Operating Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Operating Leases

20. 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 2.21). 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,
	2023			2024
	RMB			RMB
Operating lease right-of-use assets		85,934			67,733
Current operating lease liabilities		37,758			41,204
Non-current operating lease liabilities		46,709			23,928
Total operating lease liabilities		84,467			65,132
Weighted average remaining lease term (in years)		2.86			1.94
Weighted average discount rate		3.8	%		3.8	%

	Year ended December 31,
	2023		2024
	RMB		RMB
Lease cost:
Operating fixed lease cost		13,218		40,912
Lease cost related to short-term leases not capitalized		9,243		4,918
Total lease cost		22,461		45,830

Supplemental cash flow information related to leases for the years ended December 31, 2023 and 2024 is as follows:

	Year ended December 31,
	2023		2024
	RMB		RMB
Cash paid for amounts included in measurement of liabilities:
Operating cash flows payment from operating leases		12,451		41,146
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases		7,998		19,613
Right-of-use assets increased due to lease modification:
Operating leases		33,987		—

As of December 31, 2024, the maturities of lease liabilities in accordance with ASC 842 in each of the following years are as follows:

	Total operating lease
	RMB
2025		42,392
2026		25,315
2027		—
Total minimum lease payments		67,707
Less: amount representing interest		(2,575	)
Present value of minimum lease payments		65,132