 16,931,824 ordinary shares beneficially owned by the Xiaoyan Lu, prior to IPO were re-designated into Class B ordinary shares. (4) all of the Company’s issued and outstanding convertible redeemable preferred shares and all of ordinary shares, except for the 16,931,824 ordinary shares held by Unicentury Holdings Limited beneficially owned by Mr. Xiaoyan Lu were converted or redesignated into Class A ordinary shares on a one-for-one basis, reflecting the anti-dilution adjustments based on the initial public offering price of US$11.00 per ADS. Underwriters did not exercise the over-allotment option granted and these over-allotment options expired after September 15, 2024.

On March 27, 2025, the board of directors authorized the Company to adopt a share repurchase program under which the Company may repurchase up to US$10 million of its ordinary shares in the form of American depositary shares (“ADSs”) during a two-year period (the “Share Repurchase Program”). For the year ended December 31, 2025, pursuant to the Share Repurchase Program, the Company repurchased 589,870 ADS, representing 1,769,610 ordinary shares with a total consideration of approximately RMB 3,494.

As of December 31, 2025, there were 171,596,634 shares issued and 161,525,163 shares outstanding for Class A ordinary shares, and there were 16,931,824 shares issued and outstanding for Class B ordinary shares.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STATUTORY RESERVES AND RESTRICTED NET ASSETS - Balance Sheet (Parentheticals) (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Jul. 01, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2021	Jun. 30, 2020	Jan. 31, 2020	Sep. 30, 2018	Nov. 30, 2017	Jul. 20, 2017
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Redeemable convertible preferred stock, shares outstanding				109,481,969	109,481,969
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001		$ 0.0001							$ 0.0001
Common stock, shares authorized			500,000,000			390,518,031	420,874,891	433,071,251	467,924,866	493,344,264	500,000,000
Treasury stock, shares	1,769,610	0
Class A ordinary shares
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	483,068,176	483,068,176	483,068,176
Common stock, shares issued	171,596,634	163,294,773
Common stock, shares outstanding	161,525,163	163,294,773
Class B ordinary shares
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	16,931,824	16,931,824	16,931,824
Common stock, shares issued	16,931,824	16,931,824
Common stock, shares outstanding	16,931,824	16,931,824
Parent \| Class A ordinary shares
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	483,068,176	483,068,176
Common stock, shares issued	171,596,634	163,294,773
Common stock, shares outstanding	161,525,163	163,294,773
Parent \| Class B ordinary shares
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	16,931,824	16,931,824
Common stock, shares issued	16,931,824	16,931,824
Common stock, shares outstanding	16,931,824	16,931,824

PRINCIPAL ACCOUNTING POLICIES - Foreign Currencies and Convenience Translation (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / ¥	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥) $ / ¥
Variable Interest Entity [Line Items]
Foreign exchange (loss)/gain, net	$ 64	¥ 447	¥ 550	¥ (350)
Foreign currency translation adjustment, net of tax	$ (671)	¥ (4,691)	3,742	¥ 2,385
Exchange rate for translation \| $ / ¥	6.9931				6.9931
Short-term investments	$ 2,821				¥ 19,728
Asset pledged as collateral
Variable Interest Entity [Line Items]
Short-term investments \| ¥			¥ 0		¥ 18,881

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INTANGIBLE ASSETS, NET - Estimated amortization expense (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Estimated amortization expense
2026		¥ 2,357
2027		586
2028		239
2029		131
2030		70
Net Book Value	$ 484	¥ 3,383	¥ 7,069

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-42209
Entity Registrant Name	YXT.COM GROUP HOLDING LIMITED
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Room 501-502, No. 78 East Jinshan Road
Entity Address, Adress Line Two	Huqiu District
Entity Address, City or Town	Suzhou
Entity Address, Postal Zip Code	215011
Entity Address, Country	CN
Entity Common Stock, Shares Outstanding	178,456,987
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001872090
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Firm ID	5395
Auditor Name	Marcum Asia CPAs LLP
Auditor Location	Beijing, the People’s Republic of China
ADR
Document and Entity Information
Title of 12(b) Security	American depositary shares
Trading Symbol	YXT
Security Exchange Name	NASDAQ
Class A ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	161,525,163
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	16,931,824
Business Contact
Document and Entity Information
Entity Address, Address Line One	Room 501-502, No. 78 East Jinshan Road
Entity Address, Adress Line Two	Huqiu District
Entity Address, City or Town	Suzhou
Entity Address, Postal Zip Code	215011
Entity Address, Country	CN
Contact Personnel Name	Shen Cao
Country Region	+86
City Area Code	512
Local Phone Number	6689 9881

DECONSOLIDATION OF CEIBS PUBLISHING GROUP - Narrative (Details) ¥ in Thousands, $ in Thousands				1 Months Ended			12 Months Ended
	Jan. 15, 2024 CNY (¥)	Jun. 24, 2020 USD ($) shares	Jun. 24, 2020 CNY (¥) shares	Aug. 31, 2024 director	Feb. 28, 2023 CNY (¥)	Jul. 31, 2020 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Jun. 30, 2025 CNY (¥)	Nov. 25, 2024 CNY (¥)	Aug. 31, 2020	Dec. 31, 2007
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Payment of partial cash consideration									¥ 9,600
Acquisition consideration payable								¥ 14,775		$ 2,113	¥ 14,775
Gain on deconsolidation of CEIBS Publishing Group (Note 4)	¥ 78,760							78,760
Digital B
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Accrued litigation costs												¥ 3,963
Digital B \| Maximum
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Accrued litigation costs													¥ 17,756
CEIBS PG
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Percentage of direct or indirect ownership		60.00%	60.00%
Percentage of equity interest held by noncontrolling owners														40.00%
ManCo
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Percentage of equity interest held by noncontrolling owners		40.00%	40.00%
ManCo \| Mr. Xuelin Zhou
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Percentage of direct or indirect ownership	100.00%														100.00%
CEIBS PG
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Equity interest transfer percentage declared void	21.00%			21.00%
Number of directors appointment declared invalid \| director				1
Total number of board of directors \| director				3
Retained Interest, percentage	39.00%									39.00%	39.00%
Debt securities, available for sale, impairment loss							¥ 4,976
Retained interest, fair value	¥ 4,976
CEIBS PG \| ManCo
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Equity interest held, percentage		21.00%	21.00%
Percentage of equity interest acquired upon business combination															21.00%
CEIBS PG \| Digital B \| Ordinary shares
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Equity interest held, percentage		0.04%	0.04%
CEIBS PG \| Digital B \| Preferred stock
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Equity interest held, percentage		38.96%	38.96%
ManCo and Digital B
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Percentage of voting interest acquired		100.00%	100.00%
Cash consideration		$ 15,000	¥ 103,924
Payment of partial cash consideration					¥ 9,600	¥ 79,549
Acquisition consideration payable								¥ 14,775			¥ 14,775
ManCo and Digital B \| Series A 4 Preferred Shares
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Number of shares issued as consideration \| shares		5,252,723	5,252,723
Fair value of equity consideration			¥ 94,755
ManCo and Digital B \| CEIBS PG
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Percentage of equity interest transferred		21.00%	21.00%

PRINCIPAL ACCOUNTING POLICIES - Employee Benefits and Segment Reporting (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) segment	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
PRINCIPAL ACCOUNTING POLICIES
Defined contribution plan, expenses recognized \| ¥	¥ 51,405	¥ 56,091	¥ 82,336
Number of operating segment	1
Number of reportable segment	1

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

Schedule of compensation expenses recognized


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
General and administrative expenses	26,123	5,879	9,834
Sales and marketing expenses	—	—	1,400
Research and development expenses	—	—	720
Cost of revenues	—	—	352
Total	26,123	5,879	12,306


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Share-based compensation expenses:
-Related to management’s restricted shares (a)	9,865	—	—
-Related to management’s RSUs (b)	16,258	5,879	8,950
-Related to share options (c)	—	—	3,356
Total	26,123	5,879	12,306

Schedule of movement of restricted shares


	Number of restricted	Weighted average grant
	shares	date fair value (US$)
Unvested as of January 1, 2023	739,208	5.7072
Vested	(739,208)	5.7072
Unvested as of December 31, 2023	—	—

Schedule of movement of restricted share units


	RSUs
	Number of	Weighted average grant
	RSUs	date fair value (US$)
Unvested as of January 1, 2023	676,017	6.3515
Vested	(234,005)	6.3515
Unvested as of December 31, 2023	442,012	6.3515
Vested	(234,005)	6.3515
Unvested as of December 31, 2024	208,007	6.3515
Granted	1,780,681	0.6727
Vested	(1,507,773)	1.4561
Unvested as of December 31, 2025	480,915	0.6727

Schedule of employees' stock option


						Weighted-		Weighted
				Weighted-		average		average		Aggregate
				average exercise		remaining		grant date		intrinsic
		Number of share		price per option		contractual life		fair		value
		option		(US$)		(years)		value (US$)		(US$)
Outstanding as of January 1, 2025		—		—		—		—		—
Granted		4,996,006		1.98				0.1627
Exercised		—		—				—
Forfeited		(543,979)		1.98				0.1626
Outstanding as of December 31, 2025		4,452,027		0.66		7.05		0.1627		—

Exercisable as of December 31, 2025		—		—		—		—		—
Expected to vest as of December 31, 2025		4,452,027		0.66		7.05		0.1627		—

Schedule of estimate the fair values


		For the year ended December 31, 2025
Risk-free interest rate⁽¹⁾		4.80	%
Dividend yield⁽²⁾		0.00	%
Volatility⁽³⁾		49.44	%
Exercise multiple⁽⁴⁾		2.2-2.8

(1)	Risk-free interest rate – The risk-free interest rate for periods within the contractual life of the options is based on the yield of US government Bonds with a maturity life equal to the remaining maturity life of the share options as of the valuation date.

(2)	Dividend yield – The dividend yield is estimated based on the Company’s expected dividend policy over the expected term of the options.

(3)	Volatility – Volatility is estimated based on the historical volatility of common shares of several comparable publicly-traded companies in the same industry.

(4)	Exercise multiple – Exercise multiple is estimated based on changes in expected intrinsic value of the option and the likelihood of early exercise by employees.

SHORT-TERM AND LONG-TERM BORROWINGS - Narrative (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2027 CNY (¥)	Dec. 31, 2026 CNY (¥)	Sep. 04, 2025 CNY (¥)	Jul. 31, 2024 CNY (¥)	Jun. 26, 2024 CNY (¥)	May 31, 2024 CNY (¥)	Apr. 19, 2024 CNY (¥)	Dec. 27, 2023 CNY (¥)	Apr. 27, 2023 CNY (¥)	Apr. 24, 2023 CNY (¥)
SHORT-TERM AND LONG-TERM BORROWINGS
Repayment of short-term borrowings		$ 24,310	¥ 170,000	¥ 39,800	¥ 20,000
Proceeds from short-term borrowings		22,522	157,500	110,000	39,800
Repayment of long-term borrowings		$ 19,805	138,500	185,500	4,000
Secured bank loan on April 27, 2023
SHORT-TERM AND LONG-TERM BORROWINGS
Loan face amount														¥ 80,000
Annual principal repayment			76,500	2,000	1,500
Repayment of long-term borrowings					1,500
Secured bank loan on May, 2024
SHORT-TERM AND LONG-TERM BORROWINGS
Loan face amount											¥ 75,000
Annual principal repayment			2,000	1,500			¥ 71,500
Repayment of long-term borrowings				1,500
Unsecured bank loan on April 24, 2023
SHORT-TERM AND LONG-TERM BORROWINGS
Loan face amount															¥ 50,000
Annual principal repayment			42,500	5,000	2,500
Repayment of long-term borrowings				5,000	¥ 2,500
Unsecured bank loan on December 27, 2023, one
SHORT-TERM AND LONG-TERM BORROWINGS
Loan face amount													¥ 100,000
Unsecured bank loan on December 27, 2023, two
SHORT-TERM AND LONG-TERM BORROWINGS
Loan face amount													¥ 100,000
Unsecured bank loan on April 19, 2024
SHORT-TERM AND LONG-TERM BORROWINGS
Loan face amount												¥ 43,000
Annual principal repayment			3,000				40,000
Repayment of long-term borrowings	¥ 3,000
Unsecured bank loan on June 26, 2024
SHORT-TERM AND LONG-TERM BORROWINGS
Loan face amount										¥ 10,000
Annual principal repayment			3,500	500			6,000
Repayment of long-term borrowings				500
Unsecured bank loan on July 31, 2024
SHORT-TERM AND LONG-TERM BORROWINGS
Loan face amount									¥ 10,000
Annual principal repayment			2,000				8,000
Unsecured bank loan on September 4, 2025
SHORT-TERM AND LONG-TERM BORROWINGS
Loan face amount								¥ 10,000
Annual principal repayment						¥ 8,000	¥ 2,000
Line of credit
SHORT-TERM AND LONG-TERM BORROWINGS
Unused line of credits			32,500
Secured bank loans
SHORT-TERM AND LONG-TERM BORROWINGS
Short term borrowings			97,500	¥ 110,000
Repayment of short-term borrowings			170,000
Proceeds from short-term borrowings			¥ 157,500

PRINCIPAL ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

PRINCIPAL ACCOUNTING POLICIES

PRINCIPAL ACCOUNTING POLICIES

2. PRINCIPAL ACCOUNTING POLICIES

2.1Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for the periods presented. The consolidated financial statements have been prepared on a going concern basis.

Significant accounting policies followed by the Group in the preparation of its accompanying consolidated financial statements are summarized below:

2.2Basis of Consolidation and Deconsolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries for which the Company is the ultimate primary beneficiary.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity.

All transactions and balances between the Company, its subsidiaries, VIEs and VIEs’ subsidiaries have been eliminated upon consolidation.

The Company deconsolidates its subsidiaries or business in accordance with Accounting Standards Codification 810 (“ASC 810”) as of the date the Company ceased to have a controlling financial interest in the subsidiaries.

The Company accounts for the deconsolidation of its subsidiaries or business by recognizing a gain or loss in net income/loss attributable to the Company in accordance with ASC 810. This gain or loss is measured at the date the subsidiaries are deconsolidated as the difference between (a) the aggregate of the fair value of any consideration received, the fair value of any retained non-controlling interest in the subsidiaries being deconsolidated, and the carrying amount of any non-controlling interest in the subsidiaries being deconsolidated, including any accumulated other comprehensive income/loss attributable to the non-controlling interest and (b) the carrying amount of the assets and liabilities of the subsidiaries being deconsolidated.

2.3Non-Controlling Interests

For the Company’s consolidated subsidiaries, VIEs and VIEs’ subsidiaries, non-controlling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. The third party held the common shares of the Company’s subsidiary. Non-controlling interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of comprehensive loss and consolidated statements of changes in shareholders’ (deficit)/equity to distinguish the interests from that of the Company.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.4Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses for the reporting periods. These estimates and assumptions are based on the Group’s historical results and management’s future expectations. Actual results could differ from those estimates. Changes in facts and circumstances may cause the Group to revise its estimates.

2.5Foreign Currencies

The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Group’s entities incorporated in Cayman Islands, British Virgin Islands, Singapore and Hong Kong is the United States dollars (“US$”). The Group’s PRC subsidiaries consolidated VIEs and VIEs’ subsidiaries determined their functional currency to be RMB. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters and is based primarily on the currency the entity conducts its business in.

Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates quoted by authoritative banks prevailing on the transaction dates. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded in the consolidated statements of comprehensive loss. Total foreign exchanges loss/gain were a loss of RMB 350, gains of RMB 550 and RMB 447 for the years ended December 31, 2023, 2024 and 2025, respectively.

The financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gain and loss are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income as a component of shareholders’ (deficit)/equity. Total foreign currency translation adjustments to the Group’s other comprehensive loss were gains of RMB 2,385, RMB 3,742 and a loss of RMB 4,691 for the years ended December 31, 2023, 2024 and 2025, respectively.

2.6Convenience Translation

Translations of the consolidated balance sheets, the consolidated statements of comprehensive loss and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.9931, representing the index rates as of December 31, 2025 stipulated by the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025, or at any other rate.

2.7Fair Value Measurements

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.7Fair Value Measurements (continued)

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach, (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

The Group’s financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amounts due from related parties, prepaid expenses and other current assets, long-term investments, accounts payable, amounts due to a related party, short-term borrowings, long-term borrowings, deferred revenue, acquisition consideration payable, and other payable and accrued liabilities. As of December 31, 2024 and 2025, except for long-term investments which are measured at fair value, and long-term borrowings which are measured at amortized cost, the carrying values of the other financial instruments approximated their fair values due to the short-term nature.

2.8Cash, Cash Equivalents and Restricted Cash

Cash includes currency on hand and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents represent short-term, highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less.

Cash that is restricted as to withdrawal for use or pledged as security is reported as “Restricted cash” in the consolidated balance sheets. The Group’s restricted cash mainly represents the secured deposits held in designated bank accounts as performance guarantee to customers.

2.9Short-Term Investments

Short-term investments are comprised of time deposits issued by financial institutions with original maturities greater than three months but less than twelve months. Short-term investments with the amount of nil and RMB 18,881 are pledged for the issuance of bank acceptance notes as of December 31, 2024 and 2025, respectively.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.10 Accounts Receivable, net

Starting from January 1, 2023, the Group adopted ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The Group used a modified retrospective approach which resulted in only de minimum impact on the accumulated deficit due to accounts receivable.

To estimate expected credit losses, the Group considers the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Group’s customer collection trends. The Group has identified the relevant credit risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar credit risk characteristics have been grouped into pools. For each pool, the Group determines an expected loss rate based on historical loss experience adjusted for judgments about the effects of relevant observable data including current and future economic conditions. This is assessed at each quarter based on the Group’s specific facts and circumstance.

The following table summarized the details of the Group’s expected credit losses of accounts receivables:


	Year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Balance at beginning of the year	3,228		2,201		1,758
Deconsolidation of CEIBS Publishing Group	—		(191)		—
(Reverse)/Provision for expected credit losses	(1,027)		(252)		74
Balance at end of the year	2,201		1,758		1,832

2.11 Long-term Investments

Long-term investments primarily consist of equity method investments and debt investments.

Equity Method Investments

The Group accounts for its investments in common stock or in-substance common stock in entities in which it can exercise significant influence but does not own a majority equity interest or control using the equity method in accordance with ASC 323-10, Investments-Equity Method and Joint Ventures: Overall unless the Group elects to account for the investment using the fair value option in accordance with ASC 825-10, Financial Instruments: Fair Value Option (“ASC 825”). The Group applies the equity method of accounting that is consistent with ASC 323-10 for investment in limited partnership in which the Group holds a three percent or greater interest. Where the equity method is used, the Group initially records its investment at cost and subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323-10. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary.

Debt Investments

The Group accounts for debt securities as available-for-sale (“AFS”) when they are not classified as either trading or held-to-maturity. AFS debt securities are recorded at fair value, with unrealized gains and losses, net of related tax effect, are excluded from earnings and are reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses from the sale of AFS debt securities are determined on a specific-identification basis.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.11 Long-term Investments (continued)

Debt Investments (continued)

Under ASC Topic 326, if the amortized cost basis of an AFS security exceeds its fair value and if the Group has the intention to sell the security or it is more likely than not that the Group will be required to sell the security before recovery of the amortized cost basis, an impairment is recognized in the consolidated statements of comprehensive loss. If the Group does not have the intention to sell the security and it is not more likely than not that the Group will be required to sell the security before recovery of the amortized cost basis and the Group determines that the decline in fair value below the amortized cost basis of an AFS security is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance for credit losses in the consolidated statements of comprehensive Loss. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Group’s best estimate of the present value of cash flows expected to be collected. Upon adoption of the new standard on January 1, 2023, the Company used a modified retrospective approach and recorded a decrease to its accumulated deficit of RMB 3,142 related to the investment of Beijing Lingdai Information Technology Co., Ltd (“Beijing Lingdai”) classified from accumulated other comprehensive income.

2.12 Property, Equipment and Software, net

Property and equipment are stated at historical cost less accumulated depreciation. Repairs and maintenance costs are expensed as incurred as repairs and maintenance do not extend the useful life or improve the related assets. Depreciation and amortization, including amortization of leasehold improvements, is computed using the straight-line method over the estimated useful lives of the assets.

The estimated useful life of each asset category is as follows:


Category		Estimated useful lives
Leasehold improvement		Shorter of the lease term or the estimated useful lives of the assets
Electronic equipment		3-5 years
Furniture		5 years
Software purchased		5 years
Vehicles		5 years

When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from their respective accounts and any loss on such retirement is reflected in operating expenses.

Construction in progress represents assets under construction. Construction in progress is transferred to property, equipment and software and depreciation or amortization commences when an asset is ready for its intended use.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.13 Intangible Assets with Definite Lives

Separately identifiable intangible assets that have determinable lives continue to be amortized and consist primarily of license, developed content, trademarks, domain name and customer relationship. The content library assets which are classified as license have been acquired from the independent course provider. Particularly, the developed content, trademarks, domain name and customer relationship were acquired from the business combination of CEIBS Publishing Group in 2020 and were fully impaired as of December 31, 2023, which is triggered by the final ruling in the CEBIS arbitration case on January 15, 2024 (refer to Note 4 for further details). The Group amortizes these intangible assets on a straight-line basis over their estimated useful lives, which is three to five years. The estimated life of amortized intangibles is reassessed if circumstances occur that indicate the life has changed. The Group has no intangible assets with indefinite lives.

2.14 Impairment of Long-Lived Assets

The Group assesses potential impairment of its long-lived assets, which include the right-of-use assets, the property, equipment and software and intangible assets with definite lives. The Group performs an impairment review whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Group considers important that could trigger an impairment review include, but are not limited to, significant under-performance relative to historical or projected future results of operations, significant changes in the manner of its use of acquired assets or its overall business strategy, and significant industry or economic trends. When the Group determines that the carrying value of a long-lived asset (or asset group) may not be recoverable based upon the existence of one or more of the above indicators, the Group determines the recoverability by comparing the carrying amount of the asset to the net future undiscounted cash flows that the asset is expected to generate and recognizes an impairment charge equal to the amount by which the carrying amount exceeds the fair value of the asset. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available.

The final decision of the HKIAC Arbitration tribunal on January 15, 2024 for the CEIBS arbitration case triggered an impairment review on the aforementioned developed content, trademarks, domain name and customer relationship acquired from the business combination of CEIBS Publishing Group. Based on the impairment assessment conducted by the Group, the carrying amount of these intangible assets associated with the CEIBS Publishing Group cannot be recovered and therefore were fully impaired as of December 31, 2023. Refer to Note 4 for further details.

No impairment loss of long-lived assets was recognized for the years ended December 31, 2024 and 2025.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.15 Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. The Group tests goodwill for impairment annually as of December 31, or whenever events or changes in circumstances indicate that goodwill may be impaired. The Group initially assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely-than-not that the fair value of its sole reporting unit is less than its carrying amount. If, after assessing the events or circumstances, the Group determines it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, then the Group performs a quantitative analysis by comparing the book value of net assets to the fair value of the reporting unit. If the fair value is determined to be less than the book value, an impairment charge is recorded. In assessing the qualitative factors, the Group considers the impact of certain key factors including macroeconomic conditions, industry and market considerations, management turnover, changes in regulation, litigation matters, changes in enterprise value and overall financial performance. The goodwill of the Group is generated from the acquisition of CEIBS PG in June 2020.

Since the acquisition of CEIBS PG, the Group has had one reporting unit for goodwill impairment assessment. According to ASC 350-20-40, when a portion of a reporting unit that constitutes a business or nonprofit activity is to be disposed of, goodwill associated with that business or nonprofit activity shall be included in the carrying amount of the business or nonprofit activity in determining the gain or loss on disposal. The amount of goodwill to be included in that carrying amount shall be based on the relative fair values of the business or nonprofit activity to be disposed of and the portion of the reporting unit that will be retained. The relative fair value allocated to the disposed CEIBS Publishing Group in January 2024 was RMB 276, which reduced the goodwill amount to RMB 163,837 as of December 31, 2024 and 2025.

After performing goodwill assessment for impairment, the Group determined that no impairment of goodwill was recorded for the years ended December 31, 2023, 2024 and 2025.

2.16 Operating Lease

The Group determines if an arrangement is a lease at inception. The Group enters into operating lease arrangements primarily for office and operation space. The Group determines if an arrangement contains a lease at its inception by assessing whether there is an identified asset and whether the arrangement conveys the right to control the use of the identified asset in exchange for consideration. Operating leases are included in right-of-use assets and operating lease liabilities on the consolidated balance sheets. Right-of-use assets represent the Group’s right to use an underlying asset over the lease term and operating lease liabilities represent the Group’s obligation to make payments arising from the lease. Right-of-use assets and operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term.

The operating lease right-of-use assets also includes any lease payments made at or before the lease commencement date and excludes any lease incentives received. Lease payments consist of the fixed payments under the arrangements. As the implicit rate of the Group’s leases is not determinable, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term.

The Group’s lease term may include options to extend or terminate the lease. Only renewal or termination options that are reasonably certain of exercise are included in the lease term. The Group accounts for lease components and non-lease components as a single lease component.

After the lease commencement date, right-of-use assets are amortized by the difference between the straight-line lease expenses, and the accretion of interest on the operating lease liabilities each period over the lease term. Operating lease liabilities are increased to reflect the accretion of interest and reduced for the lease payment made.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.16 Operating Lease (continued)

For operating lease with a term of one year or less, the Group has elected to not recognize operating lease liabilities or right-of-use asset on its consolidated balance sheets. Instead, it recognizes the lease payment as expense on a straight-line basis over the lease term. Short-term lease costs are immaterial to its consolidated statements of comprehensive loss.

2.17 Internal-Use Software Development Costs

The Group recognizes internal-use software development costs related to technology of corporate learning platform, including related software and mobile applications in accordance with ASC 350-40 “Internal-use software”. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. Costs that are directly attributable to the development of the software in the application development stage are capitalized. Costs capitalized for developing corporate learning solution were not material for the periods presented.

2.18 Revenues

Consistent with the criteria of Topic 606, the Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to receive in exchange for those goods or services.

To achieve that core principle, the Group applies the five steps defined under Topic 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance obligations are divided into separate distinct goods or services. The Group allocates the transaction price to each performance obligation based on the relative standalone selling price of the goods or services provided. The Group determines standalone selling prices considering market conditions and based on overall pricing objectives such as observable standalones selling prices. Revenue is recognized upon the transfer of control of promised goods or services to a customer.

Revenue is recorded net of value-added tax.

Revenue recognition policies for each type of revenue steam are as follows:

Corporate Learning Solution

The Group offers corporate learning solution to corporate customers through providing subscription-based services including corporate learning platform, personalized e-learning system, teaching tools and online courses. The Group’s subscription-based services generally do not provide customers with the right to take possession of the software supporting the platform, learning content or tools and, as a result, are accounted for as service arrangements. Through the subscription of the Group’s SaaS platform service, customers can rapidly deploy the intelligent learning platform in a plug-and-play manner. Frequently, existing customers who subscribed platform service tend to add additional courses to their subscription by purchasing prioritized package or advanced package with additional charges. The Group also offered the teaching tools, such as virtual classroom or meeting room, for subscription as add-on options. For platform service, online courses and online teaching tools, the Group continually provides customer access and connectivity to its services, and fulfills its obligation to, the end customer over the subscription period. Each distinct service represents a single performance obligation that is satisfied over time. The subscription-based contracts vary from one month to five years. All the revenue from subscription-based corporate learning solution is recognized on a straight-line basis over the subscription period.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.18 Revenues (continued)

Corporate Learning Solution (continued)

The Group also derives revenue from providing non-subscription based corporate learning solution, such as offline courses and courseware recording service. Based on the needs of the customers, the Group designs the offline courses and hires experienced lecturer to provide face-to-face offline learning courses. The offline course is delivered on the specific date agreed and the unit price for each offline course is also specified in the contract. The recorded courseware belongs to the customers. All the revenue from non-subscription based corporate learning solution is recognized at a point in time upon completion.

Other Revenue

The Group also develops software for other customers who have specific demand for learning platform software. The Group develops learning platform to be installed on these customers’ own servers. Copyright of the software developed belongs to these customers. The development processes last approximately 6-11 months. The Group is also obligated to provide post-sales maintenance service for malfunction during the period determined in the contract, which is usually a year. Revenue for the on-premises software development is recognized at a point in time when the software is made available to the customer; whereas the revenue for post-sales maintenance service is recognized over the contract term beginning on the date that the software is made available to the customer. The majority of other revenue is recognized at a point in time.


	Year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Corporate learning solutions
- Subscription-based	347,829		301,796		317,380
- Non-subscription-based	63,993		23,783		20,319
	411,822		325,579		337,699
Others
- Sales of software developed and related maintenance service	12,194		5,611		2,522
Total	424,016		331,190		340,221

Remaining Performance Obligations

Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. As of December 31, 2025, the aggregate amount of transaction price allocated to the remaining performance obligations was RMB 352,611 which included balance of deferred revenue which will be recognized as revenue in the future periods.

The Group expects to recognize approximately 62% of the remaining performance obligations in the 12 months following December 31, 2025, and 20% of the remaining performance obligations between 13 to 36 months, with the remainder to be recognized thereafter.

2.19 Contract Balance

Payment terms are established on the Group’s pre-established credit requirements based upon an evaluation of customers’ credit. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Group recognizes accounts receivable in its consolidated balance sheets when it performs a service in advance of receiving consideration and it has the unconditional right to receive consideration. A contract asset is recorded when the Group has transferred services to the customer before payment is received or is due. As of December 31, 2024 and 2025, the Group did not record contract assets.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.19 Contract Balance (continued)

The Group records deferred revenue when cash payments are received in advance of revenue recognition from subscription services described above in accordance with the terms of the underlying contracts where the service period has not yet commenced but will commence in the near future. Deferred revenue is recognized when, or as, performance obligations are satisfied. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current; the remaining portion is recorded as deferred revenue, non-current. Revenue recognized that was included in deferred revenue balance at the beginning of the year were RMB 182,620, RMB 145,644 and RMB 125,428 for the years ended December 31, 2023, 2024 and 2025, respectively.

Changes in deferred revenue were as follows:


	Year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Balance at beginning of the year	228,356		247,437		183,138
Additions to deferred revenue	443,097		332,819		303,373
Recognition of deferred revenue	(424,016)		(331,190)		(340,221)
Deconsolidation of CEIBS Publishing Group	—		(65,928)		—
Balance at end of the year	247,437		183,138		146,290

Other than accounts receivable and deferred revenue, the Group had no other material contract balances on its consolidated balance sheets as of December 31, 2024 and 2025.

2.20 Cost of Revenues

Cost of revenue includes certain direct costs associated with delivering the Group’s platform and includes costs for hosting and bandwidth, depreciation, amortization of long-lived assets used in the provision of SaaS service, cost of self-made courses’ development and amortization of purchased content library, rental expenses for office space, impairment of intangible assets, personnel-related costs associated with the Group’s customer support team and engineering team that is responsible for maintaining the Group’s service availability and security of its platform, and other contract fulfilment costs.

2.21 Sales and Marketing

Sales and marketing expenses comprise primarily of expenses relating to marketing and brand promotion activities, employee-related cost for personnel engaged in marketing, business development, impairment of intangible assets, rental expenses for office space and sales support functions.

2.22 Research and Development

Research and development expenses are principally related to technology of corporate learning platform which consists mainly of employee-related cost for research and development personnel, third-party cloud infrastructure and bandwidth expenses incurred for research and development purposes, rental expenses, and depreciation expenses associated with the equipment used for research and development functions and other expenses incurred for courses designing. The Group accounts for internal use software development costs in accordance with guidance on intangible assets and internal use software. See Note 2.17 Internal-Use Software Development Costs.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.23 General and Administrative

General and administrative expenses consist of employee-related cost for personnel related to the general corporate functions, including accounting, finance, legal and human relations, costs associated with use by these functions of facilities and equipment, such as depreciation expenses, rental and other general corporate related expenses.

2.24 Share-based compensation

The Group grants restricted shares, restricted share units (“RSUs”), ordinary shares and share options to the employees and the founder transferred ordinary shares to the employees with no consideration. Such compensations are accounted for in accordance with ASC 718, Compensation—Stock Compensation.

Share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if no vesting conditions are required; or b) for awards granted with only service condition, using the graded vesting method, over the vesting period; or c) for awards granted with both service condition and performance condition, using the graded vesting method, over the vesting period based on the probabilities that the performance condition will be met.

Share-based compensation is measured based on the fair value of the Company’s ordinary shares at the grant date of the award. Prior to the completion of IPO, the fair value of the Company’s ordinary share is assessed using the income approach/discounted cash flow method with a discount for lack of marketability given that the shares were not publicly traded at the time of grant, and involved assumptions regarding a number of complex and subjective variables, including the comparable companies’ volatilities, risk-free rate, expected term and weighting among the scenarios of liquidation, redemption and IPO.

Subsequent to the completion of the IPO, the fair value of the Company’s ordinary share is estimated based on the fair market value of the ordinary shares of on the date of grant.

The modifications of the terms or conditions of the shared-based award are treated as an exchange of the original award for a new award. The incremental compensation expense is equal to the excess of the fair value of the modified award immediately after the modification over the fair value of the original award immediately before the modification. For options already vested as of the modification date, the Group immediately recognized the incremental value as compensation expenses. For options still unvested as of the modification date, the incremental compensation expenses are recognized over the remaining service period of these options.

In accordance with ASU 2016-09, the Group has chosen to account for forfeitures when they occur.

