| Condensed Balance Sheet |
Balance Sheets
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
2024 |
|
2025 |
|
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
156,153 |
|
111,872 |
|
15,997 |
Prepayments and other current assets, net |
|
2,442 |
|
477 |
|
68 |
Due from subsidiaries and related parties, net |
|
2,694,282 |
|
2,673,149 |
|
382,255 |
Total current assets |
|
2,852,877 |
|
2,785,498 |
|
398,320 |
Non-current assets |
|
|
|
|
|
|
Long-term investments |
|
75,831 |
|
10,263 |
|
1,468 |
Contractual interests in VIEs and their subsidiaries |
|
57,067 |
|
— |
|
— |
Total non-current assets |
|
132,898 |
|
10,263 |
|
1,468 |
Total assets |
|
2,985,775 |
|
2,795,761 |
|
399,788 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accrued expenses and other current liabilities |
|
10,822 |
|
8,052 |
|
1,153 |
Investment deficit in subsidiaries |
|
325,009 |
|
438,345 |
|
62,682 |
Contractual interests in VIEs |
|
— |
|
9,436 |
|
1,349 |
Due to subsidiaries and related parties |
|
590,160 |
|
577,127 |
|
82,528 |
Income tax payable |
|
13,526 |
|
13,225 |
|
1,891 |
Total current liabilities |
|
939,517 |
|
1,046,185 |
|
149,603 |
Deferred tax liabilities |
|
531 |
|
— |
|
— |
Other non-current liabilities |
|
145,129 |
|
141,907 |
|
20,292 |
Total non-current liabilities |
|
145,660 |
|
141,907 |
|
20,292 |
Total liabilities |
|
1,085,177 |
|
1,188,092 |
|
169,895 |
Shareholders’ equity |
|
|
|
|
|
|
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) |
|
83 |
|
85 |
|
12 |
Class B ordinary shares (par value of US$0.000025 per share; 1,400,000,000 shares authorized; 1,016,429,335 and 1,040,686,985 shares issued as of December 31, 2024 and 2025, respectively; 1,016,429,335 and 1,040,686,985 shares outstanding as of December 31, 2024 and 2025, respectively) |
|
165 |
|
169 |
|
24 |
Additional paid-in capital |
|
2,722,504 |
|
2,736,117 |
|
391,260 |
Accumulated losses |
|
(1,232,577) |
|
(1,490,947) |
|
(213,203) |
Accumulated other comprehensive income |
|
410,423 |
|
362,245 |
|
51,800 |
Total shareholders’ equity |
|
1,900,598 |
|
1,607,669 |
|
229,893 |
Total liabilities and shareholders’ equity |
|
2,985,775 |
|
2,795,761 |
|
399,788 |
|
| Statements of Comprehensive loss |
Statements of Comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
|
2023 |
|
2024 |
|
2025 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Revenues |
|
— |
|
— |
|
— |
|
— |
Cost of revenues |
|
— |
|
— |
|
— |
|
— |
Gross profit |
|
— |
|
— |
|
— |
|
— |
Operating expenses |
|
|
|
|
|
|
|
|
Research and development |
|
— |
|
— |
|
— |
|
— |
General and administrative |
|
(14,013) |
|
(21,131) |
|
(20,443) |
|
(2,923) |
Impairment of goodwill |
|
— |
|
— |
|
— |
|
— |
Total operating expenses |
|
(14,013) |
|
(21,131) |
|
(20,443) |
|
(2,923) |
Equity in loss of subsidiaries |
|
(293,917) |
|
(541,389) |
|
(190,359) |
|
(27,221) |
Interest income, net |
|
5,420 |
|
6,798 |
|
4,154 |
|
594 |
Foreign exchange gains/(losses), net |
|
658 |
|
(553) |
|
7 |
|
1 |
Other expense, net |
|
(329,592) |
|
(69,164) |
|
(55,854) |
|
(7,987) |
Loss before income taxes |
|
(631,444) |
|
(625,439) |
|
(262,495) |
|
(37,536) |
Income tax benefit |
|
28,546 |
|
7,882 |
|
4,782 |
|
685 |
Net Loss |
|
(602,898) |
|
(617,557) |
|
(257,713) |
|
(36,851) |
Other comprehensive (loss) income, net of tax of nil |
|
|
|
|
|
|
|
|
Unrealized (losses)/gains on available-for-sale securities, net |
|
(43,494) |
|
2,642 |
|
1,121 |
|
160 |
Foreign currency translation adjustments |
|
46,400 |
|
50,927 |
|
(49,299) |
|
(7,050) |
Other comprehensive income |
|
2,906 |
|
53,569 |
|
(48,178) |
|
(6,890) |
Total comprehensive loss |
|
(599,992) |
|
(563,988) |
|
(305,891) |
|
(43,741) |
|
| Condensed Cash Flow Statement |
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
|
2023 |
|
2024 |
|
2025 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Net cash used in operating activities |
|
(12,315) |
|
(12,681) |
|
(10,871) |
|
(1,555) |
Net cash provided by (used in) investing activities |
|
82,830 |
|
(35,746) |
|
(30,612) |
|
(4,377) |
Net cash used in financing activities |
|
(2,503) |
|
— |
|
— |
|
— |
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
|
3,270 |
|
2,552 |
|
(2,798) |
|
(400) |
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
71,282 |
|
(45,875) |
|
(44,281) |
|
(6,332) |
Cash and cash equivalents and restricted cash at beginning of the year |
|
130,746 |
|
202,028 |
|
156,153 |
|
22,329 |
Cash and cash equivalents and restricted cash at end of the year |
|
202,028 |
|
156,153 |
|
111,872 |
|
15,997 |
|