Interest Rate Risk Our exposure to interest rate risk primarily relates to the interest income generated by excess cash, which is mostly held in interest-bearing bank deposits and U.S. treasury securities. We have not used any derivative financial instruments to manage our interest risk exposure. However, interest-earning instruments carry a degree of interest rate risk. Our future interest income may be lower than expected due to changes in market interest rates. Concentration of Customers and Suppliers Substantially all of our revenues were derived from customers located in China. There were no customers from whom revenues individually represent greater than 10% of our total revenues in 2023, 2024 and 2025. In 2023 and 2024, there was one supplier from whom our purchases individually represent 11% and 11% in 2023 and 2024 of our total purchases in the same year, respectively. In 2025, there was one supplier from whom our purchases individually represent 13% of our total purchases in the same year. Foreign Exchange Risk We currently derive a significant majority of our revenue from PaaS which, in turn, are generated primarily through our contracts with OEMs located in the PRC. These revenues are predominantly denominated in RMB. A substantial portion of our expenses are also denominated in RMB. Our reporting and functional currency is the U.S. dollar. The financial statements of our subsidiaries and consolidated affiliated entities using functional currencies other than the U.S. dollar, such as RMB, are translated to the U.S. dollar. As a result, as RMB depreciates or appreciates against the U.S. dollar, our revenues presented in U.S. dollars will be negatively or positively affected. 164 Table of Contents We do not believe that we currently have any significant direct foreign exchange risk arising from our operating activities. Although our exposure to foreign exchange risks should be limited in general, the value of your investment in the ADSs or our Class A ordinary shares will be affected by the exchange rate between the U.S. dollar and RMB because the value of our business is effectively denominated in RMB, while the ADSs representing our Class A ordinary shares and our Class A ordinary shares will be traded in U.S. dollars and Hong Kong dollars, respectively. The value of RMB against the U.S. dollar and other currencies is affected by changes in China’s political and economic conditions and by China’s foreign exchange policies, among other things. With the development of the foreign exchange market and progress towards interest rate liberalization and RMB internationalization, the PRC government has announced in the past, and may announce in the future, changes to the exchange rate system and there is no guarantee that RMB will not appreciate or depreciate significantly in value against the U.S. dollar in the future. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between RMB and the U.S. dollar in the future. To the extent that we need to convert U.S. dollars into RMB for our operations, appreciation of RMB against the U.S. dollar would reduce the RMB amount we receive from the conversion. Conversely, if we decide to convert RMB into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or ADSs, servicing our outstanding debt, or for other business purposes, appreciation of the U.S. dollar against RMB would reduce the U.S. dollar amounts available to us. As of December 31, 2025, we had Renminbi-denominated cash and cash equivalents of RMB578.1 million (US$82.3 million), and U.S. dollar-denominated cash and cash equivalents of US$807.0 million. Inflation Risk Since our inception, inflation in China has not materially impacted our results of operations. According to the National Bureau of Statistics of China, the year-over-year percent changes in the consumer price index for 2023, 2024 and 2025 were increases of 0.2%, 0.2% and 0.0%, respectively. Although we have not in the past been materially affected by inflation since our inception, we can provide no assurance that we will not be affected in the future by higher rates of inflation in China. Additionally, high global inflation has been weakening consumption sentiment and dampening enterprises’ confidence in doing business. We may not be able to hedge our exposure to higher inflation in China and globally.