2.25 Employee Benefits

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and VIE of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses were RMB 82,336, RMB 56,091 and RMB 51,405 for the years ended December 31, 2023, 2024 and 2025 respectively, including accrued and unpaid.

2.26 Government Grant

Government grants are recognized as other operating income. Such amounts are recognized in the consolidated statements of comprehensive loss upon receipts and all conditions attached to the grants are fulfilled.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.27 Income Tax

Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss 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 taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized.

The Group recognizes in its consolidated financial statements the benefit of a tax position if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold is measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group estimates its liability for unrecognized tax benefits which are periodically assessed and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements in the period in which the audit is concluded. Additionally, in future periods, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. As of December 31, 2024 and 2025, the Group did not have any significant unrecognized uncertain tax positions.

Valuation allowances have been provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s entities’ operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. As of December 31, 2024 and 2025, full valuation allowances on deferred tax assets were provided because it was more likely than not that the Group will not be realized based on the Group’s estimate of its future taxable income. If events occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.

2.28 Comprehensive Loss

Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments from shareholders and distributions to shareholders. Comprehensive loss for the periods presented includes net loss, foreign currency translation adjustments and unrealized gain/(loss) on investments in available-for-sale debt securities, net of tax.

2.29 Net (Loss)/Earnings Per Share

Basic net (loss)/earnings per share is computed by dividing net (loss)/income attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net (loss)/income is allocated between common shares and other participating securities based on their participating rights. Diluted net (loss)/earnings per share reflects the potential dilution that could occur if securities to issue ordinary shares were exercised. The dilutive effect of convertible redeemable preferred shares and outstanding share-based awards is reflected in the diluted net (loss)/earnings per share by application of the if-converted method and treasury stock method, respectively. Dilutive equivalent shares are excluded from the computation of diluted net (loss)/earnings per share if their effects would be anti-dilutive.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.30 Segment Reporting

ASC 280, Segment Reporting, establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers.

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The Group adopted this ASU commencing January 1, 2024 and the adoption of the ASU does not have a material effect on its consolidated financial statements.

Based on the criteria established by ASC 280, the Group’s CODM has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one operating segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. The CODM considers year-over-year fluctuations and budget-to-actual variances of theses consolidated results when assessing performance and making operating decisions. The Group manages assets on a consolidated basis as reported on the consolidated balance sheets. As the Group’s long-lived assets are substantially located in the PRC and substantially all the Group’s revenue is derived from within the PRC, no geographical segments are presented.

The Group’s CODM uses consolidated net loss as the measures of segment profit or loss. Significant segment expenses are consistent with those reported on the consolidated statements of comprehensive loss and include cost of revenues, sales and marketing expenses, research and development expenses and general and administrative expenses. For significant segment expenses incurred during the years ended December 31, 2023, 2024, and 2025, refer to consolidated statements of comprehensive loss.

2.31 Recent Accounting Pronouncements

The Group qualifies as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. The Group will adopt the standards based on extended transition period provided to private companies.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. For public business entities, this standard is effective for annual periods beginning after December 15, 2024. For non-public business entities, this standard is effective for annual periods beginning after December 15, 2025. Early adoption is permitted, and the disclosures in this standard are required to be applied on a prospective basis with the option to apply the standard retrospectively. The Group is in the process of evaluating the potential impact of the new standard on its consolidated financial statements and related disclosures.

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.31 Recent Accounting Pronouncements (continued)

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and 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 (“ASU 2025- 01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. This ASU may be applied either prospectively to financial statements issued for reporting periods after its effective date or retrospectively to all prior periods presented in the financial statements. The Group is in the process of evaluating the potential impact of the new standard on its consolidated financial statements and related disclosures.

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 in the process of evaluating the impact of adopting this new standard on its consolidated financial statements and related disclosures.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Tables)

12 Months Ended

Dec. 31, 2025

PROPERTY, EQUIPMENT AND SOFTWARE, NET

Schedule of property, equipment and software, net


	As of December 31,
	2024	2025
	RMB	RMB
Cost
Leasehold improvements	26,520	26,539
Electronic equipment	12,264	12,489
Vehicles	3,233	3,233
Furniture	3,083	3,086
Software purchased	1,919	1,919
Construction in progress	—	966
Total cost	47,019	48,232
Less: Accumulated depreciation and amortization	(31,844)	(37,880)
Property, equipment and software, net	15,175	10,352

PRINCIPAL ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

PRINCIPAL ACCOUNTING POLICIES

Basis of Presentation

2.1Basis of Presentation

Significant accounting policies followed by the Group in the preparation of its accompanying consolidated financial statements are summarized below:

Basis of Consolidation and Deconsolidation

2.2Basis of Consolidation and Deconsolidation

All transactions and balances between the Company, its subsidiaries, VIEs and VIEs’ subsidiaries have been eliminated upon consolidation.

Non-Controlling Interests

2.3Non-Controlling Interests

Use of Estimates

2.4Use of Estimates

Foreign Currencies

2.5Foreign Currencies

Convenience Translation

2.6Convenience Translation

Fair Value Measurements

2.7Fair Value Measurements

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

Cash, Cash Equivalents and Restricted Cash

2.8Cash, Cash Equivalents and Restricted Cash

Short-Term Investments

2.9Short-Term Investments

Accounts Receivable, net

2.10 Accounts Receivable, net

The following table summarized the details of the Group’s expected credit losses of accounts receivables:


	Year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Balance at beginning of the year	3,228		2,201		1,758
Deconsolidation of CEIBS Publishing Group	—		(191)		—
(Reverse)/Provision for expected credit losses	(1,027)		(252)		74
Balance at end of the year	2,201		1,758		1,832

Long-term Investments

2.11 Long-term Investments

Long-term investments primarily consist of equity method investments and debt investments.

Equity Method Investments

Debt Investments

Property, Equipment and Software, net

2.12 Property, Equipment and Software, net

The estimated useful life of each asset category is as follows:


Category		Estimated useful lives
Leasehold improvement		Shorter of the lease term or the estimated useful lives of the assets
Electronic equipment		3-5 years
Furniture		5 years
Software purchased		5 years
Vehicles		5 years

Intangible Assets with Definite Lives

2.13 Intangible Assets with Definite Lives

Impairment of Long-Lived Assets

2.14 Impairment of Long-Lived Assets

No impairment loss of long-lived assets was recognized for the years ended December 31, 2024 and 2025.

Goodwill

2.15 Goodwill

After performing goodwill assessment for impairment, the Group determined that no impairment of goodwill was recorded for the years ended December 31, 2023, 2024 and 2025.

Operating Lease

2.16 Operating Lease

Internal-Use Software Development Costs

2.17 Internal-Use Software Development Costs

Revenues

2.18 Revenues

Revenue is recorded net of value-added tax.

Revenue recognition policies for each type of revenue steam are as follows:

Corporate Learning Solution

Other Revenue


	Year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Corporate learning solutions
- Subscription-based	347,829		301,796		317,380
- Non-subscription-based	63,993		23,783		20,319
	411,822		325,579		337,699
Others
- Sales of software developed and related maintenance service	12,194		5,611		2,522
Total	424,016		331,190		340,221

Remaining Performance Obligations

Contract Balance

2.19 Contract Balance

Changes in deferred revenue were as follows:


	Year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Balance at beginning of the year	228,356		247,437		183,138
Additions to deferred revenue	443,097		332,819		303,373
Recognition of deferred revenue	(424,016)		(331,190)		(340,221)
Deconsolidation of CEIBS Publishing Group	—		(65,928)		—
Balance at end of the year	247,437		183,138		146,290

Other than accounts receivable and deferred revenue, the Group had no other material contract balances on its consolidated balance sheets as of December 31, 2024 and 2025.

Cost of Revenues

2.20 Cost of Revenues

Sales and Marketing

2.21 Sales and Marketing

Research and Development

2.22 Research and Development

General and Administrative

2.23 General and Administrative

Share-based compensation

2.24 Share-based compensation

Subsequent to the completion of the IPO, the fair value of the Company’s ordinary share is estimated based on the fair market value of the ordinary shares of on the date of grant.

In accordance with ASU 2016-09, the Group has chosen to account for forfeitures when they occur.

Employee Benefits

2.25 Employee Benefits

Government Grant

2.26 Government Grant

Income Tax

2.27 Income Tax

Comprehensive Loss

2.28 Comprehensive Loss

Net (Loss)/Earnings Per Share

2.29 Net (Loss)/Earnings Per Share

Segment Reporting

2.30 Segment Reporting

Recent Accounting Pronouncements

2.31 Recent Accounting Pronouncements

PRINCIPAL ACCOUNTING POLICIES - Property, Equipment and Software, net and Intangible Assets with Definite Lives (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Indefinite lived intangible assets	¥ 0
Minimum
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Finite lived intangible assets, useful life	3 years
Maximum
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Finite lived intangible assets, useful life	5 years
Leasehold improvements
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Electronic equipment \| Minimum
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software, useful lives	3 years
Electronic equipment \| Maximum
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software, useful lives	5 years
Furniture
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software, useful lives	5 years
Software purchased
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software, useful lives	5 years
Vehicles
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software, useful lives	5 years

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Preferred Shares Activities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance as of beginning	¥ 3,563,681	¥ 3,554,229
Balance as of beginning (in shares)	109,481,969	109,481,969
Net accretion on convertible redeemable preferred shares to redemption value	¥ 290,543	¥ 9,452
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares	¥ (672,170)
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares (in shares)	15,672,203
Deemed dividend to preferred shareholders due to modifications	¥ 5,940
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO	¥ (3,187,994)
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO (in Shares)	(125,154,172)
Balance as of ending		¥ 3,563,681
Balance as of ending (in shares)		109,481,969
Series A convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance as of beginning	¥ 408,139	¥ 574,512
Balance as of beginning (in shares)	15,040,570	15,040,570
Net accretion on convertible redeemable preferred shares to redemption value	¥ 31,684	¥ (166,373)
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares	(30,405)
Deemed dividend to preferred shareholders due to modifications	(8,583)
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO	¥ (400,835)
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO (in Shares)	(15,040,570)
Balance as of ending		¥ 408,139
Balance as of ending (in shares)		15,040,570
Series B convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance as of beginning	¥ 199,518	¥ 329,406
Balance as of beginning (in shares)	7,085,330	7,085,330
Net accretion on convertible redeemable preferred shares to redemption value	¥ 14,606	¥ (129,888)
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares	(12,730)
Deemed dividend to preferred shareholders due to modifications	(5,041)
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO	¥ (196,353)
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO (in Shares)	(7,085,330)
Balance as of ending		¥ 199,518
Balance as of ending (in shares)		7,085,330
Series C convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance as of beginning	¥ 493,788	¥ 453,926
Balance as of beginning (in shares)	23,786,590	23,786,590
Net accretion on convertible redeemable preferred shares to redemption value	¥ 31,438	¥ 39,862
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares	(58,026)
Deemed dividend to preferred shareholders due to modifications	(8,659)
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO	¥ (458,541)
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO (in Shares)	(23,786,590)
Balance as of ending		¥ 493,788
Balance as of ending (in shares)		23,786,590
Series D Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance as of beginning	¥ 1,059,434	¥ 959,436
Balance as of beginning (in shares)	37,152,161	37,152,161
Net accretion on convertible redeemable preferred shares to redemption value	¥ 76,076	¥ 99,998
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares	(90,632)
Deemed dividend to preferred shareholders due to modifications	(203)
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO	¥ (1,044,675)
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO (in Shares)	(37,152,161)
Balance as of ending		¥ 1,059,434
Balance as of ending (in shares)		37,152,161
Series E Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance as of beginning	¥ 1,402,802	¥ 1,236,949
Balance as of beginning (in shares)	26,417,318	26,417,318
Net accretion on convertible redeemable preferred shares to redemption value	¥ 136,739	¥ 165,853
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares	¥ (480,377)
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares (in shares)	15,672,203
Deemed dividend to preferred shareholders due to modifications	¥ 28,426
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO	¥ (1,087,590)
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO (in Shares)	(42,089,521)
Balance as of ending		¥ 1,402,802
Balance as of ending (in shares)		26,417,318

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Conversion Rights (Details) ¥ in Thousands, $ in Millions						12 Months Ended
	Jul. 01, 2024 USD ($)	Jan. 25, 2021 USD ($)	Jan. 15, 2020 USD ($)	Jul. 30, 2019 USD ($)	Nov. 03, 2017 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Conversion ratio	1					1
Proceeds from issuance of ordinary shares upon the completion of IPO \| ¥							¥ 178,063
Series A convertible redeemable preferred shares \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Proceeds from issuance of ordinary shares upon the completion of IPO					$ 100
Market capitalization					$ 500
Series B, C1 and C2 Preferred Shares \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Proceeds from issuance of ordinary shares upon the completion of IPO				$ 160
Market capitalization				$ 800
Series D1, D2 and D3 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Percentage of annual rate return				25.00%
Series D1, D2 and D3 Preferred Shares \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Proceeds from issuance of ordinary shares upon the completion of IPO				$ 160
Series D1, D2 and D3 Preferred Shares \| IPO occurred within 5 years \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization				$ 800
Threshold period used in determining market capitalization				5 years
Series D1, D2 and D3 Preferred Shares \| IPO occurred after 5 years \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization				$ 1,000
Threshold period used in determining market capitalization				5 years
Series A, B, C and D Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Percentage of annual rate return		25.00%	25.00%			25.00%
Series A, B, C and D Preferred Shares \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization		$ 800	$ 800
Series A, B, C and D Preferred Shares \| IPO occurred within 5 years
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Threshold period used in determining market capitalization			5 years
Series A, B, C and D Preferred Shares \| IPO occurred within 5 years \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization			$ 800
Series A, B, C and D Preferred Shares \| IPO occurred after 5 years
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Threshold period used in determining market capitalization			5 years
Series A, B, C and D Preferred Shares \| IPO occurred after 5 years \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization			$ 1,000
Series A, B, C and D Preferred Shares \| IPO occurred within 4 years
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Threshold period used in determining market capitalization		4 years
Series A, B, C and D Preferred Shares \| IPO occurred within 4 years \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization						$ 800
Threshold period used in determining market capitalization						4 years
Series A, B, C and D Preferred Shares \| IPO occurred after 7 years
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Threshold period used in determining market capitalization		7 years
Series A, B, C and D Preferred Shares \| IPO occurred after 7 years \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization		$ 1,000				$ 1,000
Threshold period used in determining market capitalization						7 years
Series E Preferred Shares \| Maximum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization	$ 1,400
Series E Preferred Shares \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Proceeds from issuance of ordinary shares upon the completion of IPO	$ 160	160
Market capitalization		$ 1,400

LONG-TERM INVESTMENTS - Narrative (Details) ¥ in Thousands, $ in Thousands				12 Months Ended
	Feb. 28, 2022 CNY (¥)	Oct. 13, 2021 CNY (¥)	Jul. 01, 2021 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Sep. 28, 2021
LONG-TERM INVESTMENTS
Unrealized gain on investments in available-for-sale debt securities, net of tax				$ 318	¥ 2,221	¥ (2,421)	¥ 6,988
Impairment of availableforsale debt securities				$ 2,113	14,779	14,464	13,144
Shanghai Jiayang Information System Co., Ltd
LONG-TERM INVESTMENTS
Proportion of interest in available for sale securities								10.00%
Cash consideration		¥ 55,000
Unrealized gain on investments in available-for-sale debt securities, net of tax					2,221	(1,645)	5,941
Dividend					0	500	0
Guangzhou Tale Base Technology Co., Ltd
LONG-TERM INVESTMENTS
Proportion of interest in available for sale securities								10.02%
Cash consideration	¥ 31,400
Unrealized gain on investments in available-for-sale debt securities, net of tax							1,047
Impairment of availableforsale debt securities					7,363	1,636
Beijing Lingdai
LONG-TERM INVESTMENTS
Proportion of interest in available for sale securities			19.00%
Cash consideration			¥ 31,980
Unrealized gain on investments in available-for-sale debt securities, net of tax							(3,365)
Impairment of availableforsale debt securities					(2,155)	(7,492)
Others
LONG-TERM INVESTMENTS
Impairment of availableforsale debt securities					¥ (5,261)	¥ (5,336)	¥ (9,779)

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS

Schedule of fair value measurement of the assets and liabilities that are measured or disclosed at fair value on a recurring basis


				Fair value measurement at reporting date using
								Significant
				Quoted prices in active		Significant other		unobservable
		Fair value as of		markets for identical		observable inputs		inputs
Description		December 31, 2024		assets (Level 1)		(Level 2)		(Level 3)
		RMB		RMB		RMB		RMB
Assets:
Long-term investments:
Available‑for‑sale debt securities:
Jiayang Investment		61,426		—		—		61,426
Tale Base Investment		29,764		—		—		29,764
Lingdai Investment		17,981		—		—		17,981
Others		5,261		—		—		5,261
Total		114,432		—		—		114,432


				Fair value measurement at reporting date using
							Significant
				Quoted prices in active		Significant other	unobservable
		Fair value as of		markets for identical		observable inputs	inputs
Description		December 31, 2025		assets (Level 1)		(Level 2)	(Level 3)
		RMB		RMB		RMB	RMB
Assets:
Long-term investments:
Available‑for‑sale debt securities:
Jiayang Investment		63,647		—		—	63,647
Tale Base Investment		22,401		—		—	22,401
Lingdai Investment		15,826		—		—	15,826
Total		101,874		—		—	101,874

Schedule of significant unobservable inputs used in the fair value measurement for our long-term investments

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2024 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2024

 

weighting)

 

inputs

 

Range

Financing transaction of Lingdai Investment

31,980

Financing transactions (100%)

17,981

Market Approach - Guideline company method (100%)

Revenue multiples

1.0x-2.5x

Volatility

50%-60%

Expected terms (expiration/time to exit)

1.5-2.5 years

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2024 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2024

 

weighting)

 

inputs

 

Range

Financing transaction of Jiayang Investment

55,000

Financing transactions (100%)

61,426

Market Approach - Guideline company method (100%)

Revenue multiples

0.2x-1.2x

Volatility

40%-48%

Expected terms (expiration/time to exit)

1.0-3.0 years

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2024 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2024

 

weighting)

 

inputs

 

Range

Financing transaction of Tale Base Investment

31,400

Financing transactions (100%)

29,764

Market Approach - Guideline company method (100%)

Revenue multiples

2.4x-3x

Volatility

38%-42%

Expected terms (expiration/time to exit)

1.0-2.0 years

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2025 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2025

 

weighting)

 

inputs

 

Range

Financing transaction of Lingdai Investment

31,980

Financing transactions (100%)

15,826

Market Approach - Guideline company method (100%)

Revenue multiples

1.3x-2.3x

Volatility

50%-60%

Expected terms (expiration/time to exit)

1.5-2.5 years

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2025 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2025

 

weighting)

 

inputs

 

Range

Financing transaction of Jiayang Investment

55,000

Financing transactions (100%)

63,647

Market Approach - Guideline company method (100%)

Revenue multiples

0.3x-0.7x

Volatility

30%-38%

Expected terms (expiration/time to exit)

1.0-3.0 years

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2025 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2025

 

weighting)

 

inputs

 

Range

Financing transaction of Tale Base Investment

31,400

Financing transactions (100%)

22,401

Market Approach - Guideline company method (100%)

Revenue multiples

1.2x-2.3x

Volatility

40%-48%

Expected terms (expiration/time to exit)

1.0-2.0 years


		As of December 31, 2023		As of December 31, 2024⁽¹⁾
Discount rate		15.0	%	—
Weighting between IPO scenario and Redemption scenario		IPO scenario – 80	%	—
		Redemption scenario – 20	%	—

(1)	Upon the consummation of the IPO and the automatic conversion of preferred shares on August 15, 2024, the conversion features of preferred shares were exercised, consequently, the derivative liabilities of conversion features were reduced to zero.

Schedule of reconciliation of derivative liabilities


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
	Conversion	Conversion	Conversion
	feature	feature	feature
Balance at beginning of the year	202,698	100,279	—
The change in fair value	(102,419)	(34,378)	—
Exercise of conversion features of convertible redeemable preferred shares upon the consummation of IPO	—	(65,901)	—
Balance at end of the year	100,279	—	—

TAXATION - Movement of valuation allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
TAXATION
Balance at beginning of the year	¥ (456,578)	¥ (521,462)	¥ (476,022)
Additions	(5,417)		(45,440)
Reversals	128,440	64,884
Balance at end of the year	¥ (333,555)	¥ (456,578)	¥ (521,462)

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

21. SUBSEQUENT EVENTS

In April 2026, the Group obtained an unsecured bank loan of RMB30,000 with a one-year term.

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

The Group had the following transactions with the major related parties:


	Year ended December 31,
	2023	2024		2025
	RMB	RMB		RMB
Sales of service
Shanghai China Europe	—	219		282
Suzhou Yunzheng	57	40		—

Purchase of service
Shanghai China Europe	—	3,561		566
Suzhou Yunzheng	404	836		60
Shanghai Fenghe	—	—		505

Loan to a related party
Shanghai Fenghe	—	2,000	⁽¹⁾	—

Collection of loan to a related party
Shanghai Fenghe	—	—		2,000	⁽¹⁾

Advances for the Group’s operation
Xiaoyan Lu	—	1,943		1,329
Yazhou Wu	—	3,300		3,510	⁽²⁾

Collection of unused advances for the Group’s operation
Xiaoyan Lu	—	1,455		883
Yazhou Wu	—	3,300		—

14. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)

The Group had the following balances with related parties:


	As of December 31,
	2024		2025
	RMB		RMB
Amount due from related parties
Shanghai Fenghe	2,000	⁽¹⁾	—
Yazhou Wu	—		3,510	⁽²⁾

Amount due to a related party
Shanghai China Europe	2,452		1,975

(1)	The balance represented a RMB 2,000 loan to the related party with an interest rate at Loan Prime Rate (“LPR”) issued by China’s central bank. The Group has collected the repayment from Shanghai Fenghe during the year ended December 31, 2025.

(2)	The advance to Yazhou Wu for the Group’s operation has been fully collected as of the date of this annual report.

PRINCIPAL ACCOUNTING POLICIES - Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
PRINCIPAL ACCOUNTING POLICIES
Total revenues	$ 48,651	¥ 340,221	¥ 331,190	¥ 424,016
Remaining performance obligations		¥ 352,611
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
PRINCIPAL ACCOUNTING POLICIES
Remaining performance obligation, percentage		62.00%
Remaining performance obligation, Expected Timing of satisfaction, period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
PRINCIPAL ACCOUNTING POLICIES
Remaining performance obligation, percentage		20.00%
Remaining performance obligation, Expected Timing of satisfaction, period		24 months
Corporate learning solutions
PRINCIPAL ACCOUNTING POLICIES
Total revenues		¥ 337,699	325,579	411,822
Subscription-based
PRINCIPAL ACCOUNTING POLICIES
Total revenues		¥ 317,380	301,796	347,829
Subscription-based \| Minimum
PRINCIPAL ACCOUNTING POLICIES
Contract term	1 month	1 month
Subscription-based \| Maximum
PRINCIPAL ACCOUNTING POLICIES
Contract term	5 years	5 years
Non-subscription-based
PRINCIPAL ACCOUNTING POLICIES
Total revenues		¥ 20,319	23,783	63,993
Others
PRINCIPAL ACCOUNTING POLICIES
Total revenues		¥ 2,522	¥ 5,611	¥ 12,194
Others \| Minimum
PRINCIPAL ACCOUNTING POLICIES
Development phase period	6 months	6 months
Others \| Maximum
PRINCIPAL ACCOUNTING POLICIES
Development phase period	11 months	11 months

RELATED PARTY BALANCES AND TRANSACTIONS - Transactions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shanghai China Europe \| Sales of services
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amount of transaction	¥ 282	¥ 219
Shanghai China Europe \| Purchase of service
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amount of transaction	566	3,561
Suzhou Yunzheng \| Sales of services
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amount of transaction		40	¥ 57
Suzhou Yunzheng \| Purchase of service
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amount of transaction	60	836	¥ 404
Shanghai Fenghe \| Purchase of service
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amount of transaction	505
Shanghai Fenghe \| Loan to related parties
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amount of transaction		2,000
Shanghai Fenghe \| Collection of loan to a related party
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amount of transaction	2,000
Xiaoyan Lu \| Advances for the Group's operation
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amount of transaction	1,329	1,943
Xiaoyan Lu \| Collection of unused advances for the Group's operation
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amount of transaction	883	1,455
Yazhou Wu \| Advances for the Group's operation
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amount of transaction	¥ 3,510	3,300
Yazhou Wu \| Collection of unused advances for the Group's operation
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amount of transaction		¥ 3,300

NET (LOSS)/EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

NET (LOSS)/EARNINGS PER SHARE

NET (LOSS)/EARNINGS PER SHARE

19. NET (LOSS)/EARNINGS PER SHARE

Basic and diluted net (loss)/earnings per share for each of the years presented were calculated as follows:


		Year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Numerator:
Net loss		(229,838)		(92,053)		(158,932)
Net loss attributable to non-controlling interests shareholders		9,383		300		—
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares		—		672,170		—
Deemed dividend to preferred shareholders due to modifications		—		(5,940)		—
Net accretion of convertible redeemable preferred shares		(9,452)		(290,543)		—
Net (loss)/income attributable to ordinary shareholders – Basic		(229,907)		283,934		(158,932)
Dilution effect from deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares		—		(672,170)		—
Dilution effect from deemed dividend to preferred shareholders due to modifications		—		5,940		—
Dilution effect from net accretion of convertible redeemable preferred shares		—		290,543		—
Net loss attributable to ordinary shareholders-diluted		(229,907)		(91,753)		(158,932)
Denominator:
Weighted average number of ordinary shares - basic		48,781,392		97,788,561		181,828,823
Weighted average number of ordinary shares from assumed conversion of the convertible redeemable preferred shares		—		70,363,864		—
Weighted average number of ordinary shares - diluted		48,781,392		168,152,425		181,828,823
Net (loss)/income per share attributable to ordinary shareholders:
- Basic		(4.71)		2.90		(0.87)
- Diluted		(4.71)		(0.55)		(0.87)

Basic net (loss)/earnings per share is computed using the weighted average number of ordinary shares outstanding and vested RSUs during the period. Diluted net (loss)/earnings per share is computed using the weighted average number of ordinary shares, vested RSUs and dilutive potential ordinary shares outstanding during the period.

19. NET (LOSS)/EARNINGS PER SHARE (CONTINUED)

For the years ended December 31, 2023, 2024 and 2025, the Company had potential ordinary shares, including convertible redeemable preferred shares, restricted shares, RSUs and share options. Assumed conversion of the restricted shares, RSUs and share options have not been reflected in the dilutive calculations for the years ended December 31, 2023, 2024 and 2025, pursuant to ASC 260, “Earnings Per Share”, due to the anti-dilutive effect. The weighted-average numbers of restricted shares excluded from the calculation of diluted net (loss)/income per share of the Company were 376,692, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively. The weighted-average numbers of RSUs excluded from the calculation of diluted net (loss)/income per share of the Company were 516,522, 325,010 and 344,461 for the years ended December 31, 2023, 2024 and 2025, respectively. The weighted-average number of share options excluded from the calculation of diluted net (loss)/income per share of the Company were nil, nil and 2,226,014 for the years ended December 31, 2023, 2024 and 2025, respectively. Assumed conversion of the convertible redeemable preferred shares have not been reflected in the dilutive calculations for the year ended December 31, 2023, pursuant to ASC 260, “Earnings Per Share”, due to the anti-dilutive effect. The weighted-average numbers of convertible redeemable preferred shares excluded from the calculation of diluted net (loss)/income per share of the Company was109,481,969 for the year ended December 31, 2023 (Note 17).

PRINCIPAL ACTIVITIES AND ORGANIZATION - VIE structure results and cash flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
PRINCIPAL ACTIVITIES AND ORGANIZATION
Revenues	$ 48,651	¥ 340,221	¥ 331,190	¥ 424,016
Cost of revenues	15,400	107,697	126,522	194,474
Net (loss)/income	(22,725)	(158,932)	(92,053)	(229,838)
Net cash used in operating activities	(20,856)	(145,866)	(211,734)	(257,029)
Net cash used in investing activities	(2,987)	(20,888)	142,166	(97,533)
Net cash generated from financing activities	(18,689)	(130,683)	173,729	241,904
Net increase/(decrease) in cash, cash equivalents and restricted cash	$ (43,364)	(303,244)	97,753	(111,518)
Consolidated VIE
PRINCIPAL ACTIVITIES AND ORGANIZATION
Revenues		339,822	331,190	424,016
Cost of revenues		(83,361)	(97,076)	(136,865)
Net (loss)/income		16,211	(18,255)	(45,835)
Net cash used in operating activities		(60,925)	(54,515)	(4,070)
Net cash used in investing activities		(3,229)	(147,029)	(10,711)
Net cash generated from financing activities		(12,967)	52,700	185,800
Net increase/(decrease) in cash, cash equivalents and restricted cash		(77,121)	(148,844)	171,019
Cash, cash equivalents and restricted cash at beginning of the year		143,442	292,286	121,267
Cash, cash equivalents and restricted cash at end of the year		¥ 66,321	¥ 143,442	¥ 292,286

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY
¥ in Thousands, $ in Thousands

Total YXT.COM Group Holding Limited shareholders' deficit

CNY (¥)

Ordinary shares

Class A ordinary shares

CNY (¥)

Ordinary shares

Class B ordinary shares

CNY (¥)

Ordinary shares

CNY (¥)

Treasury stock

CNY (¥)

Additional paid-in capital

CNY (¥)

Accumulated other comprehensive income

Cumulative effect of adoption of new accounting standard

CNY (¥)

Accumulated other comprehensive income

CNY (¥)

Statutory reserve

CNY (¥)

Accumulated deficit

Cumulative effect of adoption of new accounting standard

CNY (¥)

Accumulated deficit

CNY (¥)

Non- controlling interests

CNY (¥)

Class A ordinary shares

Class B ordinary shares

USD ($)

CNY (¥)

Balance as of beginning at Dec. 31, 2022

¥ (3,251,469)

¥ 33

¥ 11,260

¥ 4,322

¥ (3,267,084)

¥ 44,270

¥ (3,207,199)

Balance as of beginning (in shares) at Dec. 31, 2022 | shares

48,253,425

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY

Net loss

(220,455)

(9,383)

(229,838)

Foreign currency translation adjustments, net of tax

2,385

Unrealized gain on investments in available-for-sale debt securities, net of tax

6,988

Net accretion of convertible redeemable preferred shares (Note 17)

(9,452)

¥ (9,452)

(9,452)

Share-based compensation (Note 18)

26,123

Balance as of ending at Dec. 31, 2023

(3,445,880)

¥ 33

16,671

¥ 3,142

23,775

4,322

¥ (3,142)

(3,490,681)

34,887

(3,410,993)

Balance as of ending (in shares) at Dec. 31, 2023 | shares

48,253,425

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY

Net loss

(91,753)

(300)

(92,053)

Foreign currency translation adjustments, net of tax

3,742

Unrealized gain on investments in available-for-sale debt securities, net of tax

(2,421)

Issuance of Class A ordinary shares upon initial public offering ("IPO"), net of issuance cost

128,081

¥ 5

128,076

128,081

Issuance of Class A ordinary shares upon initial public offering ("IPO"), net of issuance cost (in shares) | shares

6,819,000

Deconsolidation of CEIBS Publishing Group non-controlling interests

¥ (34,587)

(34,587)

Deconsolidation of CEIBS Publishing Group (Note 4)

¥ (4,322)

4,322

Deemed dividend to preferred shareholders due to modifications (Note 17)

(5,940)

Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares (Note 17)

672,170

191,793

480,377

672,170

Conversion of convertible redeemable preferred shares to Class A ordinary shares upon IPO (Note 17)

3,187,994

¥ 91

3,187,903

3,187,994

Conversion of convertible redeemable preferred shares to Class A ordinary shares upon IPO (Note 17) (in shares) | shares

125,154,172

Re-designation of ordinary shares into Class A and Class B ordinary shares upon IPO

^[1]

¥ 22

¥ 11

¥ (33)

Re-designation of ordinary shares into Class A and Class B ordinary shares upon IPO (in shares) | shares

^[1]

31,321,601

16,931,824

(48,253,425)

Exercise of conversion features of preferred shares upon the consummation of IPO

65,901

Net accretion of convertible redeemable preferred shares (Note 17)

(290,543)

(100,730)

(189,813)

(290,543)

Share-based compensation (Note 18)

5,879

Balance as of ending at Dec. 31, 2024

¥ 227,230

¥ 118

¥ 11

3,489,553

25,096

(3,287,548)

227,230

Balance as of ending (in shares) at Dec. 31, 2024 | shares

163,294,773

16,931,824

163,294,773

16,931,824

Balance as of ending (in shares) at Dec. 31, 2024 | shares

163,294,773

16,931,824

163,294,773

16,931,824

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY

Net loss

(158,932)

$ (22,725)

(158,932)

Foreign currency translation adjustments, net of tax

(4,691)

(671)

(4,691)

Unrealized gain on investments in available-for-sale debt securities, net of tax

2,221

$ 318

2,221

Repurchase or ordinary shares

¥ (3,494)

(3,494)

Repurchase or ordinary shares (in shares) | shares

(1,769,610,000)

Share-based compensation (Note 18)

12,306

Balance as of ending at Dec. 31, 2025

¥ 118

¥ 11

¥ (3,494)

¥ 3,501,859

¥ 22,626

¥ (3,446,480)

¥ 74,640

Balance as of ending (in shares) at Dec. 31, 2025 | shares

171,596,634

16,931,824

Balance as of ending (in shares) at Dec. 31, 2025 | shares

161,525,163

16,931,824

161,525,163

16,931,824

[1]

Redesignation of ordinary shares into Class A and Class B ordinary shares upon IPO includes (i) re-designation of 16,931,824 ordinary shares held by Unicentury Holdings Limited beneficially owned by Mr. Xiaoyan Lu into Class B ordinary shares on a one-for-one basis; (ii) re-designation of all of 31,321,601 outstanding ordinary shares into Class A ordinary shares on a one-for-one basis

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

10. FAIR VALUE MEASUREMENTS

As of December 31, 2024 and 2025, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:


				Fair value measurement at reporting date using
								Significant
				Quoted prices in active		Significant other		unobservable
		Fair value as of		markets for identical		observable inputs		inputs
Description		December 31, 2024		assets (Level 1)		(Level 2)		(Level 3)
		RMB		RMB		RMB		RMB
Assets:
Long-term investments:
Available‑for‑sale debt securities:
Jiayang Investment		61,426		—		—		61,426
Tale Base Investment		29,764		—		—		29,764
Lingdai Investment		17,981		—		—		17,981
Others		5,261		—		—		5,261
Total		114,432		—		—		114,432


				Fair value measurement at reporting date using
							Significant
				Quoted prices in active		Significant other	unobservable
		Fair value as of		markets for identical		observable inputs	inputs
Description		December 31, 2025		assets (Level 1)		(Level 2)	(Level 3)
		RMB		RMB		RMB	RMB
Assets:
Long-term investments:
Available‑for‑sale debt securities:
Jiayang Investment		63,647		—		—	63,647
Tale Base Investment		22,401		—		—	22,401
Lingdai Investment		15,826		—		—	15,826
Total		101,874		—		—	101,874

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 measures 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 and liabilities that the Group reports in its consolidated balance sheets at fair value.

