0001493152-26-019716 | 20-F | XBRL Viewer

Short-term Loans (Details Narrative) ¥ in Thousands	12 Months Ended
Short-term Loans (Details Narrative) ¥ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2025 CNY (¥)
Short-Term Debt [Line Items]
Short-term loans		¥ 7,188
Bank Credit Facilities [Member]
Short-Term Debt [Line Items]
Line of credit facility, maximum borrowing capacity			103,100
Line of credit facility, remaining borrowing capacity			¥ 103,100
Short term debt weighted average interest rate percentage over time		5.70%
Short-term loans		¥ 7,200
Bank Credit Facilities [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Short term debt term	6 months	6 months

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule Of Major Subsidiaries Consolidated Vies And Vies Subsidiaries

As of December 31, 2025, the Company’s consolidated subsidiaries, the VIEs and subsidiaries of the VIEs are as follows:

Major Subsidiaries	Place and year of incorporation/ acquisition	Percentage of direct or indirect economic ownership %	Principal activities
Lizhi Inc. (“Lizhi BVI”)	British Virgin Islands, Y2010	100	Investment holding
Lizhi Holding Limited (“Lizhi HK”)	Hong Kong, China Y2010	100	Investment holding
Beijing Hongyiyichuang Information Technology Co., Ltd. (“Hongyi Technology”)	Beijing, China Y2011	100	Technical support and consulting services, advertising service
Tiya Inc. (“Tiya Cayman”)	Cayman Islands, Y2019	100	Investment holding
VOCAL BEATS Inc. (“Vocal Beats”)	British Virgin Islands, Y2019	68.5	Investment holding
TIYA INC. (“Tiya BVI”)	British Virgin Islands, Y2019	100	Investment holding
Tiya Holding Limited (“Tiya HK”)	Hong Kong, China, Y2019	100	Investment holding
TIYA PTE. LTD.	Singapore, Y2019	100	Subscription and others
NASHOR PTE. LTD.	Singapore, Y2019	68.5	Subscription and others
TOPMUSE PTE. LTD.	Singapore, Y2022	68.5	Subscription and others
VOCALBEATS.AI PTE. LTD.	Singapore, Y2022	68.5	Subscription and others
VOPI PTE. LTD.	Singapore, Y2021	68.5	Subscription and others
Vocalbeats CO., LTD. (Formerly known as TIYA CO., LTD.)	Japan, Y2022	68.5	Subscription and others
SONICO SDN. BHD.	Malaysia, Y2022	68.5	Technical support and consulting services
Guangzhou Tiya Information Technology Co., Ltd. (“Guangzhou Tiya”)	Guangzhou, China, Y2019	100	Technical support and consulting services
Tiya Inc. (“Tiya USA”)	USA, Y2020	100	Subscription and others
Guangzhou QingYin Information Technology Co., Ltd. (“Guangzhou QingYin”)	Guangzhou, China, Y2022	100	Technical support and consulting services
Guangzhou Yuyin Information Technology Co., Ltd.	Guangzhou, China, Y2022	68.5	Technical support and consulting services
Guangzhou Yuechuang Information Technology Co., Ltd.	Guangzhou, China, Y2022	100	Technical support and consulting services

Major VIEs

Place and

year of

incorporation/

acquisition

Percentage of

direct or indirect economic ownership

Principal activities

Guangzhou Lizhi Network Technology Co., Ltd.

(“Guangzhou Lizhi”)

Guangzhou, China Y2007

100

Value-added service and subscription business

Guangzhou Huanliao Network Technology Co., Ltd.

(“Guangzhou Huanliao”)

Guangzhou, China Y2016

100

Value-added service and subscription business

Major subsidiaries of VIEs	Place and year of incorporation/ acquisition	Percentage of direct or indirect economic ownership %	Principal activities
Wuhan Lizhi Network Technology Co., Ltd.	Wuhan, China Y2017	100	Value-added service and subscription business
Wuhan Yuyinliaorao Network Technology Co., Ltd.	Wuhan, China Y2019	100	Value-added service and subscription business
Guangzhou Qianyue Media Co., Ltd.	Guangzhou, China Y2023	100	Value-added service and subscription business
Beijing Guoyin Network Technology Co., Ltd.	Beijing, China Y2020	100	Technical support and consulting services
Guangzhou Baihui Network Technology Co., Ltd.	Guangzhou, China Y2024	100	Technical support and consulting services
Guangdong Shengjie Intelligent Technology Co., Ltd	Guangzhou, China Y2025	100	Technical support and consulting services

Schedule Of Variable Interest Entities

The following combined financial information of the VIEs as of December 31, 2024 and 2025 and for the years ended December 31, 2023, 2024 and 2025 was included in the accompanying consolidated financial statements of the Group as follows:

Schedule Of Variable Interest Entities

	As of December 31,		As of December 31,
	2024		2025
		RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		187,693		280,856
Restricted cash		1,733		2,151
Accounts receivable, net		482		432
Prepayments and other current assets		18,006		29,135
Amount due from the subsidiaries of the Group		67,916		209,221
Total current assets		275,830		521,795
Non-current assets:
Property, equipment and leasehold improvement, net		6,996		6,335
Intangible assets, net		1,049		528
Right-of-use assets, net		623		9,074
Total non-current assets		8,668		15,937
TOTAL ASSETS		284,498		537,732
Current liabilities:
Accounts payable		38,185		57,749
Deferred revenue		29,318		35,705
Salary and welfare payable		104,247		143,105
Taxes payable		5,002		6,097
Lease liabilities due within one year		235		4,661
Accrued expenses and other current liabilities		70,722		63,853
Amount due to the subsidiaries of the Group		463,809		388,068
Total current liabilities		711,518		699,238
Non-current liabilities:
Lease liabilities		385		4,514
Total non-current liabilities		385		4,514
TOTAL LIABILITIES		711,903		703,752

	RMB			RMB			RMB
	For the year ended
	December 31,			December 31,			December 31,
	2023			2024			2025
	RMB			RMB			RMB
Net revenues		2,069,491			2,026,664			3,063,542
Net (loss)/income		(23,554	)		(56,416	)		261,385

	2023			2024			2025
	For the year ended
	December 31,			December 31,			December 31,
	2023			2024			2025
	RMB			RMB			RMB
Net cash (used in)/generated from operating activities		(25,170	)		(15,009	)		299,237
Net cash used in investing activities		(2,181	)		(699	)		(1,968	)
Net cash (used in)/generated from financing activities		(106,058	)		36,440			(210,567	)
Net (decrease)/increase in cash, cash equivalents and restricted cash		(133,409	)		20,732			86,702

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Aug. 28, 2025
Subsequent Event [Line Items]
Ordinary share per value			$ 0.005
Share price			$ 1.00
Dividend paid		$ 4.3
Subsequent Event [Member]
Subsequent Event [Line Items]
Ordinary share per value	$ 0.006
Share price	$ 1.20
Dividend paid	$ 5.0

Significant Accounting Policies (Details Narrative) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Significant Accounting Policies Abstract
Cash, cash equivalents	$ 93,700	¥ 655,100	¥ 441,858	¥ 494,965

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	$ 93,700	¥ 655,100	¥ 441,858
Restricted cash	693	4,800	11,305
Accounts receivable, net	139	972	1,082
Prepayments and other current assets	7,105	49,683	35,106
Total current assets	101,609	710,557	489,351
Non-current assets:
Property, equipment and leasehold improvement, net	1,726	12,070	16,491
Intangible assets, net	126	879	1,176
Right-of-use assets, net	3,371	23,572	12,692
Other non-current assets	363	2,536	1,730
Total non-current assets	5,586	39,057	32,089
TOTAL ASSETS	107,195	749,614	521,440
Current liabilities:
Accounts payable	8,401	58,751	39,379
Deferred revenue	5,468	38,200	30,960
Salary and welfare payable	25,199	176,216	131,186
Taxes payable	1,316	9,203	7,267
Short-term loans			7,188
Lease liabilities due within one year	2,090	14,619	8,240
Accrued expenses and other current liabilities	9,772	68,327	78,491
Total current liabilities	52,246	365,356	302,711
Non-current liabilities:
Lease liabilities	1,425	9,962	4,424
Total non-current liabilities	1,425	9,962	4,424
Total liabilities	53,671	375,318	307,135
COMMITMENTS AND CONTINGENCIES (NOTE 16)
SHAREHOLDERS’ EQUITY
Treasury stock	(1,452)	(10,156)	(10,182)
Additional paid-in capital	382,999	2,678,350	2,703,147
Statutory reserves	2,058	14,392	2,605
Accumulated deficit	(331,025)	(2,314,900)	(2,490,809)
Accumulated other comprehensive loss	4,687	32,777	29,803
Total Sound Group Inc.'s SHAREHOLDERS' EQUITY	57,351	401,062	235,289
Non-controlling interests	(3,827)	(26,766)	(20,984)
TOTAL SHAREHOLDERS' EQUITY	53,524	374,296	214,305
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	107,195	749,614	521,440
Common Class A [Member]
SHAREHOLDERS’ EQUITY
Ordinary shares, value	60	422	557
Common Class B [Member]
SHAREHOLDERS’ EQUITY
Ordinary shares, value	$ 24	¥ 168	¥ 168

Schedule Of Property, Equipment And Leasehold Improvement (Details)	Dec. 31, 2025
Electronic Equipment [Member]
Property, Plant and Equipment [Line Items]
Plant propety and equipment useful life	3 years
Furniture And Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Plant propety and equipment useful life	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Useful Life, Shorter of Lease Term or Asset Utility [Member]

Cover - shares	12 Months Ended
Cover - shares	Dec. 31, 2025	Feb. 28, 2026
Entity Addresses [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Entity File Number	001-39177
Entity Registrant Name	Sound Group Inc.
Entity Central Index Key	0001783407
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	108 Robinson Road
Entity Address, Address Line Two	#09-01
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	068900
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		834,829,150
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	6907
Auditor Opinion [Text Block]	We have audited the accompanying consolidated balance sheets of Sound Group Inc. (the “Company”) and its subsidiaries (the “Group”) as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive (loss)/income, changes in shareholders’ equity and cash flows for the years ended December 31, 2025, 2024 and 2023, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years ended December 31, 2025, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Auditor Name	Enrome LLP
Auditor Location	Singapore
American depositary shares, each ADS represents two hundred (200) Class A ordinary shares, par value US$0.0001 per share
Entity Addresses [Line Items]
Title of 12(b) Security	American depositary shares, each ADS represents two hundred (200) Class A ordinary shares, par value US$0.0001 per share
Trading Symbol	SOGP
Security Exchange Name	NASDAQ
Class A ordinary shares, par value US$0.0001 per share *
Entity Addresses [Line Items]
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share *
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	108 Robinson Road
Entity Address, Address Line Two	#09-01
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	068900
City Area Code	+65
Local Phone Number	62021360
Contact Personnel Name	Chengfang Lu
Contact Personnel Email Address	erris.lu@soundgroupinc.com

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	*Cybersecurity Risk Management*Cybersecurity risk management is an integral part of our overall security management practices. Over the years, we have developed a set of internal rules and processes for handling cybersecurity threats and incidents and facilitated coordination across different functions and business units within our company. These rules and processes cover, among other things, steps for assessing the severity of a cybersecurity threat, identifying its source, implementing protective measures, and keeping the management and our board of directors informed of material cybersecurity threats and incidents. Depending on our needs, we either collaborate with third-party security experts for risk assessment and system enhancements or rely on our in-house teams for these critical assessments. Our senior executive officers oversee a specialized internal cybersecurity panel responsible for the oversight of risks from cybersecurity threats. This panel plays a crucial role in managing our cybersecurity efforts, including identifying and assessing risks, and developing strategies to address and lessen these risks. Members of this panel regularly receive detailed reports from the personnel focused on cybersecurity to guide their decisions in preventing, detecting, and managing security incidents. Our cybersecurity panel and personnel are highly skilled in information systems security and management. Members of our cybersecurity panel are experienced information systems security professionals and most of them are information security managers with more than 5 years of relevant experience. Some of the cybersecurity team members have obtained relevant certifications, such as the Certified Information Security Professional (CISP). Our dedicated cybersecurity personnel regularly update our cybersecurity panel, management and the board of directors on our overall cybersecurity practices, material cybersecurity risks and mitigation strategies, and provide cybersecurity reports periodically that cover, among other topics, external evaluations of our cybersecurity strategies, developments in cybersecurity and updates to our cybersecurity practices and mitigation strategies. In 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced an undetected cybersecurity incident. For more information about these risks, please see “Item 3. Key Information—3.D. Risk Factors—Risks Related to Our Business and Industry—Concerns about the collection, use and disclosure of personal data and other privacy-related and security matters could deter customers and users from using our services and adversely affect our reputation and business” on page 43 of this annual report.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity risk management is an integral part of our overall security management practices. Over the years, we have developed a set of internal rules and processes for handling cybersecurity threats and incidents and facilitated coordination across different functions and business units within our company. These rules and processes cover, among other things, steps for assessing the severity of a cybersecurity threat, identifying its source, implementing protective measures, and keeping the management and our board of directors informed of material cybersecurity threats and incidents. Depending on our needs, we either collaborate with third-party security experts for risk assessment and system enhancements or rely on our in-house teams for these critical assessments.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our dedicated cybersecurity personnel regularly update our cybersecurity panel, management and the board of directors on our overall cybersecurity practices, material cybersecurity risks and mitigation strategies, and provide cybersecurity reports periodically that cover, among other topics, external evaluations of our cybersecurity strategies, developments in cybersecurity and updates to our cybersecurity practices and mitigation strategies.
Cybersecurity Risk Role of Management [Text Block]	Our senior executive officers oversee a specialized internal cybersecurity panel responsible for the oversight of risks from cybersecurity threats. This panel plays a crucial role in managing our cybersecurity efforts, including identifying and assessing risks, and developing strategies to address and lessen these risks. Members of this panel regularly receive detailed reports from the personnel focused on cybersecurity to guide their decisions in preventing, detecting, and managing security incidents. Our cybersecurity panel and personnel are highly skilled in information systems security and management. Members of our cybersecurity panel are experienced information systems security professionals and most of them are information security managers with more than 5 years of relevant experience. Some of the cybersecurity team members have obtained relevant certifications, such as the Certified Information Security Professional (CISP). Our dedicated cybersecurity personnel regularly update our cybersecurity panel, management and the board of directors on our overall cybersecurity practices, material cybersecurity risks and mitigation strategies, and provide cybersecurity reports periodically that cover, among other topics, external evaluations of our cybersecurity strategies, developments in cybersecurity and updates to our cybersecurity practices and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	senior executive officers
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity panel and personnel are highly skilled in information systems security and management. Members of our cybersecurity panel are experienced information systems security professionals and most of them are information security managers with more than 5 years of relevant experience. Some of the cybersecurity team members have obtained relevant certifications, such as the Certified Information Security Professional (CISP).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Members of this panel regularly receive detailed reports from the personnel focused on cybersecurity to guide their decisions in preventing, detecting, and managing security incidents.

Cost of Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Cost Of Revenues

Schedule of Cost of Revenues

The following is a summary of cost of revenues for the years ended December 31, 2023, 2024 and 2025:

Schedule of Cost of Revenues

	2023		2024		2025
	For the year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Revenue sharing fees		1,368,498		1,377,765		2,069,133
Salary and welfare benefits		45,273		28,600		44,129
Payment handling costs		21,076		20,836		37,859
Bandwidth costs		39,424		36,218		33,053
Share-based compensation expense		3,845		1,788		556
Others		8,281		9,741		12,865
Total		1,486,397		1,474,948		2,197,595

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net (loss)/income	$ 31,552	¥ 220,649	¥ (80,976)	¥ (134,515)
Adjustment to reconcile net (loss)/income to net cash generated from/(used in) operating activities:
Depreciation of property, equipment and leasehold improvement	986	6,900	10,711	13,218
Amortization of intangible assets	109	759	661	983
Amortization of right-of-use assets	2,182	15,263	17,460	16,903
Foreign exchange losses	146	1,022	4,209	1,488
Investment income	142	996	(919)	(188)
Share-based compensation	646	4,518	14,150	26,755
Impairment of right-of-use assets	159	1,112
Allowance for expected credit loss	10	69		90,789
Losses/(gains) on disposal of property, equipment and leasehold improvement	54	381	90	(438)
Changes in operating assets and liabilities:
Accounts receivable	6	41	475	1,637
Prepayments and other current assets	(2,317)	(16,204)	(432)	(94,572)
Accounts payable	2,770	19,372	(3,805)	(10,648)
Deferred revenue	1,041	7,280	1,712	(6,429)
Salary and welfare payable	6,340	44,337	(5,136)	499
Taxes payable	309	2,160	3,450	(549)
Lease liabilities	(2,193)	(15,339)	(17,785)	(18,057)
Accrued expenses and other current liabilities	(1,898)	(13,282)	29,666	31
Other non-current liabilities				(3,952)
Net cash (used in)/generated from operating activities	40,044	280,000	(26,469)	(117,045)
Cash flows from investing activities:
Purchase of property, equipment and leasehold improvement	(493)	(3,448)	(11,072)	(5,961)
Purchase of intangible assets	(96)	(670)	(1,099)	(1,261)
Purchase of short-term investments	(35,321)	(247,000)	(125,000)
Maturities of short-term investments	35,321	247,000	125,000	111,022
Proceeds from disposal of property, equipment and leasehold improvement	45	317	197	1,853
Net cash generated from/(used in) investing activities	(544)	(3,801)	(11,974)	105,653
Cash flows from financing activities：
Proceeds from exercise of vested share options	4	26	7	5
Proceeds from short-term loans			18,377	40,900
Repayments of short-term loans	(1,028)	(7,188)	(11,188)	(114,878)
Cash paid for repurchase of common shares	(4,112)	(28,756)	(10,190)
Capital contributions from the non-controlling interest shareholders				2,299
Cash paid for dividends	(4,330)	(30,283)
Net cash used in financing activities	(9,466)	(66,201)	(2,994)	(71,674)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(471)	(3,290)	(3,017)	2,168
Net (decrease)/increase in cash, cash equivalents and restricted cash	29,563	206,739	(44,454)	(80,898)
Cash, cash equivalents and restricted cash at beginning of the year	64,802	453,163	497,617	578,515
Cash, cash equivalents and restricted cash at end of the year	94,365	659,902	453,163	497,617
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents	93,700	655,100	441,858	494,965
Restricted cash	693	4,844	11,305	2,652
Total Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	94,365	659,902	453,163	497,617
Supplemental disclosures of cash flow information:
Cash paid for interest expense	(4)	(28)	(416)	(2,051)
Cash paid for operating leases	(2,385)	(16,679)	(17,754)	(18,257)
Income taxes paid	(259)	(1,811)	(1,861)	(495)
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for lease liabilities	$ 3,898	¥ 27,255	¥ 16,277	¥ 6,127

Taxes Payable (Details Narrative)	12 Months Ended
Taxes Payable (Details Narrative)	Dec. 31, 2025
Taxes Payable
Value added tax rate	6.00%

Dividends

12 Months Ended

Dec. 31, 2025

Dividends

Dividends

17. Dividends

On August 28, 2025, the board of directors approved a cash dividend of US$0.005 per ordinary share, or US$1.00 per ADSs, to holders of ordinary shares and ADSs of record as of the close of business on September 15, 2025. The payment was expected to be made on or around September 30, 2025. The cash dividend policies have expired and the Company paid dividends in a net aggregate amount of US$4.3 million in accordance with the cash dividend policies. Dividends are recognized when declared, and there are no dividends payable as of December 31, 2025.

