| Condensed Financial Information of the Company |
25. CONDENSED FINANCIAL INFORMATION OF THE COMPANY Balance Sheets
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As of December 31, |
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2024 |
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2025 |
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RMB |
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RMB |
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US$ |
ASSETS |
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Current assets |
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Cash and cash equivalents |
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156,153 |
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111,872 |
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15,997 |
Prepayments and other current assets, net |
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2,442 |
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477 |
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68 |
Due from subsidiaries and related parties, net |
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2,694,282 |
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2,673,149 |
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382,255 |
Total current assets |
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2,852,877 |
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2,785,498 |
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398,320 |
Non-current assets |
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Long-term investments |
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75,831 |
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10,263 |
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1,468 |
Contractual interests in VIEs and their subsidiaries |
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57,067 |
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— |
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— |
Total non-current assets |
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132,898 |
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10,263 |
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1,468 |
Total assets |
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2,985,775 |
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2,795,761 |
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399,788 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities |
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Accrued expenses and other current liabilities |
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10,822 |
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8,052 |
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1,153 |
Investment deficit in subsidiaries |
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325,009 |
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438,345 |
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62,682 |
Contractual interests in VIEs |
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— |
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9,436 |
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1,349 |
Due to subsidiaries and related parties |
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590,160 |
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577,127 |
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82,528 |
Income tax payable |
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13,526 |
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13,225 |
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1,891 |
Total current liabilities |
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939,517 |
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1,046,185 |
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149,603 |
Deferred tax liabilities |
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531 |
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— |
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— |
Other non-current liabilities |
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145,129 |
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141,907 |
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20,292 |
Total non-current liabilities |
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145,660 |
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141,907 |
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20,292 |
Total liabilities |
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1,085,177 |
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1,188,092 |
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169,895 |
Shareholders’ equity |
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Class A ordinary shares (par value of US$0.000025 per share; 7,600,000,000 shares authorized; 518,104,900 and 518,104,900 shares issued as of December 31, 2024 and 2025, respectively; 499,357,794 and 511,244,362 shares outstanding as of December 31, 2024 and 2025, respectively) |
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83 |
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85 |
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12 |
Class B ordinary shares (par value of US$0.000025 per share; 1,400,000,000 shares authorized; 1,016,429,335 and 1,040,686,985 shares issued as of December 31, 2024 and 2025, respectively; 1,016,429,335 and 1,040,686,985 shares outstanding as of December 31, 2024 and 2025, respectively) |
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165 |
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169 |
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24 |
Additional paid-in capital |
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2,722,504 |
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2,736,117 |
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391,260 |
Accumulated losses |
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(1,232,577) |
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(1,490,947) |
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(213,203) |
Accumulated other comprehensive income |
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410,423 |
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362,245 |
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51,800 |
Total shareholders’ equity |
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1,900,598 |
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1,607,669 |
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229,893 |
Total liabilities and shareholders’ equity |
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2,985,775 |
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2,795,761 |
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399,788 |
Statements of Comprehensive loss
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For the year ended December 31, |
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2023 |
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2024 |
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2025 |
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RMB |
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RMB |
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RMB |
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US$ |
Revenues |
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— |
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— |
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— |
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— |
Cost of revenues |
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— |
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— |
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— |
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— |
Gross profit |
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— |
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— |
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— |
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— |
Operating expenses |
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Research and development |
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— |
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— |
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— |
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— |
General and administrative |
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(14,013) |
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(21,131) |
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(20,443) |
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(2,923) |
Impairment of goodwill |
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— |
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— |
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— |
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— |
Total operating expenses |
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(14,013) |
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(21,131) |
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(20,443) |
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(2,923) |
Equity in loss of subsidiaries |
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(293,917) |
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(541,389) |
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(190,359) |
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(27,221) |
Interest income, net |
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5,420 |
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6,798 |
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4,154 |
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594 |
Foreign exchange gains/(losses), net |
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658 |
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(553) |
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7 |
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1 |
Other expense, net |
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(329,592) |
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(69,164) |
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(55,854) |
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(7,987) |
Loss before income taxes |
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(631,444) |
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(625,439) |
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(262,495) |
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(37,536) |
Income tax benefit |
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28,546 |
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7,882 |
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4,782 |
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685 |
Net Loss |
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(602,898) |
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(617,557) |
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(257,713) |
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(36,851) |
Other comprehensive (loss) income, net of tax of nil |
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Unrealized (losses)/gains on available-for-sale securities, net |
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(43,494) |
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2,642 |
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1,121 |
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160 |
Foreign currency translation adjustments |
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46,400 |
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50,927 |
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(49,299) |
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(7,050) |
Other comprehensive income |
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2,906 |
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53,569 |
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(48,178) |
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(6,890) |
Total comprehensive loss |
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(599,992) |
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(563,988) |
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(305,891) |
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(43,741) |
Statements of Cash Flows
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For the year ended December 31, |
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2023 |
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2024 |
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2025 |
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RMB |
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RMB |
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RMB |
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US$ |
Net cash used in operating activities |
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(12,315) |
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(12,681) |
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(10,871) |
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(1,555) |
Net cash provided by (used in) investing activities |
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82,830 |
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(35,746) |
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(30,612) |
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(4,377) |
Net cash used in financing activities |
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(2,503) |
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— |
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— |
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— |
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
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3,270 |
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2,552 |
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(2,798) |
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(400) |
Net increase (decrease) in cash and cash equivalents and restricted cash |
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71,282 |
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(45,875) |
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(44,281) |
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(6,332) |
Cash and cash equivalents and restricted cash at beginning of the year |
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130,746 |
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202,028 |
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156,153 |
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22,329 |
Cash and cash equivalents and restricted cash at end of the year |
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202,028 |
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156,153 |
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111,872 |
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15,997 |
(a) Basis of presentation For the Company only condensed financial information, the Company records its investment in its subsidiaries, VIEs and subsidiaries of VIEs under the equity method of accounting. Such investment is presented on the condensed balance sheets as “Investment in subsidiaries” and share of their income as “Equity in loss of subsidiaries” on the condensed statements of comprehensive loss. The subsidiaries, VIEs and subsidiaries of VIEs did not pay any dividends to the Company for the year ended 31, 2024 and 2025. The Company received dividends of nil from its subsidiaries for the year ended 31, 2024 and 2025, respectively. The Company only condensed financial information should be read in conjunction with the Group’s consolidated financial statements. (b) Commitments and contingencies The Company does not have any significant commitments or long-term obligations as of any of the periods presented. There are no pending legal proceedings that would have a material adverse impact on the Company's financial position, results of operations or cash flows as of December 31, 2025.
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