10. FAIR VALUE MEASUREMENTS (CONTINUED)

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Long-Term Investments

The Group’s Level 3 available-for-sale debt securities as of December 31, 2024 and 2025 primarily consist of redeemable preferred stock investments in privately held companies without readily determinable fair values.

If there are the investee’s financing activity in a reporting period, management’s estimate of fair value is primarily derived from the investee’s financing transactions, such as the issuance of preferred stock to new investors. The price in these transactions generally provides the best indication of the enterprise value of the investee. If there are no investee’s financing transactions, the Group estimates the fair value by using other valuation techniques, including the guideline public company approach. The guideline public company approach relies on publicly available market data of comparable companies and uses comparative valuation multiples of the investee’s revenue or net profit.

Once the fair value of the investee is estimated, an option-pricing model (“OPM”) is employed to allocate value to various classes of securities of the investee, including the class owned by the Group. The model involves making assumptions around the investees’ expected time to liquidity and volatility.

An increase or decrease in any of the unobservable inputs in isolation, such as the security price in a significant financing transaction of investee, could result in a material increase or decrease in the Group’s estimate of fair value. If there are investee’s financing transactions, other unobservable inputs, including short-term revenue projections, expected terms (expiration/time to exit), and volatility are less sensitive to the valuation in the respective reporting periods, as a result of the primary weighting on the investee’s financing transactions. Depending on the existence of investee’s financing transaction, weight of evidence and valuation approaches used, these or other inputs may have a more significant impact on the Group’s estimate of fair value.

For any sales of equity and debt securities, it will be recorded for as realized gains or losses in the Interest and investment income in the consolidated statements of comprehensive loss.

10. FAIR VALUE MEASUREMENTS (CONTINUED)

Assets and Liabilities Measured at Fair Value on a Recurring Basis (continued)

Long-Term Investments (continued)

The following table summarizes information about the significant unobservable inputs used in the fair value measurement for long-term investments as of December 31, 2024 and 2025:

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2024 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2024

 

weighting)

 

inputs

 

Range

Financing transaction of Lingdai Investment

31,980

Financing transactions (100%)

17,981

Market Approach - Guideline company method (100%)

Revenue multiples

1.0x-2.5x

Volatility

50%-60%

Expected terms (expiration/time to exit)

1.5-2.5 years

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2024 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2024

 

weighting)

 

inputs

 

Range

Financing transaction of Jiayang Investment

55,000

Financing transactions (100%)

61,426

Market Approach - Guideline company method (100%)

Revenue multiples

0.2x-1.2x

Volatility

40%-48%

Expected terms (expiration/time to exit)

1.0-3.0 years

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2024 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2024

 

weighting)

 

inputs

 

Range

Financing transaction of Tale Base Investment

31,400

Financing transactions (100%)

29,764

Market Approach - Guideline company method (100%)

Revenue multiples

2.4x-3x

Volatility

38%-42%

Expected terms (expiration/time to exit)

1.0-2.0 years

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2025 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2025

 

weighting)

 

inputs

 

Range

Financing transaction of Lingdai Investment

31,980

Financing transactions (100%)

15,826

Market Approach - Guideline company method (100%)

Revenue multiples

1.3x-2.3x

Volatility

50%-60%

Expected terms (expiration/time to exit)

1.5-2.5 years

10. FAIR VALUE MEASUREMENTS (CONTINUED)

Assets and Liabilities Measured at Fair Value on a Recurring Basis (continued)

Long-Term Investments (continued)

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2025 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2025

 

weighting)

 

inputs

 

Range

Financing transaction of Jiayang Investment

55,000

Financing transactions (100%)

63,647

Market Approach - Guideline company method (100%)

Revenue multiples

0.3x-0.7x

Volatility

30%-38%

Expected terms (expiration/time to exit)

1.0-3.0 years

Fair value method at

Fair value

Fair value method as

At initial

initial valuation

as of

of December 31,

valuation

date (and relative

December 31,

2025 (and relative

Key unobservable

Investment

 

date

 

weighting)

 

2025

 

weighting)

 

inputs

 

Range

Financing transaction of Tale Base Investment

31,400

Financing transactions (100%)

22,401

Market Approach - Guideline company method (100%)

Revenue multiples

1.2x-2.3x

Volatility

40%-48%

Expected terms (expiration/time to exit)

1.0-2.0 years

Derivative Liabilities

For the years ended December 31, 2023, 2024 and 2025, respectively, the roll forward of these conversion features which required to be bifurcated and accounted for as derivative liabilities are as follows:


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
	Conversion	Conversion	Conversion
	feature	feature	feature
Balance at beginning of the year	202,698	100,279	—
The change in fair value	(102,419)	(34,378)	—
Exercise of conversion features of convertible redeemable preferred shares upon the consummation of IPO	—	(65,901)	—
Balance at end of the year	100,279	—	—

10. FAIR VALUE MEASUREMENTS (CONTINUED)

Assets and Liabilities Measured at Fair Value on a Recurring Basis (continued)

Derivative Liabilities (continued)

Conversion Feature

Significant factors, assumptions and methodologies used in determining the business valuation include applying the discounted cash flow approach, and such approach involves certain significant estimates which are as follows:


		As of December 31, 2023		As of December 31, 2024⁽¹⁾
Discount rate		15.0	%	—
Weighting between IPO scenario and Redemption scenario		IPO scenario – 80	%	—
		Redemption scenario – 20	%	—

(1)	Upon the consummation of the IPO and the automatic conversion of preferred shares on August 15, 2024, the conversion features of preferred shares were exercised, consequently, the derivative liabilities of conversion features were reduced to zero.

Discount rates

The discount rates listed out in the table above were based on the weighted average cost of capital, which was determined based on a consideration of the factors including risk-free rate, comparative industry risk, equity risk premium, company size and non-systemic risk factors.

Comparable companies

In deriving the weighted average cost of capital used as the discount rates under the income approach, certain publicly traded companies were selected for reference as guideline companies. The guideline companies were selected based on the following criteria: (i) they operate in the SaaS industry and (ii) their shares are publicly traded in the United States, Hong Kong and China.

The income approach involves applying appropriate discount rates to estimated cash flows that are based on earnings forecasts. The Group’s revenues and earnings growth rates, as well as major milestones that the Group has achieved. However, these fair values are inherently uncertain and highly subjective. The assumptions used in deriving fair values are consistent with the Group’s business plan. These assumptions include: no material changes in the applicable future periods in the existing political, legal, fiscal or economic conditions in China; no material changes will occur in the current taxation law in China and the applicable tax rates will remain consistent; the Group has the ability to retain competent management and key personnel to support its ongoing operations; and industry trends and market conditions for the corporate training service business will not deviate significantly from current forecasts. These assumptions are inherently uncertain.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Group measures certain non-financial assets, such as long-lived assets and goodwill, at fair value only if they were determined to be impaired.

Long-lived assets. When impairment indicators are identified, the Group evaluates the impairment by comparing the carrying value of the asset or the asset group with its fair value. The fair value of the asset or asset group is determined using income approach or market approach with unobservable inputs (Level 3), depending on the underlying nature of the asset or the asset group.

Goodwill. The Group tested goodwill for impairment on an annual basis as of December 31, and in between annual tests when the impairment indicators occur. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONVERTIBLE REDEEMABLE PREFERRED SHARES (Tables)

12 Months Ended

Dec. 31, 2025

CONVERTIBLE REDEEMABLE PREFERRED SHARES

Schedule of preferred shares activities


	Series A Shares		Series B Shares		Series C Shares		Series D Shares		Series E Shares		Total
	Number of	Amount	Number of	Amount	Number of	Amount	Number of	Amount	Number of	Amount	Number of	Amount
	shares	(RMB)	shares	(RMB)	shares	(RMB)	shares	(RMB)	shares	(RMB)	shares	(RMB)
Balance as of January 1, 2023	15,040,570	574,512	7,085,330	329,406	23,786,590	453,926	37,152,161	959,436	26,417,318	1,236,949	109,481,969	3,554,229
Net accretion on convertible redeemable preferred shares to redemption value	—	(166,373)	—	(129,888)	—	39,862	—	99,998	—	165,853	—	9,452
Balance as of December 31, 2023	15,040,570	408,139	7,085,330	199,518	23,786,590	493,788	37,152,161	1,059,434	26,417,318	1,402,802	109,481,969	3,563,681
Balance as of January 1, 2024	15,040,570	408,139	7,085,330	199,518	23,786,590	493,788	37,152,161	1,059,434	26,417,318	1,402,802	109,481,969	3,563,681
Net accretion on convertible redeemable preferred shares to redemption value	—	31,684	—	14,606	—	31,438	—	76,076	—	136,739	—	290,543
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares	—	(30,405)	—	(12,730)	—	(58,026)	—	(90,632)	15,672,203	(480,377)	15,672,203	(672,170)
Deemed dividend to preferred shareholders due to modifications	—	(8,583)	—	(5,041)	—	(8,659)	—	(203)	—	28,426	—	5,940
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO	(15,040,570)	(400,835)	(7,085,330)	(196,353)	(23,786,590)	(458,541)	(37,152,161)	(1,044,675)	(42,089,521)	(1,087,590)	(125,154,172)	(3,187,994)
Balance as of December 31, 2024	—	—	—	—	—	—	—	—	—	—	—	—

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

20. COMMITMENTS AND CONTINGENCIES

Commitments

The Group has outstanding commitments on several non-cancellable operating lease agreements. Operating lease commitment with one year or less lease term, for which the Group elected not to recognize any lease liability or right-of-use asset, and operating lease contracts which lease commencement date has not been started yet, therefore not yet reflected in the consolidated financial statements as of December 31, 2025 were as follows:


		As of December 31,
		2025
		RMB
2026		313

Contingencies

In the normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If the assessment of a contingency indicates that it is probable that a loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Group’s consolidated financial statements. If the assessment indicates that a potential 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, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. The Group does not believe that any currently pending legal or administrative proceeding to which the Group is a party will have a material effect on its business or financial condition.

The HKIAC Arbitration tribunal concluded and issued their final decision on the CEIBS arbitration case, which is disclosed in Note 4 to the consolidated financial statements.

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥) shares
Allowance of credit loss on accounts receivable	¥ 1,832	¥ 1,758
Accounts payable (including accounts payables of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 6,188 and RMB 8,774 as of December 31, 2024 and 2025, respectively)	9,976	7,389
Short-term borrowings	139,500	163,000
Deferred revenue, current	96,760	125,428
Acquisition consideration payable	14,775	14,775
Other payable and accrued liabilities	88,961	72,028
Derivative liabilities	0
Operating lease liabilities, current	9,945	8,966
Long-term borrowings	8,000	125,500
Operating lease liabilities, non-current	12,987	17,458
Deferred revenue, non-current	¥ 49,530	¥ 57,710
Treasury stock, shares \| shares	1,769,610	0
Related party
Amounts due to a related party (including amounts due to related parties of the consolidated VIE and VIE's subsidiaries without recourse to the Company of 2,452 and RMB 1,975 as of December 31, 2024 and 2025, respectively)	¥ 1,975	¥ 2,452
Class A ordinary shares
Common stock, shares authorized \| shares	483,068,176	483,068,176
Common stock, shares issued \| shares	171,596,634	163,294,773
Common stock, shares outstanding \| shares	161,525,163	163,294,773
Class B ordinary shares
Common stock, shares authorized \| shares	16,931,824	16,931,824
Common stock, shares issued \| shares	16,931,824	16,931,824
Common stock, shares outstanding \| shares	16,931,824	16,931,824
Consolidated VIE
Deferred revenue, current	¥ 96,760	¥ 125,428
Acquisition consideration payable	5,792	5,792
Other payable and accrued liabilities	32,829	17,451
Operating lease liabilities, current	9,926	8,920
Operating lease liabilities, non-current	12,987	17,439
Deferred revenue, non-current	49,530	57,710
Consolidated VIE \| Related party
Amounts due to a related party (including amounts due to related parties of the consolidated VIE and VIE's subsidiaries without recourse to the Company of 2,452 and RMB 1,975 as of December 31, 2024 and 2025, respectively)	1,975	2,452
Consolidated VIE \| Non-related party
Accounts payable (including accounts payables of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 6,188 and RMB 8,774 as of December 31, 2024 and 2025, respectively)	8,774	6,188
Consolidated VIE \| Non-recourse
Accounts payable (including accounts payables of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 6,188 and RMB 8,774 as of December 31, 2024 and 2025, respectively)	8,774	6,188
Short-term borrowings	139,500	163,000
Deferred revenue, current	96,760	125,428
Acquisition consideration payable	5,792	5,792
Other payable and accrued liabilities	32,829	17,451
Operating lease liabilities, current	9,926	8,920
Long-term borrowings	8,000	125,500
Operating lease liabilities, non-current	12,987	17,439
Deferred revenue, non-current	49,530	57,710
Consolidated VIE \| Non-recourse \| Related party
Amounts due to a related party (including amounts due to related parties of the consolidated VIE and VIE's subsidiaries without recourse to the Company of 2,452 and RMB 1,975 as of December 31, 2024 and 2025, respectively)	¥ 1,975	¥ 2,452

SHARE-BASED COMPENSATION - Management's RSUs (Details) ¥ in Thousands			12 Months Ended
	Jan. 15, 2025 $ / shares shares	Oct. 05, 2022 CNY (¥) shares	Dec. 31, 2027 shares	Dec. 31, 2026 shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 shares	Oct. 05, 2022 $ / shares	Jul. 20, 2017 $ / shares
SHARE-BASED COMPENSATION
Common stock, par value (in dollars per share) \| $ / shares								$ 0.0001	$ 0.0001	$ 0.0001			$ 0.0001
Share-based compensation expenses included in general and administrative expenses \| ¥					¥ 12,306	¥ 5,879	¥ 26,123
2021 Plan
SHARE-BASED COMPENSATION
Unamortized stock-based compensation expense \| ¥					¥ 540
Expected recognition of unvested awards weighted-average period					5 months 1 day
RSUs
SHARE-BASED COMPENSATION
Shares granted					1,780,681
Contractual term	8 years
Shares vested					1,507,773	234,005	234,005
Share-based compensation expenses included in general and administrative expenses \| ¥					¥ 8,950	¥ 5,879	¥ 16,258
Shares not yet vested					480,915				208,007	442,012	676,017
RSUs \| Minimum
SHARE-BASED COMPENSATION
Vested over service periods	2 months
RSUs \| Maximum
SHARE-BASED COMPENSATION
Vested over service periods	2 years
RSUs \| 2021 Plan
SHARE-BASED COMPENSATION
Shares granted		1,421,181
Common stock, par value (in dollars per share) \| $ / shares												$ 0.0001
Shares vested		745,164			208,007	234,005	234,005
Amount recognized on shares vested \| ¥		¥ 33,600
Share-based compensation expenses included in general and administrative expenses \| ¥					¥ 8,950	¥ 5,879	¥ 16,258
RSUs \| 2025 Plan
SHARE-BASED COMPENSATION
Shares granted	1,780,681
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Shares vested					1,299,766
Number of ordinary shares	1,780,681
RSUs \| 2025 Plan \| Subsequent events
SHARE-BASED COMPENSATION
Shares vested, Year one				415,926
Shares vested, Year two			64,989

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net loss	$ (22,725)	¥ (158,932)	¥ (92,053)	¥ (229,838)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property, equipment and software	914	6,392	7,638	9,368
Amortization of intangible assets	621	4,341	5,673	21,985
Impairment of intangible assets		0	0	21,660
Gain on deconsolidation of CEIBS Publishing Group			(78,760)
Loss/(gain) from disposal of property, equipment and software	1	5	(22)	132
Fair value change of derivatives liabilities			(34,378)	(102,419)
(Reverse)/Provision for expected credit losses	11	74	(252)	(654)
Interest and investment income accrued	(125)	(873)
Impairment of availableforsale debt securities	2,113	14,779	14,464	13,144
Unrealized foreign exchange loss/(gain)	(11)	(80)	(79)	335
Deferred income tax, net				(9,871)
Share-based compensations	1,760	12,306	5,879	26,123
Share of results of an equity method investee	78	548
Changes in operating assets and liabilities:
Accounts receivable	46	324	2,728	3,224
Prepaid expenses and other assets	1,534	10,727	(40,288)	15,330
Accounts payable	370	2,587	(2,710)	1,100
Amounts due to a related party	(68)	(477)	2,452
Amounts due from related parties	(502)	(3,510)
Deferred revenue	(5,269)	(36,848)	1,629	19,081
Other payable and accrued liabilities	396	2,771	(3,655)	(45,729)
Net cash used in operating activities	(20,856)	(145,866)	(211,734)	(257,029)
Cash flows from investing activities:
Purchase of property, equipment and software	(227)	(1,590)	(1,697)	(4,640)
Purchase of intangible assets	(94)	(655)		(991)
Cash paid for short-term investments	(15,931)	(111,406)	(56,261)	(96,468)
Cash received from maturity of short-term investments	13,406	93,747	115,117	141,728
Cash paid for long-term bank deposit				(117,573)
Cash received from maturity of long-term bank deposit			117,728
Purchase of equity securities	(429)	(3,000)		(10,000)
Partial cash payment for acquisition of CEIBS Publishing Group				(9,600)
(Advance)/Collection of loans to related parties	286	2,000	(2,000)
Cash change due to deconsolidation of CEIBS Publishing Group			(30,767)
Proceeds from disposal of property and equipment	2	16	46	11
Net cash (used in)/ generated from investing activities	(2,987)	(20,888)	142,166	(97,533)
Cash flows from financing activities:
Proceeds from short-term borrowings	22,522	157,500	110,000	39,800
Repayment of short-term borrowings	(24,310)	(170,000)	(39,800)	(20,000)
Proceeds from long-term borrowings	1,430	10,000	138,000	230,000
Repayment of long-term borrowings	(19,805)	(138,500)	(185,500)	(4,000)
Proceeds from discounted bank acceptance notes	13,449	94,053
Repayment of discounted bank acceptance notes	(11,238)	(78,586)
Payments for repurchase of ordinary shares	(500)	(3,494)
Proceeds from issuance of ordinary shares upon the completion of IPO			178,063
Payments of offering costs	(237)	(1,656)	(27,034)	(3,896)
Net cash generated from/(used in) financing activities	(18,689)	(130,683)	173,729	241,904
Effect of exchange rate changes	(832)	(5,807)	(6,408)	1,140
Net (decrease)/increase in cash, cash equivalents and restricted cash	(43,364)	(303,244)	97,753	(111,518)
Cash, cash equivalents and restricted cash at beginning of the year	59,808	418,242	320,489	432,007
Cash, cash equivalents and restricted cash at the end of the year	16,444	114,998	418,242	320,489
Less: restricted cash			322
Cash and cash equivalents at the end of the year	16,444		417,920	320,489
Supplemental disclosure of cash flow information
Cash paid for interest	$ (940)	¥ (6,571)	(10,563)	(4,390)
Supplemental schedule of non-cash investing and financing activities
Net accretion of convertible redeemable preferred shares			290,543	¥ 9,452
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares			(672,170)
Deemed dividend to preferred shareholders due to modifications			¥ 5,940

DECONSOLIDATION OF CEIBS PUBLISHING GROUP (Tables)

12 Months Ended

Dec. 31, 2025

DECONSOLIDATION OF CEIBS PUBLISHING GROUP

Schedule of disposal group including discontinued operations


		As of
		January 15, 2024
		RMB
Cash and cash equivalents		30,767
Accounts receivable, net		10,928
Prepaid expenses and other current assets		383
Property, equipment and software, net		2,170
Intangible assets, net		70
Goodwill		276
Operating lease right-of-use assets, net		6,005
Other non-current assets		1,806
Accounts payable		(7,755)
Deferred revenue, current		(53,437)
Other payable and accrued liabilities		(11,780)
Operating lease liabilities, current		(4,022)
Operating lease liabilities, non-current		(2,117)
Deferred revenue, non-current		(12,491)
Non-controlling interests		(34,587)
Carrying net liabilities of CEIBS Publishing Group at deconsolidation		(73,784)

Fair value of 39% CEIBS Publishing Group after deconsolidation		4,976
Gain on deconsolidation of CEIBS Publishing Group		(78,760)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY (Parenthetical)

12 Months Ended

Dec. 31, 2024

Ordinary shares

Re-designation of ordinary shares into Class A and Class B ordinary shares upon IPO (in shares)

(48,253,425)

^[1]

Class A ordinary shares | Ordinary shares

Re-designation of ordinary shares into Class A and Class B ordinary shares upon IPO (in shares)

31,321,601

^[1]

Re-designation of ordinary shares into Class A and Class B ordinary shares upon IPO

Class B ordinary shares | Ordinary shares

Re-designation of ordinary shares into Class A and Class B ordinary shares upon IPO (in shares)

16,931,824

^[1]

Re-designation of ordinary shares into Class A and Class B ordinary shares upon IPO

[1]

SHARE-BASED COMPENSATION - Movement of Restricted Shares (Details) - Restricted shares - 2021 Plan	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of restricted shares
Unvested , beginning balance \| shares	739,208
Vested \| shares	(739,208)
Weighted average grant date fair value
Unvested , beginning balance \| $ / shares	$ 5.7072
Vested \| $ / shares	$ 5.7072

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Revenues:
Total revenues	$ 48,651	¥ 340,221	¥ 331,190	¥ 424,016
Cost of revenues	(15,400)	(107,697)	(126,522)	(194,474)
Sales and marketing expenses	(20,718)	(144,886)	(144,217)	(244,379)
Research and development expenses	(15,931)	(111,410)	(116,105)	(176,537)
General and administrative expenses	(17,439)	(121,953)	(138,392)	(142,852)
Other operating income	671	4,689	6,974	5,629
Loss from operations	(20,166)	(141,036)	(187,072)	(328,597)
Interest and investment income	508	3,555	6,494	4,613
Interest expense	(940)	(6,571)	(10,699)	(4,650)
Impairment of available-for-sale debt securities	(2,113)	(14,779)	(14,464)	(13,144)
Gain on deconsolidation of CEIBS Publishing Group (Note 4)			78,760
Foreign exchange (loss)/gain, net	64	447	550	(350)
Change in fair value of derivative liabilities			34,378	102,419
Loss before income tax expense and share of results of an equity method investee	(22,647)	(158,384)	(92,053)	(239,709)
Income tax benefit				9,871
Share of results of an equity method investee, net of tax	(78)	(548)
Net loss	(22,725)	(158,932)	(92,053)	(229,838)
Net loss attributable to non-controlling interests shareholders			300	9,383
Net loss attributable to YXT.COM Group Holding Limited	(22,725)	(158,932)	(91,753)	(220,455)
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares			672,170
Deemed dividend to preferred shareholders due to modifications			(5,940)
Net accretion of convertible redeemable preferred shares			(290,543)	(9,452)
Net (loss)/income attributable to ordinary shareholders of YXT.COM Group Holding Limited	(22,725)	(158,932)	283,934	(229,907)
Other comprehensive loss
Foreign currency translation adjustment, net of tax	(671)	(4,691)	3,742	2,385
Unrealized gain/(loss) on investments in available-for-sale debt securities, net of tax	318	2,221	(2,421)	6,988
Total comprehensive loss	(23,078)	(161,402)	(90,732)	(220,465)
Total comprehensive loss attributable to non-controlling interests shareholders			300	9,383
Total comprehensive loss attributable to YXT.COM Group Holding Limited	$ (23,078)	¥ (161,402)	¥ (90,432)	¥ (211,082)
Weighted average number of ordinary shares - basic \| shares	181,828,823	181,828,823	97,788,561	48,781,392
Weighted average number of ordinary shares - diluted \| shares	181,828,823	181,828,823	168,152,425	48,781,392
Net (loss)/income per share attributable to ordinary shareholders of YXT.COM Group Holding Limited
Basic \| (per share)	$ (0.12)	¥ (0.87)	¥ 2.9	¥ (4.71)
Diluted \| (per share)	$ (0.12)	¥ (0.87)	¥ (0.55)	¥ (4.71)
Corporate learning solutions
Revenues:
Total revenues	$ 48,290	¥ 337,699	¥ 325,579	¥ 411,822
Others
Revenues:
Total revenues	$ 361	¥ 2,522	¥ 5,611	¥ 12,194

DECONSOLIDATION OF CEIBS PUBLISHING GROUP (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
	Jan. 15, 2024 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2023 CNY (¥)
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Cash and cash equivalents		¥ 417,920	$ 16,444	¥ 114,998	¥ 320,489
Accounts receivable, net		19,386	2,715	18,988
Prepaid expenses and other current assets		35,791	3,110	21,750
Property, equipment and software, net		15,175	1,480	10,352
Intangible assets, net		7,069	484	3,383
Goodwill		163,837	23,428	163,837
Operating lease right-of-use assets, net		25,655	3,082	21,550
Other non-current assets		20,349	3,522	24,627
Accounts payable		(7,389)	(1,427)	(9,976)
Deferred revenue, current		(125,428)	(13,836)	(96,760)
Other payable and accrued liabilities		(72,028)	(12,721)	(88,961)
Operating lease liabilities, current		(8,966)	(1,422)	(9,945)
Operating lease liabilities, non-current		(17,458)	(1,857)	(12,987)
Deferred revenue, non-current		(57,710)	$ (7,083)	¥ (49,530)
Gain on deconsolidation of CEIBS Publishing Group	¥ (78,760)	¥ (78,760)
CEIBS PG
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Fair value of 39% CEIBS Publishing Group after deconsolidation	¥ 4,976
Retained Interest, percentage	39.00%		39.00%	39.00%
CEIBS PG
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Cash and cash equivalents	¥ 30,767
Accounts receivable, net	10,928
Prepaid expenses and other current assets	383
Property, equipment and software, net	2,170
Intangible assets, net	70
Goodwill	276
Operating lease right-of-use assets, net	6,005
Other non-current assets	1,806
Accounts payable	(7,755)
Deferred revenue, current	(53,437)
Other payable and accrued liabilities	(11,780)
Operating lease liabilities, current	(4,022)
Operating lease liabilities, non-current	(2,117)
Deferred revenue, non-current	(12,491)
Non-controlling interests	(34,587)
Carrying net liabilities of CEIBS Publishing Group at deconsolidation	(73,784)
Gain on deconsolidation of CEIBS Publishing Group	(78,760)
CEIBS PG \| CEIBS PG
DECONSOLIDATION OF CEIBS PUBLISHING GROUP
Fair value of 39% CEIBS Publishing Group after deconsolidation	¥ 4,976

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	$ 16,444	¥ 114,998	¥ 417,920
Restricted cash			322
Short-term investments	2,821	19,728
Accounts receivable, net (Credit losses of RMB 1,758 and RMB1,832 as of December 31, 2024 and 2025, respectively)	2,715	18,988	19,386
Amounts due from related parties	$ 502	¥ 3,510	¥ 2,000
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related party	Related party	Related party
Prepaid expenses and other current assets	$ 3,110	¥ 21,750	¥ 35,791
Total current assets	25,592	178,974	475,419
Non-current assets:
Property, equipment and software, net	1,480	10,352	15,175
Intangible assets, net	484	3,383	7,069
Goodwill	23,428	163,837	163,837
Long-term investments	14,918	104,326	114,432
Operating lease right-of-use assets, net	3,082	21,550	25,655
Other non-current assets	3,522	24,627	20,349
Total non-current assets	46,914	328,075	346,517
Total assets	72,506	507,049	821,936
Current liabilities
Accounts payable (including accounts payables of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 6,188 and RMB 8,774 as of December 31, 2024 and 2025, respectively)	1,427	9,976	7,389
Short-term borrowings (including short-term borrowing of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 163,000 and RMB 139,500 as of December 31, 2024 and 2025, respectively)	19,948	139,500	163,000
Deferred revenue, current (including deferred revenue, current of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 125,428 and RMB 96,760 as of December 31, 2024 and 2025, respectively)	13,836	96,760	125,428
Acquisition consideration payable (including acquisition consideration payable of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 5,792 and RMB 5,792 as of December 31, 2024 and 2025, respectively)	2,113	14,775	14,775
Other payable and accrued liabilities (including other payable and accrued liabilities of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 17,451 and RMB 32,829 as of December 31, 2024 and 2025, respectively)	12,721	88,961	72,028
Derivative liabilities (including derivative liabilities of the consolidated VIEs without recourse to the Company of nil and nil as of December 31, 2023 and 2024, respectively)		0
Operating lease liabilities, current (including operating lease liabilities, current of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 8,920 and RMB 9,926 as of December 31, 2024 and 2025, respectively)	1,422	9,945	8,966
Total current liabilities	51,749	361,892	394,038
Non-current liabilities
Long-term borrowings (including long-term borrowings of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 125,500 and RMB 8,000 as of December 31, 2024 and 2025, respectively)	1,144	8,000	125,500
Operating lease liabilities, non-current (including operating lease liabilities, non-current of the consolidated VIE and VIE's subsidiaries without recourse to the Company of 17,439 and RMB 12,987 as of December 31, 2024 and 2025, respectively)	1,857	12,987	17,458
Deferred revenue, non-current (including deferred revenue, non-current of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 57,710 and RMB 49,530 as of December 31, 2024 and 2025, respectively)	7,083	49,530	57,710
Total non-current liabilities	10,084	70,517	200,668
Total liabilities	61,833	432,409	594,706
Commitments and contingencies (Note 20)
Equity
Treasury stock (nil and 1,769,610 shares as of December 31, 2024 and 2025, respectively)	(500)	(3,494)
Additional paid-in capital	500,759	3,501,859	3,489,553
Statutory reserve \| $	0
Accumulated other comprehensive income	3,235	22,626	25,096
Accumulated deficit	(492,840)	(3,446,480)	(3,287,548)
Total equity	10,673	74,640	227,230
Total liabilities and equity	72,506	507,049	821,936
Related party
Current assets:
Amounts due from related parties		2,000
Current liabilities
Amounts due to a related party (including amounts due to related parties of the consolidated VIE and VIE's subsidiaries without recourse to the Company of 2,452 and RMB 1,975 as of December 31, 2024 and 2025, respectively)	282	1,975	2,452
Class A ordinary shares
Equity
Ordinary shares	17	118	118
Class B ordinary shares
Equity
Ordinary shares	$ 2	¥ 11	¥ 11

OTHER PAYABLE AND ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2025

OTHER PAYABLE AND ACCRUED LIABILITIES

OTHER PAYABLE AND ACCRUED LIABILITIES

12. OTHER PAYABLE AND ACCRUED LIABILITIES


		As of December 31,
		2024	2025
		RMB	RMB
Salary and welfare payable		43,693	36,204
Accrued litigation liabilities		17,756	21,719
Taxes payable		4,780	4,200
Professional fees payable		3,063	8,759
Short-term rental payable		1,190	1,149
Leasehold improvement payable		515	263
Discounted bank acceptance notes⁽¹⁾		—	16,000
Others		1,031	667
Total		72,028	88,961

(1)

Discounted bank acceptance notes represent cash received from financial institutions by discounting of bank acceptance notes issued between the Company’s subsidiaries, which are repayable within one year with interest of 0.98%. The issuance of notes payable is collateralized by the Group’s time deposits of RMB 18,881 as of December 31, 2025, which were recorded in short-term investments.

