| Schedule of Condensed Balance Sheets |
Condensed
Balance Sheets
| | |
As of
December 31, | | |
As of
June 30, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | |
| Assets | |
| | |
| |
| Current asset | |
| | |
| |
| Cash and cash equivalents | |
| 29,762 | | |
| 4,210 | |
| Short-term investments | |
| 107,878 | | |
| 137,496 | |
| Prepayments and other assets, net | |
| — | | |
| 3,579 | |
| Total current asset | |
| 137,640 | | |
| 145,285 | |
| Non-current asset | |
| | | |
| | |
| Investments in and amounts due from subsidiaries, the VIE and VIE’s subsidiaries | |
| 1,714,269 | | |
| 1,714,518 | |
| Total non-current asset | |
| 1,714,269 | | |
| 1,714,518 | |
| Total assets | |
| 1,851,909 | | |
| 1,859,803 | |
| Liabilities | |
| | | |
| | |
| Current liability | |
| | | |
| | |
| Accrued expenses and other current liabilities | |
| 35,478 | | |
| 40,853 | |
| Convertible debt | |
| — | | |
| 9,737 | |
| Total current liability | |
| 35,478 | | |
| 50,590 | |
| Total liabilities | |
| 35,478 | | |
| 50,590 | |
| Shareholders’ equity | |
| | | |
| | |
| Class A ordinary shares | |
| 136 | | |
| 253 | |
| Additional paid-in capital | |
| 5,388,038 | | |
| 5,420,483 | |
| Accumulated other comprehensive loss | |
| (383,235 | ) | |
| (383,833 | ) |
| Accumulated deficit | |
| (3,188,508 | ) | |
| (3,227,690 | ) |
| Total shareholders’ equity | |
| 1,816,431 | | |
| 1,809,213 | |
| Total liabilities and shareholders’ equity | |
| 1,851,909 | | |
| 1,859,803 | |
|
| Schedule of Condensed Statements of Income/(Loss) |
Condensed Statements of Income/(Loss)
| | |
For the Six Months Ended
June 30, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | |
| General and administrative expenses | |
| (5,121 | ) | |
| (37,892 | ) |
| Total operating expenses | |
| (5,121 | ) | |
| (37,892 | ) |
| Loss from operations | |
| (5,121 | ) | |
| (37,892 | ) |
| Equity income/(loss) of subsidiaries and the VIE and VIE’s subsidiaries | |
| 17,449 | | |
| (4,265 | ) |
| Other income: | |
| | | |
| | |
| Interest income, net | |
| 845 | | |
| 59 | |
| Gain on short-term investments | |
| — | | |
| 2,916 | |
| Income/(loss) before income tax | |
| 13,173 | | |
| (39,182 | ) |
| Income tax expense | |
| — | | |
| — | |
| Net income/(loss) | |
| 13,173 | | |
| (39,182 | ) |
| Accretion of Redeemable Convertible Preferred Shares | |
| — | | |
| — | |
| Deemed dividend to preferred shareholder | |
| — | | |
| — | |
| Net income/(loss) attributable to ordinary shareholders | |
| 13,173 | | |
| (39,182 | ) |
|
| Schedule of Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows
| | |
For the Six Months Ended
June 30, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | |
| Net cash used in operating activities | |
| (2,158 | ) | |
| (37,386 | ) |
| Cash flows from investing activities | |
| | | |
| | |
| Investments in and amounts due from subsidiaries, the VIE and VIE’s subsidiaries | |
| — | | |
| (249 | ) |
| Investment in short-term investments | |
| — | | |
| (41,685 | ) |
| Proceeds from redemption of short-term investments | |
| — | | |
| 11,532 | |
| Net cash used in investing activities | |
| — | | |
| (30,402 | ) |
| Cash flows from financing activities | |
| | | |
| | |
| Proceeds from issuance of convertible promissory note, net of issuance costs | |
| — | | |
| 42,278 | |
| Net cash provided by financing activities | |
| — | | |
| 42,278 | |
| Effect of exchange rate changes on cash and cash equivalents | |
| 320 | | |
| (42 | ) |
| Net decrease in cash and cash equivalents | |
| (1,838 | ) | |
| (25,552 | ) |
| Cash and cash equivalents at the beginning of the period | |
| 61,230 | | |
| 29,762 | |
| Cash and cash equivalents at the end of the period | |
| 59,392 | | |
| 4,210 | |
|