Operating Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Operating Leases

19. Operating Leases

The Group leases office space under non-cancellable operating lease agreements that expire at various dates through December 2026. The Group also purchased a land use right, which expires at April 2072. The prepayment for land use right is included in right-of-use assets and amortized over the period of the land use right (see note 2.22). As the Group incurs no lease liability in relation to the land use right, the amounts related to land use right are excluded from the following disclosure.

Supplemental information related to leases and location within the consolidated balance sheet are as follows:

	As of December 31,
	2022			2023
	RMB			RMB
Operating lease right-of-use assets		82,055			85,934
Current operating lease liabilities		44,590			37,758
Non-current operating lease liabilities		35,931			46,709
Total operating lease liabilities		80,521			84,467
Weighted average remaining lease term (in years)		2.30			2.86
Weighted average discount rate		4.6	%		3.8	%

	Year ended December 31,
	2022		2023
	RMB		RMB
Lease cost*:
Operating fixed lease cost		16,289		13,218
Lease cost related to short-term leases not capitalized		8,869		9,243
Total lease cost		25,158		22,461

Supplemental cash flow information related to leases for the years ended December 31, 2022 and 2023 is as follows:

	Year ended December 31,
	2022		2023
	RMB		RMB
Cash paid for amounts included in measurement of liabilities*:
Operating cash flows payment from operating leases		12,604		12,451
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases		2,796		7,998
Right-of-use assets increased due to lease modification:
Operating leases		—		33,987

As of December 31, 2023, the maturities of lease liabilities in accordance with ASC 842 in each of the following years are as follows:

	Total operating lease
	RMB
2024		38,489
2025		29,185
2026		21,207
Total minimum lease payments*		88,881
Less: amount representing interest		(4,414	)
Present value of minimum lease payments		84,467

* The lease agreement of the Group’s headquarter office is subsidized and paid by a local government authority subject to certain performance targets which the Group met for the past years and believes it will continue to meet for the remaining lease period. RMB81,147 of the lease liabilities included above will be paid by the subsidies. The above lease cost and operating cash flows from operating leases are presented net of the subsidy impact.