OPERATING LEASE (Tables)

12 Months Ended

Dec. 31, 2025

OPERATING LEASE

Schedule of components of operating lease expense


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Operating lease costs	18,472	12,907	10,461
Expenses for short-term lease within 12 months	1,155	1,266	968
Total lease cost	19,627	14,173	11,429

Schedule of balance sheet and cash flow information related to leases


	As of December 31,
	2024	2025
	RMB	RMB
Operating lease right-of-use assets	25,655	21,550

Operating lease liabilities - current	8,966	9,945
Operating lease liabilities - non-current	17,458	12,987
Total lease liabilities	26,424	22,932


	Year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities	20,187		13,444		9,594
Right-of-use assets obtained in exchange for operating lease liabilities	4,168		9,858		5,887

Weighted average remaining lease term (year)	4.63		5.61		5.01
Weighted average discount rate	4.73	%	3.92	%	3.81	%

Schedule of maturities of lease liabilities


		As of December 31, 2025
		RMB
2026		10,631
2027		5,033
2028		1,579
2029		1,475
2030 and after		6,636
Total undiscounted operating lease payments		25,354
Less: imputed interest		(2,422)
Total		22,932

STATUTORY RESERVES AND RESTRICTED NET ASSETS - Statement of Cash Flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Net cash (used in)/generated from operating activities	$ (20,856)	¥ (145,866)	¥ (211,734)	¥ (257,029)
Net cash used in investing activities	(2,987)	(20,888)	142,166	(97,533)
Net cash generated from/(used in) financing activities	(18,689)	(130,683)	173,729	241,904
Effect of exchange rate changes	(832)	(5,807)	(6,408)	1,140
Net (decrease)/increase in cash, cash equivalents and restricted cash	(43,364)	(303,244)	97,753	(111,518)
Cash, cash equivalents and restricted cash at beginning of the year	59,808	418,242	320,489	432,007
Cash, cash equivalents and restricted cash at the end of the year	$ 16,444	114,998	418,242	320,489
Parent
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Net cash (used in)/generated from operating activities		99,014	(20,519)	(29,486)
Net cash used in investing activities		(166,163)	(44,013)	(172,856)
Net cash generated from/(used in) financing activities		(5,150)	151,029	(3,896)
Effect of exchange rate changes		(1,732)	(2,504)	8,146
Net (decrease)/increase in cash, cash equivalents and restricted cash		(74,031)	83,993	(198,092)
Cash, cash equivalents and restricted cash at beginning of the year		99,459	15,466	213,558
Cash, cash equivalents and restricted cash at the end of the year		¥ 25,428	¥ 99,459	¥ 15,466

ORDINARY SHARES (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands									12 Months Ended
	Mar. 27, 2025 USD ($)	Aug. 15, 2024 CNY (¥) shares	Jul. 05, 2023 shares	Jul. 05, 2022 shares	Sep. 10, 2021 CNY (¥) tranche shares	Jan. 25, 2021 shares	Jun. 24, 2020 shares	May 04, 2017 shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2024 $ / shares shares	Aug. 15, 2024 $ / shares shares	Jul. 01, 2024 CNY (¥) class Vote shares	Jul. 01, 2024 $ / shares	Dec. 31, 2023 $ / shares	Sep. 10, 2021 $ / shares	Mar. 22, 2021 shares	Jan. 31, 2021 shares	Jun. 30, 2020 shares	Jan. 31, 2020 shares	Sep. 30, 2018 shares	Nov. 30, 2017 shares	Jul. 20, 2017 USD ($) $ / shares shares
PRINCIPAL ACTIVITIES AND ORGANIZATION
Authorized share capital															¥ 50										$ 50
Common stock, shares authorized															500,000,000					390,518,031	420,874,891	433,071,251	467,924,866	493,344,264	500,000,000
Common stock, par value (in dollars per share) \| $ / shares									$ 0.0001				$ 0.0001				$ 0.0001								$ 0.0001
Number of shares issued								56,179,775
Number of shares transferred by related party					825,131
Value of shares transferred by related party \| ¥					¥ 0
Stock issuance costs									$ 237	¥ 1,656	¥ 27,034	¥ 3,896
Option to purchase additional shares														1,022,850
Threshold period to exercise option to purchase additional shares		30 days
Re-designation of ordinary shares		1
Offering price \| $ / shares														$ 11
Share repurchase program, authorized amount \| $	$ 10,000
Share repurchase program, period	2 years
Repurchase or ordinary shares (in shares)									1,769,610	1,769,610
Payments for repurchase of stocks									$ 500	¥ 3,494
Restricted shares
PRINCIPAL ACTIVITIES AND ORGANIZATION
Common stock, par value (in dollars per share) \| $ / shares																		$ 0.0001
Shares granted					1,478,415
Number of tranches \| tranche					2
Restricted shares \| Tranche one
PRINCIPAL ACTIVITIES AND ORGANIZATION
Shares vested				739,207
Restricted shares \| Tranche two
PRINCIPAL ACTIVITIES AND ORGANIZATION
Shares vested			739,208
Series D2 Preferred Shares
PRINCIPAL ACTIVITIES AND ORGANIZATION
Number of ordinary shares re-designated							6,943,638
Series D3 Preferred Shares
PRINCIPAL ACTIVITIES AND ORGANIZATION
Number of ordinary shares re-designated						3,939,542
Shares acquired						3,939,542
Series E Preferred Shares
PRINCIPAL ACTIVITIES AND ORGANIZATION
Shares acquired																			3,751,945
Class A ordinary shares
PRINCIPAL ACTIVITIES AND ORGANIZATION
Common stock, shares authorized									483,068,176				483,068,176		483,068,176
Common stock, par value (in dollars per share) \| $ / shares									$ 0.0001				$ 0.0001			$ 0.0001
Number of shares issued		6,819,000
Number of votes \| Vote															1
Gross proceeds \| ¥		¥ 25,003
Common stock, shares issued									171,596,634				163,294,773
Common stock, shares outstanding									161,525,163				163,294,773
Class B ordinary shares
PRINCIPAL ACTIVITIES AND ORGANIZATION
Common stock, shares authorized									16,931,824				16,931,824		16,931,824
Common stock, par value (in dollars per share) \| $ / shares									$ 0.0001				$ 0.0001			$ 0.0001
Number of votes \| Vote															20
Number of ClassA share for each share converted \| class															1
Stock issuance costs \| ¥		¥ 7,866
Re-designation of ordinary shares into Class A and Class B		16,931,824
Common stock, shares issued									16,931,824				16,931,824
Common stock, shares outstanding									16,931,824				16,931,824
ADR
PRINCIPAL ACTIVITIES AND ORGANIZATION
Repurchase or ordinary shares (in shares)									589,870	589,870

CONCENTRATION AND RISKS

12 Months Ended

Dec. 31, 2025

CONCENTRATION AND RISKS

CONCENTRATION AND RISKS

3. CONCENTRATION AND RISKS

3.1Concentration of Credit Risk

Financial instruments that potentially subject the Group to the concentration of credit risks consist of cash and cash equivalents, restricted cash and short-term investments. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. As of December 31, 2024 and 2025, all of the Group’s cash and cash equivalents, restricted cash and short-term investments were held in major financial institutions located in the PRC, Hong Kong and Singapore, which management considers to be of high credit quality based on their credit ratings.

The Group has not experienced any significant recoverability issue with respect to its accounts receivable, other receivables included in prepaid expense and other current and non-current assets and amounts due from a related party. The Group assesses the creditworthiness of each customer when providing services and requires the customers to make advance payments or a deposit before the services are rendered. With respect to advances to service suppliers, rental deposits and amounts due from a related party, the Group performs on-going credit evaluations of the financial condition of its vendors.

As of December 31, 2024 and 2025, there was no customer with greater than 10% of the accounts receivable, respectively.

3. CONCENTRATION AND RISKS (CONTINUED)

3.2Concentration of Customers and Suppliers

Substantially all revenue was derived from customers located in China. There are no customers or suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group in any of the periods presented during the years ended December 31, 2023, 2024 and 2025. As of December 31, 2024, there were two suppliers collectively accounted for 52% of the Group’s accounts payable. As of December 31, 2025, there were three suppliers collectively accounted for 86% of the Group’s accounts payable.

3.3Foreign Currency Exchange Rate Risk

In July 2005, the PRC government changed its decades-old policy of pegging the value of the RMB to the US$, and the RMB appreciated more than 20% against the US$ over the following three years. Between July 2008 and June 2010, this appreciation halted and the exchange rate between the RMB and the US$ remained within a narrow band. Since June 2010, the RMB has fluctuated against the US$, at times significantly and unpredictably. The depreciation of the RMB against the US$ was approximately 1.7% and 1.5% in years ended December 31, 2023 and 2024, respectively; and the appreciation of the RMB against the US$was approximately 2.7% in the year ended December 31, 2025. It is difficult to predict how market forces or PRC, or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

PRINCIPAL ACTIVITIES AND ORGANIZATION - VIE structure balance sheet (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Current assets:
Cash and cash equivalents	$ 16,444	¥ 114,998	¥ 417,920	¥ 320,489
Restricted cash			322
Accounts receivable, net	2,715	18,988	19,386
Amounts due from related parties	502	3,510	2,000
Prepaid expenses and other current assets	3,110	21,750	35,791
Total current assets	25,592	178,974	475,419
Non-current assets:
Long-term investments	14,918	104,326	114,432
Property, equipment and software, net	1,480	10,352	15,175
Operating lease right-of-use assets, net	3,082	21,550	25,655
Other non-current assets	3,522	24,627	20,349
Total non-current assets	46,914	328,075	346,517
Total assets	72,506	507,049	821,936
Current liabilities
Accounts payable (including accounts payables of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 6,188 and RMB 8,774 as of December 31, 2024 and 2025, respectively)	1,427	9,976	7,389
Deferred revenue, current	13,836	96,760	125,428
Acquisition consideration payable	2,113	14,775	14,775
Other payable and accrued liabilities	12,721	88,961	72,028
Operating lease liabilities, current	1,422	9,945	8,966
Total current liabilities	51,749	361,892	394,038
Non-current liabilities
Operating lease liabilities, non-current	1,857	12,987	17,458
Deferred revenue, non-current	7,083	49,530	57,710
Total non-current liabilities	10,084	70,517	200,668
Total liabilities	61,833	432,409	594,706
Related party
Current assets:
Amounts due from related parties		2,000
Current liabilities
Amount due to a related party	$ 282	1,975	2,452
Consolidated VIE
Current assets:
Cash and cash equivalents		66,321	143,120
Restricted cash			322
Accounts receivable, net		18,988	19,386
Amounts due from the Group's entities		219,312	149,180
Amounts due from related parties		3,510	2,000
Prepaid expenses and other current assets		17,642	29,450
Total current assets		325,773	343,458
Non-current assets:
Long-term investments		104,326	113,884
Property, equipment and software, net		4,294	4,942
Intangible assets, net		3,383	7,069
Operating lease right-of-use assets, net		21,535	25,559
Other non-current assets		18,968	16,092
Total non-current assets		152,506	167,546
Total assets		478,279	511,004
Current liabilities
Short-term borrowings		139,500	163,000
Deferred revenue, current		96,760	125,428
Amounts due to the Group's entities		19
Acquisition consideration payable		5,792	5,792
Other payable and accrued liabilities		32,829	17,451
Operating lease liabilities, current		9,926	8,920
Total current liabilities		295,575	329,231
Non-current liabilities
Loan from the Group's entity		142,566	30,000
Operating lease liabilities, non-current		12,987	17,439
Long-term borrowings		8,000	125,500
Deferred revenue, non-current		49,530	57,710
Total non-current liabilities		213,083	230,649
Total liabilities		508,658	559,880
Consolidated VIE \| Related party
Current liabilities
Amount due to a related party		1,975	2,452
Consolidated VIE \| Non-related party
Current liabilities
Accounts payable (including accounts payables of the consolidated VIE and VIE's subsidiaries without recourse to the Company of RMB 6,188 and RMB 8,774 as of December 31, 2024 and 2025, respectively)		¥ 8,774	¥ 6,188

LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

LONG-TERM INVESTMENTS

Schedule of long-term investments


		As of December 31,
		2024	2025
		RMB	RMB
Equity investment – equity method		—	2,452
Available-for-sale debt securities		114,432	101,874
Total		114,432	104,326

Schedule of available for sale debt securities

As of December 31,

2024

2025

RMB

Net

cumulative

Initial

fair value

Carrying

fair value

Carrying

cost

 

adjustments

 

value

 

Initial cost

 

adjustments

 

value

Available-for-sale debt securities

Shanghai Jiayang Information System Co., Ltd⁽¹⁾

55,000

6,426

61,426

55,000

8,647

63,647

Guangzhou Tale Base Technology Co., Ltd⁽²⁾

31,400

(1,636)

29,764

31,400

(8,999)

22,401

Beijing Lingdai⁽³⁾

31,980

(13,999)

17,981

31,980

(16,154)

15,826

Others⁽⁴⁾

20,376

(15,115)

5,261

20,376

(20,376)

—

Total

138,756

(24,324)

114,432

138,756

(36,882)

101,874

(1)

On September 28, 2021, Radnova Intelligence entered into a share purchase agreement and a share transfer agreement to acquire 10% equity interest of Shanghai Jiayang Information System Co., Ltd (“Shanghai Jiayang”), which is principally engaged in human resource management software, at a cash consideration of RMB 55,000 (“Jiayang Investment”), and the investment is legally settled on October 13, 2021. The Group recognized an unrealized gain of RMB 5,941, an unrealized loss of RMB 1,645 and an unrealized gain of RMB 2,221 in accumulated other comprehensive income for the years ended December 31, 2023, 2024 and 2025, respectively. Dividend of nil, RMB 500 and nil were declared and paid by Shanghai Jiayang during the years ended December 31, 2023, 2024 and 2025, respectively.

(2)

Radnova Intelligence entered into a share purchase agreement and a share transfer agreement to acquire 10.02% equity interest of Guangzhou Tale Base Technology Co., Ltd (“Tale Base”), which is principally engaged in human resource management software, at a cash consideration of RMB 31,400 (“Tale Base Investment”), and the investment was legally closed on February 28, 2022. The Group recognized an unrealized gain of RMB 1,047 in accumulated other comprehensive income for the year ended December 31, 2023, and the Group recognized an impairment loss of RMB 1,636 and RMB 7,363 for the difference between the fair value and amortized cost basis for the years ended December 31, 2024 and 2025 as the Group has the intent to sell the impaired securities before recovery of its amortized cost basis.

(3)

On July 1, 2021, Radnova Intelligence entered into a share purchase agreement and a share transfer agreement to acquire 19% equity interest of Beijing Lingdai, which is principally engaged in online and offline training in finance, at a cash consideration of RMB 31,980 (“Lingdai Investment”). The Group recognized an impairment loss of RMB 3,365, RMB 7,492 and RMB 2,155 in available‑for‑sale debt securities for the decline in fair value compared to amortized cost basis for the years ended December 31, 2023, 2024 and 2025, respectively, as the Group has the intent to sell the impaired securities before recovery of its amortized cost basis.

(4)

The Group assesses the unrealized losses of the other investments and determines that the Group has the intent to sell the impaired securities before recovery of its amortized cost basis. Thus, the Group recognized an impairment loss of RMB 9,779, RMB 5,336 and RMB 5,261 in available‑for‑sale debt securities as the decline in fair value for the years ended December 31, 2023, 2024 and 2025, respectively.

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

RELATED PARTY BALANCES AND TRANSACTIONS - Balances (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties	$ 502	¥ 3,510	¥ 2,000
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related party	Related party	Related party
Yazhou Wu
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties		¥ 3,510
Shanghai China Europe
RELATED PARTY BALANCES AND TRANSACTIONS
Amount due to a related party		¥ 1,975	¥ 2,452
Shanghai Fenghe
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties			2,000
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related party	Related party
Related party
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties		¥ 2,000
Amount due to a related party	$ 282	¥ 1,975	¥ 2,452

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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+ Details

TAXATION (Tables)

12 Months Ended

Dec. 31, 2025

TAXATION

Schedule of components of (loss)/income before income tax


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Loss from PRC entities	(307,901)	(176,456)	(96,735)
Income/(Loss) from overseas entities	68,192	84,403	(62,197)
Total Loss before income tax benefit	(239,709)	(92,053)	(158,932)

The income tax benefit consists of the following components:


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Current income tax expense	—	—	—
Deferred income tax benefit	9,871	—	—
Total income tax benefit	9,871	—	—

Schedule of reconciliation between statutory tax rate and effective tax rate


	Year ended December 31,
	2023		2024		2025
PRC Statutory income tax rate	25.0	%	25.0	%	25.0	%
Different tax rates in other jurisdictions ⁽¹⁾	8.0	%	21.0	%	(7.0)	%
Preferential tax rates and tax holiday⁽²⁾	(4.0)	%	(11.0)	%	(8.0)	%
Permanent differences ⁽³⁾	(2.6)	%	(25.0)	%	(1.0)	%
Additional deduction of qualified R&D expenditures	7.7	%	16.0	%	5.0	%
Changes in valuation allowance	(19.0)	%	70.0	%	78.0	%
Changes in tax rates	—		(25.0)	%	(109.0)	%
NOL true-up related to HNTE⁽⁴⁾	—		—		17.0	%
Expiration on net operating losses (“NOL”)	(11.0)	%	(49.0)	%	—
Deconsolidation on NOL	—		(22.0)	%	—
Effective tax rates	4.1	%	—		—

(1)	The tax rate difference is attributed to varying rates in other jurisdictions where the Group is established or operates, such as the Cayman Islands, British Virgin Islands, Singapore and Hong Kong.

(2)

Radnova Intelligence has been qualified as HNTE and enjoys a preferential income tax rate of 15% during 2023, 2024 and 2025. Since Radnova Intelligence had cumulative tax losses as of December 31, 2023, 2024 and 2025, there was no effect of the tax holiday. Yunxuetang Information has been qualified as HNTE and enjoys a preferential income tax rate of 15% for the years ended December 31, 2025, 2026 and 2027. Since Yunxuetang Information had cumulative tax losses as of December 31, 2024 and 2025, there was no effect of the tax holiday.

(3)	The permanent differences are primarily related to share-based compensation, non-deductible expenses and true-up on NOL.

(4)

As Yunxuetang Information was recognized as a Small and medium-sized technology enterprise (Technological SMEs) in 2024 and obtained the HNTE certificate in 2025, its net operating loss in the previous five years can be carried forward from 5 years to 10 years. Thus, the net operating loss carried forward of Yunxuetang Information was trued up to annual income tax returns due to the extension of the expiration year for the net operating loss carried forward.

Schedule of deferred tax assets and deferred tax liabilities


		As of December 31,
		2024		2025
		RMB		RMB
Deferred tax assets
Net operating loss carried forward		452,178		327,627
Excess advertising expense		—		35
Accounts receivables allowance		259		236
Fair value change of long-term investment		4,141		5,657
Total deferred tax assets		456,578		333,555
Valuation allowance		(456,578)		(333,555)
Total deferred tax assets, net of valuation allowance		—		—

Schedule of movement of valuation allowance


		As of December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance at beginning of the year		(476,022)		(521,462)		(456,578)
Additions		(45,440)		—		(5,417)
Reversals		—		64,884		128,440
Balance at end of the year		(521,462)		(456,578)		(333,555)

STATUTORY RESERVES AND RESTRICTED NET ASSETS - Statements of Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands				12 Months Ended
	May 13, 2024 CNY (¥)	Jan. 25, 2021 CNY (¥)	Jan. 15, 2020 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Other operating income				$ 671	¥ 4,689	¥ 6,974	¥ 5,629
Loss from operations				(20,166)	(141,036)	(187,072)	(328,597)
Interest and investment income				508	3,555	6,494	4,613
Interest expense				940	6,571	10,699	4,650
Impairment of availableforsale debt securities				2,113	14,779	14,464	13,144
Change in fair value of derivative liabilities						34,378	102,419
Loss before income tax expense					(158,932)	(92,053)	(239,709)
Net Income (Loss)				(22,725)	(158,932)	(91,753)	(220,455)
Net accretion on convertible redeemable preferred shares to redemption value						290,543	9,452
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares	¥ 5,940					672,170
Deemed dividend to preferred shareholders due to modifications		¥ 1,323	¥ 8,971			5,940
Net (loss)/income attributable to ordinary shareholders of YXT.COM Group Holding Limited				$ (22,725)	(158,932)	283,934	(229,907)
Parent
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Gross loss					(351)
Operating expenses					(36,591)	(15,730)	(27,856)
Other operating income					3,184
Equity in loss of the Group's entities					(126,739)	(106,358)	(295,718)
Loss from operations					(160,497)	(122,088)	(323,574)
Interest and investment income					1,565	408	756
Interest expense						(23)	(56)
Impairment of availableforsale debt securities						(4,428)
Change in fair value of derivative liabilities						34,378	102,419
Loss before income tax expense					(158,932)	(91,753)	(220,455)
Net Income (Loss)					(158,932)	(91,753)	(220,455)
Net accretion on convertible redeemable preferred shares to redemption value						(290,543)	(9,452)
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares						672,170
Deemed dividend to preferred shareholders due to modifications						(5,940)
Net (loss)/income attributable to ordinary shareholders of YXT.COM Group Holding Limited					¥ (158,932)	¥ 283,934	¥ (229,907)

LONG-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2025

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS

9. LONG-TERM INVESTMENTS

The Group’s long-term investments primarily consist of equity method investments and debt investments.


		As of December 31,
		2024	2025
		RMB	RMB
Equity investment – equity method		—	2,452
Available-for-sale debt securities		114,432	101,874
Total		114,432	104,326

Equity investment - equity method

On January 3, 2025, Radnova Intelligence entered into a capital increase agreement to subscribe for newly issued registered capital of Suzhou Kangshengji Technology Co., Ltd. (“Kangshengji”), which is principally engaged in artificial intelligence software development and intelligent hardware manufacturing, at a cash consideration of RMB 3,000, thereby acquiring a 25% equity interest in Kangshengji. The investment was legally settled upon the completion of the first tranche payment and company registration during the year ended December 31, 2025, and is accounted for as an equity-method investee given the Group’s significant influence over Kangshengji’s financial and operating policies. The Group recorded its share of loss RMB 548 from equity investment accounted for using equity method for the year ended December 31, 2025. As of December 31, 2025, the carrying value of its equity investment was RMB 2,452.

9. LONG-TERM INVESTMENTS (CONTINUED)

Available-for-sale debt securities

The Group’s available-for-sale debt securities all include substantive liquidation preference and redemption provision and are redeemable at the option of the investor.

As of December 31,

2024

2025

RMB

Net

cumulative

Initial

fair value

Carrying

fair value

Carrying

cost

 

adjustments

 

value

 

Initial cost

 

adjustments

 

value

Available-for-sale debt securities

Shanghai Jiayang Information System Co., Ltd⁽¹⁾

55,000

6,426

61,426

55,000

8,647

63,647

Guangzhou Tale Base Technology Co., Ltd⁽²⁾

31,400

(1,636)

29,764

31,400

(8,999)

22,401

Beijing Lingdai⁽³⁾

31,980

(13,999)

17,981

31,980

(16,154)

15,826

Others⁽⁴⁾

20,376

(15,115)

5,261

20,376

(20,376)

—

Total

138,756

(24,324)

114,432

138,756

(36,882)

101,874

(1)

(2)

(3)

(4)

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

SHORT-TERM INVESTMENTS

Schedule of short term investments


	As of December 31,
	2024		2025
	RMB		RMB
Time deposits⁽¹⁾	—		19,728
Total	—		19,728

(1)	Short-term investments with the amount of RMB 18,881 are pledged for the issuance of bank acceptance notes as of December 31, 2025.

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

8. INTANGIBLE ASSETS, NET

Intangible assets are summarized as follows:


	As of December 31, 2024
	Weighted Average	Gross
	Amortization Period	Carrying	Accumulated	Impairment	Net Book
	(in years)	Amount	Amortization	(Note 2.14)	Value
License	1.2	29,374	(22,305)	—	7,069
Domain Name	—	244	(244)	—	—
Total		29,618	(22,549)	—	7,069


	As of December 31, 2025
	Weighted Average
	Amortization Period	Gross Carrying	Accumulated	Impairment	Net Book
	(in years)	Amount	Amortization	(Note 2.14)	Value
License	0.5	30,029	(26,646)	—	3,383
Domain Name	—	244	(244)	—	—
Total		30,273	(26,890)	—	3,383

The total amounts charged to the consolidated statements of comprehensive loss for amortization expenses amounted to RMB 21,985, RMB 5,673 and RMB 4,341 for the years ended December 31, 2023, 2024 and 2025, respectively.

8. INTANGIBLE ASSETS, NET (CONTINUED)

The amounts charged to cost of revenue and sales and marketing expenses in the consolidated statements of comprehensive loss for impairment amounted to RMB 10,530 and RMB 11,130, respectively, for the year ended December 31, 2023. There were no impairments recorded for the years ended December 31, 2024 and 2025.

Based on the recorded intangible assets on December 31, 2025, estimated amortization expense is expected to be as follows:


		Amortization Expense
2026		2,357
2027		586
2028		239
2029		131
2030		70
Total		3,383

LONG-TERM INVESTMENTS - Equity method investments and debt investments (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
	Jan. 03, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Schedule of Equity Method Investments [Line Items]
Share of loss of an equity method investee		$ (78)	¥ (548)
Equity investment - equity method				¥ 2,452
Available-for-sale debt securities				101,874	¥ 114,432
Total		$ 14,918		104,326	¥ 114,432
Suzhou Kangshengji Technology Co., Ltd. \| Jiangsu Radnova Intelligence Technology Co., Ltd.
Schedule of Equity Method Investments [Line Items]
Cash consideration	¥ 3,000
Percentage of equity interest acquired	25.00%
Equity investment - equity method				¥ 2,452

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SHORT-TERM INVESTMENTS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Variable Interest Entity [Line Items]
Time deposits	$ 2,821	¥ 19,728
Asset pledged as collateral
Variable Interest Entity [Line Items]
Time deposits		¥ 18,881	¥ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SHARE-BASED COMPENSATION - Summary of the employees' share options (Details) - $ / shares		12 Months Ended
	Dec. 30, 2025	Dec. 31, 2025
Number of share option (in shares)
Outstanding, beginning balance		0
Granted	4,996,006	4,996,006
Forfeited		(543,979)
Outstanding, ending balance		4,452,027
Expected to vest, ending balance		4,452,027
Weighted average exercise price per option (in dollars per share)
Outstanding, beginning balance		$ 0
Granted		1.98
Exercised	$ 0.66	1.98
Forfeited		1.98
Outstanding, ending balance		0.66
Expected to vest, ending balance		$ 0.66
Weighted average remaining contractual life (in years)
Contractual term (in years)		7 years 18 days
Expected to vest, ending balance		7 years 18 days
Weighted average grant date fair value (in dollars per share)
Outstanding, beginning balance		$ 0
Granted		0.1627
Forfeited		0.1626
Outstanding, ending balance		0.1627
Expected to vest, ending balance		$ 0.1627

INTANGIBLE ASSETS, NET - Intangible assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)
INTANGIBLE ASSETS, NET
Gross Carrying Amount			¥ 29,618		¥ 30,273
Accumulated Amortization			(22,549)		(26,890)
Net Book Value	$ 484		7,069		3,383
Amortization expenses	$ 621	¥ 4,341	5,673	¥ 21,985
Impairment charges		¥ 0	0	21,660
Cost of Revenue
INTANGIBLE ASSETS, NET
Impairment charges				10,530
Sales and Marketing Expenses
INTANGIBLE ASSETS, NET
Impairment charges				¥ 11,130
License
INTANGIBLE ASSETS, NET
Gross Carrying Amount			29,374		30,029
Accumulated Amortization			(22,305)		(26,646)
Net Book Value			¥ 7,069		¥ 3,383
License \| Weighted Average
INTANGIBLE ASSETS, NET
Amortization Period (in years)	6 months		1 year 2 months 12 days		6 months
Domain Name
INTANGIBLE ASSETS, NET
Gross Carrying Amount			¥ 244		¥ 244
Accumulated Amortization			¥ (244)		¥ (244)

SHARE-BASED COMPENSATION - Estimate the Fair Values (Details)	12 Months Ended
	Dec. 31, 2025
SHARE-BASED COMPENSATION
Risk-free interest rate	4.80%
Dividend yield	0.00%
Volatility	49.44%
Minimum
SHARE-BASED COMPENSATION
Exercise multiple	220
Maximum
SHARE-BASED COMPENSATION
Exercise multiple	280

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-Subparagraph (f)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Paragraph 2
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PREPAID EXPENSES AND OTHER CURRENT AND NON-CURRENT ASSETS

12 Months Ended

Dec. 31, 2025

PREPAID EXPENSES AND OTHER CURRENT AND NON-CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT AND NON-CURRENT ASSETS

6. PREPAID EXPENSES AND OTHER CURRENT AND NON-CURRENT ASSETS

Prepaid expenses and other current and non-current assets consist of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Current assets
Prepaid marketing expenses⁽¹⁾		25,648		9,462
Deposits		2,829		2,741
VAT recoverable ⁽²⁾		992		1,179
Other miscellaneous prepaid expenses		6,322		8,368
Total		35,791		21,750
Non-current assets
Prepaid marketing expenses⁽¹⁾		18,672		21,663
Deferred offering costs⁽³⁾		—		1,512
Deposits		1,604		1,452
Other miscellaneous prepaid expenses		73		—
Total		20,349		24,627

(1)

The Group entered marketing and promotion service agreements with total contract price of RMB 46,410. The Group recorded the marketing and promotion expenses when services are provided and fulfilled. The portion of prepaid marketing expenses is expected to be utilized within the next 12 months is classified as prepaid expenses and other current assets, while the remaining balance is included in other non-current assets on the consolidated balance sheets.

(2)	VAT recoverable represented the balances that the Group can utilize to deduct its VAT liabilities.

(3)	Deferred offering costs represent consent letters fee, legal expenses, and printer fees incurred through the reporting date that are directly related to an anticipated offering and that will be charged as a reduction against additional paid-in capital upon the completion of the offering.

As of December 31, 2024 and 2025, the Group’s expected credit losses for prepaid expenses and other current assets and other non-current assets were nil.

