v3.26.1
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 $ 115,342 ¥ 806,599 ¥ 1,026,188
Restricted cash 23,513 164,431 141,292
Short-term deposits 36,886 257,950 115,014
Short-term investments 11,811 82,598 72,500
Other receivables from related parties (net of allowance of RMB1 and nil as of December 31, 2024 and December 31, 2025, respectively) 29 200 11,234
Inventories, net 18,143 126,879 112,325
Prepaid expenses and other current assets 22,470 157,096 71,363
Total current assets 280,346 1,960,461 2,165,242
Non-current assets      
Prepaid expenses and other non-current assets 2,725 19,055 18,053
Prepaid expenses and other non-current assets 43,676 305,432 315,309
Long-term deposits 2,874 20,101
Deferred tax assets 1,203 8,415 9,698
Intangible assets, net 894 6,255 8,524
Right-of-use assets, net 235 1,646 3,382
Land use rights, net 8,098 56,631 57,904
Long-term investment 1,852 12,952 7,588
Long-term investment 61,557 430,487 420,458
Total assets 341,903 2,390,948 2,585,700
Current liabilities      
Accounts and notes payable (including accounts and notes payable of the consolidated variable interest entities and their subsidiaries (“VIEs”) without recourse to the Company of RMB4,320 and RMB26 as of December 31, 2024 and 2025, respectively) 74,056 517,878 772,151
Advances from customers 1,452 10,153 11,537
Amount due to related parties 85 596 835
Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIEs without recourse to the Company of RMB1,046 and RMB5,853 as of December 31, 2024 and 2025, respectively) 22,457 157,043 168,127
Short-term borrowing 5,720 40,000 50,000
Income tax payables 206 1,439 9,736
Lease liabilities due within one year 187 1,310 2,037
Long-term borrowing-current portion 3,584 25,061 29,300
Total current liabilities 107,747 753,480 1,043,723
Non-current liabilities      
Accrued expenses and other liabilities – non-current portion 7,596 53,117 14,492
Long-term borrowing 7,388 51,666 75,945
Lease liabilities 60 421 1,783
Total non-current liabilities 15,044 105,204 92,220
Total liabilities 122,791 858,684 1,135,943
Commitments and contingencies (Note 23)
Shareholders’ equity      
Treasury stock   (103,085) (85,426)
Additional paid-in capital   1,414,499 1,374,451
Retained earnings   226,317 153,125
Accumulated other comprehensive income (loss)   (11,080) 2,279
Total equity attributable to shareholders of the Company 218,311 1,526,663 1,444,441
Non-controlling interests 801 5,601 5,316
Total shareholders’ equity 219,112 1,532,264 1,449,757
Total liabilities and shareholders' equity 341,903 2,390,948 2,585,700
Common Class A [Member]      
Shareholders’ equity      
Common stock value 1 6 6
Common Class B [Member]      
Shareholders’ equity      
Common stock value 1 6 6
Treasury stock | $ (14,741)    
Additional paid-in capital | $ 202,271    
Retained earnings | $ 32,363    
Accumulated other comprehensive income (loss) | $ (1,584)    
Nonrelated Party [Member]      
Current assets      
Accounts receivable 3,508 24,535 24,105
Related Party [Member]      
Current assets      
Accounts receivable $ 48,644 340,173 591,221
Current liabilities      
Amount due to related parties   ¥ 596 ¥ 835