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable, Net

4. Accounts Receivable, Net

Accounts receivable, net is consisted of the following:

Schedule Of Accounts Receivable Net

	December 31, 2024			December 31, 2025
		RMB			RMB
Accounts receivable, gross:		1,121			1,080
Less: allowance for expected credit loss of receivables		(39	)		(108	)
Accounts receivable, net		1,082			972

The following table sets out movements of the credit loss provision for the years ended December 31, 2023, 2024 and 2025:

Schedule Of Movements Of Credit Loss

	2023			2024			2025
	For the year ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Balance at beginning of the year		-			(39	)		(39	)
Allowance for expected credit loss of receivables		(39	)		-			(69	)
Balance at end of the year		(39	)		(39	)		(108	)

Short-term Loans

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Short-term Loans

10. Short-term Loans

The Group obtained bank credit facilities totaling RMB103.1 million and unused credit line amount was RMB103.1 million as of December 31, 2025.

As of December 31, 2024 and 2025, the loans obtained by the Group under these bank facilities have maturity dates that are less than six6 months and the weighted average interest rate for the outstanding loans was 5.7% and nil, respectively.

As of December 31, 2024 and 2025, the balance of short-term loans was RMB7.2 million and nil, respectively.

Organization and Principal Activities (Details Narrative) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Apr. 30, 2021 USD ($) $ / shares shares	Jan. 31, 2020 shares	Dec. 31, 2025 USD ($) Segment Integer	Dec. 31, 2025 CNY (¥) Segment Integer	Dec. 31, 2024 CNY (¥) Integer	Dec. 31, 2023 CNY (¥) Integer	Dec. 31, 2025 CNY (¥)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place of incorporation			Cayman Islands	Cayman Islands
Stock issued, during the period \| shares	3,685,504
Share Price \| $ / shares	$ 8.14
Proceeds from issuance initial public offering \| $	$ 30,000
Statutory Reserves			$ 2,058		¥ 2,605,000		¥ 14,392,000
Net income/(loss)			31,552	¥ 220,649,000	(80,976,000)	¥ (134,515,000)
Net cash generated from/(used in) operating activities			40,044	¥ 280,000,000.0	(26,469,000)	(117,045,000)
Accumulated deficit			331,025		2,490,809,000		2,314,900,000
Cash and cash equivalents			93,700		¥ 441,858,000	¥ 494,965,000	655,100,000
Working capital			$ 49,400				¥ 345,200,000
Exchange rate			6.9931				6.9931
Number of lien arrangements \| Integer			0	0	0	0
Restricted cash			$ 693		¥ 11,305,000		¥ 4,800,000
Impairment charge				¥ 0
Impairment charges				1,100,000
Deferred revenue			$ 5,468		30,960,000		38,200,000
Revenues				12,600,000	12,900,000	14,000,000.0
Advertising expense				¥ 313,000,000.0	278,700,000	202,600,000
Unrecognized uncertain tax positions					0	0	¥ 0
Annual appropriation to reserve percent			10.00%				10.00%
Threshold limit for reserve appropriation			50.00%				50.00%
Number of Operating Segments \| Segment			1	1
PRC Contribution Plan [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Employee benefit expenses				¥ 40,400,000	36,300,000	46,400,000
Right Of Use Asset [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Impairment for right-of-use assets				0	0
Security For Pending Litigations [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Restricted cash							¥ 2,200,000
Credit Cards And Short Term Loans [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Restricted cash							2,600,000
Alipayand We Chat Pay [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash and cash equivalents					13,100,000		24,800,000
Variable Interest Entity, Primary Beneficiary [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Technical development fee				111,500,000	173,900,000	136,700,000
Net repayments to the Group companies				210,600,000		39,300,000
Net borrowing from the Group companies' loans					36,400,000
Repayments of Bank Debt						66,800,000
Obligations to settle of variable interest entity					51,000,000.0		51,000,000.0
Statutory Reserves					600,000		10,400,000
Net cash generated from/(used in) operating activities				¥ 299,237,000	(15,009,000)	¥ (25,170,000)
Cash and cash equivalents					187,693,000		280,856,000
Restricted cash					1,733,000		2,151,000
Subsidiaries [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash and cash equivalents					¥ 218,200,000		¥ 472,000,000.0
Total percentage of cash and cash equivalents			72.10%		49.40%		72.10%
Warrant [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued, during the period \| shares	2,764,128
Common Class A [Member] \| IPO [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued, during the period \| shares		82,000,000

Share-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

14. Share-based Compensation

(a) Description of stock incentive plan

2018 Incentive Plan

In September 2018 and April 2019, the Group permitted the grant of options and restricted shares of the Company to relevant directors, officers, other employees and consultants of the Company (the “2018 Incentive Plan”). Option awards are granted with an exercise price determined by the Board of Directors. Those options and restricted shares awards generally vest over a period of four years.

2019 Incentive Plan and related amendments

On May 31, 2019, the Board of Directors of the Company approved the 2019 Share Incentive Plan (the “2019 Incentive Plan”) whereby the incentive share options and restricted shares granted to employees and non-employees by Lizhi BVI in the 2018 Incentive Plan shall be replaced and superseded by the exact number of share options and restricted shares of the Company for each grantee (the “2019 Replacement”). There is no change of fair value, vesting schedule and other key terms of such award agreements entered into with each grantee and the classification of share-based awards immediately before and after the 2019 Replacement, thus, the 2019 Replacement was not considered a modification of share-based awards.

On March 18, 2020, the 2019 Incentive Plan was further amended and restated, to increase the maximum aggregate number of Class A ordinary shares authorized to issue from 40,000,000 to 100,000,000 (the “Amended and Restated 2019 Share Incentive Plan”). On September 17, 2021, the Second Amended and Restated 2019 Share Incentive Plan was adopted to replace the Amended and Restated 2019 Share Incentive Plan in its entirety, increasing the maximum aggregate number of Class A ordinary shares authorized to issue from 100,000,000 to 170,000,000.

Share-based compensation recognized for the years ended December 31, 2023, 2024 and 2025 is as follows:

Schedule of Share-based Compensation

	2023		2024		2025		2025
	For the year ended December 31,
	2023		2024		2025		2025
	RMB		RMB		RMB		US$
Cost of revenues		3,845		1,788		556		80
Selling and marketing expenses		2,012		994		59		8
General and administrative expenses		9,458		5,702		474		68
Research and development expenses		11,440		5,666		3,429		490
Total		26,755		14,150		4,518		646
Share-based compensation		26,755		14,150		4,518		646

As of December 31, 2024 and 2025, total unrecognized compensation expenses related to unvested awards granted under the Second Amended and Restated 2019 Share Incentive Plan were RMB6.2 million and RMB1.4 million (US$0.2 million), respectively. As of December 31, 2024 and 2025, the weighted average remaining vesting period for share-based awards were 1.62 and 0.88 years, respectively.

During the years ended December 31, 2023, 2024 and 2025, there was no cash settled equity instrument granted under share-based payment arrangements, and no compensation cost for share-based payment arrangements was capitalized as part of the cost of an asset.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

14. Share-based Compensation (Continued)

(b)

Stock options activities

The following table presents a summary of the Company’s stock options activities for the years ended December 31, 2023, 2024 and 2025.

Schedule of Stock Option Activities

	Employees			Consultants		Total			Weighted average exercise price		Remaining contractual life		Aggregated intrinsic value
	(in thousands)			(in thousands)		(in thousands)			US$				RMB

Outstanding at January 1, 2023		60,651			863		61,514			0.0001		2.98		13,452
Granted		15,593			-		15,593			0.0001		-		-
Exercised		(4,632	)		-		(4,632	)		0.0001		-		-
Forfeited		(326	)		-		(326	)		0.0001		-		-
Outstanding at December 31, 2023		71,286			863		72,149			0.0001		2.16		6,950
Exercisable as of December 31, 2023		36,811			863		37,674			0.0001		-		3,629

Outstanding at January 1, 2024		71,286			863		72,149			0.0001		2.16		6,950
Granted		-			-		-			-		-		-
Exercised		(8,729	)		-		(8,729	)		-		-		-
Forfeited		(4,497	)		-		(4,497	)		-		-		-
Outstanding at December 31, 2024		58,060			863		58,923			0.0001		1.63		5,676
Exercisable as of December 31, 2024		44,498			863		45,361			0.0001		-		4,369

Outstanding at January 1, 2025		58,060			863		58,923			0.0001		1.63		5,676
Granted		-			-		-			-		-		-
Exercised		(36,623	)		-		(36,623	)		-		-		-
Forfeited		(767	)		-		(767	)		-		-		-
Outstanding at December 31, 2025		20,670			863		21,533			0.0001		0.88		8,778
Exercisable as of December 31, 2025		15,447			863		16,310			0.0001		-		6,649

The granted options awards will be vested over a period from nil to four years. The weighted average grant date fair value of options granted for the years ended December 31, 2023, 2024 and 2025 were RMB0.19, nil and nil per option, respectively.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

14. Share-based Compensation (Continued)

(c) Restricted shares activities

There are no remaining restricted shares outstanding as of December 31, 2024 and 2025.

(d) Restricted share units activities

(i) Pursuant to the Second Amended and Restated 2019 Share Incentive Plan, 6,687,500, nil and nil restricted share units were granted to certain employees in 2023, 2024 and 2025, respectively. These restricted share unit awards will be vested over a period of four years, with a summary of activities as follows:

	Number of Restricted Share Units Granted			Weighted-Average Grant Date Fair Value
	(in thousands)			US$

January 1, 2023		8,196			0.29
Awarded		6,688			0.03
Forfeited		(5,558	)		0.24
Vested		(9,148	)		0.10
Outstanding at December 31, 2023		178			0.16

January 1, 2024		178			0.16
Awarded		-			-
Forfeited		(82	)		0.08
Vested		(48	)		0.22
Outstanding at December 31, 2024		48			0.22

January 1, 2025		48			0.22
Awarded		-			-
Forfeited		-			-
Vested		(48	)		0.22
Outstanding at December 31, 2025		-			-

(ii) Pursuant to the Second Amended and Restated 2019 Share Incentive Plan, the Company granted restricted share units with fixed monetary amount to certain employees from 2020 to 2023 with vesting period from one1 to four4 years. These share-settled obligations require that the variable number of shares to be issued based on an average market price for the shares over the last 30 days before each vesting day. As the monetary value of such obligation is predominantly based on a fixed monetary amount known at inception, the obligation is classified as a liability under generally accepted accounting principles in the U.S. Upon issuance of the shares to settle the obligation, equity is increased by the amount of the liability with no gain or loss recognized. For the years ended December 31, 2025, the remaining awarded units have been fully cancelled and converted to cash settlement, and the corresponding expenses have been one-off recognized in the income statement.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule Of Accounts Receivable Net

Accounts receivable, net is consisted of the following:

Schedule Of Accounts Receivable Net

	December 31, 2024			December 31, 2025
		RMB			RMB
Accounts receivable, gross:		1,121			1,080
Less: allowance for expected credit loss of receivables		(39	)		(108	)
Accounts receivable, net		1,082			972

Schedule Of Movements Of Credit Loss

The following table sets out movements of the credit loss provision for the years ended December 31, 2023, 2024 and 2025:

Schedule Of Movements Of Credit Loss

	2023			2024			2025
	For the year ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Balance at beginning of the year		-			(39	)		(39	)
Allowance for expected credit loss of receivables		(39	)		-			(69	)
Balance at end of the year		(39	)		(39	)		(108	)

Schedule of Basic and Diluted Net (loss)/income Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Numerator:
Net (loss)/income	$ 31,552	¥ 220,649	¥ (80,976)	¥ (134,515)
Less: net loss attributable to the non-controlling interest shareholders	(834)	(5,833)	(11,396)	(7,864)
Net (loss)/income attributable to the Sound Group Inc.' s ordinary shareholders	$ 32,386	¥ 226,482	¥ (69,580)	¥ (126,651)
Denominator:
Weighted average number of ordinary shares outstanding, basic	940,749,734	940,749,734	1,026,725,421	1,078,969,851
Share options	2,809,399	2,809,399
Weighted average number of ordinary shares outstanding, diluted	943,559,133	943,559,133	1,026,725,421	1,078,969,851
Basic net (loss)/income per share attributable to Sound Group Inc.’s ordinary shareholders \| (per share)	$ 0.03	¥ 0.24	¥ (0.07)	¥ (0.12)
Diluted net (loss)/income per share attributable to Sound Group Inc.’s ordinary shareholders \| (per share)	$ 0.03	¥ 0.24	¥ (0.07)	¥ (0.12)

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule Of Property, Equipment And Leasehold Improvement

Property, equipment and leasehold improvement are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the following estimated useful lives:

Electronic equipment	3 years
Furniture and office equipment	5 years
Leasehold improvement	shorter of expected lives of leasehold improvement and lease term

Schedule Of Finite Lived Intangiable Assets Useful Life

Licensed Copyright	1 to 3 years
Licensed Software	1 to 10 years
Trademark and others	3 to 5 years

Schedule Of Revenue By Type Of Service

The following table summarizes the revenue by type of service provided by the Group:

	2023		2024		2025
	For the year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB

Value-added service		2,063,346		2,018,598		3,056,426
Subscription and others		8,426		13,208		46,328
Total		2,071,772		2,031,806		3,102,754

Schedule Of Appropriations To Statutory Reserves

The following table presents the Group’s appropriations to statutory reserves for the years ended December 31, 2023, 2024 and 2025:

		December 31, 2023				December 31, 2024				December 31, 2025
Appropriations to statutory reserves			1,113				1,813				11,787

Schedule Of Product Information

	2023			2024			2025
	For the year ended December 31,
	2023			2024			2025

Total number of advertising and promotional service providers		121			282			428
Number of service providers that each accounted for 10% or more of the Group’s advertising and promotional expenses		3			2			3
Total percentage of the Group’s advertising and promotional expenses that were paid to these service providers who each accounted for 10% or more of the Group’s advertising and promotional service expenses		59.4	%		48.4	%		52.3	%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

Lease Commitments

The Group’s lease commitments consist of short-term leases and fixed property management fees under the lease agreements for the Group’s office, staff quarters and other operating related facilities.

As of December 31, 2025, the total amount of such commitments under operating leases was RMB2.4 million, of which RMB1.4 million is within one year and the remaining RMB1.0 million is more than one year and less than two years.

Litigation

As of December 31, 2025, the Group was involved in a pending litigation related to a claim, of which the Company was the stakeholder, concerning suspected fraud involving consumer funds received by the Company in September 2024, the Company received the court final judgment on April 10, 2025 that held to the Company is required to recover and refund the top-up amount of RMB8.4 million. The Group is currently appealing against the final judgement, as of the date of the consolidation financial statements, this outcome has not been finalized. The Company recognized the corresponding liabilities of RMB8.4 million as of December 31 2024 and 2025, respectively. See Note 11 for additional information of such liabilities recorded.

From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. See Note 11 for additional information of such liabilities recorded.

Based on currently available information, management does not believe that the ultimate outcome of any unresolved matters, individually and in the aggregate, is reasonably possible to have a material adverse effect on the Group’s financial position, results of operations or cash flows beyond the amounts already reflected in the accompanying financial statements, however, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

Taxes Payable

12 Months Ended

Dec. 31, 2025

Taxes Payable

Taxes Payable

9. Taxes Payable

The Group’s subsidiaries, the VIEs and subsidiaries of the VIEs incorporated in China are subject to 6% VAT for services rendered.