STATUTORY RESERVES AND RESTRICTED NET ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

STATUTORY RESERVES AND RESTRICTED NET ASSETS

Schedule of balance sheet


		As of December 31,		As of December 31,
		2024		2025
		RMB		RMB
ASSETS
Cash and cash equivalents		99,459		25,428
Short-term investments		—		19,728
Amounts due from the Group’s entities		185,892		25,256
Loan to the Group’s entities		—		112,566
Prepaid expense and other current assets		—		235
Other non-current assets		548		1,512
Total assets		285,899		184,725
LIABILITIES AND EQUITY
Amounts due to the Group’s entities		35,613		64,572
Equity loss in subsidiaries, VIE and VIE’s subsidiaries		12,021		23,807
Acquisition consideration payable		8,983		8,983
Other payable and accrued liabilities		2,052		12,723
Total liabilities		58,669		110,085


		As of December 31,		As of December 31,
		2024		2025
		RMB		RMB
Equity
Class A ordinary shares (US$0.0001 par value; 483,068,176 Class A shares authorized, 163,294,773 and 171,596,634 shares issued as of December 31, 2024 and 2025, respectively; 163,294,773 and 161,525,163 shares issued and outstanding as of December 31, 2024 and 2025, respectively)		118		118
Class B ordinary shares (US$0.0001 par value; 16,931,824 and 16,931,824 shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		11		11
Additional paid-in capital		3,489,553		3,501,859
Treasury stock (nil and 1,769,610 shares as of December 31, 2024 and 2025, respectively)		—		(3,494)
Accumulated other comprehensive income		25,096		22,626
Accumulated deficit		(3,287,548)		(3,446,480)
Total equity		227,230		74,640
Total liabilities and equity		285,899		184,725

Schedule of comprehensive loss


		Year Ended		Year Ended		Year Ended
		December 31,		December 31,		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Gross loss		—		—		(351)
Operating expenses		(27,856)		(15,730)		(36,591)
Other operating income		—		—		3,184
Equity in loss of the Group’s entities		(295,718)		(106,358)		(126,739)
Loss from operation		(323,574)		(122,088)		(160,497)
Interest and investment income		756		408		1,565
Interest expense		(56)		(23)		—
Impairment of available-for-sale debt securities		—		(4,428)		—
Change in fair value of derivative liabilities		102,419		34,378		—
Loss before income tax expense		(220,455)		(91,753)		(158,932)
Net loss		(220,455)		(91,753)		(158,932)
Net accretion of convertible redeemable preferred shares		(9,452)		(290,543)		—
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares		—		672,170		—
Deemed dividend to preferred shareholders due to modifications		—		(5,940)		—
Net (loss)/income attributable to ordinary shareholders		(229,907)		283,934		(158,932)

Schedule of cash flows


		Year Ended		Year Ended		Year Ended
		December 31,		December 31,		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net cash (used in)/generated from operating activities		(29,486)		(20,519)		99,014
Net cash used in investing activities		(172,856)		(44,013)		(166,163)
Net cash (used in)/ provided by in financing activities		(3,896)		151,029		(5,150)
Effect of exchange rate changes on cash and cash equivalents		8,146		(2,504)		(1,732)
Net (decrease)/increase in cash and cash equivalents		(198,092)		83,993		(74,031)
Cash and cash equivalents at beginning of the year		213,558		15,466		99,459
Cash and cash equivalents at end of the year		15,466		99,459		25,428

STATUTORY RESERVES AND RESTRICTED NET ASSETS - Balance Sheet (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
ASSETS
Cash and cash equivalents	$ 16,444	¥ 114,998	¥ 417,920	¥ 320,489
Short-term investments	2,821	19,728
Prepaid expenses and other current assets	3,110	21,750	35,791
Other non-current assets	3,522	24,627	20,349
Total assets	72,506	507,049	821,936
LIABILITIES AND EQUITY
Other payable and accrued liabilities	12,721	88,961	72,028
Derivative liabilities		0
Total liabilities	61,833	432,409	594,706
Convertible redeemable preferred shares				¥ 3,563,681	¥ 3,554,229
Equity
Additional paid-in capital	500,759	3,501,859	3,489,553
Treasury stock (nil and 1,769,610 shares as of December 31, 2024 and 2025, respectively)	(500)	(3,494)
Accumulated other comprehensive income	3,235	22,626	25,096
Accumulated deficit	(492,840)	(3,446,480)	(3,287,548)
Total equity	10,673	74,640	227,230
Total liabilities and equity	72,506	507,049	821,936
Class A ordinary shares
Equity
Ordinary shares	17	118	118
Class B ordinary shares
Equity
Ordinary shares	$ 2	11	11
Parent
ASSETS
Cash and cash equivalents		25,428	99,459
Short-term investments		19,728
Amounts due from the Group's entities		25,256	185,892
Loan to the Group's entities		112,566
Prepaid expenses and other current assets		235
Other non-current assets		1,512	548
Total assets		184,725	285,899
LIABILITIES AND EQUITY
Amounts due to the Group's entities		64,572	35,613
Equity loss in subsidiaries, VIE and VIE's subsidiaries		23,807	12,021
Acquisition consideration payable		8,983	8,983
Other payable and accrued liabilities		12,723	2,052
Total liabilities		110,085	58,669
Equity
Additional paid-in capital		3,501,859	3,489,553
Treasury stock (nil and 1,769,610 shares as of December 31, 2024 and 2025, respectively)		(3,494)
Accumulated other comprehensive income		22,626	25,096
Accumulated deficit		(3,446,480)	(3,287,548)
Total equity		74,640	227,230
Total liabilities and equity		184,725	285,899
Parent \| Class A ordinary shares
Equity
Ordinary shares		118	118
Parent \| Class B ordinary shares
Equity
Ordinary shares		¥ 11	¥ 11

SHARE-BASED COMPENSATION - Share Options (Details) ¥ in Thousands				12 Months Ended
	Dec. 30, 2025 CNY (¥) shares	Dec. 30, 2025 $ / shares	Jan. 15, 2025 $ / shares shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 CNY (¥) $ / shares	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Jul. 20, 2017 $ / shares
SHARE-BASED COMPENSATION
Common stock, par value (in dollars per share) \| $ / shares								$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Share Options (in dollars per share) \| $ / shares		$ 0.66			$ 1.98
Contractual term (in years)				7 years 18 days
Share options granted to employees \| shares	4,996,006			4,996,006
Incremental compensation cost	¥ 1,079
Compensation expenses recognized for share-based awards				¥ 12,306		¥ 5,879	¥ 26,123
RSUs
SHARE-BASED COMPENSATION
Contractual term			8 years
Compensation expenses recognized for share-based awards				¥ 8,950		¥ 5,879	¥ 16,258
Employee Stock Option
SHARE-BASED COMPENSATION
Number of ordinary shares \| shares			4,996,006
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Contractual term			8 years
Vested over service periods			2 years
Vested \| shares				0
Unamortized stock-based compensation expense				¥ 3,193	$ 3,193
Compensation expenses recognized for share-based awards				¥ 3,356
Expected recognition of unvested awards weighted-average period				9 months

PRINCIPAL ACTIVITIES AND ORGANIZATION (Tables)

12 Months Ended

Dec. 31, 2025

PRINCIPAL ACTIVITIES AND ORGANIZATION

Schedule of principal subsidiary


		Place of		Date of incorporation		Percentage of direct		Establish or
Name of subsidiary		incorporation		or acquisition		or indirect ownership		acquired		Principal activities
Yunxuetang Information Technology (Jiangsu) Co., Ltd.		Suzhou		August 8, 2017		100%		Established		Technology development

Schedule of principal VIE and VIE's subsidiaries

As of December 31, 2025, the Company’s principal VIE and VIE’s subsidiaries are as follow:


		Place of		Date of incorporation		Percentage of		Establish or
Name of VIE and VIE’s subsidiaries		incorporation		or acquisition		economic interest		acquired		Principal activities
Radnova Intelligence Technology Co., Ltd. (formerly known as Jiangsu Radnova Intelligence Technology Co., Ltd. and Jiangsu Yunxuetang Network Technology Co., Ltd.)		Suzhou		December 22, 2011		100%		Established		Technology development and sales of SaaS platform
Beijing Xuanxing Intelligence Technology Co., Ltd. (formerly “Beijing Yunxuetang Network Technology Co., Ltd.”)		Beijing		August 21, 2012		100%		Established		Technology development and sales of SaaS platform
Suzhou Xuanxing Intelligence Technology Co., Ltd (formerly “Suzhou Xuancai Network Technology Co., Ltd”)		Suzhou		September 25, 2015		100%		Established		Technology development and sales of SaaS platform


	As of December 31,
	2024	2025
	RMB	RMB
ASSETS
Current assets
Cash and cash equivalents	143,120	66,321
Restricted cash	322	—
Accounts receivable, net	19,386	18,988
Amounts due from the Group’s entities	149,180	219,312
Amounts due from related parties	2,000	3,510
Prepaid expense and other current assets	29,450	17,642
Total current assets	343,458	325,773

Non-current assets
Long-term investments	113,884	104,326
Property, equipment and software, net	4,942	4,294
Intangible assets, net	7,069	3,383
Operating lease right-of-use assets, net	25,559	21,535
Other non-current assets	16,092	18,968
Total non-current assets	167,546	152,506

Total assets	511,004	478,279

LIABILITIES
Current liabilities
Accounts payable	6,188	8,774
Amounts due to a related party	2,452	1,975
Short-term borrowings	163,000	139,500
Deferred revenue, current	125,428	96,760
Amounts due to the Group’s entities	—	19
Acquisition consideration payable, onshore	5,792	5,792
Other payable and accrued liabilities	17,451	32,829
Operating lease liabilities, current	8,920	9,926
Total current liabilities	329,231	295,575

Non-current liabilities
Loans from the Group’s entity	30,000	142,566
Operating lease liabilities, non-current	17,439	12,987
Long-term borrowings	125,500	8,000
Deferred revenue, non-current	57,710	49,530
Total non-current liabilities	230,649	213,083

Total liabilities	559,880	508,658


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Revenues	424,016	331,190	339,822
Cost of revenues	(136,865)	(97,076)	(83,361)
Net (loss)/income	(45,835)	(18,255)	16,211

Net cash used in operating activities	(4,070)	(54,515)	(60,925)
Net cash used in investing activities	(10,711)	(147,029)	(3,229)
Net cash generated from/(used in) financing activities	185,800	52,700	(12,967)
Net increase/(decrease) in cash, cash equivalents and restricted cash	171,019	(148,844)	(77,121)
Cash, cash equivalents and restricted cash at beginning of the year	121,267	292,286	143,442
Cash, cash equivalents and restricted cash at end of the year	292,286	143,442	66,321

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

PREPAID EXPENSES AND OTHER CURRENT AND NON-CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

PREPAID EXPENSES AND OTHER CURRENT AND NON-CURRENT ASSETS

Schedule of Prepaid expenses and other current and non-current assets


		As of December 31,
		2024		2025
		RMB		RMB
Current assets
Prepaid marketing expenses⁽¹⁾		25,648		9,462
Deposits		2,829		2,741
VAT recoverable ⁽²⁾		992		1,179
Other miscellaneous prepaid expenses		6,322		8,368
Total		35,791		21,750
Non-current assets
Prepaid marketing expenses⁽¹⁾		18,672		21,663
Deferred offering costs⁽³⁾		—		1,512
Deposits		1,604		1,452
Other miscellaneous prepaid expenses		73		—
Total		20,349		24,627

(1)

(2)	VAT recoverable represented the balances that the Group can utilize to deduct its VAT liabilities.

(3)	Deferred offering costs represent consent letters fee, legal expenses, and printer fees incurred through the reporting date that are directly related to an anticipated offering and that will be charged as a reduction against additional paid-in capital upon the completion of the offering.

FAIR VALUE MEASUREMENTS - Schedule of significant unobservable inputs of assets (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥) Y	Dec. 31, 2024 CNY (¥) Y	Feb. 28, 2022 CNY (¥)	Oct. 13, 2021 CNY (¥)	Jul. 01, 2021 CNY (¥)
FAIR VALUE MEASUREMENTS
Initial cost	¥ 138,756	¥ 138,756
Lingdai Investment
FAIR VALUE MEASUREMENTS
Initial cost	31,980	31,980
Jiayang Investment
FAIR VALUE MEASUREMENTS
Initial cost	55,000	55,000
Tale Base Investment
FAIR VALUE MEASUREMENTS
Initial cost	31,400	31,400
Recurring Basis \| Lingdai Investment
FAIR VALUE MEASUREMENTS
Initial cost	15,826	17,981
Recurring Basis \| Lingdai Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Initial cost	¥ 15,826	¥ 17,981			¥ 31,980
Relative weighting percentage	(100.00%)	(100.00%)
Debt Securities, Available-for-Sale, Valuation Technique [Extensible Enumeration]	us-gaap:MarketApproachValuationTechniqueMember	us-gaap:MarketApproachValuationTechniqueMember
Recurring Basis \| Jiayang Investment
FAIR VALUE MEASUREMENTS
Initial cost	¥ 63,647	¥ 61,426
Recurring Basis \| Jiayang Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Initial cost	¥ 63,647	¥ 61,426		¥ 55,000
Relative weighting percentage	(100.00%)	(100.00%)
Debt Securities, Available-for-Sale, Valuation Technique [Extensible Enumeration]	us-gaap:MarketApproachValuationTechniqueMember	us-gaap:MarketApproachValuationTechniqueMember
Recurring Basis \| Tale Base Investment
FAIR VALUE MEASUREMENTS
Initial cost	¥ 22,401	¥ 29,764
Recurring Basis \| Tale Base Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Initial cost	¥ 22,401	¥ 29,764	¥ 31,400
Relative weighting percentage	(100.00%)	(100.00%)
Debt Securities, Available-for-Sale, Valuation Technique [Extensible Enumeration]	us-gaap:MarketApproachValuationTechniqueMember	us-gaap:MarketApproachValuationTechniqueMember
Recurring Basis \| Revenue multiple \| Minimum \| Lingdai Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	1.3	1
Recurring Basis \| Revenue multiple \| Minimum \| Jiayang Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	0.3	0.2
Recurring Basis \| Revenue multiple \| Minimum \| Tale Base Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	1.2	2.4
Recurring Basis \| Revenue multiple \| Maximum \| Lingdai Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	(2.3)	(2.5)
Recurring Basis \| Revenue multiple \| Maximum \| Jiayang Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	(0.7)	(1.2)
Recurring Basis \| Revenue multiple \| Maximum \| Tale Base Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	(2.3)	(3)
Recurring Basis \| Volatility \| Minimum \| Lingdai Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	50	50
Recurring Basis \| Volatility \| Minimum \| Jiayang Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	30	40
Recurring Basis \| Volatility \| Minimum \| Tale Base Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	40	38
Recurring Basis \| Volatility \| Maximum \| Lingdai Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	60	60
Recurring Basis \| Volatility \| Maximum \| Jiayang Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	38	48
Recurring Basis \| Volatility \| Maximum \| Tale Base Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs	48	42
Recurring Basis \| Expected terms (expiration/time to exit ) \| Minimum \| Lingdai Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs \| Y	1.5	1.5
Recurring Basis \| Expected terms (expiration/time to exit ) \| Minimum \| Jiayang Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs \| Y	1	1
Recurring Basis \| Expected terms (expiration/time to exit ) \| Minimum \| Tale Base Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs \| Y	1	1
Recurring Basis \| Expected terms (expiration/time to exit ) \| Maximum \| Lingdai Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs \| Y	2.5	2.5
Recurring Basis \| Expected terms (expiration/time to exit ) \| Maximum \| Jiayang Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs \| Y	3	3
Recurring Basis \| Expected terms (expiration/time to exit ) \| Maximum \| Tale Base Investment \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable inputs \| Y	2	2

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

18. SHARE-BASED COMPENSATION

On September 10, 2021, the Company adopted 2021 Share Incentive Plan (“the 2021 Plan”) with the purpose of providing incentives and rewards to its managements and employees.

Under the 2021 Plan, the Company’s Board of Directors has approved that a maximum aggregate number of shares that may be issued pursuant to all awards granted shall be 11,258,693 shares, 11,154,698 shares have been granted under the 2021 plan since adoption day.

Compensation expenses recognized for share-based awards granted by the Company were as follows:


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
General and administrative expenses	26,123	5,879	9,834
Sales and marketing expenses	—	—	1,400
Research and development expenses	—	—	720
Cost of revenues	—	—	352
Total	26,123	5,879	12,306


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Share-based compensation expenses:
-Related to management’s restricted shares (a)	9,865	—	—
-Related to management’s RSUs (b)	16,258	5,879	8,950
-Related to share options (c)	—	—	3,356
Total	26,123	5,879	12,306

There was no income tax benefit recognized in the consolidated statements of comprehensive loss for share-based compensation expenses and the Company did not capitalize any of the share-based compensation expenses as part of the cost of any assets for years ended December 31, 2023, 2024 and 2025.

(a)	Management’s Restricted Shares

As further discussed in Note 16, on September 10, 2021, the Company granted 1,478,415 restricted ordinary shares at par value US$0.0001 to Zuniform Limited, owned by the CEO. The restricted ordinary shares had been vested in two tranches, i.e., 739,207 and 739,208 ordinary shares and no longer be deemed restricted shares on July 5, 2022 and July 5, 2023, respectively.

The movement of the restricted shares during the year ended December 31, 2023, was as follow:


	Number of restricted	Weighted average grant
	shares	date fair value (US$)
Unvested as of January 1, 2023	739,208	5.7072
Vested	(739,208)	5.7072
Unvested as of December 31, 2023	—	—

The fair value of the management’s restricted shares was determined at the respective grant date by the Company and was amortized over the respective vesting period on graded vesting method. The share-based compensation expenses related to management’s restricted shares for the years ended December 31, 2023, 2024 and 2025 were RMB 9,865, RMB nil and RMB nil, respectively.

18. SHARE-BASED COMPENSATION (CONTINUED)

(b)Management’s RSUs

On October 5, 2022, 1,421,181 RSUs representing 1,421,181 ordinary shares of the Company with par value US$0.0001 were granted to certain director, executive officer and management of the Company. 745,164 RSUs have immediately vested due to the service inception date preceded the grant date and the Company recognized RMB 33,600 share-based compensation expenses on the grant date. 234,005, 234,005 and 208,007 RSUs were vested during the years ended December 31, 2023, 2024 and 2025, respectively.

On January 15, 2025, 1,780,681 RSUs representing 1,780,681 ordinary shares of the Company with par value US$0.0001 were granted to certain director, executive officer and management of the Company (“2025 RSUs”). RSUs granted have both service condition and performance condition based on employees’ key performance indicators evaluation during the performance period and compensation cost is accrued as it is probable that the performance condition will be achieved. The contract term of RSUs granted on January 15, 2025 is eight years from the grant date. RSUs granted are scheduled to be vested over service periods ranging from two months to two years. 1,299,766 RSUs are vested during the year ended December 31, 2025, and 415,926 RSUs and 64,989 RSUs will be vested during the years ended December 31, 2026 and 2027, respectively.

The movement of the RSUs during the years ended December 31, 2023, 2024 and 2025, was as follows:


	RSUs
	Number of	Weighted average grant
	RSUs	date fair value (US$)
Unvested as of January 1, 2023	676,017	6.3515
Vested	(234,005)	6.3515
Unvested as of December 31, 2023	442,012	6.3515
Vested	(234,005)	6.3515
Unvested as of December 31, 2024	208,007	6.3515
Granted	1,780,681	0.6727
Vested	(1,507,773)	1.4561
Unvested as of December 31, 2025	480,915	0.6727

The fair value of the management’s RSUs was determined based on the market closing price of the Company’s ADS. The stock-based compensation was estimated based on the probability of performance condition and amortized over the respective vesting period on graded vesting method. The share-based compensation expenses related to management’s RSUs for the years ended December 31, 2023, 2024 and 2025 were RMB 16,258, RMB 5,879 and RMB 8,950, respectively.

As of December 31, 2025, there was RMB 540 of unamortized stock-based compensation expense related to unvested awards which is expected to be recognized over a weighted-average period of 0.42 years. The Company accounts for forfeitures as they occur.

(c) Share Options

On January 15, 2025, share options representing 4,996,006 ordinary shares of the Company with par value US$0.0001 were granted to certain employees and executives of the Company. Options granted have both service condition and performance condition based on employees and executives’ key performance indicators evaluation during the performance period and compensation cost is accrued as it is probable that the performance condition will be achieved. The contract term of share options granted on January 15, 2025 is eight years from the grant date. Options granted are scheduled to be vested over service periods of two years. Nil employee share options are vested during the year ended December 31, 2025. The exercise price for the share options is USD 1.98 per share.

18. SHARE-BASED COMPENSATION (CONTINUED)

On December 30, 2025, the Company modified the exercise price to USD 0.66 per share for a total number 4,996,006 share options previously granted to certain employees and executives of the Company on January 15, 2025. All other terms of the share options granted remain unchanged. The modification resulted in an incremental compensation cost of RMB 1,079, which will be amortized over the remaining vesting period of the modified options.

A summary of the employees’ share options for the year ended December 31, 2025, was as follow:


						Weighted-		Weighted
				Weighted-		average		average		Aggregate
				average exercise		remaining		grant date		intrinsic
		Number of share		price per option		contractual life		fair		value
		option		(US$)		(years)		value (US$)		(US$)
Outstanding as of January 1, 2025		—		—		—		—		—
Granted		4,996,006		1.98				0.1627
Exercised		—		—				—
Forfeited		(543,979)		1.98				0.1626
Outstanding as of December 31, 2025		4,452,027		0.66		7.05		0.1627		—

Exercisable as of December 31, 2025		—		—		—		—		—
Expected to vest as of December 31, 2025		4,452,027		0.66		7.05		0.1627		—

The share-based compensation expenses related to share options for the year ended December 31, 2025 were RMB 3,356. As of December 31, 2025, there was RMB 3,193 of unrecognized stock-based compensation related to unvested share options, which is expected to be recognized over a weighted-average period of 0.75 years.

The Company estimates the fair value of share options on grant date using the binomial option pricing model and estimated the stock-based compensation based on the probability of performance condition and amortized over the respective vesting period on graded vesting method. The binominal model requires the input of highly subjective assumptions, including the expected share price volatility and the suboptimal early exercise factor. For expected volatility, the Company has made reference to historical volatilities of several comparable companies. The suboptimal early exercise factor was estimated based on the Company’s expectation of exercise behavior of the grantees. The risk-free rate for periods within the contractual life of the options is based on the market yield of U.S. Treasury Bonds in effect at the time of grant. Subsequent to the IPO, fair value of the ordinary shares is determined based on the closing price of the Company’s publicly traded ADSs on the grant date.

The following table presents assumptions used to estimate the fair values of share options granted for the year ended December 31, 2025:


		For the year ended December 31, 2025
Risk-free interest rate⁽¹⁾		4.80	%
Dividend yield⁽²⁾		0.00	%
Volatility⁽³⁾		49.44	%
Exercise multiple⁽⁴⁾		2.2-2.8

(1)	Risk-free interest rate – The risk-free interest rate for periods within the contractual life of the options is based on the yield of US government Bonds with a maturity life equal to the remaining maturity life of the share options as of the valuation date.

(2)	Dividend yield – The dividend yield is estimated based on the Company’s expected dividend policy over the expected term of the options.

18. SHARE-BASED COMPENSATION (CONTINUED)

(3)	Volatility – Volatility is estimated based on the historical volatility of common shares of several comparable publicly-traded companies in the same industry.

(4)	Exercise multiple – Exercise multiple is estimated based on changes in expected intrinsic value of the option and the likelihood of early exercise by employees.

PRINCIPAL ACTIVITIES AND ORGANIZATION - Liquidity (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2026 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)
PRINCIPAL ACTIVITIES AND ORGANIZATION
Net loss		$ 22,725	¥ 158,932	¥ 92,053	¥ 229,838
Net cash generated from/(used in) operating activities		20,856	¥ 145,866	211,734	¥ 257,029
Accumulated deficit		$ 492,840		¥ 3,287,548		¥ 3,446,480
Subsequent events \| Unsecured bank loan on April 2026
PRINCIPAL ACTIVITIES AND ORGANIZATION
Loan face amount	¥ 30,000
Term of loan	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

OTHER PAYABLE AND ACCRUED LIABILITIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Short-Term Debt [Line Items]
Salary and welfare payable		¥ 36,204	¥ 43,693
Accrued litigation liabilities		21,719	17,756
Taxes payable		4,200	4,780
Professional fees payable		8,759	3,063
Short-term rental payable		1,149	1,190
Leasehold improvement payable		263	515
Discounted bank acceptance notes		16,000
Others		667	1,031
Other payable and accrued liabilities	$ 12,721	¥ 88,961	72,028
Interest rate	12.00%	12.00%
Time deposits	$ 2,821	¥ 19,728
Asset pledged as collateral
Short-Term Debt [Line Items]
Time deposits		¥ 18,881	¥ 0
Notes payable to banks
Short-Term Debt [Line Items]
Interest rate	0.98%	0.98%

FAIR VALUE MEASUREMENTS - Schedule of significant unobservable inputs of liabilities (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024
FAIR VALUE MEASUREMENTS
Derivative liabilities	¥ 0
IPO scenario
FAIR VALUE MEASUREMENTS
Relative weighting percentage		80.00%
Redemption scenario
FAIR VALUE MEASUREMENTS
Relative weighting percentage		20.00%
Recurring Basis \| Significant unobservable inputs (Level 3)
FAIR VALUE MEASUREMENTS
Key unobservable input		15
Embedded Derivative Liability, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember
Derivative liabilities	¥ 0

SHARE-BASED COMPENSATION - Compensation Expenses Recognized (Details) - CNY (¥) ¥ in Thousands		12 Months Ended
	Sep. 10, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SHARE-BASED COMPENSATION
Compensation expenses recognized for share-based awards		¥ 12,306	¥ 5,879	¥ 26,123
Income tax benefit recognized		0	0	0
2021 Plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares issued	11,258,693
Shares granted	11,154,698
Restricted shares
SHARE-BASED COMPENSATION
Compensation expenses recognized for share-based awards				9,865
Restricted shares \| 2021 Plan
SHARE-BASED COMPENSATION
Compensation expenses recognized for share-based awards		0	0	9,865
RSUs
SHARE-BASED COMPENSATION
Compensation expenses recognized for share-based awards		8,950	5,879	16,258
RSUs \| 2021 Plan
SHARE-BASED COMPENSATION
Compensation expenses recognized for share-based awards		8,950	5,879	16,258
Employee Stock Option
SHARE-BASED COMPENSATION
Compensation expenses recognized for share-based awards		3,356
General and administrative expenses
SHARE-BASED COMPENSATION
Compensation expenses recognized for share-based awards		9,834	¥ 5,879	¥ 26,123
Sales and marketing expenses
SHARE-BASED COMPENSATION
Compensation expenses recognized for share-based awards		1,400
Research and development expenses
SHARE-BASED COMPENSATION
Compensation expenses recognized for share-based awards		720
Cost of revenues
SHARE-BASED COMPENSATION
Compensation expenses recognized for share-based awards		¥ 352

PRINCIPAL ACCOUNTING POLICIES - Long-Lived Assets and Goodwill (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) item	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)
PRINCIPAL ACCOUNTING POLICIES
Impairment of long-lived assets	¥ 0	¥ 0	¥ 0
Number of reporting units \| item	1
Relative fair value of goodwill					¥ 276
Goodwill		163,837		$ 23,428	¥ 163,837
Goodwill impairment loss	¥ 0	¥ 0	¥ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

TAXATION

12 Months Ended

Dec. 31, 2025

TAXATION

TAXATION

15. TAXATION

(a)	Value Added Tax (“VAT”) and Surcharges

The Group is subject to VAT at the rate of 6% for both corporate learning solutions and other revenues.

(b)Income Tax

Cayman Islands

Under the current laws of the Cayman Islands, entities incorporated in the Cayman Islands are 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.

British Virgin Islands

Under the current laws of the British Virgin Islands, entities incorporated in the British Virgin Islands are not subject to tax on their income or capital gains.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Company’s subsidiaries incorporated in Hong Kong are subject to a two-tiered profits tax rates regime. Under the two-tiered profits tax rates regime, the first HK$2.0 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2.0 million will be taxed at 16.5%.

PRC

On March 16, 2007, the National People’s Congress of PRC enacted a new Enterprise Income Tax Law (“new EIT law”), under which Foreign Investment Enterprises (“FIEs”) and domestic companies would be subject to enterprise income tax at a uniform rate of 25%. The new EIT law became effective on January 1, 2008. In accordance with the implementation rules of EIT Law, a qualified “High and New Technology Enterprise” (“HNTE”) is eligible for a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. An entity could re-apply for the HNTE certificate when the prior certificate expires.

15. TAXATION (CONTINUED)

(b)Income Tax (continued)

PRC (continued)

Radnova Intelligence was recognized as a HNTE first time on November 30, 2021 and renewed its HNTE certificate on December 16, 2024, thus it was entitled to the preferential income tax rate of 15% from calendar year 2021 to 2026. Yunxuetang Information was recognized as a HNTE first time on December 19, 2025, thus it was entitled to the preferential income tax rate of 15% from calendar year 2025 to 2027.

For qualified small and low-profit enterprises, from January 1, 2023 to December 31, 2027, 25% of the first RMB 3.0 million of the assessable profit before tax is subject to the tax rate of 20%. For the years ended December 31, 2024 and 2025, there are qualified small and low-profit enterprises in PRC, and thus they were eligible for the above preferential tax rate for small and low-profit enterprises.

Singapore

The applicable tax rate is 17% in Singapore, with 75% of the first approximately SGD 10,000 taxable income and 50% of the next approximately SGD 190,000 taxable income are exempted from income tax.

Withholding Tax on Undistributed Dividends

The new EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “actual management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “actual management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC should be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, there is uncertainty as to the application of the EIT Law. Should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income tax on worldwide income at a uniform tax rate of 25%.

The new EIT law also imposes a withholding income tax of 10% on dividends distributed by an FIE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% if the foreign investor owns directly at least 25% of the shares of the FIE and if Hong Kong company is a beneficial owner of the dividend. The State Taxation Administration (“SAT”) further promulgated SAT Public Notice [2018] No.9 regarding the assessment criteria on beneficial owner status.

As of December 31, 2024 and 2025, the Group does not have any plan for its PRC subsidiaries to distribute their retained earnings and intends to retain them to operate and expand its business in the PRC. Accordingly, no deferred income tax liabilities on withholding tax were provided as of December 31, 2024 and 2025, respectively.

15. TAXATION (CONTINUED)

(b)Income Tax (continued)

Composition of Income Tax

The (loss)/income before income tax benefit is attributable to the following geographic locations:


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Loss from PRC entities	(307,901)	(176,456)	(96,735)
Income/(Loss) from overseas entities	68,192	84,403	(62,197)
Total Loss before income tax benefit	(239,709)	(92,053)	(158,932)

The income tax benefit consists of the following components:


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Current income tax expense	—	—	—
Deferred income tax benefit	9,871	—	—
Total income tax benefit	9,871	—	—

Reconciliation of the differences between the statutory EIT rate applicable to losses of the consolidated entities and the income tax benefit of the Group:


	Year ended December 31,
	2023		2024		2025
PRC Statutory income tax rate	25.0	%	25.0	%	25.0	%
Different tax rates in other jurisdictions ⁽¹⁾	8.0	%	21.0	%	(7.0)	%
Preferential tax rates and tax holiday⁽²⁾	(4.0)	%	(11.0)	%	(8.0)	%
Permanent differences ⁽³⁾	(2.6)	%	(25.0)	%	(1.0)	%
Additional deduction of qualified R&D expenditures	7.7	%	16.0	%	5.0	%
Changes in valuation allowance	(19.0)	%	70.0	%	78.0	%
Changes in tax rates	—		(25.0)	%	(109.0)	%
NOL true-up related to HNTE⁽⁴⁾	—		—		17.0	%
Expiration on net operating losses (“NOL”)	(11.0)	%	(49.0)	%	—
Deconsolidation on NOL	—		(22.0)	%	—
Effective tax rates	4.1	%	—		—

(1)	The tax rate difference is attributed to varying rates in other jurisdictions where the Group is established or operates, such as the Cayman Islands, British Virgin Islands, Singapore and Hong Kong.

(2)

(3)	The permanent differences are primarily related to share-based compensation, non-deductible expenses and true-up on NOL.

15. TAXATION (CONTINUED)

(b)Income Tax (continued)

Composition of Income Tax (continued)

(4)

(c)Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to the deferred tax asset balances as of December 31, 2024 and 2025 are as follows:


		As of December 31,
		2024		2025
		RMB		RMB
Deferred tax assets
Net operating loss carried forward		452,178		327,627
Excess advertising expense		—		35
Accounts receivables allowance		259		236
Fair value change of long-term investment		4,141		5,657
Total deferred tax assets		456,578		333,555
Valuation allowance		(456,578)		(333,555)
Total deferred tax assets, net of valuation allowance		—		—

The Group had no deferred tax liabilities recorded on the consolidated balance sheets as of December 31, 2024 and 2025.

Movement of valuation allowance:


		As of December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance at beginning of the year		(476,022)		(521,462)		(456,578)
Additions		(45,440)		—		(5,417)
Reversals		—		64,884		128,440
Balance at end of the year		(521,462)		(456,578)		(333,555)

According to PRC tax regulations, the PRC enterprise’s net operating loss can be generally carried forward for no longer than five years, and HNTE or Technological SMEs’ net operating losses can be carried forward for no more than 10 years, starting from the year subsequent to the year in which the loss was incurred. Carryback of losses is not permitted. The Group will re-apply for the HNTE certificate when the prior certificate expires or maintain Technological SMEs in the foreseeable future.

Total net operating losses (“NOL”) carryforwards of the subsidiaries, consolidated VIE and VIE’s subsidiaries established in the PRC of the Company is RMB 1,905,882 and RMB 2,219,827 as of December 31, 2024 and 2025, respectively. As of December 31, 2025, net operating loss carryforwards of the subsidiaries, consolidated VIE and VIE’s subsidiaries established in the PRC of the Company will expire in calendar years 2026 through 2035, if not utilized.

15. TAXATION (CONTINUED)

(c)Deferred Tax Assets and Deferred Tax Liabilities (continued)

The net operating loss carryforwards of the Group’s subsidiary in Hong Kong are nil and RMB 3,891 as of December 31, 2024 and 2025, respectively. Total net operating loss carryforwards of the Group’s subsidiary in Singapore are RMB 53 and RMB 20,156 as of December 31, 2024 and 2025, respectively. And the carry forward of tax losses in Hong Kong and Singapore generally have no time limits.

The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. Under the applicable accounting standards, management has considered the Group’s history of losses and uncertainty of future profitability and concluded that it is more likely than not that the Group will not generate future taxable income prior to the expiration of the majority of net operating losses for PRC. Accordingly, as of December 31, 2024 and 2025, RMB 456,578 and RMB 333,555 valuation allowance has been established respectively.

(d) Uncertain Tax Position

The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2025, the Group did not have any unrecognized uncertain tax positions. For the years ended December 31, 2023, 2024 and 2025, the Company did not incur any interest and penalties related to potential underpaid income tax expenses.

As of December 31, 2025, the tax years ended December 31, 2020 through 2024 for the Group’s subsidiaries in the PRC and the VIE and VIE’s subsidiaries are generally subject to examination by the PRC tax authorities. The statute of limitations for the Group’s subsidiary in Singapore is four years from the year of assessment. It does not apply where there has been fraud or willful default by the taxpayer. The statute of limitations for the Group’s subsidiaries in Hong Kong is six years after the end of that year of assessment. It may be made up to ten years after the end of the relevant assessment year where there has been fraud or willful default by the taxpayer.

- Definition

The entire disclosure for income tax.

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+ Details

OPERATING LEASE - Narrative (Details) ¥ in Thousands	12 Months Ended
OPERATING LEASE - Narrative (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
OPERATING LEASE
Variable lease cost	¥ 0
Minimum
OPERATING LEASE
Term of contract	1 year
Maximum
OPERATING LEASE
Term of contract	8 years

SHORT-TERM AND LONG-TERM BORROWINGS - Maturities of long term borrowings (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
SHORT-TERM AND LONG-TERM BORROWINGS
2026	¥ 42,000
2027	8,000
Long - term borrowings	¥ 50,000
Weighted average interest rates	3.14%	3.68%

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

SHARE-BASED COMPENSATION - Movement of RSUs (Details) - RSUs - $ / shares			12 Months Ended
	Jan. 15, 2025	Oct. 05, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of restricted shares
Unvested , beginning balance			208,007	442,012	676,017
Granted			1,780,681
Vested			(1,507,773)	(234,005)	(234,005)
Unvested , ending balance			480,915	208,007	442,012
Weighted average grant date fair value
Unvested , beginning balance			$ 6.3515	$ 6.3515	$ 6.3515
Granted			0.6727
Vested			1.4561	6.3515	6.3515
Unvested , ending balance			$ 0.6727	$ 6.3515	$ 6.3515
2021 Plan
Number of restricted shares
Granted		1,421,181
Vested		(745,164)	(208,007)	(234,005)	(234,005)
2025 Plan
Number of restricted shares
Granted	1,780,681
Vested			(1,299,766)

OPERATING LEASE - Maturities of lease liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
OPERATING LEASE
2026	¥ 10,631
2027	5,033
2028	1,579
2029	1,475
2030 and after	6,636
Total undiscounted operating lease payments	25,354
Less: imputed interest	(2,422)
Total	¥ 22,932	¥ 26,424

PRINCIPAL ACTIVITIES AND ORGANIZATION

12 Months Ended

Dec. 31, 2025

PRINCIPAL ACTIVITIES AND ORGANIZATION

PRINCIPAL ACTIVITIES AND ORGANIZATION

1. PRINCIPAL ACTIVITIES AND ORGANIZATION

(a)Principal Activities

YXT.COM Group Holding Limited (“the Company”) (formerly known as Unicentury Group Holding Limited) was incorporated under the laws of the Cayman Islands in January 2017, as an exempted company with limited liability. In June 2021, the Company was renamed to YXT.COM Group Holding Limited.

