| | | Names of the major related parties | | Nature of relationship | Tencent Holdings Limited and its subsidiaries (the “Tencent Group”) | | A shareholder that has significant influence over the Group | Kuaishou Technology and its subsidiaries (the “Kuaishou Group”) | | A shareholder that has significant influence over the Group | Beijing ModelBest Intelligent Technology Co., Ltd. (“ModelBest”) and its subsidiaries | | An investee of the Group | Beijing Radio and Television Station (“BRTS”) | | A shareholder of the Company’s VIE | Civil Spectrum Limited (“Civil Spectrum”) and its subsidiaries | | An investee of the Group |
The following table presents significant transactions with related parties for the years ended December 31, 2023, 2024 and 2025 (in thousands): | | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Services purchased from related parties | | | | | | | Tencent Group(i) | | 28,822 | | 25,858 | | 22,927 | Kuaishou Group(ii) | | 10,837 | | 60,112 | | 28,176 | BRTS(iii) | | — | | 5,660 | | 2,830 | Services provided to related parties | | | | | | | Tencent Group(iv) | | 29,174 | | 16,500 | | 17,154 | Kuaishou Group(iv) | | 5,437 | | 11,658 | | 29,991 |
| (i) | Services purchased from Tencent Group primarily related to payment services and cloud and bandwidth services. |
| (ii) | Services purchased from Kuaishou Group primarily related to marketing services and cloud and bandwidth services. |
| (iii) | Services purchased from BRTS primarily related to consulting services. |
| (iv) | Services provided to Tencent Group and Kuaishou Group primarily related to marketing services. |
The following table presents balances with related parties as of December 31, 2024 and 2025 (in thousands): | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Amount due from related parties | | | | | Tencent Group | | 6,601 | | 13,481 | Kuaishou Group | | 11,313 | | 12,089 | ModelBest(i) | | 23,674 | | — | | | | | | Amount due to related parties | | | | | Tencent Group | | 4,863 | | 3,450 | Kuaishou Group | | 1,962 | | 385 | Civil Spectrum(ii) | | — | | 12,300 |
(i)The balance mainly represents expenditures paid by the Group on behalf of ModelBest. (ii)The balance represents the long-term investment consideration payable to Civil Spectrum, which was paid in January 2026 and is non-trade in nature.
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