The following is a summary of taxes payable as of December 31, 2024 and 2025:

Summary of taxes payable

	December 31, 2024		December 31, 2025
	RMB		RMB
VAT payables		2,516		5,035
Withholding individual income taxes for employees		2,318		2,494
Income tax payable		1,896		926
Others		537		748
Total		7,267		9,203

Consolidated Statements of Operations and Comprehensive (Loss) Income ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues	$ 443,688	¥ 3,102,754	¥ 2,031,806	¥ 2,071,772
Cost of revenues	(314,252)	(2,197,595)	(1,474,948)	(1,486,397)
Gross profit	129,436	905,159	556,858	585,375
Operating expenses:
Selling and marketing expenses	(49,719)	(347,690)	(307,281)	(237,646)
General and administrative expenses	(14,336)	(100,254)	(106,587)	(193,907)
Research and development expenses	(34,350)	(240,213)	(232,693)	(301,490)
Total operating expenses	(98,405)	(688,157)	(646,561)	(733,043)
Operating (loss)/income	31,031	217,002	(89,703)	(147,668)
Interest expenses	(4)	(28)	(416)	(1,563)
Foreign exchange losses	(146)	(1,022)	(4,209)	(1,488)
Interest income and investment income	1,039	7,269	10,042	10,820
Government grants	328	2,295	2,148	9,395
Others, net	(298)	(2,086)	4,423	(3,577)
(Loss)/income before income taxes	31,950	223,430	(77,715)	(134,081)
Income tax expense	(398)	(2,781)	(3,261)	(434)
Net (loss)/income	31,552	220,649	(80,976)	(134,515)
Net loss attributable to the non-controlling interests shareholders	834	5,833	11,396	7,864
Net (loss)/income attributable to the Sound Group Inc.' s ordinary shareholders	32,386	226,482	(69,580)	(126,651)
Other comprehensive income:
Foreign currency translation adjustments	433	3,025	11,754	3,277
Total other comprehensive income	433	3,025	11,754	3,277
Total comprehensive (loss)/income	31,985	223,674	(69,222)	(131,238)
Comprehensive loss attributable to the non-controlling interests shareholders	827	5,782	11,522	7,953
Comprehensive (loss)/income attributable to the Sound Group Inc.'s ordinary shareholders	$ 32,812	¥ 229,456	¥ (57,700)	¥ (123,285)
Net (loss)/income attributable to the Sound Group Inc.’s ordinary shareholders per share
Basic \| (per share)	$ 0.03	¥ 0.24	¥ (0.07)	¥ (0.12)
Diluted \| (per share)	$ 0.03	¥ 0.24	¥ (0.07)	¥ (0.12)
Weighted average number of ordinary shares
Basic	940,749,734	940,749,734	1,026,725,421	1,078,969,851
Diluted	943,559,133	943,559,133	1,026,725,421	1,078,969,851
ADR [Member]
Net (loss)/income attributable to the Sound Group Inc.’s ordinary shareholders per share
Basic \| (per share)	$ 6.89	¥ 48.15	¥ (13.55)	¥ (23.48)
Diluted \| (per share)	$ 6.86	¥ 48.01	¥ (13.55)	¥ (23.48)
Weighted average number of ordinary shares
Basic	4,703,749	4,703,749	5,133,627	5,394,849
Diluted	4,717,796	4,717,796	5,133,627	5,394,849

Schedule of Share-based Compensation (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 646	¥ 4,518	¥ 14,150	¥ 26,755
Cost OfSale [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	80	556	1,788	3,845
Selling and Marketing Expenses [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	8	59	994	2,012
General and Administrative Expenses [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	68	474	5,702	9,458
Research And Development Expenses [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 490	¥ 3,429	¥ 5,666	¥ 11,440

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule Of Cash And Cash Equivalents

	December 31, 2024		December 31, 2025
		RMB		RMB
Cash and cash equivalents:
RMB		252,924		513,241
US$		169,049		74,983
SGD		10,110		51,414
Others		9,775		15,420
Total cash and cash equivalents		441,858		655,058

Fair Value Measurement (Details Narrative) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Financial assets at fair value	¥ 0	¥ 0
Financial liabilities at fair value	¥ 0	¥ 0

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of presentation

a) Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

Principles of consolidation

b) Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and subsidiaries of the VIEs for which the Company is the ultimate primary beneficiary.

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of the board of directors, or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity for accounting purpose.

All transactions and balances among the Company, its subsidiaries, the VIEs and subsidiaries of the VIEs have been eliminated upon consolidation.

Use of estimates

c) Use of estimates

The preparation of the Group’s consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the balance sheet date and reported revenues and expenses during the reported years in the consolidated financial statements and accompanying notes. Such accounting estimates include, but are not limited to, assessment of average user relationship period for the subscription business, assessment for the impairment of long-lived assets, fair value measurement of short-term investments, provision for income taxes and valuation allowance for deferred tax assets, expected credit loss of financial instruments measured at amortized cost, fair value of ordinary shares and preferred shares before the IPO, and valuation and recognition of share-based compensation expenses.

Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.

Functional currency and foreign currency translation

d) Functional currency and foreign currency translation

The Group uses Renminbi (“RMB”) as its reporting currency. The Company and its overseas subsidiaries use United States dollars (“US$”) as their functional currency. The functional currency of the Group’s PRC entities is RMB.

In the consolidated financial statements, the financial information of the Company and other entities located outside of the PRC have been translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, and expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income in the consolidated statements of operations and comprehensive (loss)/income.

Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and losses resulting from foreign exchange transactions are included in foreign exchange gains/(losses) in the consolidated statements of operations and comprehensive (loss)/income.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

Convenience Translation

e) Convenience Translation

Translations of balances in the consolidated balance sheets, the consolidated statements of operations and comprehensive (loss)/income and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.9931, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2025. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into U.S. dollars at such rate or at any other rate.

Fair value measurements

f) Fair value measurements

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

●	Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

●

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

●	Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Group’s financial instruments include cash and cash equivalents, short-term investments, restricted cash, accounts receivable, other receivables (included in “Prepayments and other current assets”), accounts payable and other payables (included in “Accrued expenses and other current liabilities”), and short-term loans.

See Note 19 for additional information relating to fair value measurements as of December 31, 2025.

Cash and cash equivalents

g) Cash and cash equivalents

Cash and cash equivalents mainly represent cash and cash at bank deposits placed with financial institutions. As of December 31, 2024 and 2025, the Group had cash held in accounts managed by online payment platforms such as Alipay and WeChat Pay in connection with the collection of service fees online for a total amount of RMB13.1 million and RMB24.8 million, respectively, which have been classified as cash and cash equivalents on the consolidated balance sheets.

As of December 31, 2024 and 2025, the Group had approximately RMB218.2 million and RMB472.0 million cash and cash equivalents held by its PRC subsidiaries and VIEs, representing 49.4% and 72.1% of total cash and cash equivalents of the Group, respectively. Cash transfers from the Company’s PRC subsidiaries and VIEs to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may temporarily restrict the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations.

The Group had no lien arrangements during the years ended December 31, 2023, 2024 and 2025.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

Restricted cash

h) Restricted cash

Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the consolidated balance sheets. As of December 31, 2025, the Group’s restricted cash balances amounted to RMB4.8 million, among which RMB2.2 million represents restricted deposits as security required by the court (due to pending litigations) and RMB2.6 million represents restricted deposits used as security for credit cards and short-term loans.

Short-term investments

i) Short-term investments

In accordance with ASC 825, for investments in financial instruments with a variable interest rate indexed to the performance of underlying assets, the Company elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in the fair value are reflected in the consolidated statements of operations and comprehensive (loss)/income. To estimate fair value, the Company refers to the quoted rate of return provided by financial institutions at the end of each period and classifies the valuation techniques that use these inputs as level 2 of fair value measurement. Since these investments’ maturity dates are within one year, they are classified as short-term investments.

Receivables, net

j) Receivables, net

Accounts receivable and other receivables recorded in prepayments and other current assets (collectively defined as “Receivables”) are stated at the historical carrying amount net of allowance for credit losses. On January 1, 2023, the Group adopted Accounting Standards Update No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”) using the modified retrospective transition method with the cumulative effect of initially applying the guidance recognized at the date of initial application. Prior to the adoption of ASC 326, an allowance for doubtful accounts of the Group’s receivables reflects the Group’s best estimate of the amounts that will not be collected. ASC 326 replaces the existing incurred loss impairment model with a forward-looking current expected credit loss (“CECL”) methodology.

To estimate expected credit losses, the Group has developed a CECL model with consideration of the historical collection experience, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers.

Property, equipment and leasehold improvement, net

k) Property, equipment and leasehold improvement, net

Electronic equipment	3 years
Furniture and office equipment	5 years
Leasehold improvement	shorter of expected lives of leasehold improvement and lease term

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property, equipment and leasehold improvement is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of operations and comprehensive (loss)/income.

Intangible assets, net

l) Intangible assets, net

Intangible assets mainly consist of copyright, software, trademark and others. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Finite-lived intangible assets are tested for impairment if impairment indicators arise. No impairment charge was recognized for any of the years presented. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives, which are as follows:

Licensed Copyright	1 to 3 years
Licensed Software	1 to 10 years
Trademark and others	3 to 5 years

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

Impairment of long-lived assets

m) Impairment of long-lived assets

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. No impairment charge was recognized for any of the years presented. For the years ended December 31, 2023, 2024 and 2025, impairment losses of long-lived assets were nil, nil and RMB1.1 million, respectively.

For the year ended December 31, 2025, the Group recognized impairment losses of RMB1.1 million on a right-of-use asset, which in connection with a non-cancelable operating lease for office facilities where the asset was subleased to third parties at rental rates below the contractual payments under the head leases. See Note 7 for additional information relating to the impairment loss.

Revenue recognition

n) Revenue recognition

The Group’s revenues comprise value-added service revenue, subscription and other revenue. The Group recognizes revenue pursuant to ASC 606, Revenue from Contracts with Customers (“ASC 606”). In accordance with ASC 606, revenue from contracts with customers is recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. To achieve the core principle of this standard, the Group applied the following five steps: (i) identification of the contract, or contracts, with the customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of the revenue when, or as, a performance obligation is satisfied.

The following table summarizes the revenue by type of service provided by the Group:

	2023		2024		2025
	For the year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB

Value-added service		2,063,346		2,018,598		3,056,426
Subscription and others		8,426		13,208		46,328
Total		2,071,772		2,031,806		3,102,754

The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to receive in exchange for those goods or services.

Value-added service revenue

The Group mainly offers audio entertainment services related to live streaming, real-time interaction and other paid contents to the customers.

The Group is principally engaged in operating its own live streaming platform, which enable hosts and users to interact with each other. Value-added service revenue is generated from sales of virtual items on the platform. The Group has a recharge system for users to purchase the Group’s virtual currency which is then used to purchase virtual items for use. Users can recharge via bank transfer and various online third-party payment platforms, including AliPay, WeChat Pay and other payment platforms. Virtual currency is non-refundable and without expiry. The virtual currency is often consumed soon after it is purchased based on history of turnover of the virtual currency. Unconsumed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below, unless otherwise stated.

Under the arrangements with the hosts, the Group shares a portion of the sales proceeds of virtual items (“revenue sharing fee”) with hosts and their respective guilds.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

n) Revenue recognition (Continued)

The Group evaluates and determines that it is the principal and views users to be its customers. The Group reports value-added service revenues on a gross basis. Accordingly, the amounts billed to users are recorded as revenues and revenue sharing fee paid to hosts and their respective guilds are recorded as cost of revenues. Where the Group is the principal, it controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to users and having a level of discretion in establishing pricing. The Group designs, creates and offers various virtual items for sale to users with pre-determined stand-alone selling price. Virtual items are categorized as either consumable or time-based items. Consumable items are consumed upon purchase while time-based items could be used for a fixed period of time such as a virtual special symbol that can be purchased and displayed on the users’ profile over a fixed period of time. Users can purchase either consumable or time-based items and present these virtual items to hosts to show support for their favorite hosts or purchase time-based virtual items that enhance the users’ personal profile.

Revenue related to each consumable item is a single performance obligation provided on a consumption basis and is recognized at the point in time when the virtual item is transferred directly to the users and consumed by them. Revenue related to time-based virtual items is recognized ratably over the fixed period on a straight-line basis. The Group does not have further performance obligations to users after the virtual items are consumed immediately or after the stated contract period for time-based items.

Subscription revenue

The Group provides users certain subscription services which entitle paying subscribers access to engage AI application tools or listen to specific podcast content on the platform. The subscription fee is time-based and is collected upfront from subscribers.

The receipt of subscription fee is initially recorded as deferred revenue. The Group satisfies its performance obligation by providing services throughout the estimated average user relationship period. Revenue is recognized ratably over the shorter period of the actual subscribed period or the estimated average user relationship period, which is approximately one to three months. The estimated average user relationship period is based on historical data collected from those paying users who have subscribed to the content on the platform. The Group estimates the average user relationship period for a subscribed content to be the date a user subscribes to it through the date the Group estimates the paying user will log-in the platform or listen to the content for the last time.

The determination of the estimated average user relationship period is based on the Group’s best estimate that considers all known and relevant information, including actual historical patterns of usage, at the time of assessment. Any adjustments arising from changes in the estimated average user relationship period as a result of new information is accounted as a change in accounting estimate.

The podcast contents are licensed by broadcasters to the Group and the AI application tools are developed by the Group. The Group records revenue on a gross basis considering that the Group: (i) is the primary obligor in the arrangement; and (ii) has latitude in establishing the selling price.

Advertising revenue

The Group generates advertisement revenues from rendering various forms of advertisement services by way of advertisement display on its audio entertainment live streaming platform. Advertisements on the Group’s platform are generally charged on the basis of duration whereby revenue is recognized ratably over the contract period of display. The Group provides sales incentives in the forms of discounts and rebates to advertisement agencies based on purchase volume. Revenue is recognized based on the price charged to the advertisers or agencies, net of sales incentives provided to the agencies. Sales incentives are recorded at the time of revenue recognition based on the contracted rebate rates and contract amount.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

n) Revenue recognition (Continued)

Practical Expedients

The Group has used the following practical expedients as allowed under generally accepted accounting principles in the U.S.:

(i) The transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied has not been disclosed, as substantially all of the Group’s contracts have an original expected duration of one year or less.

(ii) Payment terms and conditions vary by contract type, although terms generally include a requirement of prepayment or payment within one year or less. Accordingly, the Group has determined that its contracts generally do not include a significant financing component.

(iii) Costs to obtain a contract with a customer are expensed as incurred when the amortization period is estimated to be one year or less.

Deferred revenue

o) Deferred revenue

Deferred revenue primarily consists of unconsumed virtual currency, unamortized revenue from time-based virtual items and unamortized subscription fees for podcast contents and AI application tools services in the Group’s platform, where there is still an obligation to be provided by the Group, which will be recognized as revenue when all of the revenue recognition criteria are met. As of December 31, 2024 and 2025, the balance of deferred revenue was RMB31.0 million and 38.2 million, respectively. The change in the balance of deferred revenue depends on whether the relevant performance obligations of the revenue recognition were met as of years ended.

During the years ended December 31, 2023, 2024 and 2025, the Group recognized revenue amounted to RMB14.0 million, RMB12.9 million and RMB12.6 million, respectively, that was included in the corresponding opening deferred revenue balance of the year.

Cost of revenue

p) Cost of revenue

Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of revenue sharing fees, salary and welfare benefits, payment handling costs, bandwidth costs and other costs. Revenue sharing fees represent the Company’s payments to hosts or guilds based on a percentage of revenue from sales of virtual items and certain performance-based incentives.

Research and development expenses

q) Research and development expenses

Research and development expenses mainly consist of salary and welfare benefits and bandwidth costs incurred for the development and enhancement to the Company’s websites and platform of applications.

Selling and marketing expenses

r) Selling and marketing expenses

Selling and marketing expenses consist primarily of advertising and promotional expenses, salary and welfare benefits to the Group’s sales and marketing personnel. Advertising and promotional expenses consist primarily of costs for the promotion of the Group’s corporate image and mobile app, and the organization of offline events between hosts and users. The Group expenses all advertising and promotional expenses as incurred and classifies them under selling and marketing expenses. For the years ended December 31, 2023, 2024 and 2025, advertising and promotional expenses were RMB202.6 million, RMB278.7 million and RMB313.0 million, respectively.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

s) Leases

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset.

The Group elected to utilize the short-term lease recognition exemption and, for those leases that qualified, the Group did not recognize operating lease right-of-use (“ROU”) assets or lease liabilities.

Right-of-use of assets

The Group recognizes right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. All right-of-use assets are reviewed for impairment annually. There was no impairment for right-of-use lease assets for the years ended December 31, 2024 and 2025

Lease liabilities

Lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the Group’s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee and any exercise price under a purchase option that the Group is reasonably certain to exercise. Lease liability is measured at amortized cost using the effective interest rate method. It is re-measured when there is a change in future lease payments, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if there is any change in the Group assessment of option purchases, contract extensions or termination options.

The Group’s lease agreements contain both lease and non-lease components, which are accounted for separately based on their relative standalone price.

Government grants

t) Government grants

Government grants represent cash subsidies received from the PRC government by the Group. Government grants are in connection with the Group’s contributions to research and development activities, and additional deduction of Value Added Tax (“VAT”) input in local business districts.

Share-based compensation

u) Share-based compensation

Share-based compensation expenses arise from share-based awards, including share options for the purchase of ordinary shares, restricted shares and restricted share units.

Share-based compensation expenses are recognized in the consolidated financial statements based on their grant date fair values. The fair value of share option is affected by the fair value of ordinary shares as well as assumptions regarding complex and subjective variables, including: (i) the expected volatility of the fair value of ordinary shares, (ii) actual and projected employee share option exercise behavior, (iii) risk-free interest rates and (iv) expected dividends. The fair value of restricted share, restricted share units and share options with little to no exercise price, are generally measured as the grant date price of the Company’s ordinary shares.

The contractual term is the contract life of the options. The Group estimated the risk-free interest rate based on the market yield of US Government Bonds with maturities of ten years as of the valuation date, plus a country default risk spread between China and US. All share-based awards granted as of the years presented herein were granted with little to no exercise price and, accordingly, fair value was measured as the grant date price of the Company’s ordinary shares.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

u) Share-based compensation (Continued)

Share-based compensation expenses are recorded net of actual forfeitures. For a cliff-vesting award or an award with graded-vesting features and service conditions only, the Company uses the straight-line method to recognize compensation cost over the total requisite service period for the entire award. For an award with performance and/or service condition that affects vesting, the performance and/or service condition is not considered in determining the award’s fair value on the grant date. The Company recognizes compensation expenses for awards with performance conditions if, and when, the Company concludes that it is probable that the performance condition will be achieved, net of actual pre-vesting forfeitures over the requisite service period, using a graded-vesting method. The Company reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation expense based on its probability assessment, unless the Company is not able to determine that it is probable that a performance condition will be satisfied until the event occurs.