The Company, through its subsidiaries, consolidated variable interest entities (“VIEs”) and VIEs’ subsidiaries (collectively, the “Group”), conducts its operation in China. The Group’s platform has innovated a SaaS model, which integrates software and content, effectively assisting customers in the digital transformation of corporate learning. The Group’s principal operation and geographic market is in the People’s Republic of China (“PRC”).

(b)History of the Group and Basis of Presentation for the Reorganization and Latest Development of the Organization

Prior to the incorporation of the Company and starting in November 2011, the Group commenced its initial operations through Radnova Intelligence Technology Co., Ltd. (formerly known as Jiangsu Radnova Intelligence Technology Co., Ltd. and Jiangsu Yunxuetang Network Technology Co., Ltd.) (“Radnova Intelligence”) by Xiaoyan Lu (the “Founder”) and other three founding individuals. After a series of agreements, Radnova Intelligence was owned by Xiaoyan Lu and other eight founding individuals (collectively, the “Initial Ordinary Shareholder”) by January 2017. After the Company was established in Cayman Island in January 2017, YXT.COM (HK) Limited (“YXT HK”) was incorporated in Hong Kong SAR (“Hong Kong”) as a wholly owned subsidiary of the Company, and Yunxuetang Information Technology (Jiangsu) Co., Ltd. (“the WFOE”) was established as a wholly owned subsidiary of YXT HK in the PRC. The Group then entered into a series of contractual arrangements among the WFOE, Radnova Intelligence and Radnova Intelligence’s shareholders in October 2017 (the “Reorganization”). The principal term of these contractual agreements is discussed below. Radnova Intelligence became the variable interest entity of the Group (the “VIE”) as these contractual agreements provided the Group (i) with the power to direct activities of the VIE that most significantly affected its economic performance and (ii) received the economic benefits from the VIE that could be significant to them and as such the Group is the primary beneficiary and consolidates the VIE for financial reporting. After the completion of this transaction, the Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIEs. As the shareholders of the Company and Radnova Intelligence were mirrored with the same ownership immediately before and after the Reorganization, the Reorganization was determined to be a recapitalization and accounted for in a manner of a common ownership transaction. Accordingly, the accompanying consolidated financial statements were prepared as if the current corporate structure has been in existence since the incorporation of Radnova Intelligence. In 2018, 2020 and 2024, the VIE agreements were amended or restated, which amended the VIE’s shareholders list and equity interest of each shareholder as a result of the change in registered share capital of the VIE. Rights and obligations, clause, and terms regarding VIE accounting and consolidation basis remained substantially the same.

On June 24, 2020, the Company completed acquisition of the 60% outstanding shares, including preferred shares and common shares, of CEIBS Publishing Group Limited(the “CEIBS PG”). CEIBS PG, its subsidiary and its consolidated variable interest entities (together “CEIBS Publishing Group”) offer corporate learning solution through providing online learning content and offline training courses in the PRC. Since the completion of this acquisition, the Group had historically consolidated CEIBS Publishing Group. Until January 15, 2024, the Hong Kong International Arbitration Center (the “HKIAC Arbitration”) tribunal concluded and issued their final decision on the CEIBS arbitration case, resulting in the deconsolidation of CEIBS Publishing Group in January 2024. In January 2025, the High Court of Hong Kong dismissed the Company’s application to set aside the partial final award. Refer to Deconsolidation of CEIBS Publishing Group (Note 4) for additional details on the impact to the Group’s consolidated financial statements.

1. PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)

(b)History of the Group and Basis of Presentation for the Reorganization and Latest Development of the Organization (continued)

As of December 31, 2025, the Company’s principal subsidiary is as follow:


		Place of		Date of incorporation		Percentage of direct		Establish or
Name of subsidiary		incorporation		or acquisition		or indirect ownership		acquired		Principal activities
Yunxuetang Information Technology (Jiangsu) Co., Ltd.		Suzhou		August 8, 2017		100%		Established		Technology development

As of December 31, 2025, the Company’s principal VIE and VIE’s subsidiaries are as follow:


		Place of		Date of incorporation		Percentage of		Establish or
Name of VIE and VIE’s subsidiaries		incorporation		or acquisition		economic interest		acquired		Principal activities
Radnova Intelligence Technology Co., Ltd. (formerly known as Jiangsu Radnova Intelligence Technology Co., Ltd. and Jiangsu Yunxuetang Network Technology Co., Ltd.)		Suzhou		December 22, 2011		100%		Established		Technology development and sales of SaaS platform
Beijing Xuanxing Intelligence Technology Co., Ltd. (formerly “Beijing Yunxuetang Network Technology Co., Ltd.”)		Beijing		August 21, 2012		100%		Established		Technology development and sales of SaaS platform
Suzhou Xuanxing Intelligence Technology Co., Ltd (formerly “Suzhou Xuancai Network Technology Co., Ltd”)		Suzhou		September 25, 2015		100%		Established		Technology development and sales of SaaS platform

(c)Consolidated Variable Interest Entities

In order to comply with the PRC laws and regulations which prohibit or restrict foreign investments into companies involved in restricted businesses, the Group operates its Apps, websites and other restricted businesses in the PRC through PRC domestic companies and its subsidiaries, whose equity interests are held by certain entities and individuals including management members of the Company (“Nominee Shareholders”). Unrecognized revenue generating assets mainly include trademarks, licenses, patent and domain names, majority of which were held by VIEs and not recognized on VIEs’ standalone financial statements. Recognized revenue generating assets mainly included electronic equipment recorded in property, equipment, and software, while certain licenses and domain names were recognized as intangible assets. The Company entered into a series of contractual arrangements with such PRC domestic companies and its respective Nominee Shareholders, which provided the Company with substantially all of the economic benefits from such PRC domestic companies. Management concluded that such PRC domestic companies are VIE of the Company, of which the Company is the ultimate primary beneficiary. As such, the Group consolidated financial results of such PRC domestic companies and its subsidiaries in the Group’s consolidated financial statements. The principal terms of the agreements entered into amongst the VIE, the Nominee Shareholders and the WFOE are further described below.

1. PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)

(c)Consolidated Variable Interest Entities (continued)

Exclusive Call Option Agreements

Pursuant to the exclusive call option agreement, the Nominee Shareholders of the VIE have granted the WFOE the exclusive and irrevocable right to purchase or to designate one or more person(s) at its discretion to purchase part or all of the equity interests in the VIE (the “Target Equity”) from the Nominee Shareholders at any time. The total transfer price for the Target Equity shall be subject to the lowest price permitted by PRC laws and regulations. The VIE and its Nominee Shareholders have agreed that without prior written consent of the WFOE, the Nominee Shareholders or the VIE shall not sell, transfer, pledge or dispose of any of the Target Equity, assets, or the revenue or business in the VIE. In addition, the VIE covenants that it shall not declare any dividend or change capitalization structure of the VIE or enter into any loan or investment agreements without WFOE’s prior written consent.

Power of Attorney

Pursuant to the Power of Attorney, each of the Nominee Shareholders appointed the WFOE or its designee(s) as their attorney-in-fact to exercise all shareholder rights under PRC law and the relevant articles of association, including but not limited to, attending shareholders meetings and signing on their behalf on the resolutions, voting on their behalf on all matters requiring shareholder approval, including but not limited to the appointment and removal of legal representative, directors and senior management, as well as the sale, transfer and disposal of all or part of the equity interests owned by such shareholders. The power of attorney will remain effective for a given Nominee Shareholder until such shareholder ceases to be a shareholder of the VIE.

Exclusive Technology, Consulting and Service Agreement

Pursuant to the exclusive technology consulting and service agreement, the WFOE has agreed to provide to the VIE services, including, but not limited to, product development and research, website design, design, installation, commissioning and maintenance of computer networks system, database support and software service, economic and technology information consulting. The VIE shall pay to the WFOE service fees quarterly for an amount equal to 100% of its pre-tax profit, and the amount shall not be deducted or set-off unless mutually agreed by VIE and WFOE. The agreement remains effective until VIE dissolves in accordance with PRC laws, unless WFOE early terminates the agreement by delivering a prior written notice.

Equity Interest Pledge Agreements

Pursuant to the equity interest pledge agreement, the Nominee Shareholders of the VIE have pledged 100% equity interests in VIE to the WFOE to guarantee Nominee Shareholders and WFOE’s fulfillment of obligations under the above agreements, including the payment of service fees by the VIE of its obligations under the exclusive technology consulting and service agreement. The equity interest pledge shall not be released until Nominee Shareholders and WFOE have fulfilled all the obligations under the above agreements and WFOE has recognized in writing, unless otherwise expressly approved by WFOE in writing. In the event of a breach by the VIE or any of its Nominee Shareholders of contractual obligations under the above agreements, as the case may be, the WFOE, as pledgee, will have the right to auction or dispose of the pledged equity interests in the VIE and will have priority in receiving the proceeds from such auction or disposal.

Spousal Consent Letters

Pursuant to the Spousal Consent Letter, the spouse of each Nominee Shareholder (except for Mr. Xiaoyan Lu, Ms. Qi Gao, the shareholder of Radnova Intelligence who have no spouse yet), who is a natural person, unconditionally and irrevocably agreed that the equity interests in the VIE held by such Nominee Shareholder will be disposed of pursuant to the equity interest pledge agreement, the exclusive call option agreement, and power of attorney. Each of their spouses agreed not to assert any rights over the equity interests in the VIE held by such Nominee Shareholder. In addition, in the event that any spouse obtains any equity interests in VIE held by such Nominee Shareholder for any reason, he or she agreed to be bound by the equity interest pledge agreement, the exclusive option agreement, and power of attorney.

1. PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)

(d)Risks in Relations to the VIE Structure

The following tables set forth the assets, liabilities, results of operations and changes in cash and cash equivalents and restricted cash of the consolidated VIEs and their subsidiaries taken as a whole before eliminations of intercompany balances and transactions with other entities of the Group:


	As of December 31,
	2024	2025
	RMB	RMB
ASSETS
Current assets
Cash and cash equivalents	143,120	66,321
Restricted cash	322	—
Accounts receivable, net	19,386	18,988
Amounts due from the Group’s entities	149,180	219,312
Amounts due from related parties	2,000	3,510
Prepaid expense and other current assets	29,450	17,642
Total current assets	343,458	325,773

Non-current assets
Long-term investments	113,884	104,326
Property, equipment and software, net	4,942	4,294
Intangible assets, net	7,069	3,383
Operating lease right-of-use assets, net	25,559	21,535
Other non-current assets	16,092	18,968
Total non-current assets	167,546	152,506

Total assets	511,004	478,279

LIABILITIES
Current liabilities
Accounts payable	6,188	8,774
Amounts due to a related party	2,452	1,975
Short-term borrowings	163,000	139,500
Deferred revenue, current	125,428	96,760
Amounts due to the Group’s entities	—	19
Acquisition consideration payable, onshore	5,792	5,792
Other payable and accrued liabilities	17,451	32,829
Operating lease liabilities, current	8,920	9,926
Total current liabilities	329,231	295,575

Non-current liabilities
Loans from the Group’s entity	30,000	142,566
Operating lease liabilities, non-current	17,439	12,987
Long-term borrowings	125,500	8,000
Deferred revenue, non-current	57,710	49,530
Total non-current liabilities	230,649	213,083

Total liabilities	559,880	508,658

1. PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)

(d)Risks in Relations to the VIE Structure (continued)


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Revenues	424,016	331,190	339,822
Cost of revenues	(136,865)	(97,076)	(83,361)
Net (loss)/income	(45,835)	(18,255)	16,211

Net cash used in operating activities	(4,070)	(54,515)	(60,925)
Net cash used in investing activities	(10,711)	(147,029)	(3,229)
Net cash generated from/(used in) financing activities	185,800	52,700	(12,967)
Net increase/(decrease) in cash, cash equivalents and restricted cash	171,019	(148,844)	(77,121)
Cash, cash equivalents and restricted cash at beginning of the year	121,267	292,286	143,442
Cash, cash equivalents and restricted cash at end of the year	292,286	143,442	66,321

Under the contractual arrangements with the consolidated VIEs, the Company has the power to direct activities of the consolidated VIEs and VIEs’ subsidiaries through the Group’s relevant PRC subsidiaries. Relevant PRC laws and regulations restrict the VIEs and VIEs’ subsidiaries from transferring a portion of their net assets, equivalent to the balance of its registered capital, additional paid-in capital and statutory reserves, to the Company in the form of loans and advances or cash dividends. Please refer to Note 22 for disclosure of restricted net assets. The Company believes that no assets held in the consolidated VIEs and VIEs’ subsidiaries can be used only to settle obligations of the respective VIEs and VIEs’ subsidiaries, except for registered capital, additional paid-in capital and PRC statutory reserves. Since the consolidated VIEs and VIEs’ subsidiaries are incorporated as limited liability companies under the PRC Law, the creditors of the consolidated VIEs and VIEs’ subsidiaries do not have recourse to any assets of the WFOE or the Company for the debt settlement purpose. In the event that the shareholders of the VIEs breach the terms of the contractual arrangements and voluntarily liquidate the VIE, or the VIE declares bankruptcy and all or part of its assets become subject to liens or rights of third-party creditors, or are otherwise disposed of without our consent, the Company may be unable to conduct some or all of our and our subsidiaries business and the VIEs’ businesses operations or otherwise benefit from the assets held by the VIEs.

The Group believes that the Group’s relevant PRC subsidiaries’ contractual arrangements with the consolidated WFOEs, VIEs and VIEs’ subsidiaries and the Nominee Shareholders are in compliance with PRC laws and regulations, as applicable, and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements.

In addition, if the current structure of any of the contractual arrangements were found to be in violation of any existing PRC laws, the Company may be subject to penalties, which may include but not be limited to, the cancellation or revocation of the Company’s business and operating licenses, being required to restructure the Company’s operations or terminate the Company’s operating activities. The imposition of any of these or other penalties may result in a material and adverse effect on the Company’s ability to conduct its operations. In such case, the Company may not be able to operate or consolidate the VIEs and VIEs’ subsidiaries, which may result in deconsolidation of the VIEs and VIEs’ subsidiaries.

1. PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)

(d)Risks in Relations to the VIE Structure (continued)

There are, however, substantial uncertainties regarding the interpretation and application of current or future PRC laws and regulations. Accordingly, the Company cannot be assured that the PRC government authorities will not ultimately take a view that is contrary to the Company’s belief and the opinion of its PRC legal counsel. In March 2019, the draft Foreign Investment Law was submitted to the National People’s Congress for review and was approved on March 15, 2019, which came into effect from January 1, 2020. The approved Foreign Investment Law does not touch upon the relevant concepts and regulatory regimes that were historically suggested for the regulation of VIE structures, and thus this regulatory topic remain unclear under the Foreign Investment Law. Since the Foreign Investment Law is new, there are substantial uncertainties exist with respect to its implementation and interpretation and the possibility that such entities will be deemed as foreign-invested enterprise and subject to relevant restrictions in the future shall not be excluded. If the contractual arrangements establishing the Company’s VIE structure are found to be in violation of any existing law and regulations or future PRC laws and regulations, the relevant PRC government authorities will have broad discretion in dealing with such violation, including, without limitation, levying fines, confiscating income or the income of these affiliated Chinese entities, revoking business licenses or the business licenses of these affiliated Chinese entities, requiring the Company and its affiliated Chinese entities to restructure their ownership structure or operations and requiring the Company or its affiliated Chinese entities to discontinue any portion or all of the Company’s value-added businesses. Any of these actions could cause significant disruption to the Company’s business operations and have a severe adverse impact on the Company’s cash flows, financial position and operating performance. If the imposing of these penalties causes the Company to lose its rights to direct the activities of and receive economic benefits from the VIEs, which in turn may restrict the Company’s ability to consolidate and reflect in its financial statements the financial position and results of operations of its VIEs.

(e)Liquidity

The Group incurred net losses of RMB 229,838, RMB 92,053 and RMB 158,932 for the years ended December 31, 2023, 2024 and 2025, respectively. Net cash used in operating activities was RMB 257,029, RMB 211,734 and RMB 145,866 for the years ended December 31, 2023, 2024 and 2025, respectively. Accumulated deficit was RMB 3,287,548 and RMB 3,446,480 as of December 31, 2024 and 2025, respectively.

The Group’s ability to continue as a going concern is dependent on management’s ability to obtain additional loan or equity financing and successfully executing its business plan. Historically, the Group has relied principally on both operational sources of cash and non-operational sources of financing from investors and borrowings from banks to fund its operations and business development. In April 2026, the Group obtained an unsecured bank loan of RMB30,000 with a one-year term. The Group plans to obtain renewals of current bank loans when they become due or obtain new bank loans to ensure efficient operating cash flow. In addition, the Group implemented cost saving measures to reduce operating cash outflow and expect a decrease in cash outflow over the next twelve months to operate at the Group’s current level. Management has concluded that the above management’s plan is probable of being effectively implemented. With these and based on cash flows projection and existing balance of cash and cash equivalents, the Group believes the cash flows from operating and financing activities are sufficient to meet the cash requirements to fund planned operations and other commitments for at least the next twelve months from the consolidated financial statements are issued. The Group’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, there can be no assurances that funding sources will be available at terms acceptable to the Group, or at all.

OPERATING LEASE

12 Months Ended

Dec. 31, 2025

OPERATING LEASE

OPERATING LEASE

13. OPERATING LEASE

The Group has operating leases primarily for office and operation space. The Group’s operating lease arrangements have remaining terms of one year to eight years with no variable lease costs.

The Group performed evaluations of its contracts and determined that each of its identified leases is operating lease. The components of operating lease expense were as follows:


	Year ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Operating lease costs	18,472	12,907	10,461
Expenses for short-term lease within 12 months	1,155	1,266	968
Total lease cost	19,627	14,173	11,429

Supplemental balance sheet information related to leases is as follows:


	As of December 31,
	2024	2025
	RMB	RMB
Operating lease right-of-use assets	25,655	21,550

Operating lease liabilities - current	8,966	9,945
Operating lease liabilities - non-current	17,458	12,987
Total lease liabilities	26,424	22,932

Supplemental cash flow information related to leases is as follows:


	Year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities	20,187		13,444		9,594
Right-of-use assets obtained in exchange for operating lease liabilities	4,168		9,858		5,887

Weighted average remaining lease term (year)	4.63		5.61		5.01
Weighted average discount rate	4.73	%	3.92	%	3.81	%

Maturities of lease liabilities are as follows:


		As of December 31, 2025
		RMB
2026		10,631
2027		5,033
2028		1,579
2029		1,475
2030 and after		6,636
Total undiscounted operating lease payments		25,354
Less: imputed interest		(2,422)
Total		22,932

SHORT-TERM AND LONG-TERM BORROWINGS

12 Months Ended

Dec. 31, 2025

SHORT-TERM AND LONG-TERM BORROWINGS

SHORT-TERM AND LONG-TERM BORROWINGS

11. SHORT-TERM AND LONG-TERM BORROWINGS


		Fixed annual				As of December 31,
		interest rate		Term		2024		2025
						RMB		RMB
Short-term borrowings:
Secured bank loans⁽¹⁾		2.90%-3.60	%	Within 12 months		110,000		97,500
Current portion of long-term borrowings		3.00%-4.20	%	Within 12 months		53,000		42,000
Total						163,000		139,500

Long-term borrowings:
Secured bank loan⁽²⁾		3.45	%	1-2 years		73,500		—
Unsecured bank loan⁽³⁾		3.00%-3.55	%	1-2 years		105,000		50,000
Less: current portion of long-term borrowings		3.00%-4.20	%	Within 12 months		(53,000)		(42,000)
Total						125,500		8,000

(1)

As of December 31, 2024 and 2025, short-term borrowings from banks in the PRC amounted to RMB 110,000 and RMB 97,500 in aggregate and none was collateralized. All short-term secured bank are guaranteed by the Founder of the Group. The Group withdrew RMB 157,500 from the line of credits and repaid RMB 170,000 when the borrowings became due during the year ended December 31, 2025. As of December 31, 2025, the Group had unused line of credits of RMB 32,500 which would be due on July 21, 2027.

(2)

On April 27, 2023, the Group entered into one secured bank loan of RMB 80,000 which was guaranteed by the Founder of the Group with annual payment schedule of RMB 1,500, RMB 2,000 and RMB 76,500 in the years ended December 31, 2023, 2024 and 2025, respectively. The Group repaid RMB 1,500 during the year ended December 31, 2023 when the installment became due. In May 2024, the Group made early repayment of the full remaining balance, and refinanced a new secured bank loan of RMB 75,000 with annual payment schedule of RMB 1,500, RMB 2,000 and RMB 71,500 in the years ended December 31, 2024, 2025 and 2026, respectively. The new loan is also guaranteed by the Founder of the Group. The Group repaid RMB 1,500 during the year ended December 31, 2024 when the installment became due. In February 2025, the Group made early repayment of the full remaining balance.

(3)

On April 24, 2023, the Group entered one unsecured bank loan of RMB 50,000 with annual payment schedule of RMB 2,500, RMB 5,000 and RMB 42,500 in the years ended December 31, 2023, 2024 and 2025, respectively. The Group repaid RMB 2,500 and RMB 5,000 during the years ended December 31, 2023 and 2024, when the installment became due. In February 2025, the Group made early repayment of the remaining balance.

On December 27, 2023, the Group entered into another two unsecured bank loans with the same bank in total amount of RMB 100,000, both of which are due in June 2025. In December 2024, the Group made early repayment of the full balance.

11. SHORT-TERM AND LONG-TERM BORROWINGS (CONTINUED)

On April 19, 2024, the Group entered into one unsecured bank loan of RMB 43,000 with annual payment schedule of RMB 3,000 and RMB 40,000 in the years ended December 31, 2025 and 2026, respectively. The Group repaid RMB 3,000 in April 2025 when the installment became due.

On June 26, 2024, the Group entered into one unsecured bank loan of RMB 10,000 with annual payment schedule of RMB 500, RMB 3,500 and RMB 6,000 in the years ended December 31, 2024, 2025 and 2026, respectively. The Group repaid RMB 500 during the year ended December 31, 2024, when the installment became due. In September 2025, the Group made early repayment of the full remaining balance.

On July 31, 2024, the Group entered into one unsecured bank loan of RMB 10,000 with annual payment schedule of RMB 2,000 and RMB 8,000 in the years ended December 31, 2025 and 2026, respectively. In September 2025, the Group made early repayment of the full balance. On September 4, 2025, the Group entered into one unsecured bank loan of RMB 10,000 with annual payment schedule of RMB 2,000 and RMB 8,000 in the years ended December 31, 2026 and 2027, respectively.

The combined aggregate amount of maturities for all long-term borrowings for each of the five years following December 31, 2025 as follows:


		Long-term borrowings
		RMB
2026		42,000
2027		8,000
Total		50,000

The weighted average interest rates for the outstanding borrowings were approximately 3.68% and 3.14% as of December 31, 2024 and 2025, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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+ Details

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Accounting for Preferred Shares (Details) - CNY (¥) ¥ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Net accretion on convertible redeemable preferred shares to redemption value			¥ 290,543	¥ 9,452
Initial fair value		¥ 29,853
Derivative liabilities (including derivative liabilities of the consolidated VIEs without recourse to the Company of nil and nil as of December 31, 2023 and 2024, respectively)		¥ 0
Series A1 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage		150.00%
Series A2 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage		150.00%
Series A3 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage		150.00%
Series B convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage		150.00%
Class A ordinary shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon IPO (Note 17) (in shares)	125,154,172
Series A 4 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage		150.00%

DECONSOLIDATION OF CEIBS PUBLISHING GROUP

12 Months Ended

Dec. 31, 2025

DECONSOLIDATION OF CEIBS PUBLISHING GROUP

DECONSOLIDATION OF CEIBS PUBLISHING GROUP

4. DECONSOLIDATION OF CEIBS PUBLISHING GROUP

On June 24, 2020, the Company acquired 100% shares of CEIBS Management Ltd.(the “ManCo”) and Digital B-School China Limited (the “Digital B”) (the “Acquisition”, “Share Transfer”). ManCo held 21% common shares of CEIBS PG. Digital B held 0.04% common shares and 38.96% preferred shares of CEIBS PG. After the Acquisition, the Company effectively held 60% shares of CEIBS PG and obtained control of CEIBS PG. China Europe International Business School (“CEIBS”) holds the rest 40% common shares of CEIBS Publishing Group. The Company has included the financial results of CEIBS Publishing Group in the consolidated financial statements since the acquisition date. The consideration of the Acquisition included US$15 million in cash (equivalent to RMB 103,924) and 5,252,723 Series A-4 preferred shares of the Company with the total fair value of RMB 94,755 issued. The Company made partial cash consideration of RMB 79,549 upon closing in July 2020 and also made cash payment of RMB 9,600 in February 2023.

In 2007, CEIBS had entered into a quitclaim with CEIBS PG and stated that CEIBS relinquished and waived all of its rights in relevant intellectual properties and authorized CEIBS PG the exclusive right to file for relevant trademark registration and use such intellectual properties worldwide (the “Quitclaim”).

However, in August 2020, CEIBS, the other shareholder of CEIBS PG holding the remaining 40% equity interest, stated publicly that the Group had infringed its intellectual property rights and CEIBS was not aware of and did not recognize the associated share purchase of Shanghai China Europe International Culture Communication Co., Ltd. and Shanghai Fenghe Culture Communication Co., Ltd. by Radnova Intelligence, the VIEs. In January 2021, CEIBS further filed a winding-up petition with the High Court of Hong Kong, seeking to wind up CEIBS PG and to terminate the Quitclaim (the “Winding-up Proceedings”). These disputes arose from a series of transaction documents, including a share purchase agreement, entered into among CEIBS and certain then shareholders of CEIBS PG for the establishment of CEIBS PG in May 2007 (collectively, the “Transaction Documents”).

4. DECONSOLIDATION OF CEIBS PUBLISHING GROUP (CONTINUED)

CEIBS filed this petition on the basis that, amongst others, (i) the Share Transfer circumvented and was in breach of a right-of-first-offer provision, which requires a shareholder to give notice to other shareholders before it transfers its shares to a transferee who is neither another shareholder or an affiliate of a shareholder; (ii) the Share Transfer has caused a complete and irretrievable breakdown of mutual trust and confidence in the cooperation of CEIBS PG among the parties; (iii) CEIBS had the right to withdraw the sole and exclusive rights over the trademarks granted to CEIBS PG when there are significant changes to the shareholder structure of CEIBS PG based on the memorandum of understanding agreed among the parties; and (iv) the Group infringed its intellectual property rights by using “CEIBS” related trademarks outside the agreed scope under the Quitclaim.

In November 2020, CEIBS PG brought an arbitration action against CEIBS in the HKIAC Arbitration, alleging the CEIBS has breached the Quitclaim and the Transaction Documents entered into among the parties by using “CEIBS” related trademarks, which CEIBS PG has sole and exclusive rights to use.

In November 2021, the High Court of Hong Kong decided that the Winding-up Proceedings be stayed pending determination of the HKIAC Arbitration. However, upon determination of the HKIAC Arbitration, the parties do have the liberty to restore the Winding-up Proceedings for further directions or order.

The hearing of the HKIAC Arbitration was held in May 2023, and in August 2023, a closing of the HKIAC Arbitration was held. Upon the hearing period, as advised by the Group’s litigation counsel, the Group believed that the claims of CEIBS above lacked merit and the likelihood for the Winding-up Proceedings to succeed was relatively remote based on the available information by at that time, including the claims made by CEIBS throughout the period up to the hearing period. Also, in July 2023, CEIBS alleged in its closing submission to the HKIAC arbitration tribunal that, among other things, the issuance of the 21% equity interest of CEIBS PG to CEIBS Management Ltd. in 2007 only entitled CEIBS Management Ltd.’s 100% equity owner Mr. Xuelin Zhou legal ownership rather than beneficial ownership pursuant to the Series A preferred share purchase agreement (the “SPA”). The parties had different interpretations regarding the relevant clause in the SPA. Management believed the transfer of 21% of CEIBS PG shares beneficial ownership to the Company in 2020 was valid. The Company’s view had been fully supported by their litigation counsel and remained unchanged throughout the process of the HKIAC Arbitration. Although, the Company believed the new allegation raised by CEIBS in July 2023 had no merit at that time, an unfavorable arbitration result would have a material and adverse effect on the Company’s results of operations reflected on the consolidated financial statements.

On January 15, 2024, the arbitration tribunal declared the transfer of 21% of CEIBS PG shares to the Company as invalid at the time of the transfer and the Group’s appointment of one director CEIBS PG invalid, while dismissing the Quitclaim issue due to the lack of jurisdiction. Such ruling was based on the tribunal’s determination that the issuance of the 21% equity interest of CEIBS PG to CEIBS Management Ltd. in 2007 only entitled CEIBS Management Ltd.’s 100% equity owner Mr. Xuelin Zhou legal ownership rather than beneficial ownership pursuant to the SPA, which made his transfer of such equity interest to Chengwei Capital HK Limited in 2016 invalid, and the subsequent transfer from Chengwei Capital HK Limited to us in 2020 invalid too. The Group subsequently applied to set aside the arbitration award in April 2024 with the High Court of Hong Kong and CEIBS also filed an application to the High Court of Hong Kong to enforce the arbitration award in April 2024. In May 2024, the High Court of Hong Kong held a hearing, during which the set aside application and the enforcement application were adjourned for substantive arguments before a judge in August 2024. Having considered recent Hong Kong courts have generally adopted a very pro-arbitration approach, the chance of successfully set aside the Award before the Hong Kong Court was determined to be remote. 21% of the Company’s equity interest in CEIBS PG was invalidated upon the Partial Final Award. In addition, the Tribunal held that the appointment to the CEIBS PG Board of one of the three Directors from the Group was invalid, one of the three YXT Directors should cease to exercise any rights in its capacity as a director of CEIBS PG, failing which CEIBS may apply to enforce the Award, accordingly, the Group determined they had lost their control over CEIBS PG since the Partial Final Award upon the final ruling declared on January 15, 2024.

On November 25, 2024, HKIAC issued a cover letter and final award on litigation costs according to which Digital B shall pay to CEIBS the amount up to RMB 17,756. The Group accrued the litigation costs in other payable and accrued liabilities as of December 31, 2024 and 2025.

4. DECONSOLIDATION OF CEIBS PUBLISHING GROUP (CONTINUED)

In January 2025, the High Court of Hong Kong dismissed the application to set aside the partial final award and issued an order that Digital B and four other parties are jointly and severally liable to pay to CEIBS costs of two previous proceedings on an indemnity basis. In June 2025, the total amount of costs claimed by CEIBS in relation to the order is RMB 3,963. The Group accrued the litigation costs in other payable and accrued liabilities as of December 31, 2025.

In March 2025, CEIBS filed a petition with the High Court of Hong Kong, seeking to restore the Winding-up Proceeding. In the same month, the High Court of Hong Kong order to enforce the final award on the litigation cost. In August 2025, the Company filed its evidence in opposition to the winding - up petition. While in November 2025, the High Court of Hong Kong made a winding - up order against CEIBS PG, and a cost order that Digital B shall bear the costs of and occasioned by CEIBS, the amount of which is not reasonably estimable as of the issuance date of the consolidated financial statements.

Prior to any future negotiations amongst the counter parties, the remaining consideration payable of the Acquisition amount to RMB 14,775 remains unchanged legally as of December 31, 2024 and 2025.

The Company still legally retains the 39% share of CEIBS PG. The Company recorded the remaining 39% share of CEIBS PG amounting to RMB 4,976 as a debt investment in January 2024. Given the underlying shares are redeemable preferred shares issued by CEIBS PG, it is classified as available for sale debt security investment in Long-term investments on the consolidated balance sheets and is subject to market fair value assessment each reporting period. The fair value assessment utilizes income approach to determine the equity value. The redeemable preferred shares were not considered in substance common stock. As of December 31, 2025, the 39% shares of CEIBS PG in the amount of RMB 4,976 is fully impaired as the Company has the intent to sell the impaired securities before recovery of its amortized cost basis.

According to ASC 810-10-40, the difference between the carrying value of the assets, liabilities and non-controlling interest of CEIBS Publishing Group that were deconsolidated, and the fair value of the continuing investment, as determined at the date of deconsolidation, resulted in a gain in the amount of RMB 78,760 before tax. This gain on the deconsolidation was presented on the Company’s consolidated statement of comprehensive loss for the year ended December 31, 2024.

