v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net loss ¥ (195,161,000) $ (27,906) ¥ (168,967,000) ¥ (839,528,000)
Depreciation of property and equipment and amortization of intangible assets 19,003,000 2,717 21,948,000 24,892,000
Share-based compensation expenses 87,283,000 12,481 59,262,000 164,656,000
Accrued investment income of short-term investments (71,512,000) (10,226) (58,321,000) (37,514,000)
Investment income of long-term investments (159,205,000) (22,766)    
Deferred income tax 20,344,000 2,909 (3,025,000) (3,806,000)
Provision of allowance for expected credit loss (26,798,000) (3,832) 36,734,000 29,916,000
Loss/(Gain) on disposal of property and equipment (392,000) (56) (6,000) 402,000
Gain on disposal of a subsidiary     (4,928,000)  
Fair value change of financial instruments     (78,405,000) 5,170,000
Impairment of goodwill 126,344,000 18,067 0 0
Impairment of intangible assets 10,460,000 1,496 0 0
Changes in operating assets and liabilities:        
Trade receivables 90,077,000 12,881 208,244,000 64,411,000
Prepayments and other current assets 47,173,000 6,746 63,278,000 (41,724,000)
Right-of-use assets (34,912,000) (4,992) 33,060,000 59,908,000
Other non-current assets (6,460,000) (924) 66,000 13,061,000
Accounts payable and accrued liabilities (154,337,000) (22,070) (183,369,000) 220,243,000
Contract liabilities (48,811,000) (6,980) (59,529,000) (87,060,000)
Amounts due from/to related parties 27,623,000 3,950 (45,102,000) 7,442,000
Taxes payable (5,796,000) (829) 955,000 (4,692,000)
Salary and welfare payables (87,222,000) (12,473) (65,400,000) 56,869,000
Other current liabilities (19,149,000) (2,738) (10,080,000) 2,653,000
Lease liabilities 17,843,000 2,552 (26,600,000) (50,826,000)
Net cash used in operating activities (363,600,000) (51,993) (280,185,000) (415,527,000)
Cash flows from investing activities:        
Cash paid for long-term investments (12,649,000) (1,809) (21,176,000) (30,000,000)
Cash received from sale of long-term investments 76,767,000 10,978    
Purchases of short-term investments (13,415,852,000) (1,918,441) (9,114,732,000) (7,533,252,000)
Proceeds of maturities of short-term investments 13,164,449,000 1,882,491 10,409,987,000 6,584,256,000
Purchases of term deposits (742,525,000) (106,180) (673,373,000) (2,677,594,000)
Proceeds from withdrawal of term deposits 814,494,000 116,471 1,952,455,000 2,047,915,000
Purchase of intangible assets (137,000) (20)   (381,000)
Purchases of property and equipment (1,319,000) (189) (2,731,000) (8,489,000)
Proceeds from/(Payment for) disposal of property and equipment 471,000 67 27,000 (5,000)
Acquisition of subsidiaries, net of cash acquired       (63,590,000)
Proceeds from disposal of a subsidiary, net of cash disposed     12,160,000  
Net cash (used in)/provided by investing activities (116,301,000) (16,632) 2,562,617,000 (1,681,140,000)
Cash flows from financing activities:        
Capital contribution from non-controlling interests shareholder     200,000  
Proceeds from short-term borrowings 196,294,000 28,070 51,774,000  
Repayment of short-term borrowings (161,294,000) (23,065) (51,774,000)  
Acquisition of a subsidiary with noncontrolling interests     (4,513,000)  
Proceeds received from employees in relation to share options and restricted shares 431,000 62 1,158,000 4,513,000
Payments for repurchase of shares (167,060,000) (23,889) (400,707,000) (369,569,000)
Net cash used in financing activities (131,629,000) (18,822) (403,862,000) (365,056,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (18,293,000) (2,617) 14,851,000 42,510,000
Net (decrease)/increase in cash, cash equivalents and restricted cash (629,828,000) (90,064) 1,893,421,000 (2,419,213,000)
Cash, cash equivalents and restricted cash at beginning of the year 4,000,060,000 572,001 2,106,639,000 4,525,852,000
Cash, cash equivalents and restricted cash at end of the year 3,370,232,000 481,937 4,000,060,000 2,106,639,000
Supplemental disclosures of cash flows information:        
Cash paid for income taxes, net of tax refund 3,819,000 546 ¥ 1,783,000 11,143,000
Cash paid for interest expense 1,438,000 206    
Supplemental schedule of non-cash investing and financing activities:        
Unpaid consideration for acquisition (including contingent consideration)       78,362,000
Unpaid consideration for long-term investments ¥ 12,300,000 $ 1,759   ¥ 14,621,000