Employee benefits

v) Employee benefits

PRC Contribution Plan

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries, VIEs and subsidiaries of the VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts of such employee benefit expenses were approximately RMB46.4 million, RMB36.3 million and RMB40.4 million for the years ended December 31, 2023, 2024 and 2025, respectively.

Taxation

w) Taxation

Income taxes

Current income taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.

Uncertain tax positions

In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Group recognizes interest and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheet and under other expenses in its consolidated statement of operations and comprehensive (loss)/income. The Group did not have any significant unrecognized uncertain tax positions as of and for the years ended December 31, 2023, 2024 and 2025.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

Related parties

x) Related parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

Net loss/(income) per share

y) Net loss/(income) per share

Basic net loss/(income) per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net loss/(income) per share is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period under treasury stock method. Potential ordinary shares include options to purchase ordinary shares, restricted shares and restricted share units, unless they were anti-dilutive. The computation of diluted net loss/(income) per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect (i.e., an increase in earnings per share amounts or a decrease in loss per share amounts) on net loss/(income) per share.

The Group used the two-class method of computing basic earnings per share before the IPO in January 2020. The two-class method is used for computing earnings per share in the event the Group has net income available for distribution. Under the two-class method, net income is allocated between ordinary shares and participating securities based on dividends declared (or accumulated) and participating rights in undistributed earnings as if all the earnings for the reporting period had been distributed. The Company’s preferred shares were participating securities because they were entitled to receive dividends or distributions on an as converted basis. Upon the completion of the Company’s IPO in January 2020, the preferred shares were automatically converted into ordinary shares. The two-class method of computing net loss/(income) per share ceased to apply on the conversion date.

Statutory reserves

z) Statutory reserves

In accordance with China’s Company Laws, the Company’s VIEs and subsidiaries of the VIEs in PRC must make appropriations from their after-tax profit, if any (as determined under the accounting principles generally acceptable in the People’s Republic of China (“PRC GAAP”)) to non-distributable reserve funds including (i) statutory surplus fund and (ii) discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary surplus fund is made at the discretion of the respective company.

Pursuant to the laws applicable to China’s Foreign Investment Enterprises, the Company’s subsidiaries that are foreign investment enterprises in China have to make appropriations from their after-tax profit, if any (as determined under PRC GAAP) to reserve funds including (i) general reserve fund, (ii) enterprise expansion fund and (iii) staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the subsidiary. Appropriations to the other two reserve funds are at the subsidiary’s discretion.

The following table presents the Group’s appropriations to statutory reserves for the years ended December 31, 2023, 2024 and 2025:

		December 31, 2023				December 31, 2024				December 31, 2025
Appropriations to statutory reserves			1,113				1,813				11,787

Comprehensive loss/(income)

aa) Comprehensive loss/(income)

Comprehensive loss/(income) is defined to include all changes in (deficit)/equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Other comprehensive income/(loss), as presented on the consolidated balance sheets, consists of accumulated foreign currency translation adjustments.

Dividends

bb) Dividends

Dividends are recognized when declared.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

Segment reporting

cc) Segment reporting

An operating segment is a component of the Company that engages in business activities from which it may earn revenue and incur expenses and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess performance of the segment.

In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decisionmaker (“CODM”), in deciding how to allocate resources and in assessing performance. The Company’s revenue segments have similar economic characteristics and they are managed as a single business unit. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s CODM has been identified as the chief executive officer (the “CEO”), who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. The Company has determined that there is only one reportable operating segment.

Concentration and credit risk

dd) Concentration and credit risk

Advertising and promotional service providers

The Group relied on advertising and promotional service providers and their affiliates to promote its platform and enhance brand awareness through a variety of online and offline marketing and brand promotion activities. The number of advertising and promotional service providers during the years ended December 31, 2023, 2024 and 2025 are as follows:

Schedule Of Product Information

	2023			2024			2025
	For the year ended December 31,
	2023			2024			2025

Total number of advertising and promotional service providers		121			282			428
Number of service providers that each accounted for 10% or more of the Group’s advertising and promotional expenses		3			2			3
Total percentage of the Group’s advertising and promotional expenses that were paid to these service providers who each accounted for 10% or more of the Group’s advertising and promotional service expenses		59.4	%		48.4	%		52.3	%

Credit risk

Financial instruments that potentially subject the Group to the concentration of credit risk consist of cash and cash equivalents, short-term investments, restricted cash, accounts receivable and other receivables (recorded in “Prepayments and other current assets”). As of December 31, 2024 and 2025, substantially all of the Group’s cash and cash equivalents and restricted cash were held in financial institutions which management consider being of high credit quality. Under Chinese mainland law, it is generally required that a commercial bank in the Chinese mainland that holds third party cash deposits protect the depositors’ rights over and interests in their deposited money. Banks in the Chinese mainland are subject to a series of risk control regulatory standards, and bank regulatory authorities in the Chinese mainland are empowered to take over the operation and management of any Chinese mainland bank that faces a material credit crisis. Accounts receivable is typically unsecured and is generally derived from revenue earned from advertising business.

The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on the payment platforms, customers and the ongoing monitoring process of outstanding balances.

The Group is exposed to certain default risk with respect to its receivables from a third-party financial institution, which is fully provided for as disclosed in Note 5. The Group has conducted credit evaluations of its receivables from the financial institution on an individual or collective basis. Credit risk is controlled by the application of credit approvals, limits and monitoring procedures.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

Recently adopted and issued accounting pronouncements

ee) Recently adopted and issued accounting pronouncements

Impact of recently adopted accounting pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Group’s adoption of this standard did not have a material impact on its consolidated financial statements.

Other accounting standards that the Group adopted beginning January 1, 2025 did not have a significant impact on the Group’s consolidated financial statements.

Impact of recently issued accounting pronouncements not yet effective

In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220)-Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40), which was subsequently amended with ASU No. 2025-01 to clarify the effective date. ASU No. 2024-03, requires publicly-traded business entities to disclose specified information about the components of certain costs and expenses that are currently disclosed in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group does not expect to adopt ASU No. 2024-03 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326). ASU No. 2025-05 provides all entities with a practical expedient and entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group does not expect to adopt ASU No. 2025-05 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements.

In July 2025, the FASB issued ASU No. 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40). ASU No. 2025-06 modernizes the accounting for internal-use software to reflect current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group does not expect to adopt ASU No. 2025-06 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832). ASU No. 2025-10 establishes guidance on the recognition, measurement, and presentation of government grants received by business entities. The guidance is effective for annual reporting periods beginning after December 15, 2029, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group does not expect to adopt ASU No. 2025-10 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements.

Net (loss)/income per Share

12 Months Ended

Dec. 31, 2025

Net (loss)/income attributable to the Sound Group Inc.’s ordinary shareholders per share

Net (loss)/income per Share

15. Net (loss)/income per Share

The following table sets forth the computation of basic and diluted net (loss)/income per share of the Company for the years ended December 31, 2023, 2024 and 2025:

	2023			2024			2025
	For the year ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Numerator:
Net (loss)/income		(134,515	)		(80,976	)		220,649
Less: net loss attributable to the non-controlling interest shareholders		(7,864	)		(11,396	)		(5,833	)
Net (loss)/income attributable to Sound Group Inc.’s ordinary shareholders		(126,651	)		(69,580	)		226,482
Denominator:
Weighted average number of ordinary shares outstanding, basic		1,078,969,851			1,026,725,421			940,749,734
Add:
Share options		-			-			2,809,399
Weighted average number of ordinary shares outstanding, diluted		1,078,969,851			1,026,725,421			943,559,133

Basic net (loss)/income per share attributable to Sound Group Inc.’s ordinary shareholders		(0.12	)		(0.07	)		0.24
Diluted net (loss)/income per share attributable to Sound Group Inc.’s ordinary shareholders		(0.12	)		(0.07	)		0.24

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

11. Accrued Expenses and Other Current Liabilities

The following is a summary of accrued expenses and other current liabilities as of December 31, 2024 and 2025:

	December 31, 2024		December 31, 2025
	RMB		RMB
Advertising and promotional expenses		60,546		53,153
Professional service fees		3,952		2,881
Provision for litigation contingencies		8,896		8,407
Others		5,097		3,886
Total		78,491		68,327

Property, Equipment and Leasehold Improvement, Net (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Property, Plant and Equipment [Abstract]
Depreciation expenses	$ 986	¥ 6,900,000	¥ 10,711,000	¥ 13,218,000
Impairment charge		¥ 0	¥ 0	¥ 0

Schedule Of Movements Of Credit Loss (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Balance at beginning of the year	¥ (39)	¥ (39)
Allowance for expected credit loss of receivables	(69)		(39)
Balance at end of the year	¥ (108)	¥ (39)	¥ (39)

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

18. Segment Information

The Group’s chief operating decision maker (“CODM”), is concluded by the Company to be Mr. Jinnan (Marco) Lai, Chairman of the Board of Directors and CEO. The CODM reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole. Information regarding the business segments provided to the Group’s CODM is at the revenue level and the Group currently does not allocate operating costs or assets to its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments. As the Group’s long-lived assets are substantially located in the PRC and substantially the Group’s revenues are derived from the PRC, no geographical information is presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule Of Operating Lease On Consolidated balance Sheet

	December 31, 2024			December 31, 2025
		RMB			RMB
Operating lease ROU assets		12,692			23,572
Lease liabilities, non-current		(4,424	)		(9,962	)
Lease liabilities, current		(8,240	)		(14,619	)
Total lease liabilities		(12,664	)		(24,581	)
Weighted average remaining lease term		1.6 years			1.9 years
Weighted average discount rate		4.9	%		4.90	%

Schedule Of Lease Cost

The components of lease cost for the years ended December 31, 2023, 2024 and 2025 were as follows:

Schedule Of Lease Cost

	2023		2024		2025
	For the year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Operating lease cost		16,903		17,460		15,263
Short-term lease cost		12,895		9,706		7,790
Total lease cost		29,798		27,166		23,053

Schedule of Summary Of Lease Liability

A summary of maturity of lease liabilities under the Group’s non-cancellable operating leases as of December 31, 2025 is as follows：

Schedule of Summary Of Lease Liability

	RMB
2026		14,954
2027		10,409
2028		247
Total future lease payments		25,610
Impact of discounting remaining lease payments		(1,029	)
Total lease liabilities		24,581

Schedule of Summary Of Operating Lease Asset

A summary of operating lease assets under the Group’s non-cancellable operating leases as of December 31, 2025 is as follows：

	RMB

Carrying amount, beginning of year		12,692
Additions		27,255
Amortization		(15,263	)
Sub-total		24,684
Less: impairment losses ⁽¹⁾		(1,112	)
Carrying amount, end of year		23,572

(1)

In 2025, The Company entered into a sublease agreement at below-market rental rates for an office facility, which reduced the expected future cash flow attributable to the underlying right-of-use asset, which of carrying amount was lower than the fair value estimated by using discounted cash flow (inclusive of sublease income) based on market rental rates. The Company determined that the carrying amounts of the right-of-use asset were no longer fully recoverable. As a result, the Company recognized an impairment loss of RMB1.1 million within operating expenses in the consolidated statements of operations and comprehensive (loss)/income for the year ended December 31, 2025.

Schedule of Property, Equipment and Leasehold Improvement (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Property, Plant and Equipment [Line Items]
Total property, equipment and leasehold improvement		¥ 103,791	¥ 107,581
Less: accumulated depreciation		(91,721)	(91,090)
Property, equipment and leasehold improvement, net	$ 1,726	12,070	16,491
Electronic Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, equipment and leasehold improvement		83,898	87,232
Furniture And Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, equipment and leasehold improvement		2,226	2,851
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, equipment and leasehold improvement		¥ 17,667	¥ 17,498

Taxation (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Expense

	2023		2024		2025
	For the year ended December 31,
	2023		2024		2025

Current income tax		434		2,475		731
Withholding tax expense		-		786		2,050

Total		434		3,261		2,781

Schedule of Income tax reconciliation

The following table presents a reconciliation of the differences between the statutory income tax rate and the Company’s effective income tax rate for the years ended December 31, 2023, 2024 and 2025:

Schedule of Income tax reconciliation

	For the year ended December 31,
	2023			2024			2025
	%			%			%
Statutory income tax rate of the PRC		25.0			25.0			25.0
Tax rate difference from preferential tax treatments and statutory rate in other jurisdictions		(29.6	)		(23.8	)		(6.3	)
Effect of withholding taxes		-			(1.0	)		1.0
Permanent differences⁽¹⁾		25.4			43.0			(25.1	)
Change in valuation allowances		(21.2	)		(47.4	)		6.8
Effective income tax rate		(0.4	)		(4.2	)		1.4

(1)	The permanent differences mainly consist of additional super deduction for research and development expenditures, and certain non-deductible expenses.

Schedule of net operating tax loss carry forwards

As of December 31, 2025, certain entities of the Company had net operating tax loss carry forwards as follows:

	RMB

Loss expiring in 2026		11,736
Loss expiring in 2027		5,172
Loss expiring in 2028		14,994
Loss expiring in 2029		73,727
Loss expiring in 2030		421,019
Loss expiring in 2031		207,664
Loss expiring in 2032		14,027
Loss expiring in 2033		98,722
Loss expiring in 2034		129,473
Loss expiring in 2035		143,999
Operating loss carryforwards		1,120,533

Schedule of deferred tax assets

The following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets as of December 31, 2024 and 2025:

Schedule of deferred tax assets

	December 31, 2024			December 31, 2025
		RMB			RMB
Deferred tax assets：
Net operating tax loss carry forwards		136,584			137,997
Contingent Liability Provisions		-			35
Lease obligations		-			232
Advertising expenses in excess of deduction limit		8			8
Total deferred tax assets		136,592			138,273
Less: valuation allowances		(136,592	)		(138,273	)
Net deferred tax assets		-			-

Schedule of movement of the aggregate valuation allowances for deferred tax assets

	Balance at January 1			Movement*			Balance at December 31
		RMB			RMB			RMB
2023		(108,601	)		(8,262	)		(116,863	)
2024		(116,863	)		(19,729	)		(136,592	)
2025		(136,592	)		(1,681	)		(138,273	)

*	The movement in valuation allowances were due to the changes of deferred tax assets recognized for net operating tax loss carry forwards, advertising expenses in excess of deduction limit and deferred revenue.

Schedule Of Cash And Cash Equivalents (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	¥ 655,058	¥ 441,858
China, Yuan Renminbi
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	513,241	252,924
United States of America, Dollars
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	74,983	169,049
Singapore, Dollars
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	51,414	10,110
Other Currency [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	¥ 15,420	¥ 9,775

Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 $ / shares	Dec. 31, 2024 CNY (¥) shares
Primary beneficiary amount	$ 53,671	¥ 375,318		¥ 307,135
Ordinary shares, shares authorized	1,500,000,000	1,500,000,000
Common Class A [Member]
Ordinary shares , par value \| $ / shares	$ 0.0001		$ 0.0001
Ordinary shares, shares authorized	1,268,785,000	1,268,785,000		1,268,785,000
Ordinary shares, shares issued	648,711,860	648,711,860		838,962,260
Ordinary shares, shares outstanding	602,098,350	602,098,350		755,676,810
Common Class B [Member]
Ordinary shares , par value \| $ / shares	$ 0.0001		$ 0.0001
Ordinary shares, shares authorized	231,215,000	231,215,000		231,215,000
Ordinary shares, shares issued	231,215,000	231,215,000		231,215,000
Ordinary shares, shares outstanding	231,215,000	231,215,000		231,215,000
Variable Interest Entity, Not Primary Beneficiary [Member]
Primary beneficiary amount \| ¥		¥ 315,700		¥ 248,100

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

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+ Details

Schedule of Summary Of Operating Lease Asset (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Leases
Carrying amount, beginning of year		¥ 12,692
Additions		27,255
Amortization	$ (2,182)	(15,263)	¥ (17,460)	¥ (16,903)
Sub-total		24,684
Less: impairment losses	(159)	(1,112)
Carrying amount, end of year	3,371	23,572	12,692
Impairment loss	$ 159	¥ 1,112

Organization and Principal Activities

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Principal Activities

1. Organization and Principal Activities

Sound Group Inc. (the “Company”, formerly known as Lizhi Inc.) was incorporated in the Cayman Islands in January 2019. The Company is a holding company and conducts its business mainly through its subsidiaries, and through variable interest entities (“VIEs”) and subsidiaries of the VIEs (collectively referred to as the “Group”). The Group is primarily engaged in the operation of providing value-added services, and subscription and others in the People’s Republic of China (the “PRC” or “China”). The Group commenced its value-added service business from the fourth quarter of 2016.

As of December 31, 2025, the Company’s consolidated subsidiaries, the VIEs and subsidiaries of the VIEs are as follows:

Major Subsidiaries	Place and year of incorporation/ acquisition	Percentage of direct or indirect economic ownership %	Principal activities
Lizhi Inc. (“Lizhi BVI”)	British Virgin Islands, Y2010	100	Investment holding
Lizhi Holding Limited (“Lizhi HK”)	Hong Kong, China Y2010	100	Investment holding
Beijing Hongyiyichuang Information Technology Co., Ltd. (“Hongyi Technology”)	Beijing, China Y2011	100	Technical support and consulting services, advertising service
Tiya Inc. (“Tiya Cayman”)	Cayman Islands, Y2019	100	Investment holding
VOCAL BEATS Inc. (“Vocal Beats”)	British Virgin Islands, Y2019	68.5	Investment holding
TIYA INC. (“Tiya BVI”)	British Virgin Islands, Y2019	100	Investment holding
Tiya Holding Limited (“Tiya HK”)	Hong Kong, China, Y2019	100	Investment holding
TIYA PTE. LTD.	Singapore, Y2019	100	Subscription and others
NASHOR PTE. LTD.	Singapore, Y2019	68.5	Subscription and others
TOPMUSE PTE. LTD.	Singapore, Y2022	68.5	Subscription and others
VOCALBEATS.AI PTE. LTD.	Singapore, Y2022	68.5	Subscription and others
VOPI PTE. LTD.	Singapore, Y2021	68.5	Subscription and others
Vocalbeats CO., LTD. (Formerly known as TIYA CO., LTD.)	Japan, Y2022	68.5	Subscription and others
SONICO SDN. BHD.	Malaysia, Y2022	68.5	Technical support and consulting services
Guangzhou Tiya Information Technology Co., Ltd. (“Guangzhou Tiya”)	Guangzhou, China, Y2019	100	Technical support and consulting services
Tiya Inc. (“Tiya USA”)	USA, Y2020	100	Subscription and others
Guangzhou QingYin Information Technology Co., Ltd. (“Guangzhou QingYin”)	Guangzhou, China, Y2022	100	Technical support and consulting services
Guangzhou Yuyin Information Technology Co., Ltd.	Guangzhou, China, Y2022	68.5	Technical support and consulting services
Guangzhou Yuechuang Information Technology Co., Ltd.	Guangzhou, China, Y2022	100	Technical support and consulting services

Major VIEs

Place and

year of

incorporation/

acquisition

Percentage of

direct or indirect economic ownership

Principal activities

Guangzhou Lizhi Network Technology Co., Ltd.

