| Intangible Assets, Net |
9. Intangible Assets, Net Intangible assets, net consist of the following: | | | | | | | As of December 31, | | | 2024 | | 2025 | Automotive Manufacturing Permission | | 647,174 | | 647,174 | Insurance Agent License | | 35,000 | | 35,000 | Indefinite‑lived intangible assets, net | | 682,174 | | 682,174 | Software | | 338,044 | | 441,290 | Patents and licenses | | 694 | | 248,825 | Finite‑lived intangible assets | | 338,738 | | 690,115 | Less: Accumulated amortization | | | | | Software | | (105,267) | | (150,476) | Patents | | (694) | | (29,839) | Accumulated amortization | | (105,961) | | (180,315) | Finite‑lived intangible assets, net | | 232,777 | | 509,800 | Total intangible assets, net | | 914,951 | | 1,191,974 |
The Group recorded amortization expenses of RMB24,297, RMB28,940 and RMB74,403 for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2025, amortization expenses related to intangible assets for future periods are estimated to be as follows: | | | | | For the Year Ending December 31, | 2026 | | 161,934 | 2027 | | 141,673 | 2028 | | 38,368 | 2029 | | 37,190 | 2030 and thereafter | | 130,635 | Total | | 509,800 |
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