Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

10. Intangible Assets, Net

Intangible assets, net

consisted of the following:


	As of December 31, 2023										As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Impairment Amount (iv)			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Impairment Amount (iv)			Net Carrying Amount
Finite-lived intangible assets
VPT (i)		2,586,911		(43,115	)		—			2,543,796		2,586,911		(301,806	)		—			2,285,105
Robotics platform technology (ii)		777,711		(19,443	)		—			758,268		777,711		(97,214	)		—			680,497
VMT (i)		—		—			—			—		609,170		(50,764	)		—			558,406
Software		542,335		(287,943	)		(35,130	)		219,262		725,879		(424,821	)		(35,130	)		265,928
License of maintenance and overhauls		2,290		(2,290	)		—			—		2,290		(2,290	)		—			—
Others (iii)		12,033		(417)			—			11,616		12,033		(2,143)			—			9,890

Total finite-lived intangible assets		3,921,280		(353,208	)		(35,130	)		3,532,942		4,713,994		(879,038	)		(35,130	)		3,799,826

Indefinite-lived intangible assets
Manufacturing license		494,000		—			—			494,000		494,000		—			—			494,000
Surveying and mapping qualification		250,000		—			—			250,000		250,000		—			—			250,000
VMTUD (i)		609,170		—			—			609,170		—		—			—			—
Others (iii)		62,880		—			—			62,880		66,643		—			—			66,643

Total indefinite-lived intangible assets		1,416,050		—			—			1,416,050		810,643		—			—			810,643

Total intangible assets		5,337,330		(353,208)			(35,130)			4,948,992		5,524,637		(879,038)			(35,130)			4,610,469

The Group recorded amortization expense of RMB65,714, RMB230,501 and RMB537,669 for the years ended December 31, 2022, 2023 and 2024, respectively.

Total future amortization expenses for finite-lived intangible assets were estimated as follows:


Within 1 year			549,449
Between 1 and 2 years			520,888
Between 2 and 3 years			507,843
Between 3 and 4 years			499,993
Between 4 and 5 years			436,473
Thereafter			1,285,180

Total			3,799,826

(i)

The useful life of VPT acquired in the business combination of Xiaoju Smart Auto Co. Limited and its wholly-owned subsidiaries (“Xiaoju Group”) is assessed to be 10

years. The VMTUD acquired through business combination is considered indefinite-lived until the completion of the associated research and development efforts and a determination related to commercial feasibility. As of December 31, 2024, the VMTUD was transferred into

VMT as finite-lived intangible

assets

upon

its completion and

its estimated useful life

is assessed to be 5 years. Research and development expenditures that are incurred after the acquisition, including those for completing the research and development activities, are expensed as incurred.

No impairment was recognized for these assets as of December 31, 2023 and 2024.

(ii)

Dogotix Inc. (“Dogotix”) is primarily engaged in research and development of robots with human-robot interaction functions since 2021. On September 29, 2023, the Group entered into share purchase agreements to acquire 74.82% of the equity interest of Dogotix for a cash consideration of US$98.96 million (approximated to RMB710 million). Upon completion of the acquisition on October 9, 2023, Dogotix became a wholly-owned subsidiary of the Group. The fair value of the 25.18% equity interest in Dogotix previously held by the Group amounted to RMB205 million at the acquisition date. The total consideration amounted to RMB915 million. Substantially all of the fair value of the gross assets (excluding cash and cash equivalents, deferred tax assets, and consideration transferred in excess resulting from the effects of deferred tax liabilities) acquired was concentrated in the robotics platform technology. The acquisition was determined to be an asset acquisition for accounting purposes. The Group accounted for the acquisition of the robotics platform technology as an intangible asset with a total cost of RMB778 million. The useful life of this asset is assessed to be 10 years. No impairment was recognized for the

asset as of December 31, 2023 and 2024.

(iii)

As of December 31, 2024, other finite-lived intangible assets included trademarks, domain names and patents amounting to RMB2,280, RMB2,026 and RMB5,584, respectively. As of December 31, 2023, other finite-lived intangible assets included trademarks, domain names and patents amounting to RMB2,626, RMB2,554 and RMB6,436, respectively. As of December 31, 2024, other indefinite-lived intangible assets included license plate amounting to RMB44,643 and insurance agency qualification amounting to RMB22,000. As of December 31, 2023, other indefinite-lived intangible assets included license plate amounting to RMB40,880 and insurance agency qualification amounting to RMB22,000.

(iv)	Impairment loss es of RMB26,418, RMB8,712 and nil were recognized for the years ended December 31, 2022, 2023 and 2024, respectively, primarily due to the phase out of certain software.