(“Guangzhou Lizhi”)

Guangzhou, China Y2007

100

Value-added service and subscription business

Guangzhou Huanliao Network Technology Co., Ltd.

(“Guangzhou Huanliao”)

Guangzhou, China Y2016

100

Value-added service and subscription business

Major subsidiaries of VIEs	Place and year of incorporation/ acquisition	Percentage of direct or indirect economic ownership %	Principal activities
Wuhan Lizhi Network Technology Co., Ltd.	Wuhan, China Y2017	100	Value-added service and subscription business
Wuhan Yuyinliaorao Network Technology Co., Ltd.	Wuhan, China Y2019	100	Value-added service and subscription business
Guangzhou Qianyue Media Co., Ltd.	Guangzhou, China Y2023	100	Value-added service and subscription business
Beijing Guoyin Network Technology Co., Ltd.	Beijing, China Y2020	100	Technical support and consulting services
Guangzhou Baihui Network Technology Co., Ltd.	Guangzhou, China Y2024	100	Technical support and consulting services
Guangdong Shengjie Intelligent Technology Co., Ltd	Guangzhou, China Y2025	100	Technical support and consulting services

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

1. Organization and Principal Activities (Continued)

History of the Group

Initial Public Offering

In January 2020, the Company completed an IPO in which an aggregate of 82,000,000 Class A ordinary shares was offered and sold in the form of ADSs. On January 17, 2020, the ADSs have been listed on the Nasdaq Global Market under the symbol “LIZI”. In January 2024, the Company changed the ticker symbol from “LIZI” to “SOGP” and changed corporate name from “LIZHI INC.” to “Sound Group Inc.”.

Follow-on Public Offering

In April 2021, the Company completed a registered direct offering of 3,685,504 ADSs and warrants to purchase up to 2,764,128 ADSs, at an offering price of US$8.14 per ADS and the corresponding warrant. The gross proceeds of this registered direct offering were US$30.0 million before deducting placement agent fees and other offering expenses.

Contractual arrangements with VIEs

PRC laws and regulations place certain restrictions on foreign investment in value-added telecommunication service businesses. The Company conducts a significant portion of its operations in the PRC through Guangzhou Lizhi, Guangzhou Huanliao, and their subsidiaries. The Company relies on a series of contractual arrangements among its wholly-owned PRC subsidiaries, VIEs and their shareholders to conduct the business operations of the VIEs and the VIEs’ subsidiaries.

As a result of these contractual arrangements, the Company’s wholly-owned subsidiaries are entitled to substantially all of the economic benefits from the VIEs and the VIEs’ subsidiaries and are obligated to absorb all of the VIEs and the VIEs’ subsidiaries expected losses and therefore the Company has determined that it is the ultimate primary beneficiary of the VIEs and subsidiaries of the VIEs, and has consolidated the financial results of VIEs and subsidiaries of the VIEs in its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for accounting purposes.

Below is a summary of the currently effective contractual arrangements by and among the Company’s wholly-owned subsidiaries Hongyi Technology, Guangzhou QingYin, the Company’s VIEs Guangzhou Lizhi, Guangzhou Huanliao and their shareholders (also nominee shareholders).

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

1. Organization and Principal Activities (Continued)

Contractual arrangements with VIEs (Continued)

Guangzhou Lizhi

Equity Pledge Agreement

Pursuant to an equity pledge agreement entered into on January 17, 2023 by and between Hongyi Technology and then shareholders of Guangzhou Lizhi, such shareholders of Guangzhou Lizhi pledged all of their equity interests in Guangzhou Lizhi to Hongyi Technology, to guarantee the performance of Guangzhou Lizhi and, to the extent applicable, such shareholders of Guangzhou Lizhi, of their obligations under the contractual arrangements of the VIE. If Guangzhou Lizhi or such shareholders of Guangzhou Lizhi fail to perform their obligations under the contractual arrangement of the VIE, Hongyi Technology will be entitled to, among other things, right to sell the pledged shares of Guangzhou Lizhi via an auction. This equity pledge agreement will remain in effect so long as any of the exclusive technical consulting and management service agreement, the operation agreement or the exclusive equity transfer option agreement, as mentioned below, remains in effect or any guaranteed obligation of Guangzhou Lizhi, or, to the extent applicable, its shareholders, remains outstanding under the VIE contractual arrangements. The existing equity pledge agreement was initially entered into in March 2011 and was subsequently amended and restated on substantially similar terms in December 2014, June 2017, August 2017, June 2019, January 2023 and May 2023, respectively.

Exclusive Equity Transfer Option Agreement

Pursuant to an exclusive equity transfer option agreement entered into on January 17, 2023 by and between Hongyi Technology and then shareholders of Guangzhou Lizhi, such shareholders of Guangzhou Lizhi exclusively granted Hongyi Technology or any party appointed by Hongyi Technology an irrevocable option to purchase all or part of the shares in Guangzhou Lizhi held by then shareholders of Guangzhou Lizhi at a price no lower than the lowest price permitted by PRC law. Whether to exercise this option and the timing, methods and frequency of exercising such option are at the full discretion of Hongyi Technology. The exclusive equity transfer option agreement shall remain valid until all shares in Guangzhou Lizhi held by the shareholders of Guangzhou Lizhi, or all irrevocable options to purchase such shares, have been transferred to Hongyi Technology or its designated person. Hongyi Technology is entitled to terminate this exclusive equity transfer option agreement if a default occurs due to reasons not related to Hongyi Technology under this agreement. The existing exclusive equity transfer option agreement was initially entered into in March 2011 and was subsequently amended and restated on substantially similar terms in December 2014, June 2017, August 2017, June 2019 and January 2023, respectively.

Exclusive Technical Consulting and Service Agreement

Pursuant to an exclusive technical consulting and service agreement entered into on June 9, 2017 by and between Hongyi Technology and Guangzhou Lizhi, Guangzhou Lizhi agreed to appoint Hongyi Technology as its exclusive provider of technology services, including software development, internet maintenance, network security and other services in exchange for a service fee which are subject to the adjustment by the Company’s relevant subsidiaries at its sole discretion, for a term of ten years starting from the date thereof. Hongyi Technology is entitled to terminate or extend the exclusive technical consulting and service agreement at its discretion. The existing exclusive technical consulting and service agreement was initially entered into in March 2011 and was subsequently superseded by an amended and restated exclusive technical consulting and service agreement on substantially similar terms in June 2017 and May 2023, respectively.

Operation Agreement

Pursuant to an operation agreement entered into on January 17, 2023 by and among Hongyi Technology, Guangzhou Lizhi and then shareholders of Guangzhou Lizhi, such shareholders of Guangzhou Lizhi agreed that, without written consent of Hongyi Technology or a party designated by it, Guangzhou Lizhi shall refrain from conducting any action that may materially or adversely affect its assets, business, personnel, obligations, rights or operation, for a term of ten years starting from the date thereof. Such actions include, among other things, incurrence of debt to a third party, change of directors or senior management, acquisition or disposal of assets or shares, amendment to its articles of association or business scope and other matters. Hongyi Technology is also entitled to appoint directors and senior management of Guangzhou Lizhi and instruct Guangzhou Lizhi on matters pertinent to its daily operation, financial management. Guangzhou Lizhi is obligated to fully effectuate the appointment or instructions made by Hongyi Technology in methods consistent with applicable laws and articles of Guangzhou Lizhi. Hongyi Technology is entitled to terminate or extend the operation agreement at its discretion. The existing operation agreement was initially entered into in March 2011 and was subsequently superseded by an amended and restated operation agreement on substantially similar terms in June 2017, June 2019 and January 2023, respectively.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

1. Organization and Principal Activities (Continued)

Contractual arrangements with VIEs (Continued)

Guangzhou Lizhi (Continued)

Power of Attorney

Pursuant to a series of power of attorney issued by shareholders of Guangzhou Lizhi on January 17, 2023, such shareholders of Guangzhou Lizhi irrevocably appointed Hongyi Technology as their attorney-in-fact to act on their behalf on all shareholder matters of Guangzhou Lizhi and exercise all rights as shareholders of Guangzhou Lizhi. This power of attorney shall remain valid until the abovementioned operation agreement is terminated or Guangzhou Lizhi is dissolved, whichever is earlier. The existing series of power of attorney was initially entered into in March 2011 and was subsequently superseded by a new series of powers of attorney on substantially similar terms in June 2017, June 2019 and January 2023, respectively.

The Equity Pledge Agreement, Exclusive Equity Transfer Option Agreement, Exclusive Technical Consulting and Service Agreement, Operation Agreement and Power of Attorney were amended to reflect the changes of shareholders’ holding in the VIE at their respective dates. No other material terms or conditions of these agreements were changed or altered. The Company is still the ultimate primary beneficiary of Guangzhou Lizhi for accounting purpose, and the Group continues to consolidate Guangzhou Lizhi.

Guangzhou Huanliao

To streamline operations in China, the Company terminated the entire series of VIE contractual arrangements between and among Guangzhou Tiya, Guangzhou Huanliao and Mr. Ning Ding, the sole shareholder of Guangzhou Huanliao in July 2022. Concurrently with such termination, Guangzhou QingYin entered into a new series of contractual arrangements by and among Guangzhou QingYin, Guangzhou Huanliao and then shareholder of Guangzhou Huanliao in July 2022, which were amended and restated in May 2023.

Equity Pledge Agreement

Pursuant to an equity pledge agreement entered into on January 6, 2023 by and between Guangzhou QingYin and then shareholders of Guangzhou Huanliao, such shareholders of Guangzhou Huanliao pledged all of their equity interests in Guangzhou Huanliao to Guangzhou QingYin to guarantee the performance of Guangzhou Huanliao and, to the extent applicable, such shareholders of Guangzhou Huanliao, of their obligations under the contractual arrangement of the VIE. If Guangzhou Huanliao or such shareholders of Guangzhou Huanliao fail to perform their obligations under the contractual arrangement of the VIE, Guangzhou QingYin will be entitled to, among other things, a right to sell the pledged shares of Guangzhou Huanliao via an auction. This equity pledge agreement will remain in effect so long as any of the exclusive technical consulting and management service agreement, the operation agreement and the exclusive equity transfer option agreement, as mentioned below, remains in effect and any guaranteed obligation of Guangzhou Huanliao, or, to the extent applicable, its shareholders, remains outstanding under the VIE contractual arrangements. The existing equity pledge agreement was initially entered into in July 2022 and was subsequently amended and restated on substantially similar terms in January 2023 and May 2023, respectively.

Exclusive Equity Transfer Option Agreement

Pursuant to an exclusive equity transfer option agreement entered into on January 6, 2023 by and between Guangzhou Huanliao, Guangzhou QingYin and then shareholders of Guangzhou Huanliao, such shareholders of Guangzhou Huanliao exclusively granted Guangzhou QingYin or any party appointed by Guangzhou QingYin an irrevocable option to purchase all or part of the shares in Guangzhou Huanliao held by then shareholders of Guangzhou Huanliao at a price no lower than the lowest price permitted by PRC law. Whether to exercise this option and the timing, methods and frequency of exercising such option are at the full discretion of Guangzhou QingYin. The exclusive equity transfer option agreement shall remain valid until all shares in Guangzhou Huanliao held by then shareholders of Guangzhou Huanliao, or all irrevocable options to purchase such shares, have been transferred to Guangzhou QingYin or its designated person. Guangzhou QingYin is entitled to terminate this exclusive equity transfer option agreement if a default occurs due to reasons not related to Guangzhou QingYin under this agreement. The existing exclusive equity transfer option agreement was initially entered into in July 2022 and was subsequently amended and restated on substantially similar terms in January 2023.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

1. Organization and Principal Activities (Continued)

Contractual arrangements with VIEs (Continued)

Guangzhou Huanliao (Continued)

Exclusive Technical Consulting and Service Agreement

Pursuant to an exclusive technical consulting and service agreement entered into on July 19, 2022 by and between Guangzhou QingYin and Guangzhou Huanliao, Guangzhou Huanliao agreed to appoint Guangzhou QingYin as its exclusive provider of technology services, including software development, internet maintenance, network security and other services in exchange for a service fee which are subject to the adjustment by the Company’s relevant subsidiaries at its sole discretion, for a term of ten years starting from the date thereof. Guangzhou QingYin is entitled to terminate or extend the exclusive technical consulting and service agreement at its discretion. The existing exclusive technical consulting and service agreement was initially entered into in July 2022 and was subsequently superseded by an amended and restated exclusive technical consulting and service agreement on substantially similar terms in May 2023.

Operation Agreement

Pursuant to an operation agreement entered into on January 6, 2023 by and among Guangzhou QingYin, Guangzhou Huanliao and then shareholders of Guangzhou Huanliao, such shareholders of Guangzhou Huanliao agreed that, without written consent of Guangzhou QingYin or a party designated by it, Guangzhou Huanliao shall refrain from conducting any action that may materially or adversely affect its assets, business, personnel, obligations, rights or operation, for a term of ten years starting from the date thereof. Such actions include, among other things, incurrence of debt to a third party, change of directors or senior management, acquisition or disposal of assets or shares, amendment to its articles of association or business scope and other matters. Guangzhou QingYin is also entitled to appoint directors and senior management of Guangzhou Huanliao and instruct Guangzhou Huanliao on matters relating to its daily operation, financial management. Guangzhou Huanliao is obligated to fully effectuate the appointment or instructions made by Guangzhou QingYin in methods consistent with applicable laws and articles of Guangzhou Huanliao. Guangzhou QingYin is entitled to terminate or extend the operation agreement at its discretion. The existing operation agreement was initially entered into in July 2022 and was subsequently amended and restated on substantially similar terms in January 2023.

Power of Attorney

Pursuant to a series of power of attorney issued by shareholders of Guangzhou Huanliao on January 6, 2023, such shareholders of Guangzhou Huanliao irrevocably appointed Guangzhou QingYin as their attorney-in-fact to act on their behalf on all shareholder matters of Guangzhou Huanliao and exercise all rights as shareholders of Guangzhou Huanliao. This power of attorney shall remain valid until the abovementioned operation agreement is terminated or Guangzhou QingYin is dissolved. The existing series of power of attorney was initially entered into in July 2022 and was subsequently superseded by a new series of powers of attorney on substantially similar terms in January 2023.

The Equity Pledge Agreement, Exclusive Equity Transfer Option Agreement, Exclusive Technical Consulting and Service Agreement, Operation Agreement and Power of Attorney were amended to reflect the changes of shareholders’ holding in the VIE at their respective dates. No other material terms or conditions of these agreements were changed or altered. The Company is still the ultimate primary beneficiary of Guangzhou Huanliao for accounting purpose and the Group continues to consolidate Guangzhou Huanliao.

Risks in relation to the VIE structure

A significant part of the Company’s business is conducted through the VIEs, of which the Company is the ultimate primary beneficiary. The Company has been advised by its PRC legal counsel, that its contractual arrangements with its consolidated VIEs as described in the Company’s annual report are valid, binding and enforceable under the current laws and regulations of China. However, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including those that govern the contractual arrangements, which could limit the Group’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIEs were to reduce their interests in the Group, their interest may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual arrangements.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

1. Organization and Principal Activities (Continued)

Risks in relation to the VIE structure (Continued)

The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIEs depend on these individuals enforcing the contracts. There is a risk that the benefits of ownership between the Company and the VIEs may not be aligned in the future. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company if these contracts were not enforced.

The Group’s operations depend on the VIEs to honour their contractual agreements with the Group and the enforceability, and therefore the benefits depend on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are legally enforceable and the possibility that it will no longer be able to be the ultimate primary beneficiary and consolidate the VIE as a result of the aforementioned risks and uncertainties is remote.

The Company’s ability to be the ultimate primary beneficiary of the VIEs also depends on the Power of Attorney the shareholders have to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Company believes these Power of Attorney are legally enforceable but may not be as effective as direct equity ownership.

In addition, if the Group’s corporate structure or the contractual arrangements with the VIEs were found to be in violation of any existing or future PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions:

	●	revoke the business licenses and/or operating licenses of the Group;

	●	confiscate any of the Group’s income that they deem to be obtained through illegal operations;

	●	discontinue or place restrictions or onerous conditions on the Group’s operations;

	●	place restrictions on the Group’s right to collect revenues;

	●	shut down the Group’s servers or block the Group’s apps/websites;

	●	require the Group to restructure the operations in such a way as to compel the Group to establish a new enterprise, re-apply for the necessary licenses or relocate the Group’s businesses, staff and assets;

	●	impose additional conditions or requirements with which the Group may not be able to comply;

	●	taking other regulatory or enforcement actions against the Group that could be harmful to the Group’s business; or

	●	impose fines on the Group.

