| Condensed balance sheets |
| | | | | | | | | As of December 31 | | | 2024 | | 2025 | | | RMB | | RMB | | US$ | ASSETS: | | | | | | | Current assets: | | | | | | | Cash and cash equivalents | | 3,291 | | 23,208 | | 3,319 | Due from the entities within the Group | | 10,592 | | 10,383 | | 1,485 | Prepayments and other current assets | | 6,893 | | 8,312 | | 1,189 | Total current assets | | 20,776 | | 41,903 | | 5,993 | Non-current assets: | | | | | | | Long-term investments | | 304,090 | | 306,164 | | 43,781 | Other non-current assets | | 5,130 | | 5,016 | | 717 | Total non-current assets | | 309,220 | | 311,180 | | 44,498 | Total assets | | 329,996 | | 353,083 | | 50,491 | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | Current liabilities: | | | | | | | Accrued liabilities and other current liabilities | | 2,342 | | 3,633 | | 520 | Due to the entities within the Group | | 259,732 | | 283,652 | | 40,562 | Total current liabilities | | 262,074 | | 287,285 | | 41,082 | Total liabilities | | 262,074 | | 287,285 | | 41,082 |
| | | | | | | | | As of December 31 | | | 2024 | | 2025 | | | RMB | | RMB | | US$ | Shareholders’ equity | | | | | | | Class A common shares (par value of US$0.0001 per share as of December 31, 2024 and 2025; 4,920,000,000 shares authorized as of December 31, 2024 and 2025, 63,041,500 shares and 62,971,166 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | | 39 | | 40 | | 5 | Class B common shares (par value of US$0.0001 per share as of December 31, 2024 and 2025; 30,000,000 shares authorized as of December 31, 2024 and 2025, 17,000,189 shares and 17,000,189 shares issued and outstanding as of December 31, 2024 and 2025) | | 11 | | 11 | | 2 | Treasury shares (442,915 and 1,415,422 class A common shares as of December 31, 2024 and 2025, respectively) | | (1,674) | | (6,430) | | (919) | Additional paid-in capital | | 1,045,221 | | 1,049,029 | | 150,009 | Accumulated deficit | | (995,715) | | (995,292) | | (142,325) | Accumulated other comprehensive income | | 20,040 | | 18,440 | | 2,637 | Total shareholders’ equity | | 67,922 | | 65,798 | | 9,409 | Total liabilities and shareholders’ equity | | 329,996 | | 353,083 | | 50,491 |
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| Condensed statements of comprehensive (loss)/income |
| | | | | | | | | | | Years ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | US$ | Revenues | | — | | — | | — | | — | Cost of revenues | | — | | — | | — | | — | Gross profit | | — | | — | | — | | — | Operating expenses | | — | | — | | — | | — | Research and development | | — | | — | | — | | — | Sales and marketing | | (517) | | (416) | | (764) | | (109) | General and administrative | | (11,430) | | (7,018) | | (5,499) | | (786) | Share of (loss)/income of the subsidiaries and VIE | | (45,933) | | 373 | | 6,340 | | 907 | Total operating expenses | | (57,880) | | (7,061) | | 77 | | 12 | (Loss)/income from operations | | (57,880) | | (7,061) | | 77 | | 12 | Foreign exchange (loss)/gain, net | | (61) | | (6) | | 2 | | — | Interest income | | 34 | | 21 | | 344 | | 49 | Other loss | | (4,191) | | — | | — | | — | (Loss)/income before income taxes | | (62,098) | | (7,046) | | 423 | | 61 | Income tax expenses | | — | | — | | — | | — | Net (loss)/income | | (62,098) | | (7,046) | | 423 | | 61 | Net (loss)/income attributable to common shareholders | | (62,098) | | (7,046) | | 423 | | 61 | Other comprehensive income/(loss) | | — | | — | | — | | — | Foreign currency translation adjustments | | 919 | | 817 | | (1,600) | | (229) | Total other comprehensive income/(loss), net of tax | | 919 | | 817 | | (1,600) | | (229) | Comprehensive loss | | (61,179) | | (6,229) | | (1,177) | | (168) |
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| Condensed statements of cash flows |
| | | | | | | | | | | Year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | US$ | Net cash (used in)/provided by operating activities | | (23,234) | | 6,282 | | 19,477 | | 2,785 | Net cash used in investing activities | | — | | — | | — | | — | Net cash used in financing activities | | (3,651) | | (1,775) | | (5,047) | | (722) | Effect of exchange rate changes | | (3,658) | | (4,544) | | 5,487 | | 785 | Net (decrease)/increase in cash and cash equivalents and restricted cash | | (30,543) | | (37) | | 19,917 | | 2,848 | Cash and cash equivalents and restricted cash at the beginning of year | | 33,871 | | 3,328 | | 3,291 | | 471 | Cash and cash equivalents and restricted cash at the end of year | | 3,328 | | 3,291 | | 23,208 | | 3,319 |
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