4. DECONSOLIDATION OF CEIBS PUBLISHING GROUP (CONTINUED)

The following table sets forth details of the condensed balance sheet of CEIBS Publishing Group, which was deconsolidated on January 15, 2024:


		As of
		January 15, 2024
		RMB
Cash and cash equivalents		30,767
Accounts receivable, net		10,928
Prepaid expenses and other current assets		383
Property, equipment and software, net		2,170
Intangible assets, net		70
Goodwill		276
Operating lease right-of-use assets, net		6,005
Other non-current assets		1,806
Accounts payable		(7,755)
Deferred revenue, current		(53,437)
Other payable and accrued liabilities		(11,780)
Operating lease liabilities, current		(4,022)
Operating lease liabilities, non-current		(2,117)
Deferred revenue, non-current		(12,491)
Non-controlling interests		(34,587)
Carrying net liabilities of CEIBS Publishing Group at deconsolidation		(73,784)

Fair value of 39% CEIBS Publishing Group after deconsolidation		4,976
Gain on deconsolidation of CEIBS Publishing Group		(78,760)

Pay vs Performance Disclosure ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Pay vs Performance Disclosure
Net Income (Loss)	$ (22,725)	¥ (158,932)	¥ (91,753)	¥ (220,455)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
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Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Liquidation Preferences (Details)	12 Months Ended
	Dec. 31, 2025
Series E Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Compound annual rate	12.00%
Series D Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Compound annual rate	12.00%
Series C convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Compound annual rate	8.00%
Series B convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%
Series A convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Redemption price percentage	150.00%

FAIR VALUE MEASUREMENTS - Schedule of fair value measurement of the assets and liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Feb. 28, 2022	Oct. 13, 2021	Jul. 01, 2021
Assets:
Long term investments, available-for-sale debt securities	¥ 138,756	¥ 138,756
Jiayang Investment
Assets:
Long term investments, available-for-sale debt securities	55,000	55,000
Tale Base Investment
Assets:
Long term investments, available-for-sale debt securities	31,400	31,400
Lingdai Investment
Assets:
Long term investments, available-for-sale debt securities	31,980	31,980
Others
Assets:
Long term investments, available-for-sale debt securities	20,376	20,376
Recurring Basis
Assets:
Total assets	101,874	114,432
Recurring Basis \| Jiayang Investment
Assets:
Long term investments, available-for-sale debt securities	63,647	61,426
Recurring Basis \| Tale Base Investment
Assets:
Long term investments, available-for-sale debt securities	22,401	29,764
Recurring Basis \| Lingdai Investment
Assets:
Long term investments, available-for-sale debt securities	15,826	17,981
Recurring Basis \| Others
Assets:
Long term investments, available-for-sale debt securities		5,261
Significant unobservable inputs (Level 3) \| Recurring Basis
Assets:
Total assets	101,874	114,432
Significant unobservable inputs (Level 3) \| Recurring Basis \| Jiayang Investment
Assets:
Long term investments, available-for-sale debt securities	63,647	61,426		¥ 55,000
Significant unobservable inputs (Level 3) \| Recurring Basis \| Tale Base Investment
Assets:
Long term investments, available-for-sale debt securities	22,401	29,764	¥ 31,400
Significant unobservable inputs (Level 3) \| Recurring Basis \| Lingdai Investment
Assets:
Long term investments, available-for-sale debt securities	¥ 15,826	17,981			¥ 31,980
Significant unobservable inputs (Level 3) \| Recurring Basis \| Others
Assets:
Long term investments, available-for-sale debt securities		¥ 5,261

NET (LOSS)/EARNINGS PER SHARE - Basic and diluted net (loss)/earnings per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands				12 Months Ended
	May 13, 2024 CNY (¥)	Jan. 25, 2021 CNY (¥)	Jan. 15, 2020 CNY (¥)	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Numerator:
Net loss				$ (22,725)	¥ (158,932)	¥ (92,053)	¥ (229,838)
Net loss attributable to non-controlling interests shareholders						300	9,383
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares	¥ 5,940					672,170
Deemed dividend to preferred shareholders due to modifications		¥ (1,323)	¥ (8,971)			(5,940)
Net accretion of convertible redeemable preferred shares						(290,543)	(9,452)
Net (loss)/income attributable to ordinary shareholders - Basic				$ (22,725)	(158,932)	283,934	(229,907)
Dilution effect from deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares						(672,170)
Dilution effect from deemed dividend to convertible redeemable preferred share shareholders due to modifications						5,940
Dilution effect from net accretion on convertible redeemable preferred shares to redemption value						290,543
Net loss attributable to ordinary shareholders-diluted					¥ (158,932)	¥ (91,753)	¥ (229,907)
Denominator:
Weighted average number of ordinary shares - basic \| shares				181,828,823	181,828,823	97,788,561	48,781,392
Weighted average number of ordinary shares from assumed conversion of the convertible redeemable preferred shares \| shares						70,363,864
Weighted average number of ordinary shares - diluted \| shares				181,828,823	181,828,823	168,152,425	48,781,392
Basic \| (per share)				$ (0.12)	¥ (0.87)	¥ 2.9	¥ (4.71)
Diluted \| (per share)				$ (0.12)	¥ (0.87)	¥ (0.55)	¥ (4.71)

SUBSEQUENT EVENTS (Details) - Subsequent events - Unsecured bank loan on April 2026 ¥ in Thousands	1 Months Ended
	Apr. 30, 2026 CNY (¥)
SUBSEQUENT EVENTS
Loan face amount	¥ 30,000
Term of loan	1 year

TAXATION - Reconciliation of effective tax rate (Details)		12 Months Ended
	Mar. 16, 2007	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
TAXATION
PRC Statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Different tax rates in other jurisdictions		(7.00%)	21.00%	8.00%
Preferential tax rates and tax holiday		(8.00%)	(11.00%)	(4.00%)
Permanent differences		(1.00%)	(25.00%)	(2.60%)
Additional deduction of qualified R&D expenditures		5.00%	16.00%	7.70%
Changes in valuation allowance		78.00%	70.00%	(19.00%)
Changes in tax rates		(109.00%)	(25.00%)
NOL true-up related to HNTE		17.00%
Expiration on net operating losses ("NOL")			(49.00%)	(11.00%)
Deconsolidation on NOL			(22.00%)
Effective tax rates				4.10%
Preferential tax rate of Jiangsu Radnova	15.00%

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY BALANCES AND TRANSACTIONS

14. RELATED PARTY BALANCES AND TRANSACTIONS

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2025:


Name of related parties		Relationship with the Group
Xiaoyan Lu		Director, Founder, Chairman of the Board, Chief Executive Officer and Shareholder of the Group (“Mr. Lu”)
Yazhou Wu		Former Chief Operation Officer and former Chief Technology Officer (“Mr. Wu”)
Suzhou Yunzheng Technology Co., Ltd. (“Suzhou Yunzheng”)		Controlled by Mr. Lu
Shanghai China Europe International Culture Communication Co., Ltd. (“Shanghai China Europe”)		Significantly influenced by the Group
Shanghai Fenghe Culture Communication Co., Ltd. (“Shanghai Fenghe”)		Significantly influenced by the Group
Suzhou Kangshengji Technology Co., Ltd. (“Kangshengji”)		Significantly influenced by the Group

The Group had the following transactions with the major related parties:


	Year ended December 31,
	2023	2024		2025
	RMB	RMB		RMB
Sales of service
Shanghai China Europe	—	219		282
Suzhou Yunzheng	57	40		—

Purchase of service
Shanghai China Europe	—	3,561		566
Suzhou Yunzheng	404	836		60
Shanghai Fenghe	—	—		505

Loan to a related party
Shanghai Fenghe	—	2,000	⁽¹⁾	—

Collection of loan to a related party
Shanghai Fenghe	—	—		2,000	⁽¹⁾

Advances for the Group’s operation
Xiaoyan Lu	—	1,943		1,329
Yazhou Wu	—	3,300		3,510	⁽²⁾

Collection of unused advances for the Group’s operation
Xiaoyan Lu	—	1,455		883
Yazhou Wu	—	3,300		—

14. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)

The Group had the following balances with related parties:


	As of December 31,
	2024		2025
	RMB		RMB
Amount due from related parties
Shanghai Fenghe	2,000	⁽¹⁾	—
Yazhou Wu	—		3,510	⁽²⁾

Amount due to a related party
Shanghai China Europe	2,452		1,975

(1)	The balance represented a RMB 2,000 loan to the related party with an interest rate at Loan Prime Rate (“LPR”) issued by China’s central bank. The Group has collected the repayment from Shanghai Fenghe during the year ended December 31, 2025.

(2)	The advance to Yazhou Wu for the Group’s operation has been fully collected as of the date of this annual report.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

CONVERTIBLE REDEEMABLE PREFERRED SHARES

12 Months Ended

Dec. 31, 2025

CONVERTIBLE REDEEMABLE PREFERRED SHARES

CONVERTIBLE REDEEMABLE PREFERRED SHARES

17. CONVERTIBLE REDEEMABLE PREFERRED SHARES

On November 3, 2017, the Company entered into a share purchase agreement with certain investors, pursuant to which 6,655,736 Redeemable Convertible Series A-1 Preferred Shares (the “Series A Preferred Shares”, “Series A-1 Preferred Shares”) were issued on November 3, 2017 for an aggregated consideration of US$8,500. The investors were also granted Series A Warrant allowing them to purchase 3,132,111 additional series A preferred shares at the price of $1.277/share within 18 months after the closing. The warrant was separately transferrable. The Company incurred issuance costs of US$101 in connection with the offering of Series A-1 Preferred Shares and Series A Warrant.

On July 26, 2018 and September 7, 2018, the Series A Warrant holders exercised Series A Warrant to purchase 1,566,056 Redeemable Convertible Series A-2 Preferred Shares (the “Series A Preferred Shares”, “Series A-2 Preferred Shares”) and 1,566,055 Redeemable Convertible Series A-3 Preferred Shares (the “Series A Preferred Shares”, “Series A-3 Preferred Shares”), respectively. The total consideration was US$4,000.

On June 24, 2020, the Company and its subsidiaries entered into a series of share purchase agreements and acquired 60% of the shares of CEIBS Publishing Group. The Company and its subsidiaries obtained control of CEIBS Publishing Group. As part of the consideration, the Company issued 5,252,723 Redeemable Convertible Series A-4 Preferred Shares (the “Series A Preferred Shares”, “Series A-4 Preferred Shares”) to the selling shareholders.

On July 30, 2019, the Company issued 7,085,330 Redeemable Convertible Series B Preferred Shares (the “Series B Preferred Shares”) for an aggregated consideration of US$10,595 (equivalent to RMB70,000) pursuant to a share purchase agreement entered into with certain investors. No issuance cost was incurred in connection with the offering of Series B Preferred Shares. These investors injected consideration of RMB60,000 in December 2017 and RMB10,000 in January 2018 into Radnova Intelligence, respectively, when these investors were warranted to the subscription of the Series B Preferred Shares based on fair value at the time. Accordingly, the proceeds received were recorded as warrant liability and subsequently measured at fair value with changes in fair value recorded in the consolidated statements of comprehensive loss. The warrant liability was reclassified to mezzanine equity upon issuance of Series B Preferred Shares on July 30, 2019 after the investors’ completion of the overseas direct investment administrative processes. The Group recognized a loss of RMB3,983 from the change in fair value of the warrant liability up to July 30 in the year of 2019.

On September 10, 2018, the Company entered into a share purchase agreement with certain investors, pursuant to which 15,201,956 Redeemable Convertible Series C-1 Preferred Shares (the “Series C Preferred Shares”, “Series C-1 Preferred Shares”) were issued on September 10, 2018 for an aggregated consideration of US$30,000. The investors were also granted Series C Warrant allowing them to purchase no more than US$20,000 Series C preferred shares upon the occurrence of the two scenarios below (whichever occurs first)

(a)

the completion of the next equity financing at the price of 85% of the per share purchase price of the shares to be issued by the Company in the next equity financing but no lower than the per share issuance price of the Series C-1 Purchased Shares, or

(b)

eighteenth (18th)-month anniversary after the closing at a price agreed upon by the Company and Series C Warrant holder in writing which shall be no lower than the per share issuance price of the Series C-1 Purchased Shares

The Company incurred issuance costs of US$1,134 in connection with the offering of Series C-1 Preferred Share and Series C Warrant. The warrant is separately transferrable.

On January 15, 2020, the Series C Warrant holders exercised Series C Warrant to purchase 8,584,634 Redeemable Convertible Series C-2 Preferred Shares (the “Series C Preferred Shares”, “Series C-2 Preferred Shares”). The total consideration was US$20,000.

17. CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

On January 15, 2020, the Company entered into a share purchase agreement with certain investors, pursuant to which 26,268,981 Series D-1 Preferred Shares (the “Series D Preferred Shares”, “Series D-1 Preferred Shares”) were issued on January 15, 2020 for an aggregated consideration of US$72,000. The Company incurred issuance costs of US$2,386 in connection with the offering of Series D-1 Preferred Shares.

On June 24, 2020, a Series D-1 Preferred Shareholder acquired 6,943,638 ordinary shares from one of the original shareholders with total consideration of US$16,177 and these shares were re-designated into Series D-2 preferred shares (the “Series D Preferred Shares”, “Series D-2 Preferred Shares”) after transfer (“Series D-2 Transfer”). In this share transaction, the Company didn’t receive any consideration. The re-designation was approved through the Company’s shareholder resolution.

On January 25, 2021, the Company entered into a share purchase agreement with certain investors, pursuant to which 16,883,753 Redeemable Convertible Series E-1 Preferred Shares were issued for an aggregated consideration of US$90,000. The Company incurred issuance costs of US$ 1,376 in connection with the offering of Series E-1 Preferred Shares.

On January 25, 2021, a Series E-1 Preferred Share investor acquired 3,939,542 ordinary shares from one of the original shareholders with total consideration of US$11,250 and these shares were re-designated into Series D-3 Preferred Shares after transfer (“Series D-3 Transfer”). In the share transaction, the Company did not receive any consideration. Similar to the Series D-2 Transfer, in Series D-3 Transfer, ordinary shareholder gave up their benefit to maintain the new investor. The re-designation was approved through the Company’s shareholder resolution.

On March 22, 2021, the Company entered into a share purchase agreement with certain investors, pursuant to which 9,533,565 Series E-2 Redeemable Convertible Preferred Shares were issued for an aggregated consideration of US$64,328. The Company incurred issuance costs of US$ 910 in connection with the offering of Series E-2 Preferred Shares.

On July 1, 2024, the Company approved the conversion of all of the Company’s outstanding convertible redeemable preferred shares into ordinary shares on a one-for-one basis was adjusted from weight-average anti-dilution mechanism to full-ratchet anti-dilution mechanism if the issuance price of the securities issued in the IPO, which is determined based on the per share offering price (the “initial public offering price”), was lower than the respective issuance prices of the Company’s Preferred Shares when they were issued.

The Series A, B, C, D and E Preferred Shares are collectively referred to as the Preferred Shares. The holders of Preferred Shares are collectively referred to as the Preferred Shareholders.

All Preferred Shares were automatically converted into 125,154,172 Series A ordinary share upon the completion of IPO on August 15, 2024.

The key terms of the Preferred Shares issued by the Company are as follows:

Redemption Rights

At any time commencing on a date when certain events specified in the shareholders’ agreement (the “Redemption Start Date”) occurred, any holders of the then outstanding Series A, B, C, D Preferred Shares may request a redemption of specified number of Preferred Shares of such series as determined by the shareholders. On receipt of a redemption request from the holders, the Company shall redeem all of the Preferred Shares requested.

The Redemption Start Date of Preferred Shares have been amended for a number of times historically. If any holder of any series of Preferred Shares exercises its redemption right, any holder of other series of Preferred Shares shall have the right to exercise the redemption of its series at the same time.

17. CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

Redemption Rights (continued)

For Series A-1, A-2, A-3 and Series B Preferred Shares, the price at which each Preferred Share shall be redeemed shall equal to the higher of (a) and (b) below:

(a)

The 150% or 200% of original Preferred Shares issue price for such series and declared but unpaid dividends depend on certain circumstance specified in the shareholders’ agreement.

(b)

The fair market value of the relevant series of Preferred Shares on the date of redemption.

For Series A-4, C-1 and C-2 Preferred Shares, the price at which each Preferred Share shall be redeemed shall equal to the original Preferred Shares issue price for such series plus 8% compound interest per annum (calculated from the issuance dates of the respective series of Preferred Shares) and declared but unpaid dividends.

For Series D-1, D-2 and D-3 Preferred Shares, the price at which each Preferred Share shall be redeemed shall equal to the original Preferred Shares issue price for such series plus 12% compound interest per annum (calculated from the issuance dates of the respective series of Preferred Shares) and declared but unpaid dividends.

For Series E-1 and E-2 Preferred Shares, the price at which each Preferred Share shall be redeemed shall equal to the original Preferred Shares issue price for such series plus 12% compound interest per annum (calculated from the issuance dates of the respective series of Preferred Shares) and declared but unpaid dividends.

If on the redemption date triggered by the occurrence of any redemption event, the Company’s assets or funds which are legally available are insufficient to pay in full the aggregate redemption price for Preferred Shares requested to be redeemed, upon the request of a redeeming shareholder, the Company shall execute and deliver a promissory note, bearing an interest of twelve percent (12%) per annum and with repayment of the principal and interest to be made on a monthly basis. Preferred Shares subject to redemption with respect to which the Company has become obligated to pay the redemption price but which it has not paid in full shall continue to have all the rights and privileges which such Preferred Shareholders had prior to such date, until the redemption price has been paid in full with respect to such Preferred Shares.

Conversion Rights

Optional Conversion

Each Preferred Share is convertible, at the option of the holder, at any time after the date of issuance of such Preferred Shares according to a conversion ratio, subject to adjustments for dilution, including but not limited to stock splits, stock dividends and capitalization and certain other events. Each Preferred Share is convertible into a number of ordinary shares determined by dividing the applicable original issuance price by the conversion price (initially being 1 to 1 conversion ratio). The conversion price of each Preferred Share is the same as its original issuance price and no adjustments to conversion price have occurred so far.

Automatic Conversion

Each Preferred Share shall automatically be converted into ordinary shares, at the then applicable preferred share conversion price upon (i) closing of a Qualified Initial Public Offering or (ii) the written approval of the holders of a majority of each series of Preferred Shares (calculated and voting separately in their respective single class on an as-converted basis).

17. CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

Conversion Rights (continued)

Automatic Conversion (continued)

Upon the issuance of the Series A Preferred Shares, a “Qualified IPO” was defined as an initial public offering with gross offering proceeds no less than US$100 million and implied market capitalization of the Company of no less than US$500 million prior to such initial public offering. Upon the issuance of the Series B&C-1, C-2 Preferred Shares, the gross offering proceeds and market capitalization criteria for a “Qualified IPO” was increased to US$160 million and US$800 million respectively. Upon the issuance of the Series D-1, D-2, D-3 Preferred Shares, for a “Qualified IPO”, the gross offering proceeds was US$160 million and the market capitalization required was the higher of the balance compounded at the annual rate of return of 25% from the original investment and US$800 million, if IPO occurred within 5 years, or US$1,000 million, if IPO occurred after 5 years.

Upon the issuance of the Series E Preferred Shares, the definition of “Qualified IPO” was modified as follows: For Series A, B, C and D preferred shareholders, the market capitalization was the higher of the balance compounded at the annual rate of return of 25% from the original investment and US$800 million, if IPO occurred within 4 years, or US$1,000 million, if IPO occurred after 7 years; Upon the issuance of the Series E Preferred Shares, for Series E preferred shareholders, a “Qualified IPO” was defined as an initial public offering consummated on or prior to the fourth (4th) anniversary of the Series E closing date with gross offering proceeds no less than US$160 million and the implied market capitalization of the Company of no less than US$1,400 million.

Voting Rights

Each Preferred Share has voting rights equivalent to the number of common shares to which it is convertible at the record date. Each Preferred Share shall be entitled to that number of votes corresponding to the number of ordinary shares on an as-converted basis. The holders of Preferred Shares and ordinary shares shall vote together as a single class.

Dividend Rights

Each Preferred Share shall have the right to receive dividends, on an as-converted basis, when, as and if declared by the Board. No dividend shall be paid on the ordinary shares at any time unless and until all dividends on the Preferred Shares have been paid in full. No dividends on preferred and ordinary shares have been declared since the issuance date until December 31, 2024.

Liquidation Preferences

In the event of any liquidation (unless waived by the Preferred Shareholders) including deemed liquidation (i.e. change of control, etc.), dissolution or winding up of the Company, holders of the Preferred Shares shall be entitled to receive the liquidation value in the sequence of Series E Preferred Shares, Series D Preferred Shares, Series C Preferred Shares, Series B and Series A Preferred Shares (Series B and Series A preferred shares share the same sequential position). After such liquidation amounts have been paid in full, any remaining funds or assets of the Company legally available for distribution to shareholders shall be distributed on a pro rata, pari passu basis among the holders of the Preferred Shares, on an as-converted basis, together with the holders of the ordinary shares.

For Series E Preferred Shares, liquidation value equals the original Preferred Shares issue price for such series plus 12% compound interest per annum (calculated from the issuance dates of the respective series of Preferred Shares) and declared but unpaid dividends.

For Series D Preferred Shares, liquidation value equals the original Preferred Shares issue price for such series plus 12% compound interest per annum (calculated from the issuance dates of the respective series of Preferred Shares) and declared but unpaid dividends.

For Series C Preferred Shares, liquidation value equals the original Preferred Shares issue price for such series plus 8% compound interest per annum (calculated from the issuance dates of the respective series of Preferred Shares) and declared but unpaid dividends.

For Series B and Series A Preferred Shares, liquidation value equals the 150% of the original Preferred Shares issue price and declared but unpaid dividends.

17. CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

Accounting for Preferred Shares

The Company classified the Preferred Shares in the mezzanine section of the consolidated balance sheets because they were redeemable at the holders’ option any time after a certain date and were contingently redeemable upon the occurrence of certain liquidation event outside of the Company’s control. The conversion feature of Series A-1, A-2, A-3 and B Preferred Shares and liquidation preferences feature of Series A-1, A-2, A-3, A-4 and B Preferred Shares as mentioned below, are initially measured at its fair value, respectively, and the initial carrying value for the Preferred Shares are allocated on a residual basis, net of issuance costs. There were no beneficial conversion features for the Preferred Shares.

For each reporting period, the Company accretes the carrying amount of the Preferred Shares to the redemption value. For Series A-1, A-2, A-3 and Series B Preferred Shares the redemption value is the higher of (1) 150% of the original preferred shares issue price of such series, or (2) the fair market value of the Preferred Shares of such series. For Series A-4, C-1, C-2, D-1, D-2, D-3, E-1 and E-2 Preferred Shares the redemption value is the result of using effective interest rate method to accrete the Preferred Shares to the redemption prices on the optional redemption date. The accretion is recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in-capital, or in the absence of additional paid-in-capital, by charges to accumulated deficit. For years ended December 31, 2023 and 2024, the net accretion of the Preferred Shares was RMB 9,452 and RMB 290,543, respectively. In August 2024, in connection with the completion of IPO, all of the Preferred Shares were automatically converted to 125,154,172 Class A ordinary shares based on the aforementioned conversion price.

The Group has determined that, under the whole instrument approach, host contract of the Preferred Shares is more akin to a debt host, given the Preferred Shares holders have potential creditors’ right in the event of insufficient fund upon redemption, along with other debt-like features in the terms of the Preferred Shares, including the redemption rights. The conversion feature that is embedded in the Series A-1, A-2, A-3 and B Preferred Shares is required to be bifurcated and accounted for as derivative liability, due to the optional redemption settlement mechanism could give rise to net settlement of the conversion provision in cash if fair market value of relevant series of the Preferred Shares on the date of the redemption is higher than the fixed redemption amount, instead of the settlement by delivery of the ordinary shares of the Company. Thus, the conversion feature is a derivative instrument subject to ASC 815-10-15, also this equity-like feature is not considered clearly and closely related to the debt host of the Preferred Shares and should be bifurcated and accounted for as derivative liability. The fair value of the derivative liabilities of conversion feature was RMB 29,853 initially. Upon the consummation of IPO and conversion of preferred shares, the conversion feature of preferred shares were automatically exercised, consequently, the derivative liabilities of conversion features were reduced to zero at August 15, 2024.

Also, the Group has determined that, certain debt-like liquidation features (i.e. change of control, etc.) with which the Series A-1, A-2, A-3, A-4 and B Preferred Shares holders shall be entitled to receive a per share amount equal to 150% of the original preferred share issuance price of the respective series of the Preferred Shares, involve a substantial premium, and could accelerate the repayment of the contractual principal amount as it is contingently exercisable in accordance with ASC 815-15-25-42. Thus, the liquidation features are considered not to be clearly and closely related to the debt host, and are accounted for as derivative liabilities, too. The Group determined the fair value of these derivative liabilities with the assistance of an independent appraiser and concluded that the fair value of the bifurcated liquidation features was insignificant, both initially and subsequently, at the end of each reporting period presented.

Modification of Preferred Shares

The Group assesses whether an amendment to the terms of its convertible redeemable preferred shares is an extinguishment or a modification based on a qualitative evaluation of the amendment. If the amendment adds, removes, significantly changes to a substantive contractual term or to the nature of the overall instrument, the amendment results in an extinguishment of the preferred shares. The Group also assess if the change in terms results in value transfer between Preferred Shareholders or between Preferred Shareholders and ordinary shareholders.

17. CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

Modification of Preferred Shares (continued)

When convertible redeemable preferred shares are extinguished, the difference between the fair value of the consideration transferred to the convertible redeemable Preferred Shareholders and the carrying amount of such preferred shares (net of issuance costs) is treated as a deemed dividend to the Preferred Shareholders. When convertible redeemable preferred shares are modified and such modification results in value transfer between Preferred Shareholders and ordinary shareholders, the change in fair value resulted from the amendment is treated as a deemed dividend to or from the Preferred Shareholders.

On January 15, 2020, the Redemption Start Date of Series A, B and C Preferred Shares were extended from September 10, 2022 to January 15, 2025, which is to be in line with the optional redemption date of Series D Preferred Shares. In the meantime, the market capitalization criteria for a “Qualified IPO” was increased from US$800 million to the higher of the balance compounded at the annual rate of return of 25% from the original investment and US$800 million, if IPO occurred within 5 years, or US$1,000 million, if IPO occurred after 5 years.

On January 25, 2021, the optional redemption date of Series A, B, C and D Preferred Shares was changed from January 15, 2025 to January 25, 2025, which is to be in line with the optional redemption date of Series E Preferred Shares. On January 25, 2021, the Series D issuance price with respect to one of the Series D investors changed from US$2.7409 to US$2.6510. In the meantime, the definition of “Qualified IPO” was modified as follows:

For Series A, B, C and D preferred shareholders, the market capitalization was the higher of the balance compounded at the annual rate of return of 25% from the original investment and US$800 million, if IPO occurred within 4 years, or US$1,000 million, if IPO occurred after 7 years; For Series E preferred shareholders, a “Qualified IPO” was defined as an initial public offering consummated on or prior to the fourth (4th) anniversary of the Series E closing date with gross offering proceeds no less than US$160 million and the implied market capitalization of the Company of no less than US$1,400 million.

The Group evaluated the above modifications in accordance with U.S. GAAP and concluded that they are modifications, rather than extinguishment, of Preferred Shares, which resulted in transfer of value amongst Preferred Shareholders and ordinary shareholders. The change in fair value of Preferred Shares before and after the modification on January 15, 2020 was RMB 8,971 and was recorded as deemed dividend from ordinary shareholders to Preferred Shareholders. The change in fair value of Preferred Shares before and after the modification on January 25, 2021 was RMB 1,323 and was recorded as deemed contribution from Preferred Shareholders to ordinary shareholders.

On June 24, 2020, Series D-1 investor acquired 6,943,638 ordinary shares from one of the original shareholders and these shares were re-designated as Series D-2 Preferred Shares after transfer. On January 25, 2021, Series E-1 investor acquired 3,939,542 ordinary shares from one of the original shareholders and these shares were re-designated as Series D-3 Preferred Shares after transfer. In both Series D-2 Transfer and Series D-3 Transfer, considerations were directly transferred from the new shareholder to the original shareholder based on mutually agreed share price and the Company received no consideration upon the re-designation of new Preferred Shares. The Group allowed investors to receive redeemable preferred shares without paying the Group any consideration. In both circumstances, ordinary shareholders gave up their benefit to maintain the new investors. Thus, both should be treated as deemed contributions from ordinary shareholders to the Preferred Shareholders.

Accounting treatment is made for value transfer from ordinary shareholders to Preferred Shareholders. The difference between the fair value of the Series D-2 and Series D-3 Preferred Share (booked to mezzanine equity) and the fair value of the ordinary shares on the date of re-designation is charged to paid-in-capital, or in the absence of additional paid-in-capital, by charges to accumulated deficit.

17. CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

Modification of Preferred Shares (continued)

On May 13, 2024, the Group entered into agreements with the Preferred Shareholders to extend the optional redemption date. The optional redemption date was changed from January 25, 2025 to March 31, 2026 for Series A-4, Series B and part of Series D Preferred Shares and changed from January 25, 2025 to January 31, 2026 for the rest Preferred Shares, respectively. The Group evaluated the above modifications in accordance with U.S. GAAP and concluded that they are modifications, rather than extinguishment, of Preferred Shares, which resulted in transfer of value amongst Preferred Shareholders and ordinary shareholders. The change in fair value of Preferred Shares before and after the modification on May 13, 2024 was RMB 5,940 and was recorded as deemed dividend from ordinary shareholders to Preferred Shareholders.

On July 1, 2024, the definition of “Qualified IPO” was modified as an initial public offering with a pre-offering valuation of the Company of at least US$630 million and aggregate gross proceeds to the Company not exceeding US$55 million before January 31, 2026 to match with the Company’s current valuation and market condition.

On July 1, 2024, the conversion of all of the Group’s outstanding convertible redeemable preferred shares into ordinary shares on a one-for-one basis was adjusted from weight-average anti-dilution mechanism to full-ratchet anti-dilution mechanism if the issuance price of the securities issued in the IPO, which is determined based on the per share offering price (the “initial public offering price”), was lower than the respective issuance prices of the Company’s Preferred Shares when they were issued. Immediately prior to the completion of the offering, the Company should issue such number of ordinary shares as fully paid bonus shares for no additional consideration, to the shareholders whose anti-dilution rights were triggered, such that the total number of ordinary shares held by such shareholders on an as-converted basis immediately following such issuance and prior to the completion of this offering shall be equal to (x) the aggregate purchase price paid by such shareholders to the Company in consideration for their respective shares divided by (y) the initial public offering price. Following such full-ratchet anti-dilution mechanism, the respective issuance price for each shareholder whose anti-dilution right was triggered should be deemed to have been adjusted to be equal to the initial public offering price.

The Group evaluated this amendment on July 1, 2024 based on qualitative and quantitative evaluations and concluded that amendment to Series A, B, C and D Preferred Shares was accounted for as a modification and the amendment to Series E Preferred Shares was accounted for as an extinguishment. The change in fair value of Series A, B, C and D Preferred Shares before and after the modification was RMB 191,793 and was recorded as a deemed contribution from Preferred Shareholders to ordinary shareholders. The difference between the fair value after the extinguishment and the carrying amount of Series E Preferred Shares was RMB 480,377, which was recorded as a deemed contribution from Preferred Shareholders to ordinary shareholders.

17. CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

Modification of Preferred Shares (continued)

The Company’s Preferred Shares activities for the years ended December 31, 2023 and 2024 are summarized below:


	Series A Shares		Series B Shares		Series C Shares		Series D Shares		Series E Shares		Total
	Number of	Amount	Number of	Amount	Number of	Amount	Number of	Amount	Number of	Amount	Number of	Amount
	shares	(RMB)	shares	(RMB)	shares	(RMB)	shares	(RMB)	shares	(RMB)	shares	(RMB)
Balance as of January 1, 2023	15,040,570	574,512	7,085,330	329,406	23,786,590	453,926	37,152,161	959,436	26,417,318	1,236,949	109,481,969	3,554,229
Net accretion on convertible redeemable preferred shares to redemption value	—	(166,373)	—	(129,888)	—	39,862	—	99,998	—	165,853	—	9,452
Balance as of December 31, 2023	15,040,570	408,139	7,085,330	199,518	23,786,590	493,788	37,152,161	1,059,434	26,417,318	1,402,802	109,481,969	3,563,681
Balance as of January 1, 2024	15,040,570	408,139	7,085,330	199,518	23,786,590	493,788	37,152,161	1,059,434	26,417,318	1,402,802	109,481,969	3,563,681
Net accretion on convertible redeemable preferred shares to redemption value	—	31,684	—	14,606	—	31,438	—	76,076	—	136,739	—	290,543
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares	—	(30,405)	—	(12,730)	—	(58,026)	—	(90,632)	15,672,203	(480,377)	15,672,203	(672,170)
Deemed dividend to preferred shareholders due to modifications	—	(8,583)	—	(5,041)	—	(8,659)	—	(203)	—	28,426	—	5,940
Conversion of convertible redeemable preferred shares to Class A ordinary shares upon the consummation of IPO	(15,040,570)	(400,835)	(7,085,330)	(196,353)	(23,786,590)	(458,541)	(37,152,161)	(1,044,675)	(42,089,521)	(1,087,590)	(125,154,172)	(3,187,994)
Balance as of December 31, 2024	—	—	—	—	—	—	—	—	—	—	—	—

OTHER PAYABLE AND ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

OTHER PAYABLE AND ACCRUED LIABILITIES

Schedule of accrued liabilities and other liabilities


		As of December 31,
		2024	2025
		RMB	RMB
Salary and welfare payable		43,693	36,204
Accrued litigation liabilities		17,756	21,719
Taxes payable		4,780	4,200
Professional fees payable		3,063	8,759
Short-term rental payable		1,190	1,149
Leasehold improvement payable		515	263
Discounted bank acceptance notes⁽¹⁾		—	16,000
Others		1,031	667
Total		72,028	88,961

(1)

SHARE-BASED COMPENSATION - Management's Restricted Shares (Details) ¥ in Thousands				12 Months Ended
	Jul. 05, 2023 shares	Jul. 05, 2022 shares	Sep. 10, 2021 tranche $ / shares shares	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Jul. 20, 2017 $ / shares
SHARE-BASED COMPENSATION
Common stock, par value (in dollars per share) \| $ / shares							$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Share-based compensation expenses included in general and administrative expenses \| ¥				¥ 12,306	¥ 5,879	¥ 26,123
Restricted shares
SHARE-BASED COMPENSATION
Shares granted			1,478,415
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Number of tranches \| tranche			2
Share-based compensation expenses included in general and administrative expenses \| ¥						¥ 9,865
Restricted shares \| 2021 Plan
SHARE-BASED COMPENSATION
Shares granted			1,478,415
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Number of tranches \| tranche			2
Shares vested						739,208
Share-based compensation expenses included in general and administrative expenses \| ¥				¥ 0	¥ 0	¥ 9,865
Restricted shares \| Tranche one
SHARE-BASED COMPENSATION
Shares vested		739,207
Restricted shares \| Tranche one \| 2021 Plan
SHARE-BASED COMPENSATION
Shares vested			739,207
Restricted shares \| Tranche two
SHARE-BASED COMPENSATION
Shares vested	739,208
Restricted shares \| Tranche two \| 2021 Plan
SHARE-BASED COMPENSATION
Shares vested			739,208

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS, NET

Schedule of intangible assets


	As of December 31, 2024
	Weighted Average	Gross
	Amortization Period	Carrying	Accumulated	Impairment	Net Book
	(in years)	Amount	Amortization	(Note 2.14)	Value
License	1.2	29,374	(22,305)	—	7,069
Domain Name	—	244	(244)	—	—
Total		29,618	(22,549)	—	7,069


	As of December 31, 2025
	Weighted Average
	Amortization Period	Gross Carrying	Accumulated	Impairment	Net Book
	(in years)	Amount	Amortization	(Note 2.14)	Value
License	0.5	30,029	(26,646)	—	3,383
Domain Name	—	244	(244)	—	—
Total		30,273	(26,890)	—	3,383

Schedule of estimated amortization expense


		Amortization Expense
2026		2,357
2027		586
2028		239
2029		131
2030		70
Total		3,383

NET (LOSS)/EARNINGS PER SHARE (Details) - shares	12 Months Ended
NET (LOSS)/EARNINGS PER SHARE (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
NET (LOSS)/EARNINGS PER SHARE
Weighted-average number of shares excluded from calculation of diluted net (loss)/income per share	2,226,014	0	0
Restricted shares
NET (LOSS)/EARNINGS PER SHARE
Weighted-average number of shares excluded from calculation of diluted net (loss)/income per share	0	0	376,692
RSUs
NET (LOSS)/EARNINGS PER SHARE
Weighted-average number of shares excluded from calculation of diluted net (loss)/income per share	344,461	325,010	516,522
Convertible redeemable preferred shares
NET (LOSS)/EARNINGS PER SHARE
Weighted-average number of shares excluded from calculation of diluted net (loss)/income per share			109,481,969

PRINCIPAL ACTIVITIES AND ORGANIZATION (Details)		12 Months Ended
PRINCIPAL ACTIVITIES AND ORGANIZATION (Details)	Jun. 24, 2020	Dec. 31, 2025
PRINCIPAL ACTIVITIES AND ORGANIZATION
Percentage of service fees payable		100.00%
Percentage of ownership interest pledged		100.00%
Yunxuetang Information Technology (Jiangsu) Co., Ltd.
PRINCIPAL ACTIVITIES AND ORGANIZATION
Percentage of direct or indirect ownership		100.00%
Radnova Intelligence Technology Co., Ltd.
PRINCIPAL ACTIVITIES AND ORGANIZATION
Percentage of economic interest		100.00%
Beijing Xuanxing Intelligence Technology Co., Ltd.
PRINCIPAL ACTIVITIES AND ORGANIZATION
Percentage of economic interest		100.00%
Suzhou Xuanxing Intelligence Technology Co., Ltd
PRINCIPAL ACTIVITIES AND ORGANIZATION
Percentage of economic interest		100.00%
CEIBS PG
PRINCIPAL ACTIVITIES AND ORGANIZATION
Business acquisition, percentage of equity interests acquired	60.00%

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity risk management is an integral part of our overall risk management program. Our cybersecurity risk management program is designed to align with industry best practices and provide a framework for handling cybersecurity threats and incidents, including threats and incidents associated with the use of services provided by third-party service providers, and facilitate coordination across different departments of our company. This framework includes steps for regularly conducting data protection impact assessments on information systems, monitoring the information about the security vulnerabilities of our systems, identifying the source of a cybersecurity threat including whether the cybersecurity threat is associated with a third-party service provider, implementing data security emergency response plans and adopting remedial measures, and informing management and our board of directors of material cybersecurity threats and incidents. Our cybersecurity team is responsible for assessing our cybersecurity risk management program and we currently do not engage third parties for such assessment. In addition, our cybersecurity team provides training to all key employees for product development regularly. Our board of directors has overall oversight responsibility for our risk management, and is charged with oversight of our cybersecurity risk management program. The board is responsible for monitoring the implementation of our risk management policies across our company, ensuring that our company has processes in place designed to identify and evaluate cybersecurity risks to which the company is exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. The management is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs. Our cybersecurity programs are under the direction of our chief financial officer/chief operating officer, which receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our chief financial officer/chief operating officer and dedicated personnel are experienced information systems security professionals and information security managers with years of experience. The management regularly updates the board of directors on the company’s cybersecurity programs, material cybersecurity risks and mitigation strategies and provide cybersecurity reports annually that cover, among other topics, third-party assessments of the company’s cybersecurity programs, developments in cybersecurity and updates to the company’s cybersecurity programs and mitigation strategies. In 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced an undetected cybersecurity incident. For more information about these risks, please see “Item 3. Key Information—3.D. Risk Factors—Risks Relating to Our Business and Industry—Security breaches and improper access to or disclosure of our data or our customers’ data or other cyberattacks on our systems could result in litigation and regulatory risk and harm our reputation and our business.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity risk management is an integral part of our overall risk management program. Our cybersecurity risk management program is designed to align with industry best practices and provide a framework for handling cybersecurity threats and incidents, including threats and incidents associated with the use of services provided by third-party service providers, and facilitate coordination across different departments of our company. This framework includes steps for regularly conducting data protection impact assessments on information systems, monitoring the information about the security vulnerabilities of our systems, identifying the source of a cybersecurity threat including whether the cybersecurity threat is associated with a third-party service provider, implementing data security emergency response plans and adopting remedial measures, and informing management and our board of directors of material cybersecurity threats and incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	false
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors has overall oversight responsibility for our risk management, and is charged with oversight of our cybersecurity risk management program. The board is responsible for monitoring the implementation of our risk management policies across our company, ensuring that our company has processes in place designed to identify and evaluate cybersecurity risks to which the company is exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. The management is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs. Our cybersecurity programs are under the direction of our chief financial officer/chief operating officer, which receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our chief financial officer/chief operating officer and dedicated personnel are experienced information systems security professionals and information security managers with years of experience. The management regularly updates the board of directors on the company’s cybersecurity programs, material cybersecurity risks and mitigation strategies and provide cybersecurity reports annually that cover, among other topics, third-party assessments of the company’s cybersecurity programs, developments in cybersecurity and updates to the company’s cybersecurity programs and mitigation strategies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors has overall oversight responsibility for our risk management, and is charged with oversight of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity programs are under the direction of our chief financial officer/chief operating officer, which receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity programs are under the direction of our chief financial officer/chief operating officer, which receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our chief financial officer/chief operating officer and dedicated personnel are experienced information systems security professionals and information security managers with years of experience. The management regularly updates the board of directors on the company’s cybersecurity programs, material cybersecurity risks and mitigation strategies and provide cybersecurity reports annually that cover, among other topics, third-party assessments of the company’s cybersecurity programs, developments in cybersecurity and updates to the company’s cybersecurity programs and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	chief financial officer/chief operating officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our chief financial officer/chief operating officer and dedicated personnel are experienced information systems security professionals and information security managers with years of experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The management regularly updates the board of directors on the company’s cybersecurity programs, material cybersecurity risks and mitigation strategies and provide cybersecurity reports annually that cover, among other topics, third-party assessments of the company’s cybersecurity programs, developments in cybersecurity and updates to the company’s cybersecurity programs and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

TAXATION - Components of (loss)/income before income tax (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loss before tax
Loss from PRC entities	¥ (96,735)	¥ (176,456)	¥ (307,901)
Income/(Loss) from overseas entities	(62,197)	84,403	68,192
Loss before income tax expense	¥ (158,932)	¥ (92,053)	(239,709)
Income tax benefit
Deferred income tax benefit			9,871
Total income tax benefit			¥ 9,871

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

PRINCIPAL ACCOUNTING POLICIES - Contract Balance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PRINCIPAL ACCOUNTING POLICIES
Revenue recognized from beginning balance	¥ 125,428	¥ 145,644	¥ 182,620
Changes in deferred revenue
Balance at beginning of the year	183,138	247,437	228,356
Additions to deferred revenue	303,373	332,819	443,097
Recognition of deferred revenue	(340,221)	(331,190)	(424,016)
Deconsolidation of CEIBS Publishing Group		(65,928)
Balance at end of the year	¥ 146,290	¥ 183,138	¥ 247,437

TAXATION - Deferred Tax Assets and Liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carried forward	¥ 327,627	¥ 452,178
Excess advertising expense	35
Accounts receivables allowance	236	259
Fair value change of long-term investment	5,657	4,141
Total deferred tax assets	333,555	456,578
Less: valuation allowance	(333,555)	(456,578)	¥ (521,462)	¥ (476,022)
Deferred tax liabilities	¥ 0	¥ 0

TAXATION - Narrative (Details) ¥ in Thousands, $ in Thousands, $ in Millions			1 Months Ended	12 Months Ended
	Dec. 19, 2025	Mar. 16, 2007	Nov. 30, 2021	Dec. 31, 2025 HKD ($)	Dec. 31, 2025 SGD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
TAXATION
VAT rate				6.00%	6.00%	6.00%
Federal tax rate		25.00%		25.00%	25.00%	25.00%	25.00%	25.00%
Preferential tax rate		15.00%
Preferential tax rate period		3 years
Percentage of assessable income subject to preferential tax rate				25.00%	25.00%	25.00%
First threshold assessable profit used in determining preferential tax rate						¥ 3,000
Tax rate of assessable profit				20.00%	20.00%	20.00%
Withholding tax on dividends distributed				10.00%	10.00%	10.00%
Percentage of interest holding for reduced withholding taxes for dividends distributed				25.00%	25.00%	25.00%
Deferred income tax liabilities on withholding tax						¥ 0
Operating loss carry forwards expiration years for high new technology enterprise				10 years	10 years	10 years
Net operating loss carryforwards						¥ 2,219,827	¥ 1,905,882
Valuation allowance						¥ 333,555	¥ 456,578	¥ 521,462	¥ 476,022
Maximum
TAXATION
Withholding tax on dividends distributed upon qualifying holding interest for foreign investor				5.00%	5.00%	5.00%
Operating loss carry forwards expiration years				5 years	5 years	5 years
Jiangsu Radnova Intelligence Technology Co., Ltd.
TAXATION
Preferential tax rate	15.00%		15.00%	15.00%	15.00%	15.00%	15.00%	15.00%
Yunxuetang Information Technology (Jiangsu) Co., Ltd.
TAXATION
Preferential tax rate				15.00%	15.00%	15.00%	15.00%	15.00%
Hongkong
TAXATION
Net operating loss carryforwards						¥ 3,891	¥ 0
Hongkong \| First 2 million of profits
TAXATION
Tax rate				8.25%	8.25%	8.25%
Threshold profits used in determining tax rate \| $				$ 2.0
Hongkong \| Profits above 2 million
TAXATION
Tax rate				16.50%	16.50%	16.50%
Threshold profits used in determining tax rate \| $				$ 2.0
Singapore
TAXATION
Tax rate				17.00%	17.00%	17.00%
Net operating loss carryforwards						¥ 20,156	¥ 53
Singapore \| First 10,000 of taxable income
TAXATION
Tax rate of taxable income				75.00%	75.00%	75.00%
Taxable income, exempt from income tax \| $					$ 10,000
Singapore \| Next 190,000 taxable income
TAXATION
Tax rate of taxable income				50.00%	50.00%	50.00%
Taxable income, exempt from income tax \| $					$ 190,000

PREPAID EXPENSES AND OTHER CURRENT AND NON-CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Current assets
Prepaid marketing expenses			¥ 9,462	¥ 25,648
Deposits			2,741	2,829
VAT recoverable			1,179	992
Other miscellaneous prepaid expenses			8,368	6,322
Prepaid expenses and other current assets		$ 3,110	21,750	35,791
Non-current assets
Prepaid marketing expenses			21,663	18,672
Deferred offering costs			1,512
Deposits			1,452	1,604
Other miscellaneous prepaid expenses				73
Prepaid expenses and other non-current assets			24,627	20,349
Total contract price	¥ 46,410
Expected credit losses			¥ 0	¥ 0

FAIR VALUE MEASUREMENTS - Schedule of fair value measurement of the assets and liabilities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Roll forward of derivative liabilities
Balance at beginning of the year	¥ 100,279	¥ 202,698
The change in fair value	¥ (34,378)	¥ (102,419)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	Embedded Derivative, Gain (Loss) on Embedded Derivative, Net
Exercise of conversion features of convertible redeemable preferred shares upon the consummation of IPO	¥ (65,901)
Balance at end of the year		¥ 100,279

OPERATING LEASE - Supplemental balance sheet and cashflow information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)
OPERATING LEASE
Operating lease right-of-use assets, net		¥ 25,655		$ 3,082	¥ 21,550
Operating lease liabilities, current		8,966		1,422	9,945
Operating lease liabilities, non-current		17,458		$ 1,857	12,987
Total lease liabilities		26,424			¥ 22,932
Cash paid for amounts included in the measurement of lease liabilities	¥ 9,594	13,444	¥ 20,187
Right-of-use assets obtained in exchange for operating lease liabilities	¥ 5,887	¥ 9,858	¥ 4,168
Weighted average remaining lease term (year)		5 years 7 months 9 days	4 years 7 months 17 days	5 years 3 days	5 years 3 days
Weighted average discount rate		3.92%	4.73%	3.81%	3.81%

PRINCIPAL ACCOUNTING POLICIES - Accounts Receivable, net (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts/expected credit losses:
Balance at beginning of the year	¥ 1,758	¥ 2,201	¥ 3,228
Deconsolidation of CEIBS Publishing Group		(191)
Provision/(Reverse) for doubtful accounts/expected credit losses	74	(252)	(1,027)
Balance at end of the year	¥ 1,832	¥ 1,758	¥ 2,201

COMMITMENTS AND CONTINGENCIES (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
COMMITMENTS AND CONTINGENCIES
2026	¥ 313

NET (LOSS)/EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

NET (LOSS)/EARNINGS PER SHARE

Schedule of basic and diluted net (loss)/earnings per share


		Year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Numerator:
Net loss		(229,838)		(92,053)		(158,932)
Net loss attributable to non-controlling interests shareholders		9,383		300		—
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares		—		672,170		—
Deemed dividend to preferred shareholders due to modifications		—		(5,940)		—
Net accretion of convertible redeemable preferred shares		(9,452)		(290,543)		—
Net (loss)/income attributable to ordinary shareholders – Basic		(229,907)		283,934		(158,932)
Dilution effect from deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares		—		(672,170)		—
Dilution effect from deemed dividend to preferred shareholders due to modifications		—		5,940		—
Dilution effect from net accretion of convertible redeemable preferred shares		—		290,543		—
Net loss attributable to ordinary shareholders-diluted		(229,907)		(91,753)		(158,932)
Denominator:
Weighted average number of ordinary shares - basic		48,781,392		97,788,561		181,828,823
Weighted average number of ordinary shares from assumed conversion of the convertible redeemable preferred shares		—		70,363,864		—
Weighted average number of ordinary shares - diluted		48,781,392		168,152,425		181,828,823
Net (loss)/income per share attributable to ordinary shareholders:
- Basic		(4.71)		2.90		(0.87)
- Diluted		(4.71)		(0.55)		(0.87)

SHORT-TERM AND LONG-TERM BORROWINGS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Short-term borrowings:
Current portion of long-term borrowings		¥ 42,000	¥ 53,000
Short term borrowings including current portion of long-term borrowings	$ 19,948	139,500	163,000
Long-term borrowings:
Long term borrowings		50,000
Less: current portion of long-term borrowings		42,000	53,000
long term borrowing excluding current maturities	$ 1,144	¥ 8,000	125,500
Minimum
Short-term borrowings:
Fixed annual interest rate	3.00%	3.00%
Long-term borrowings:
Fixed annual interest rate	3.00%	3.00%
Maximum
Short-term borrowings:
Fixed annual interest rate	4.20%	4.20%
Long-term borrowings:
Fixed annual interest rate	4.20%	4.20%
Secured bank loans
Long-term borrowings:
Long term borrowings			73,500
Fixed annual interest rate	3.45%	3.45%
Unsecured bank loans
Long-term borrowings:
Long term borrowings		¥ 50,000	105,000
Unsecured bank loans \| Minimum
Long-term borrowings:
Fixed annual interest rate	3.00%	3.00%
Unsecured bank loans \| Maximum
Long-term borrowings:
Fixed annual interest rate	3.55%	3.55%
Secured bank loans
Short-term borrowings:
Short term borrowings		¥ 97,500	¥ 110,000
Secured bank loans \| Minimum
Short-term borrowings:
Fixed annual interest rate	2.90%	2.90%
Secured bank loans \| Maximum
Short-term borrowings:
Fixed annual interest rate	3.60%	3.60%

PRINCIPAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

PRINCIPAL ACCOUNTING POLICIES

Schedule of allowance for credit loss on accounts receivables


	Year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Balance at beginning of the year	3,228		2,201		1,758
Deconsolidation of CEIBS Publishing Group	—		(191)		—
(Reverse)/Provision for expected credit losses	(1,027)		(252)		74
Balance at end of the year	2,201		1,758		1,832

Schedule of useful lives of property plant and equipment


Category		Estimated useful lives
Leasehold improvement		Shorter of the lease term or the estimated useful lives of the assets
Electronic equipment		3-5 years
Furniture		5 years
Software purchased		5 years
Vehicles		5 years

Schedule of other revenue is recognized at a point in time


	Year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Corporate learning solutions
- Subscription-based	347,829		301,796		317,380
- Non-subscription-based	63,993		23,783		20,319
	411,822		325,579		337,699
Others
- Sales of software developed and related maintenance service	12,194		5,611		2,522
Total	424,016		331,190		340,221

Schedule of changes in deferred revenue


	Year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Balance at beginning of the year	228,356		247,437		183,138
Additions to deferred revenue	443,097		332,819		303,373
Recognition of deferred revenue	(424,016)		(331,190)		(340,221)
Deconsolidation of CEIBS Publishing Group	—		(65,928)		—
Balance at end of the year	247,437		183,138		146,290

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Modification of Preferred Shares (Details) $ / shares in Units, ¥ in Thousands, $ in Millions										12 Months Ended
	Jul. 01, 2024 USD ($)	Jul. 01, 2024 CNY (¥)	May 13, 2024 CNY (¥)	Jan. 25, 2021 USD ($) $ / shares shares	Jan. 25, 2021 CNY (¥) shares	Jan. 15, 2021 $ / shares	Jun. 24, 2020 shares	Jan. 15, 2020 USD ($)	Jan. 15, 2020 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Proceeds from issuance of ordinary shares upon the completion of IPO \| ¥											¥ 178,063
Deemed dividend to convertible redeemable preferred share shareholders due to modifications \| ¥					¥ 1,323				¥ 8,971		5,940
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares \| ¥			¥ 5,940								¥ 672,170
Pre-offering valuation	$ 630
Maximum gross proceeds condition for qualified initial public offering	$ 55
Conversion ratio of convertible redeemable preferred shares	1
Consideration for bonus shares \| ¥					¥ 0
Series A, B, C and D Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Percentage of annual rate return				25.00%	25.00%			25.00%	25.00%	25.00%
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares \| ¥		¥ 191,793
Series A, B, C and D Preferred Shares \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization				$ 800				$ 800
Series A, B, C and D Preferred Shares \| IPO occurred within 5 years
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Threshold period used in determining market capitalization								5 years	5 years
Series A, B, C and D Preferred Shares \| IPO occurred within 5 years \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization								$ 800
Series A, B, C and D Preferred Shares \| IPO occurred after 5 years
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Threshold period used in determining market capitalization								5 years	5 years
Series A, B, C and D Preferred Shares \| IPO occurred after 5 years \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization								$ 1,000
Series A, B, C and D Preferred Shares \| IPO occurred within 4 years
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Threshold period used in determining market capitalization				4 years	4 years
Series A, B, C and D Preferred Shares \| IPO occurred within 4 years \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization										$ 800
Threshold period used in determining market capitalization										4 years
Series A, B, C and D Preferred Shares \| IPO occurred after 7 years
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Threshold period used in determining market capitalization				7 years	7 years
Series A, B, C and D Preferred Shares \| IPO occurred after 7 years \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization				$ 1,000						$ 1,000
Threshold period used in determining market capitalization										7 years
Series E Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Issuance price \| $ / shares						$ 2.7409
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares \| ¥		¥ 480,377
Series E Preferred Shares \| Minimum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Market capitalization				1,400
Proceeds from issuance of ordinary shares upon the completion of IPO	$ 160			$ 160
Series D Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Issuance price \| $ / shares				$ 2.651
Series D2 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Number of ordinary shares re-designated \| shares							6,943,638
Series D3 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Shares acquired \| shares					3,939,542
Number of ordinary shares re-designated \| shares				3,939,542	3,939,542

STATUTORY RESERVES AND RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2025

STATUTORY RESERVES AND RESTRICTED NET ASSETS

STATUTORY RESERVES AND RESTRICTED NET ASSETS

22. STATUTORY RESERVES AND RESTRICTED NET ASSETS

Pursuant to laws applicable to entities incorporated in the PRC, the Group’s subsidiaries and consolidated VIE in the PRC must make appropriations from after-tax profit to non-distributable reserve funds. These reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires an annual appropriation of 10% of after tax profit (as determined under accounting principles generally accepted in the PRC at each year-end) until the accumulative amount of such reserve fund reaches 50% of a company’s registered capital, the other fund appropriations are at the subsidiaries’ discretion. These reserve funds can only be used for specific purposes of enterprise expansion and staff bonus and welfare and are not distributable as cash dividends. During the years ended December 31, 2023, 2024 and 2025, nil statutory reserve has been made by the Group. The statutory reserve of RMB 4,180 was appropriated by the CEIBS PG’s VIEs before the acquisition.

As a result of these PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Group. As of December 31, 2025, net assets restricted in the aggregate, which include paid-in capital and statutory reserve funds of the Company’s PRC subsidiaries, were RMB 10,717.

Condensed Financial Information of the Parent Company

Balance Sheets


		As of December 31,		As of December 31,
		2024		2025
		RMB		RMB
ASSETS
Cash and cash equivalents		99,459		25,428
Short-term investments		—		19,728
Amounts due from the Group’s entities		185,892		25,256
Loan to the Group’s entities		—		112,566
Prepaid expense and other current assets		—		235
Other non-current assets		548		1,512
Total assets		285,899		184,725
LIABILITIES AND EQUITY
Amounts due to the Group’s entities		35,613		64,572
Equity loss in subsidiaries, VIE and VIE’s subsidiaries		12,021		23,807
Acquisition consideration payable		8,983		8,983
Other payable and accrued liabilities		2,052		12,723
Total liabilities		58,669		110,085

22. STATUTORY RESERVES AND RESTRICTED NET ASSETS (CONTINUED)

Condensed Financial Information of the Parent Company (continued)

Balance Sheet (continued)


		As of December 31,		As of December 31,
		2024		2025
		RMB		RMB
Equity
Class A ordinary shares (US$0.0001 par value; 483,068,176 Class A shares authorized, 163,294,773 and 171,596,634 shares issued as of December 31, 2024 and 2025, respectively; 163,294,773 and 161,525,163 shares issued and outstanding as of December 31, 2024 and 2025, respectively)		118		118
Class B ordinary shares (US$0.0001 par value; 16,931,824 and 16,931,824 shares authorized, issued and outstanding as of December 31, 2024 and 2025, respectively)		11		11
Additional paid-in capital		3,489,553		3,501,859
Treasury stock (nil and 1,769,610 shares as of December 31, 2024 and 2025, respectively)		—		(3,494)
Accumulated other comprehensive income		25,096		22,626
Accumulated deficit		(3,287,548)		(3,446,480)
Total equity		227,230		74,640
Total liabilities and equity		285,899		184,725

22. STATUTORY RESERVES AND RESTRICTED NET ASSETS (CONTINUED)

Condensed Financial Information of the Parent Company (continued)

Statements of Comprehensive Loss


		Year Ended		Year Ended		Year Ended
		December 31,		December 31,		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Gross loss		—		—		(351)
Operating expenses		(27,856)		(15,730)		(36,591)
Other operating income		—		—		3,184
Equity in loss of the Group’s entities		(295,718)		(106,358)		(126,739)
Loss from operation		(323,574)		(122,088)		(160,497)
Interest and investment income		756		408		1,565
Interest expense		(56)		(23)		—
Impairment of available-for-sale debt securities		—		(4,428)		—
Change in fair value of derivative liabilities		102,419		34,378		—
Loss before income tax expense		(220,455)		(91,753)		(158,932)
Net loss		(220,455)		(91,753)		(158,932)
Net accretion of convertible redeemable preferred shares		(9,452)		(290,543)		—
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares		—		672,170		—
Deemed dividend to preferred shareholders due to modifications		—		(5,940)		—
Net (loss)/income attributable to ordinary shareholders		(229,907)		283,934		(158,932)

Statement of Cash Flows


		Year Ended		Year Ended		Year Ended
		December 31,		December 31,		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net cash (used in)/generated from operating activities		(29,486)		(20,519)		99,014
Net cash used in investing activities		(172,856)		(44,013)		(166,163)
Net cash (used in)/ provided by in financing activities		(3,896)		151,029		(5,150)
Effect of exchange rate changes on cash and cash equivalents		8,146		(2,504)		(1,732)
Net (decrease)/increase in cash and cash equivalents		(198,092)		83,993		(74,031)
Cash and cash equivalents at beginning of the year		213,558		15,466		99,459
Cash and cash equivalents at end of the year		15,466		99,459		25,428

CONCENTRATION AND RISKS (Details) - item	12 Months Ended
CONCENTRATION AND RISKS (Details) - item	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONCENTRATION AND RISKS
Depreciation in reporting currency, percentage	2.70%	1.50%	1.70%
Accounts payable \| Supplier concentration risk \| Two suppliers
CONCENTRATION AND RISKS
Number of suppliers		2
Concentration risk, percentage		52.00%
Accounts payable \| Supplier concentration risk \| Three customers
CONCENTRATION AND RISKS
Number of suppliers	3
Concentration risk, percentage	86.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2025

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS

5. SHORT-TERM INVESTMENTS


	As of December 31,
	2024		2025
	RMB		RMB
Time deposits⁽¹⁾	—		19,728
Total	—		19,728

(1)	Short-term investments with the amount of RMB 18,881 are pledged for the issuance of bank acceptance notes as of December 31, 2025.

PRINCIPAL ACCOUNTING POLICIES - Long-term Investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Jan. 01, 2023 CNY (¥)
PRINCIPAL ACCOUNTING POLICIES
Accumulated deficit	$ (492,840)	¥ (3,446,480)	¥ (3,287,548)
Beijing Lingdai
PRINCIPAL ACCOUNTING POLICIES
Investment company, distributable earnings (loss), accumulated ordinary income (loss)				¥ 3,142

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

SHORT-TERM AND LONG-TERM BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2025

SHORT-TERM AND LONG-TERM BORROWINGS

Schedule of short term and long term borrowings


		Fixed annual				As of December 31,
		interest rate		Term		2024		2025
						RMB		RMB
Short-term borrowings:
Secured bank loans⁽¹⁾		2.90%-3.60	%	Within 12 months		110,000		97,500
Current portion of long-term borrowings		3.00%-4.20	%	Within 12 months		53,000		42,000
Total						163,000		139,500

Long-term borrowings:
Secured bank loan⁽²⁾		3.45	%	1-2 years		73,500		—
Unsecured bank loan⁽³⁾		3.00%-3.55	%	1-2 years		105,000		50,000
Less: current portion of long-term borrowings		3.00%-4.20	%	Within 12 months		(53,000)		(42,000)
Total						125,500		8,000

(1)

(2)

(3)

Schedule of maturities for all long-term borrowings


		Long-term borrowings
		RMB
2026		42,000
2027		8,000
Total		50,000

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost			¥ 47,019		¥ 48,232
Less: Accumulated depreciation and amortization			(31,844)		(37,880)
Property, equipment and software, net	$ 1,480		15,175		10,352
Depreciation expenses	$ 914	¥ 6,392	7,638	¥ 9,368
Impairment charges		¥ 0	0	¥ 0
Leasehold improvements
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost			26,520		26,539
Electronic equipment
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost			12,264		12,489
Vehicles
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost			3,233		3,233
Furniture
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost			3,083		3,086
Software purchased
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost			¥ 1,919		1,919
Construction in progress
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost					¥ 966

CONVERTIBLE REDEEMABLE PREFERRED SHARES (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands										1 Months Ended		12 Months Ended
	Mar. 22, 2021 USD ($) shares	Jan. 25, 2021 USD ($) shares	Jun. 24, 2020 USD ($) shares	Jan. 15, 2020 USD ($) shares	Jul. 30, 2019 USD ($) shares	Jul. 30, 2019 CNY (¥) shares	Sep. 10, 2018 USD ($) shares	Jul. 26, 2018 USD ($) shares	Nov. 03, 2017 USD ($) $ / shares shares	Jan. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Aug. 15, 2024 shares	Jul. 01, 2024
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Payments of initial public offering costs												$ 237	¥ 1,656	¥ 27,034	¥ 3,896
Loss on change in fair value of warrant liability \| ¥						¥ 3,983
Conversion ratio												1	1				1
CEIBS PG
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Percentage of direct or indirect ownership			60.00%
Series A1 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Shares issued \| shares									6,655,736
Aggregate consideration									$ 8,500
Series A1 Preferred Shares \| Series A Warrant
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Additional shares purchased on warrants granted \| shares									3,132,111
Exercise price \| $ / shares									$ 1.277
Term of warrants									18 months
Payments of initial public offering costs									$ 101
Series A2 Preferred Shares \| Series A Warrant
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Warrants exercised to purchase shares \| shares								1,566,056
Series A3 Preferred Shares \| Series A Warrant
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Warrants exercised to purchase shares \| shares								1,566,055
Series A2 and A-3 Preferred Shares \| Series A Warrant
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Warrants exercised to purchase shares, value								$ 4,000
Series A 4 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Shares issued \| shares			5,252,723
Series B convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Shares issued \| shares					7,085,330	7,085,330
Aggregate consideration					$ 10,595	¥ 70,000				¥ 10,000	¥ 60,000
Payments of initial public offering costs					$ 0
Series C convertible redeemable preferred shares \| Series C Warrant
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Percentage of per-share purchase price in next equity financing							85.00%
Series C convertible redeemable preferred shares \| Series C Warrant \| Maximum
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Value of shares issued upon warrants granted							$ 20,000
Series C1 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Shares issued \| shares							15,201,956
Aggregate consideration							$ 30,000
Series C1 Preferred Shares \| Series C Warrant
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Payments of initial public offering costs							$ 1,134
Series C2 Preferred Shares \| Series C Warrant
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Warrants exercised to purchase shares \| shares				8,584,634
Warrants exercised to purchase shares, value				$ 20,000
Series D1 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Shares issued \| shares				26,268,981
Aggregate consideration				$ 72,000
Payments of initial public offering costs				$ 2,386
Shares acquired \| shares			6,943,638
Consideration paid for shares acquired			$ 16,177
Series D3 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Shares acquired \| shares		3,939,542
Series E1 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Shares issued \| shares		16,883,753
Aggregate consideration		$ 90,000
Payments of initial public offering costs		$ 1,376
Shares acquired \| shares		3,939,542
Consideration paid for shares acquired		$ 11,250
Series E2 Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Shares issued \| shares	9,533,565
Aggregate consideration	$ 64,328
Payments of initial public offering costs	$ 910
Series A Ordinary Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Number of preferred shares converted \| shares																125,154,172

STATUTORY RESERVES AND RESTRICTED NET ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Appropriations, percentage	10.00%
Reserve fund, threshold percentage on registered capital	50.00%
Statutory reserve	$ 0		$ 0	$ 0
Statutory reserve appropriated by CEIBS Publishing Group's VIEs before the acquisition	$ 4,180
Paid-in capital and statutory reserve funds \| ¥		¥ 10,717