The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may lose the rights to direct the activities of the VIEs or the right to receive their economic benefits, which may result in deconsolidation of the VIEs in the Group’s consolidated financial statements. In the opinion of the Company’s management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group believes that the contractual arrangements among each of the VIEs, their respective shareholders and relevant wholly foreign owned enterprises are in compliance with PRC law and are legally enforceable. The Group’s operations depend on the VIEs to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. Management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those contractual arrangements.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

1. Organization and Principal Activities (Continued)

Risks in relation to the VIE structure (Continued)

Schedule Of Variable Interest Entities

	As of December 31,		As of December 31,
	2024		2025
		RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		187,693		280,856
Restricted cash		1,733		2,151
Accounts receivable, net		482		432
Prepayments and other current assets		18,006		29,135
Amount due from the subsidiaries of the Group		67,916		209,221
Total current assets		275,830		521,795
Non-current assets:
Property, equipment and leasehold improvement, net		6,996		6,335
Intangible assets, net		1,049		528
Right-of-use assets, net		623		9,074
Total non-current assets		8,668		15,937
TOTAL ASSETS		284,498		537,732
Current liabilities:
Accounts payable		38,185		57,749
Deferred revenue		29,318		35,705
Salary and welfare payable		104,247		143,105
Taxes payable		5,002		6,097
Lease liabilities due within one year		235		4,661
Accrued expenses and other current liabilities		70,722		63,853
Amount due to the subsidiaries of the Group		463,809		388,068
Total current liabilities		711,518		699,238
Non-current liabilities:
Lease liabilities		385		4,514
Total non-current liabilities		385		4,514
TOTAL LIABILITIES		711,903		703,752

The VIEs hold assets with no carrying value in the consolidated balance sheet that are important to the Company’s ability to produce revenue (referred to as unrecognized revenue-producing assets). Unrecognized revenue-producing assets held by the VIEs mainly include the ICP License and the Internet Culture Operating License. Recognized revenue-producing assets held by the VIEs mainly include copyrights, trademarks and domain names.

	RMB			RMB			RMB
	For the year ended
	December 31,			December 31,			December 31,
	2023			2024			2025
	RMB			RMB			RMB
Net revenues		2,069,491			2,026,664			3,063,542
Net (loss)/income		(23,554	)		(56,416	)		261,385

Included in the net (loss)/income of the VIEs are charges for technical development or technical service fees paid to other entities within the Group. The amount of such fees were RMB136.7 million, RMB173.9 million, and RMB111.5 million in 2023, 2024 and 2025, respectively.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

1. Organization and Principal Activities (Continued)

Risks in relation to the VIE structure (Continued)

	2023			2024			2025
	For the year ended
	December 31,			December 31,			December 31,
	2023			2024			2025
	RMB			RMB			RMB
Net cash (used in)/generated from operating activities		(25,170	)		(15,009	)		299,237
Net cash used in investing activities		(2,181	)		(699	)		(1,968	)
Net cash (used in)/generated from financing activities		(106,058	)		36,440			(210,567	)
Net (decrease)/increase in cash, cash equivalents and restricted cash		(133,409	)		20,732			86,702

For the years ended December 31, 2023, 2024 and 2025, net cash (used in)/generated from financing activities in the VIEs consist of: i) net repayments to the Group companies, amounting to RMB39.3 million, nil and RMB210.6 million, respectively, ii) net borrowing from the Group companies’ loans of nil, RMB36.4 million and nil, respectively, and iii) net (repayments to)/borrowing from bank loans of RMB(66.8) million, nil and nil, respectively.

In accordance with various contractual agreements, the Company has the power to direct the activities of the VIEs and their subsidiaries and can have assets transferred out of the VIEs. Therefore, the Company considers that there are no assets in the respective VIEs that can be used only to settle obligations of the respective VIEs, except for the registered capital of the VIEs amounted to approximately RMB51.0 million and RMB51.0 million as of December 31, 2024 and 2025, respectively, as well as certain non-distributable statutory reserves amounting to RMB0.6 million and RMB10.4 million as of December 31, 2024 and 2025, respectively. As the respective VIEs are incorporated as limited liability companies under the PRC Company Law, creditors do not have recourse to the general credit of the Company for the liabilities of the respective VIEs. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. As the Group is conducting a significant portion of businesses in the PRC through the VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.

There is no VIEs in the Group where the Company or any subsidiary has a variable interest but is not the primary beneficiary.

Liquidity

The Group incurred net (loss)/income of RMB(134.5) million, RMB(81.0) million and RMB220.6 million for the years ended December 31, 2023, 2024 and 2025, respectively. Net cash (used in)/generated from operating activities were RMB(117.0) million, RMB(26.5) million and RMB280.0 million for the years ended December 31, 2023, 2024 and 2025, respectively. Accumulated deficit was RMB2,490.8 million and RMB2,314.9 million as of December 31, 2024 and 2025, respectively. The Group assesses its liquidity by its ability to generate cash from operating activities and attract investors’ investments.

The Group’s principal sources of liquidity have been cash generated from its operations and contributions from its shareholders, as well as short term borrowings. As of December 31, 2025, it had RMB655.1 million (US$93.7 million) in cash and cash equivalents which are readily convertible to fixed amounts of cash and with original maturities from the date of purchase with terms of three months or less. The Group had a positive working capital (defined as total current assets deducted by total current liabilities) of RMB345.2 million (US$49.4 million) as of December 31, 2025. Therefore, the Group believes its current cash and cash equivalents will be sufficient to meet the cash requirements to fund planned operations and other commitments for at least the next twelve months from the date of the issuance of the consolidated financial statements. The Group’s consolidated financial statements have been prepared based on the Company continuing as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

Schedule of deferred tax assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net operating tax loss carry forwards	¥ 137,997	¥ 136,584
Contingent Liability Provisions	35
Lease obligations	232
Advertising expenses in excess of deduction limit	8	8
Total deferred tax assets	138,273	136,592
Less: valuation allowances	(138,273)	(136,592)	¥ (116,863)	¥ (108,601)
Net deferred tax assets

Restricted Net Assets (Details Narrative) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024
Receivables [Abstract]
Annual appropriation to reserve percent	10.00%
Percentage of capital	50.00%
Restricted assets	¥ 96.7	¥ 31.3

Summary Of Prepayments And Other Current Assets (Details)
¥ in Thousands, $ in Thousands

1 Months Ended

12 Months Ended

Mar. 31, 2024

USD ($)

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Receivables from a third-party financial institution

^[1]

¥ 89,969

¥ 92,012

Prepayments to vendors

17,131

11,513

Deposits

5,816

7,917

Receivables from third-party online payment platform

12,392

3,143

Deductible VAT

8,844

7,117

Staff advances

622

878

Others

4,969

4,629

Sub-total

139,743

127,209

Less: allowance for expected credit loss of receivables

(90,060)

(92,103)

Total

$ 7,105

¥ 49,683

¥ 35,106

Receivables from a third-party financial institution subject to a risk of default | $

$ 12,800

Allowance of provision for credit loss

$ 12,800

¥ 90,000

[1]

In March 2024, the Company encountered difficulties obtaining response from a third-party financial institution in which the Company had US$12.8 million deposit remaining. The Company had recorded a full allowance of provision for credit loss amounting to US$12.8 million (RMB90.0 million) for the Relevant Deposit for the year ended December 31, 2025. The Company’s management has been continuously following up on the subsequent developments of the matter by seeking legal advice on the various possibilities. As of the report date, there has been no substantial progress in this matter.

Property, Equipment and Leasehold Improvement, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Equipment and Leasehold Improvement, Net

6. Property, Equipment and Leasehold Improvement, Net

The following is a summary of property, equipment and leasehold improvement, net:

	December 31, 2024			December 31, 2025
		RMB			RMB
Electronic equipment		87,232			83,898
Furniture and office equipment		2,851			2,226
Leasehold improvement		17,498			17,667
Total property, equipment and leasehold improvement		107,581			103,791
Less: accumulated depreciation		(91,090	)		(91,721	)
Property, equipment and leasehold improvement, net		16,491			12,070

Depreciation expenses were RMB13.2 million, RMB10.7 million and RMB6.9 million for the years ended December 31, 2023, 2024 and 2025, respectively. No impairment charge was recognized for any of the years presented.

Taxes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Taxes Payable

Summary of taxes payable

The following is a summary of taxes payable as of December 31, 2024 and 2025:

Summary of taxes payable

	December 31, 2024		December 31, 2025
	RMB		RMB
VAT payables		2,516		5,035
Withholding individual income taxes for employees		2,318		2,494
Income tax payable		1,896		926
Others		537		748
Total		7,267		9,203

Schedule Of Revenue By Type Of Service (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Product Information [Line Items]
Total	¥ 3,102,754	¥ 2,031,806	¥ 2,071,772
Value Added Service [Member]
Product Information [Line Items]
Total	3,056,426	2,018,598	2,063,346
Subscription And Other [Member]
Product Information [Line Items]
Total	¥ 46,328	¥ 13,208	¥ 8,426

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Share-based Compensation (Details Narrative) ¥ / shares in Units, ¥ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) Integer ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2025 CNY (¥) shares	Sep. 17, 2021 shares	Mar. 18, 2020 shares	Mar. 17, 2020 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Ordinary shares, shares authorized				1,500,000,000	1,500,000,000
Cash settled equity instrument granted under share-based payment arrangements \| ¥	¥ 0	¥ 0	¥ 0
Compensation cost for share-based payment arrangements \| ¥	¥ 0	¥ 0	¥ 0
Weighted average grant date fair value of options granted \| ¥ / shares			¥ 0.19
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted shares, awarded			6,687,500
Threshold number of trading days before vesting day \| Integer	30
Maximum [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
Minimum [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	1 year
Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Ordinary shares, shares authorized		1,268,785,000		1,268,785,000	1,268,785,000
2018 Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
2019 Incentive Plan [Member] \| Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Ordinary shares, shares authorized						100,000,000	100,000,000	40,000,000
2019 Incentive Plan [Member] \| Common Class A [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
2019 Incentive Plan [Member] \| Common Class A [Member] \| Restated [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Ordinary shares, shares authorized						170,000,000
Two Thousand And Nineteen Incentive Plan Amended And Restated Two Thousand And Nineteen Share Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expenses, unvested awards		¥ 6,200		$ 0.2	¥ 1,400
Unrecognized compensation expenses, weighted average period for recognition	10 months 17 days	1 year 7 months 13 days

Schedule of Cost of Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cost Of Revenues
Revenue sharing fees		¥ 2,069,133	¥ 1,377,765	¥ 1,368,498
Salary and welfare benefits		44,129	28,600	45,273
Payment handling costs		37,859	20,836	21,076
Bandwidth costs		33,053	36,218	39,424
Share-based compensation expense		556	1,788	3,845
Others		12,865	9,741	8,281
Total	$ 314,252	¥ 2,197,595	¥ 1,474,948	¥ 1,486,397

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies (Details Narrative) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Amount of commitments	¥ 2.4
Amount of commitments	1.4
Amount of commitments	1.0
Refund from legal settlement	8.4
Loss on litigation settlements	¥ 8.4	¥ 8.4

Schedule of Summary Of Lease Liability (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases
2026	¥ 14,954
2027	10,409
2028	247
Total future lease payments	25,610
Impact of discounting remaining lease payments	(1,029)
Total lease liabilities	¥ 24,581	¥ 12,664

Cost of Revenues

12 Months Ended

Dec. 31, 2025

Cost Of Revenues

Cost of Revenues

12. Cost of Revenues

The following is a summary of cost of revenues for the years ended December 31, 2023, 2024 and 2025:

Schedule of Cost of Revenues

	2023		2024		2025
	For the year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Revenue sharing fees		1,368,498		1,377,765		2,069,133
Salary and welfare benefits		45,273		28,600		44,129
Payment handling costs		21,076		20,836		37,859
Bandwidth costs		39,424		36,218		33,053
Share-based compensation expense		3,845		1,788		556
Others		8,281		9,741		12,865
Total		1,486,397		1,474,948		2,197,595

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

Schedule Of Variable Interest Entities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)
Current assets:
Cash and cash equivalents	$ 93,700		¥ 441,858	¥ 494,965	¥ 655,100
Restricted cash	693		11,305		4,800
Accounts receivable, net	139		1,082		972
Prepayments and other current assets	7,105		35,106		49,683
Total current assets	101,609		489,351		710,557
Non-current assets:
Property, equipment and leasehold improvement, net	1,726		16,491		12,070
Right-of-use assets, net	126		1,176		879
Total non-current assets	5,586		32,089		39,057
TOTAL ASSETS	107,195		521,440		749,614
Current liabilities:
Accounts payable	8,401		39,379		58,751
Salary and welfare payable	25,199		131,186		176,216
Lease liabilities due within one year	2,090		8,240		14,619
Accrued expenses and other current liabilities			78,491		68,327
Total current liabilities	52,246		302,711		365,356
Non-current liabilities:
Lease liabilities	1,425		4,424		9,962
Total non-current liabilities	1,425		4,424		9,962
TOTAL LIABILITIES	53,671		307,135		375,318
Revenues		¥ 3,102,754	2,031,806	2,071,772
Net cash generated from/ (used in) operating activities	40,044	280,000	(26,469)	(117,045)
Net cash (used in)/ generated from investing activities	(544)	(3,801)	(11,974)	105,653
Net cash (used in)/generated from financing activities	$ (9,466)	(66,201)	(2,994)	(71,674)
Variable Interest Entity, Primary Beneficiary [Member]
Current assets:
Cash and cash equivalents			187,693		280,856
Restricted cash			1,733		2,151
Accounts receivable, net			482		432
Prepayments and other current assets			18,006		29,135
Amount due from the subsidiaries of the Group			¥ 67,916		¥ 209,221
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Amount due from the subsidiaries of the Group		Amount due from the subsidiaries of the Group		Amount due from the subsidiaries of the Group
Total current assets			¥ 275,830		¥ 521,795
Non-current assets:
Property, equipment and leasehold improvement, net			6,996		6,335
Intangible assets, net			1,049		528
Right-of-use assets, net			623		9,074
Total non-current assets			8,668		15,937
TOTAL ASSETS			284,498		537,732
Current liabilities:
Accounts payable			38,185		57,749
Deferred revenue			29,318		35,705
Salary and welfare payable			104,247		143,105
Taxes payable			5,002		6,097
Lease liabilities due within one year			235		4,661
Accrued expenses and other current liabilities			70,722		63,853
Amount due to the subsidiaries of the Group			¥ 463,809		¥ 388,068
Other Liability, Current, Related Party [Extensible Enumeration]	Amount due to the subsidiaries of the Group		Amount due to the subsidiaries of the Group		Amount due to the subsidiaries of the Group
Total current liabilities			¥ 711,518		¥ 699,238
Non-current liabilities:
Lease liabilities			385		4,514
Total non-current liabilities			385		4,514
TOTAL LIABILITIES			711,903		¥ 703,752
Revenues		3,063,542	2,026,664	2,069,491
Net Income (Loss)		261,385	(56,416)	(23,554)
Net cash generated from/ (used in) operating activities		299,237	(15,009)	(25,170)
Net cash (used in)/ generated from investing activities		(1,968)	(699)	(2,181)
Net cash (used in)/generated from financing activities		(210,567)	36,440	(106,058)
Net increase/(decrease) in cash, cash equivalents and restricted cash		¥ 86,702	¥ 20,732	¥ (133,409)

Taxation

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Taxation

8. Taxation

a) Income taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company in the Cayman Islands to its shareholders, no Cayman Islands withholding tax will be imposed.

British Virgin Islands

Under the current laws of the British Virgin Islands, entities incorporated in British Virgin Islands are exempted from income tax on their foreign-derived incomes in the BVI. There are no withholding taxes in the BVI.

Singapore

Under the Singapore tax laws, subsidiaries in Singapore are subject to a unified 17% tax rate, except for certain entities that are entitled to preferential tax treatments, and there are no withholding taxes in Singapore on remittance of dividends. For the years ended December 31, 2023, 2024 and 2025, the Company’s Singapore entity recognized income tax (credit)/expense amounted to RMB(0.1) million, nil and RMB0.3 million, respectively, for the assessable profits base on the existing legislation, interpretation and practice of Singapore.

Hong Kong

Subsidiaries incorporated in Hong Kong are subject to Hong Kong profits tax at a two-tiered regime under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million. As an anti-avoidance measure, a group of “connected entities” can only nominate one entity within the Group to enjoy the reduced tax rate for a given year of assessment.

China

Under the Enterprise Income Tax Law of the PRC, the Company’s Chinese subsidiaries, VIEs and subsidiaries of the VIEs are subject to an income tax of 25%, except for Guangzhou Lizhi, Guangzhou Huanliao and Guangzhou Tiya. Due to their current status of entitled High and New Technology Enterprise (“HNTE”), Guangzhou Lizhi and Guangzhou Huanliao enjoy a preferential tax rate of 15% for the year ended December 31, 2023, 2024 and 2025. Guangzhou Tiya was granted HNTE and enjoy a preferential tax rate of 15% from December 9, 2025 to December 9, 2028. This status is subject to annual evaluation and a requirement that Guangzhou Lizhi, Guangzhou Huanliao and Guangzhou Tiya reapply for HNTE status every three years.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

8. Taxation (Continued)

a) Income taxes (Continued)

China (Continued)

According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2008 onwards, enterprises engaged in research and development activities are entitled to claim an additional tax deduction amounting to 50% of the qualified research and development expenses incurred in determining its tax assessable profits for that year. The additional tax deducting amount of the qualified research and development expenses have been increased from 50% to 75%, effective from 2018 onwards, according to a new tax incentives policy promulgated by the State Tax Bureau of the PRC in September 2018 (“Super Deduction”). The additional tax deducting amount of the qualified research and development expenses have been increased from 75% to 100%, effective from 2023 onwards.

Qualified subsidiaries and VIEs of the Group claimed the Super Deduction in ascertaining the tax assessable profits for the periods reported.

