Prepayments and Other Assets

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

The current and non-current portions of prepayments and other assets consist of the following:


	As of December 31,
	2023		2024		2024
	RMB		RMB		US$
Current portion:
Contract assets (i)		1,598,059		1,203,612		164,894
VAT prepayments		430,902		355,307		48,677
Prepaid licensed copyrights		19,406		37,326		5,114
Receivables from online payment agencies		534,720		451,174		61,811
Advances to suppliers		111,770		43,291		5,931
Others (ii)		99,402		102,218		14,003
		2,794,259		2,192,928		300,430


	As of December 31,
	2023		2024		2024
	RMB		RMB		US$
Non-current portion:
Prepaid licensed copyrights		2,382,540		2,288,526		313,527
Licensed copyrights prepaid assets (iii)		237,030		495,842		67,930
Long-term restricted cash (iv)		839,963		60,652		8,309
Others (ii)		58,677		68,899		9,439
		3,518,210		2,913,919		399,205

(i)

The allowance for credit losses on contract assets was RMB17,832 and RMB32,614 (US$4,468) as of December 31, 2023 and 2024, respectively. The reversals charged against the allowance was RMB2,311 for the year ended December 31, 2022. The provision charged against the allowance were RMB5,423 and RMB14,782 (US$2,025) for the years ended December 31, 2023 and 2024, respectively. No write-offs were charged against the allowance for the years ended December 31, 2022, 2023 and 2024.

(ii)

The allowance for credit losses on other current and non-current assets were RMB85,965 and RMB82,511 (US$11,304) as of December 31, 2023 and 2024, respectively. The provisions charged against the allowance were RMB57,115 for the year ended December 31, 2022. The reversals charged against the allowance were RMB31,150 and RMB3,454 (US$473) for the years ended December 31, 2023 and 2024, respectively. The write-offs charged against the allowance were RMB16,688, RMB16,529 and nil for the years ended December 31, 2022, 2023 and 2024, respectively.

(iii)

Licensed copyrights prepaid assets are recognized when the Group has yet to receive the content copyrights from the counterparty under nonmonetary exchanges but the counterparty has already received the content copyrights from the Group.

(iv)

Long-term restricted cash mainly represents collateral to repayments of PAG Notes (Note 14).