The enterprise income tax (“EIT”) Law also imposes a withholding income tax of 10% on dividends distributed by a foreign-invested entity (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does not have such tax treaty with China. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate that may be lowered to 5% (if the foreign investor owns directly at least 25% of the shares of the FIE). The State Administration of Taxation (“SAT”) further promulgated Circular 601 on October 27, 2009, which provides that tax treaty benefits will be denied to “conduit” or shell companies without business substance and that a beneficial ownership analysis will be used based on a “substance-over-form” principle to determine whether or not to grant the tax treaty benefits. Further, the SAT promulgated the Notice on Issues Related to the “Beneficial Owner” in Tax Treaties in February 2018, which requires the “beneficial owner” to have ownership and the right to dispose of the income or the rights and properties giving rise to the income and generally engage in substantive business activities and sets forth certain detailed factors in determining the “beneficial owner” status.

To the extent that subsidiaries, VIEs and subsidiaries of the VIEs of the Group have undistributed earnings, the Company will accrue appropriate expected withholding tax associated with repatriation of such undistributed earnings. For the year ended December 31, 2024 and 2025, the Group resolved to have one of its PRC subsidiaries, Guangzhou Tiya, declare and distribute cash dividends out of part of its retained earnings, amounting to RMB8.0 million and RMB18.0 million, respectively, to its immediate overseas parent company, Tiya HK. Accordingly, Guangzhou Tiya was required to pay and paid withholding taxes of RMB0.8 million and RMB1.8 million, respectively.

The Group has a plan to indefinitely reinvest its aggregate undistributed earnings and reserves and any future earnings in the PRC for use in the operation. Accordingly, no deferred tax liability on 10% withholding tax of aggregate undistributed earnings and reserves of the Company’s subsidiaries located in the PRC has been accrued that would be payable upon the distribution of those amounts to the Company as of December 31, 2024 and 2025.

Others

Subsidiaries incorporated in other countries are subject to the respective applicable corporate income tax rates of the countries where they are resident. For the years ended December 31, 2023, 2024 and 2025, the Company’s overseas others entity recognized income tax expense amounted to RMB0.4 million, RMB0.8 million and RMB0.8 million, respectively.

Income tax expense comprises:

Schedule Of Income Tax Expense

	2023		2024		2025
	For the year ended December 31,
	2023		2024		2025

Current income tax		434		2,475		731
Withholding tax expense		-		786		2,050

Total		434		3,261		2,781

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

8. Taxation (Continued)

a) Income taxes (Continued)

Schedule of Income tax reconciliation

	For the year ended December 31,
	2023			2024			2025
	%			%			%
Statutory income tax rate of the PRC		25.0			25.0			25.0
Tax rate difference from preferential tax treatments and statutory rate in other jurisdictions		(29.6	)		(23.8	)		(6.3	)
Effect of withholding taxes		-			(1.0	)		1.0
Permanent differences⁽¹⁾		25.4			43.0			(25.1	)
Change in valuation allowances		(21.2	)		(47.4	)		6.8
Effective income tax rate		(0.4	)		(4.2	)		1.4

(1)	The permanent differences mainly consist of additional super deduction for research and development expenditures, and certain non-deductible expenses.

As of December 31, 2025, certain entities of the Company had net operating tax loss carry forwards as follows:

	RMB

Loss expiring in 2026		11,736
Loss expiring in 2027		5,172
Loss expiring in 2028		14,994
Loss expiring in 2029		73,727
Loss expiring in 2030		421,019
Loss expiring in 2031		207,664
Loss expiring in 2032		14,027
Loss expiring in 2033		98,722
Loss expiring in 2034		129,473
Loss expiring in 2035		143,999
Operating loss carryforwards		1,120,533

b) Deferred tax assets and liabilities

The following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets as of December 31, 2024 and 2025:

Schedule of deferred tax assets

	December 31, 2024			December 31, 2025
		RMB			RMB
Deferred tax assets：
Net operating tax loss carry forwards		136,584			137,997
Contingent Liability Provisions		-			35
Lease obligations		-			232
Advertising expenses in excess of deduction limit		8			8
Total deferred tax assets		136,592			138,273
Less: valuation allowances		(136,592	)		(138,273	)
Net deferred tax assets		-			-

The Group does not believe that sufficient positive evidence exists to conclude that the recoverability of deferred tax assets of certain entities of the Group is more likely than not to be realized. Consequently, the Group has provided full valuation allowances on the related deferred tax assets. The following table sets forth the movement of the aggregate valuation allowances for deferred tax assets for the years presented:

	Balance at January 1			Movement*			Balance at December 31
		RMB			RMB			RMB
2023		(108,601	)		(8,262	)		(116,863	)
2024		(116,863	)		(19,729	)		(136,592	)
2025		(136,592	)		(1,681	)		(138,273	)

*	The movement in valuation allowances were due to the changes of deferred tax assets recognized for net operating tax loss carry forwards, advertising expenses in excess of deduction limit and deferred revenue.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of taxes payable (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Taxes Payable
VAT payables	¥ 5,035	¥ 2,516
Withholding individual income taxes for employees	2,494	2,318
Income tax payable	926	1,896
Others	748	537
Total	¥ 9,203	¥ 7,267

Schedule Of Product Information (Details) - Advertising And Promotional Service Expense [Member] - Integer Integer in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Product Information [Line Items]
Number Of Service Providers	428	282	121
Supplier Concentration Risk [Member]
Product Information [Line Items]
Number Of Service Providers	3	2	3
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Product Information [Line Items]
Concentration risk percentage	52.30%	48.40%	59.40%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation

Share-based compensation recognized for the years ended December 31, 2023, 2024 and 2025 is as follows:

Schedule of Share-based Compensation

	2023		2024		2025		2025
	For the year ended December 31,
	2023		2024		2025		2025
	RMB		RMB		RMB		US$
Cost of revenues		3,845		1,788		556		80
Selling and marketing expenses		2,012		994		59		8
General and administrative expenses		9,458		5,702		474		68
Research and development expenses		11,440		5,666		3,429		490
Total		26,755		14,150		4,518		646
Share-based compensation		26,755		14,150		4,518		646

Schedule of Stock Option Activities

The following table presents a summary of the Company’s stock options activities for the years ended December 31, 2023, 2024 and 2025.

Schedule of Stock Option Activities

	Employees			Consultants		Total			Weighted average exercise price		Remaining contractual life		Aggregated intrinsic value
	(in thousands)			(in thousands)		(in thousands)			US$				RMB

Outstanding at January 1, 2023		60,651			863		61,514			0.0001		2.98		13,452
Granted		15,593			-		15,593			0.0001		-		-
Exercised		(4,632	)		-		(4,632	)		0.0001		-		-
Forfeited		(326	)		-		(326	)		0.0001		-		-
Outstanding at December 31, 2023		71,286			863		72,149			0.0001		2.16		6,950
Exercisable as of December 31, 2023		36,811			863		37,674			0.0001		-		3,629

Outstanding at January 1, 2024		71,286			863		72,149			0.0001		2.16		6,950
Granted		-			-		-			-		-		-
Exercised		(8,729	)		-		(8,729	)		-		-		-
Forfeited		(4,497	)		-		(4,497	)		-		-		-
Outstanding at December 31, 2024		58,060			863		58,923			0.0001		1.63		5,676
Exercisable as of December 31, 2024		44,498			863		45,361			0.0001		-		4,369

Outstanding at January 1, 2025		58,060			863		58,923			0.0001		1.63		5,676
Granted		-			-		-			-		-		-
Exercised		(36,623	)		-		(36,623	)		-		-		-
Forfeited		(767	)		-		(767	)		-		-		-
Outstanding at December 31, 2025		20,670			863		21,533			0.0001		0.88		8,778
Exercisable as of December 31, 2025		15,447			863		16,310			0.0001		-		6,649

Schedule of Restricted Share Units Activities

	Number of Restricted Share Units Granted			Weighted-Average Grant Date Fair Value
	(in thousands)			US$

January 1, 2023		8,196			0.29
Awarded		6,688			0.03
Forfeited		(5,558	)		0.24
Vested		(9,148	)		0.10
Outstanding at December 31, 2023		178			0.16

January 1, 2024		178			0.16
Awarded		-			-
Forfeited		(82	)		0.08
Vested		(48	)		0.22
Outstanding at December 31, 2024		48			0.22

January 1, 2025		48			0.22
Awarded		-			-
Forfeited		-			-
Vested		(48	)		0.22
Outstanding at December 31, 2025		-			-

Net (loss)/income per Share (Tables)

12 Months Ended

Dec. 31, 2025

Net (loss)/income attributable to the Sound Group Inc.’s ordinary shareholders per share

Schedule of Basic and Diluted Net (loss)/income Per Share

	2023			2024			2025
	For the year ended December 31,
	2023			2024			2025
	RMB			RMB			RMB
Numerator:
Net (loss)/income		(134,515	)		(80,976	)		220,649
Less: net loss attributable to the non-controlling interest shareholders		(7,864	)		(11,396	)		(5,833	)
Net (loss)/income attributable to Sound Group Inc.’s ordinary shareholders		(126,651	)		(69,580	)		226,482
Denominator:
Weighted average number of ordinary shares outstanding, basic		1,078,969,851			1,026,725,421			940,749,734
Add:
Share options		-			-			2,809,399
Weighted average number of ordinary shares outstanding, diluted		1,078,969,851			1,026,725,421			943,559,133

Basic net (loss)/income per share attributable to Sound Group Inc.’s ordinary shareholders		(0.12	)		(0.07	)		0.24
Diluted net (loss)/income per share attributable to Sound Group Inc.’s ordinary shareholders		(0.12	)		(0.07	)		0.24

Taxation (Details Narrative) ¥ in Thousands, $ in Thousands	12 Months Ended				36 Months Ended	60 Months Ended	120 Months Ended
Taxation (Details Narrative) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025	Dec. 31, 2022	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC	25.00%	25.00%	25.00%	25.00%
Income tax expense	$ 398	¥ 2,781	¥ 3,261	¥ 434
Withholding tax amount		¥ 1,800	800
Maximum [Member]
Operating Loss Carryforwards [Line Items]
Additional tax deduction rate					100.00%
SINGAPORE
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC	17.00%	17.00%
Withholding income tax rate	0.00%	0.00%
Income tax expense		¥ 300		¥ (100)
SINGAPORE \| Inland Revenue, Hong Kong [Member] \| Assessable Profit Up To Two Million [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC	8.25%	8.25%
HONG KONG \| Inland Revenue, Hong Kong [Member] \| Assessable Profit Up To Two Million [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC	16.50%	16.50%
CHINA
Operating Loss Carryforwards [Line Items]
Additional tax deduction rate							50.00%
Withholding income tax rate	10.00%	10.00%
Foreign investor ownership rate	25.00%	25.00%
Withholding tax amount		¥ 18,000	¥ 8,000
CHINA \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Additional tax deduction rate						75.00%
CHINA \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Withholding income tax rate	5.00%	5.00%
CHINA \| State Administration of Taxation, China [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC	25.00%	25.00%
Preferential tax rate	15.00%	15.00%	15.00%	15.00%
Term to reapply HNTE status (in years)	3 years	3 years
Other [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense		¥ 800	¥ 800	¥ 400

Schedule of Accrued Expenses and Other Current Liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Advertising and promotional expenses	¥ 53,153	¥ 60,546
Professional service fees	2,881	3,952
Provision for litigation contingencies	8,407	8,896
Others	3,886	5,097
Total	¥ 68,327	¥ 78,491

Ordinary Shares and treasury shares

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Ordinary Shares and treasury shares

13. Ordinary Shares and treasury shares

The authorized share capital of the Company was 1,500,000,000 shares comprising of (i) 1,268,785,000 Class A ordinary shares; (ii) 231,215,000 Class B ordinary shares. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion right. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to ten votes per share and is convertible into one1 Class A ordinary share at any time by the holder thereof. Upon any sale, transfer, assignment or disposition of any Class B ordinary shares by a holder thereof to any person who is not a Founder or an affiliate of a Founder, or upon a change of beneficial ownership of any Class B ordinary shares as a result of which any person who is not a Founder or an affiliate of a Founder becomes a beneficial owner of such Class B ordinary shares, each of such Class B ordinary shares will be automatically and immediately converted into one1 Class A ordinary share.

Prior to the completion of the IPO in January 2020, the Company issued several series of convertible redeemable preferred shares (collectively referred to as the “Preferred Shares”), these preferred shares have certain preferred rights and the Group has classified them in the mezzanine equity of the consolidated balance sheets. In addition, the Group records accretions on the Preferred Shares to the redemption value from the issuance dates to the earliest redemption dates. The accretions are recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in capital. Once additional paid-in capital has been exhausted, additional charges are recorded by increasing the accumulated deficit. All series of Preferred Shares were automatically converted into Class A ordinary shares upon the Company’s IPO in January 2020. Accordingly, no additional accretion has been recorded since conversion and no mezzanine equity recorded since completion of the IPO.

On December 13, 2023, the Company announced a share repurchase program under which the Company repurchase its Class A ordinary shares with an aggregate value of up to US$3.0 million over the next 12-month period. The share repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. For the year ended December 31, 2024, the Company repurchased an aggregate of 483,643 ADSs, representing 96,728,600 Class A ordinary shares from the open market at an average price of US$2.8882 per ADS or US$0.0144 per Class A ordinary shares, for aggregate consideration of US$1.4 million, and these repurchased shares remained outstanding as treasury stock and had not been cancelled as of December 31, 2025.

On June 9, 2025, the Company announced a share repurchase program under which the Company repurchase its Class A ordinary shares with an aggregate value of up to US$4.0 million. The share repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. For the year ended December 31, 2025, the Company repurchased an aggregate of 951,252 ADSs, representing 190,250,400 Class A ordinary shares from the open market at an average price of US$5.2348 per ADS or US$0.0262 per Class A ordinary shares, for aggregate consideration of US$4.0 million, and the repurchased shares had been cancelled on October 7, 2025.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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+ Details

Property, Equipment and Leasehold Improvement, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment and Leasehold Improvement

The following is a summary of property, equipment and leasehold improvement, net:

	December 31, 2024			December 31, 2025
		RMB			RMB
Electronic equipment		87,232			83,898
Furniture and office equipment		2,851			2,226
Leasehold improvement		17,498			17,667
Total property, equipment and leasehold improvement		107,581			103,791
Less: accumulated depreciation		(91,090	)		(91,721	)
Property, equipment and leasehold improvement, net		16,491			12,070

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

21. Subsequent Events

On March 31, 2026, the Company’s Board of Directors approved a special cash dividend of US$0.006 per ordinary share, or US$1.20 per ADS, to holders of ordinary shares and ADSs of record as of the close of business on April 22, 2026. The aggregate amount of the special cash dividend will amount to approximately US$5.0 million, with payment expected to be made on or around May 12, 2026, for holders of ordinary shares and holders of ADSs.

Dividends (Details Narrative) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Aug. 28, 2025 $ / shares
Dividends
Ordinary share per value			$ 0.005
Share price			$ 1.00
Dividend paid \| $	$ 4.3
Dividend payable \| ¥		¥ 0

Schedule Of Operating Lease On Consolidated balance Sheet (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Leases
Operating lease ROU assets	$ 3,371	¥ 23,572	¥ 12,692
Lease liabilities, non-current	(1,425)	(9,962)	(4,424)
Lease liabilities, current	$ (2,090)	(14,619)	(8,240)
Total lease liabilities		¥ (24,581)	¥ (12,664)
Weighted average remaining lease term	1 year 10 months 24 days	1 year 10 months 24 days	1 year 7 months 6 days
Weighted average discount rate	4.90%	4.90%	4.90%

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

7. Leases

The Group’s operating leases mainly related to offices facilities and staff quarters. As of December 31, 2024 and 2025, the Group recognized the following items related to operating leases on its consolidated balance sheet:

	December 31, 2024			December 31, 2025
		RMB			RMB
Operating lease ROU assets		12,692			23,572
Lease liabilities, non-current		(4,424	)		(9,962	)
Lease liabilities, current		(8,240	)		(14,619	)
Total lease liabilities		(12,664	)		(24,581	)
Weighted average remaining lease term		1.6 years			1.9 years
Weighted average discount rate		4.9	%		4.90	%

The components of lease cost for the years ended December 31, 2023, 2024 and 2025 were as follows:

Schedule Of Lease Cost

	2023		2024		2025
	For the year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Operating lease cost		16,903		17,460		15,263
Short-term lease cost		12,895		9,706		7,790
Total lease cost		29,798		27,166		23,053

No lease cost was capitalized as part of the cost of another asset.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

7. Leases (continued)

A summary of maturity of lease liabilities under the Group’s non-cancellable operating leases as of December 31, 2025 is as follows：

Schedule of Summary Of Lease Liability

	RMB
2026		14,954
2027		10,409
2028		247
Total future lease payments		25,610
Impact of discounting remaining lease payments		(1,029	)
Total lease liabilities		24,581

A summary of operating lease assets under the Group’s non-cancellable operating leases as of December 31, 2025 is as follows：

	RMB

Carrying amount, beginning of year		12,692
Additions		27,255
Amortization		(15,263	)
Sub-total		24,684
Less: impairment losses ⁽¹⁾		(1,112	)
Carrying amount, end of year		23,572

(1)

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

Schedule of Restricted Share Units Activities (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted shares, Beginning balance	48,000	178,000	8,196,000
Weighted-average grant date fair value, Beginning balance	$ 0.22	$ 0.16	$ 0.29
Restricted shares, Awarded			6,687,500
Weighted-average grant date fair value, Awarded			$ 0.03
Restricted shares, Forfeited		(82,000)	(5,558,000)
Weighted-average grant date fair value, Forfeited		$ 0.08	$ 0.24
Restricted shares, Vested	(48,000)	(48,000)	(9,148,000)
Weighted-average grant date fair value, Vested	$ 0.22	$ 0.22	$ 0.10
Restricted shares, Ending balance		48,000	178,000
Weighted-average grant date fair value, Ending balance		$ 0.22	$ 0.16

Schedule of net operating tax loss carry forwards (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	¥ 137,997	¥ 136,584
Operating Loss Carry Forwards Within One Year [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	11,736
Operating Loss Carry Forwards Within Two Years [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	5,172
Operating Loss Carry Forwards Within Three Years [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	14,994
Operating Loss Carry Forwards Within Four Years [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	73,727
Operating Loss Carry Forwards Within Five Years [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	421,019
Operating Loss Carry Forwards Within Six Years [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	207,664
Operating Loss Carry Forwards Within Seven Years [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	14,027
Operating Loss Carry Forwards Within Eight Years [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	98,722
Operating Loss Carry Forwards Within Nine Years [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	129,473
Operating Loss Carry Forwards Within Ten Years [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	143,999
Operating Loss Carry Forwards [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	¥ 1,120,533

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

3. Cash and Cash Equivalents

Cash and cash equivalents represent cash on hand, cash at bank deposits placed with banks or other financial institutions. Cash and cash equivalents balance as of December 31, 2024 and 2025 primarily consist of the following currencies:

Schedule Of Cash And Cash Equivalents

	December 31, 2024		December 31, 2025
		RMB		RMB
Cash and cash equivalents:
RMB		252,924		513,241
US$		169,049		74,983
SGD		10,110		51,414
Others		9,775		15,420
Total cash and cash equivalents		441,858		655,058

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

The following is a summary of accrued expenses and other current liabilities as of December 31, 2024 and 2025:

	December 31, 2024		December 31, 2025
	RMB		RMB
Advertising and promotional expenses		60,546		53,153
Professional service fees		3,952		2,881
Provision for litigation contingencies		8,896		8,407
Others		5,097		3,886
Total		78,491		68,327

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

a) Basis of presentation

b) Principles of consolidation

All transactions and balances among the Company, its subsidiaries, the VIEs and subsidiaries of the VIEs have been eliminated upon consolidation.

c) Use of estimates

d) Functional currency and foreign currency translation

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

e) Convenience Translation

f) Fair value measurements

●	Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

●

●	Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

See Note 19 for additional information relating to fair value measurements as of December 31, 2025.

g) Cash and cash equivalents

The Group had no lien arrangements during the years ended December 31, 2023, 2024 and 2025.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

h) Restricted cash

i) Short-term investments

j) Receivables, net

k) Property, equipment and leasehold improvement, net

Electronic equipment	3 years
Furniture and office equipment	5 years
Leasehold improvement	shorter of expected lives of leasehold improvement and lease term

l) Intangible assets, net

Licensed Copyright	1 to 3 years
Licensed Software	1 to 10 years
Trademark and others	3 to 5 years

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

m) Impairment of long-lived assets

n) Revenue recognition

The following table summarizes the revenue by type of service provided by the Group:

	2023		2024		2025
	For the year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB

Value-added service		2,063,346		2,018,598		3,056,426
Subscription and others		8,426		13,208		46,328
Total		2,071,772		2,031,806		3,102,754

Value-added service revenue

The Group mainly offers audio entertainment services related to live streaming, real-time interaction and other paid contents to the customers.

Under the arrangements with the hosts, the Group shares a portion of the sales proceeds of virtual items (“revenue sharing fee”) with hosts and their respective guilds.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

n) Revenue recognition (Continued)

Subscription revenue

Advertising revenue

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

n) Revenue recognition (Continued)

Practical Expedients

The Group has used the following practical expedients as allowed under generally accepted accounting principles in the U.S.:

(iii) Costs to obtain a contract with a customer are expensed as incurred when the amortization period is estimated to be one year or less.

o) Deferred revenue

p) Cost of revenue

q) Research and development expenses

r) Selling and marketing expenses

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

s) Leases

Right-of-use of assets

Lease liabilities

The Group’s lease agreements contain both lease and non-lease components, which are accounted for separately based on their relative standalone price.

t) Government grants

u) Share-based compensation

Share-based compensation expenses arise from share-based awards, including share options for the purchase of ordinary shares, restricted shares and restricted share units.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

u) Share-based compensation (Continued)

v) Employee benefits

PRC Contribution Plan

w) Taxation

Income taxes

Uncertain tax positions

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

x) Related parties

y) Net loss/(income) per share

z) Statutory reserves

The following table presents the Group’s appropriations to statutory reserves for the years ended December 31, 2023, 2024 and 2025:

		December 31, 2023				December 31, 2024				December 31, 2025
Appropriations to statutory reserves			1,113				1,813				11,787

aa) Comprehensive loss/(income)

bb) Dividends

Dividends are recognized when declared.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

cc) Segment reporting

dd) Concentration and credit risk

Advertising and promotional service providers

Schedule Of Product Information

	2023			2024			2025
	For the year ended December 31,
	2023			2024			2025

Total number of advertising and promotional service providers		121			282			428
Number of service providers that each accounted for 10% or more of the Group’s advertising and promotional expenses		3			2			3
Total percentage of the Group’s advertising and promotional expenses that were paid to these service providers who each accounted for 10% or more of the Group’s advertising and promotional service expenses		59.4	%		48.4	%		52.3	%

Credit risk

The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on the payment platforms, customers and the ongoing monitoring process of outstanding balances.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

2. Significant Accounting Policies (Continued)

ee) Recently adopted and issued accounting pronouncements

Impact of recently adopted accounting pronouncements

Other accounting standards that the Group adopted beginning January 1, 2025 did not have a significant impact on the Group’s consolidated financial statements.

Impact of recently issued accounting pronouncements not yet effective

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

Schedule Of Income Tax Expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income Tax Disclosure [Abstract]
Current income tax		¥ 731	¥ 2,475	¥ 434
Withholding tax expense		2,050	786
Total	$ 398	¥ 2,781	¥ 3,261	¥ 434

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

19. Fair Value Measurement

Recurring

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rate and currency rate. No balance of financial instruments measured or disclosed at fair value on a recurring basis as of December 31, 2024 and 2025.

The Company’s other financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, other receivables (included in “Prepayments and other current assets”), accounts payable, other payables (included in “Accrued expenses and other current liabilities”) and short-term loans are not measured at fair value in the consolidated balance sheets, as their carrying values approximated fair value due to their short-term maturity.

Non-recurring

As of December 31, 2024 and 2025, the group had no financial assets or financial liabilities that are measured at fair value at non-recurring basis. The Group’s non-financial assets, such as intangible assets, property, equipment and leasehold improvement and other non-current assets, would be measured at fair value on non-recurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable.

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

Restricted Net Assets

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Restricted Net Assets

20. Restricted Net Assets

Relevant PRC laws and regulations permit PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, the Company’s PRC subsidiaries, VIEs and subsidiaries of the VIEs can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the general reserve fund and the statutory surplus fund, respectively. The general reserve fund and the statutory surplus fund require that annual appropriations of 10% of net after-tax income should be set aside prior to payment of any dividends, until the reserve fund reached 50% of the registered capital of the respective company. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries, VIEs and subsidiaries of the VIEs are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion amounted to approximately RMB31.3 million and RMB96.7 million as of December 31, 2024 and 2025, respectively. Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the PRC subsidiaries to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. Even though the Company currently does not require any such dividends, loans or advances from the PRC subsidiaries, VIEs and subsidiaries of the VIEs for working capital and other funding purposes, the Company may in the future require additional cash resources from its PRC subsidiaries, VIEs and subsidiaries of the VIEs due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to the Company’s shareholders, if any.

The Company performed a test on the restricted net assets of subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that the restricted net assets did not exceed 25% of the consolidated net assets of the Company as of December 31, 2025 and the condensed financial information of the Company are not required to be presented.

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepayments and Other Current Assets

5. Prepayments and Other Current Assets

The following is a summary of prepayments and other current assets:

	December 31, 2024			December 31, 2025
		RMB			RMB
Receivables from a third-party financial institution ⁽¹⁾		92,012			89,969
Prepayments to vendors		11,513			17,131
Deposits		7,917			5,816
Receivables from third-party online payment platform		3,143			12,392
Deductible VAT		7,117			8,844
Staff advances		878			622
Others		4,629			4,969
Sub-total		127,209			139,743
Less: allowance for expected credit loss of receivables		(92,103	)		(90,060	)
Total		35,106			49,683

(1)

SOUND GROUP INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share and per ADS data)

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Summary Of Prepayments And Other Current Assets

The following is a summary of prepayments and other current assets:

	December 31, 2024			December 31, 2025
		RMB			RMB
Receivables from a third-party financial institution ⁽¹⁾		92,012			89,969
Prepayments to vendors		11,513			17,131
Deposits		7,917			5,816
Receivables from third-party online payment platform		3,143			12,392
Deductible VAT		7,117			8,844
Staff advances		878			622
Others		4,629			4,969
Sub-total		127,209			139,743
Less: allowance for expected credit loss of receivables		(92,103	)		(90,060	)
Total		35,106			49,683

(1)

Schedule Of Lease Cost (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Schedule Of Lease Cost (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases
Operating lease cost	¥ 15,263	¥ 17,460	¥ 16,903
Short-term lease cost	7,790	9,706	12,895
Total lease cost	¥ 23,053	¥ 27,166	¥ 29,798

Ordinary Shares and treasury shares (Details Narrative) $ / shares in Units, ¥ in Thousands, $ in Thousands		12 Months Ended
	Dec. 13, 2023 USD ($)	Dec. 31, 2025 USD ($) Integer $ / shares shares	Dec. 31, 2025 CNY (¥) Integer shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥)	Jun. 09, 2025 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Ordinary shares, shares authorized		1,500,000,000	1,500,000,000
Aggregate value \| $	$ 3,000						$ 4,000
Period in force	12 months
Cash paid for repurchase of common shares		$ 4,112	¥ 28,756		¥ 10,190
Common Class A [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Ordinary shares, shares authorized		1,268,785,000	1,268,785,000	1,268,785,000	1,268,785,000
Number of votes per ordinary share \| Integer		1	1
Repurchase of common shares		190,250,400	190,250,400	96,728,600	96,728,600
Average price \| $ / shares		$ 0.0262		$ 0.0144
Cash paid for repurchase of common shares \| $		$ 4,000		$ 1,400
Common Class B [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Ordinary shares, shares authorized		231,215,000	231,215,000	231,215,000	231,215,000
Number of votes per ordinary share \| Integer		10	10
Conversion of Stock, shares issued		1	1
ADR [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Repurchase of common shares		951,252	951,252	483,643	483,643
Average price \| $ / shares		$ 5.2348		$ 2.8882
Common Stock [Member] \| Common Class A [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Ordinary shares, shares authorized		1,268,785,000	1,268,785,000
Common Stock [Member] \| Common Class B [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Ordinary shares, shares authorized		231,215,000	231,215,000

Schedule Of Appropriations To Statutory Reserves (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Appropriations to statutory reserves	¥ 11,787	¥ 1,813	¥ 1,113

Schedule Of Major Subsidiaries Consolidated Vies And Vies Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2025
Guangzhou Lizhi Network Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Guangzhou, China Y2007
Principal activities	Value-added service and subscription business
Percentage of direct or indirect economic ownership	100.00%
Guangzhou Huanliao Network Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Guangzhou, China Y2016
Principal activities	Value-added service and subscription business
Percentage of direct or indirect economic ownership	100.00%
WuhanLizhi Network Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Wuhan, China Y2017
Principal activities	Value-added service and subscription business
Percentage of direct or indirect economic ownership	100.00%
Wuhan Yuyinliaorao Network Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Wuhan, China Y2019
Principal activities	Value-added service and subscription business
Percentage of direct or indirect economic ownership	100.00%
Guangzhou Qianyue Media Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Guangzhou, China Y2023
Principal activities	Value-added service and subscription business
Percentage of direct or indirect economic ownership	100.00%
Beijing Guoyin Network Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Beijing, China Y2020
Principal activities	Technical support and consulting services
Percentage of direct or indirect economic ownership	100.00%
Guangzhou Baihui Network Technolog yCo Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Guangzhou, China Y2024
Principal activities	Technical support and consulting services
Percentage of direct or indirect economic ownership	100.00%
Guangzhou Shengjie Intelligent Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Guangzhou, China Y2025
Principal activities	Technical support and consulting services
Percentage of direct or indirect economic ownership	100.00%
LizhiInc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	British Virgin Islands, Y2010
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Lizhi Holding Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Hong Kong, China Y2010
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Beijing Hongyiyichuang Information Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Beijing, China Y2011
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Technical support and consulting services, advertising service
Tiya Inc Tiya Cayman [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Cayman Islands, Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
VOCALBEATS Inc. Vocal Beats [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	British Virgin Islands, Y2019
Percentage of direct or indirect economic ownership	68.50%
Principal activities	Investment holding
Tiya Inc TiyaB VI [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	British Virgin Islands, Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Tiya Holding Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Hong Kong, China, Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Tiya Pte Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Singapore, Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Subscription and others
Nashor Pte Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Singapore, Y2019
Percentage of direct or indirect economic ownership	68.50%
Principal activities	Subscription and others
Top Muse Pte Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Singapore, Y2022
Percentage of direct or indirect economic ownership	68.50%
Principal activities	Subscription and others
Vocal Beats AI Pte Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Singapore, Y2022
Percentage of direct or indirect economic ownership	68.50%
Principal activities	Subscription and others
Vopi Pte Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Singapore, Y2021
Percentage of direct or indirect economic ownership	68.50%
Principal activities	Subscription and others
Vocal Beats Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Japan, Y2022
Percentage of direct or indirect economic ownership	68.50%
Principal activities	Subscription and others
Sonico SDN.BHD. [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Malaysia, Y2022
Percentage of direct or indirect economic ownership	68.50%
Principal activities	Technical support and consulting services
Guangzhou Tiya InformationTechnology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Guangzhou, China, Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Technical support and consulting services
Tiya Inc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	USA, Y2020
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Subscription and others
Guangzhou Qing Yin Information Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Guangzhou, China, Y2022
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Technical support and consulting services
Guangzhou Yuyin Information Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Guangzhou, China, Y2022
Percentage of direct or indirect economic ownership	68.50%
Principal activities	Technical support and consulting services
Guangzhou Yuechuang Information Technology Co Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Place and year of incorporation/acquisition	Guangzhou, China, Y2022
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Technical support and consulting services

Schedule of Stock Option Activities (Details) ¥ in Thousands, shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 $ / shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 $ / shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options - Beginning balance		58,923		72,149		61,514
Weighted average exercise price, Beginning balance \| $ / shares	$ 0.0001		$ 0.0001		$ 0.0001
Remaining contractual life		10 months 17 days		1 year 7 months 17 days		2 years 1 month 28 days	2 years 11 months 23 days
Aggregated intrinsic value, Beginning balance \| ¥
Number of Options - Granted						15,593
Weighted average exercise price, Granted \| $ / shares					0.0001
Number of Options - Exercised		(36,623)		(8,729)		(4,632)
Number of Options - Exercised		36,623		8,729		4,632
Weighted average exercise price, Exercised \| $ / shares					0.0001
Number of Options - Forfeited		(767)		(4,497)		(326)
Number of Options - Forfeited		767		4,497		326
Weighted average exercise price, Forfeited \| $ / shares					0.0001
Number of Options - Ending balance		21,533		58,923		72,149	61,514
Weighted average exercise price - Options, Exercisable \| $ / shares	0.0001		0.0001		0.0001
Number of Options - Exercisable
Weighted average exercise price - Options, Exercisable \| $ / shares	$ 0.0001		$ 0.0001		$ 0.0001
Aggregated intrinsic value, Option exercisable \| ¥
Number of Options - Exercisable		16,310		45,361		37,674
Aggregated intrinsic value, Option exercisable \| ¥		¥ 6,649		¥ 4,369		¥ 3,629
Aggregated intrinsic value, Beginning balance \| ¥		¥ 8,778		¥ 5,676		¥ 6,950	¥ 13,452
Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options - Beginning balance		58,060		71,286		60,651
Number of Options - Granted						15,593
Number of Options - Exercised		(36,623)		(8,729)		(4,632)
Number of Options - Exercised		36,623		8,729		4,632
Number of Options - Forfeited		(767)		(4,497)		(326)
Number of Options - Forfeited		767		4,497		326
Number of Options - Ending balance		20,670		58,060		71,286	60,651
Number of Options - Exercisable
Number of Options - Exercisable		15,447		44,498		36,811
Share-Based Payment Arrangement, Nonemployee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options - Beginning balance		863		863		863
Number of Options - Granted
Number of Options - Exercised
Number of Options - Exercised
Number of Options - Forfeited
Number of Options - Forfeited
Number of Options - Ending balance		863		863		863	863
Number of Options - Exercisable
Number of Options - Exercisable		863		863		863

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Schedule of Income tax reconciliation (Details)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Statutory income tax rate of the PRC

25.00%

Tax rate difference from preferential tax treatments and statutory rate in other jurisdictions

(6.30%)

(23.80%)

(29.60%)

Effect of withholding taxes

1.00%

(1.00%)

Permanent differences

^[1]

(25.10%)

43.00%

25.40%

Change in valuation allowances

6.80%

(47.40%)

(21.20%)

Effective income tax rate

1.40%

(4.20%)

(0.40%)

[1]	The permanent differences mainly consist of additional super deduction for research and development expenditures, and certain non-deductible expenses.

Schedule Of Finite Lived Intangiable Assets Useful Life (Details)	Dec. 31, 2025
Copyrights [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Copyrights [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Licensed Software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Licensed Software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Trademark And Others [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Trademark And Others [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years

Schedule Of Accounts Receivable Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Receivables [Abstract]
Accounts receivable, gross:		¥ 1,080	¥ 1,121
Less: allowance for expected credit loss of receivables		(108)	(39)	¥ (39)
Accounts receivable, net	$ 139	¥ 972	¥ 1,082

Schedule of movement of the aggregate valuation allowances for deferred tax assets (Details) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Beginning Balance

¥ (136,592)

¥ (116,863)

¥ (108,601)

Deferred Tax Assets Valuation Allowance Current Year Movement

^[1]

(1,681)

(19,729)

(8,262)

Ending Balance

¥ (138,273)

¥ (136,592)

¥ (116,863)

[1]	The movement in valuation allowances were due to the changes of deferred tax assets recognized for net operating tax loss carry forwards, advertising expenses in excess of deduction limit and deferred revenue.