v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ 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 ¥ (235,152) $ (33,625) ¥ (601,586) ¥ (593,869)
Adjustments to reconcile net loss to net cash from operating activities        
Depreciation of property and equipment 11,450 1,637 22,040 27,842
Amortization of intangible assets 135,785 19,417 29,413 7,420
Non-cash operating lease expense       319
Provision for credit losses 70,194 10,038 10,995 12,363
Impairment of assets 121,038 17,309 120,642 534,826
Impairment of Goodwil     152,890  
Foreign currency exchange losses (gains) (30,783) (4,402) 21,726 11,421
(Gains) Losses on disposal of property and equipment and intangible assets 712 102 664 (31,751)
Losses (Gains) on disposal/deemed disposal of businesses and subsidiaries/VIEs (643) (92) 18,913  
Gains on disposal of investments (32,515) (4,650) (2,623) (21,676)
Changes in fair value of financial assets 23,402 3,346 11,943 (116)
Share of losses from equity method investments 11,650 1,666 16,567 2,564
Deferred income tax (benefits) expenses (11,023) (1,577) 48,185 (44,631)
Share-based compensation expenses 19,840 2,838 26,101 33,554
Changes in operating assets and liabilities        
Accounts receivable (5,807) (830) (77,518) (122,478)
Prepayments and other current assets 182,846 26,147 (388,767) 9,360
Due from related parties 5,054 723 (35,904) (24,520)
Other non-current assets 9,562 1,367 78,020 (54,900)
Accounts payable (7,714) (1,103) 47,735 9,701
Accrued expenses and other current liabilities (439,089) (62,789) 287,684 791,702
Operating lease liabilities (6,704) (959) (4,771) 1,178
Due to related parties (5,726) (819) (14,835) 6,684
Income tax payable 19,491 2,787 3,857 (3,532)
Other non-current liabilities (8,124) (1,162) (9,694) (999)
Net cash provided by (used in) operating activities (172,256) (24,631) (238,323) 550,462
Cash flows from investing activities        
Purchases of property, plant and equipment and intangible assets (12,845) (1,837) (22,827) (9,680)
Purchase of long-term investments (44,886) (6,419) (37,000) (23,707)
Purchase of short-term investments (949,463) (135,771) (1,084,661) (1,176,030)
Proceeds from maturity of short-term investments 940,124 134,436 1,085,369 1,332,544
Proceeds from disposal of property and equipment and intangible assets     3,553 31,751
Proceeds from disposals of and distributions received from long-term investments 31,239 4,467 21,476 36,556
Loans to related parties     (7,000)  
Loans to third parties (3,175) (454) (5,000) (3,000)
Repayment of loans from related parties 4,800 686 7,000  
Repayment of loans from third parties     5,000 653
Purchase of subsidiaries, net of cash acquired (31,361) (4,485)   (238,148)
Net cash used in investing activities (65,567) (9,377) (34,090) (49,061)
Cash flows from financing activities        
Purchase of share awards and shares from noncontrolling shareholders (20,786) (2,972) (1,054) (5,869)
Payment of dividends to noncontrolling shareholders and owners of share awards (616) (88) (583) (909)
Repayment for bank loans     (5,000)  
Proceeds from non-controlling shareholder capital injection     75,750  
Repayment of loan to a related party (44,741) (6,398)    
Proceeds from exercise of share options 1,922 275    
Net cash (used in) provided by financing activities (64,221) (9,183) 69,113 (6,778)
Effect of exchange rate changes on cash and cash equivalents (24,362) (3,484) 16,140 9,073
Net increase (decrease) in cash and cash equivalents and restricted cash (326,406) (46,675) (187,160) 503,696
Cash and cash equivalents and restricted cash at beginning of the year 1,833,031 262,120 2,020,191 1,516,495
Cash and cash equivalents and restricted cash at end of the year 1,506,625 215,445 1,833,031 2,020,191
Supplemental disclosures        
Cash payments for income taxes (11,732) (1,678) (2,688) (1,752)
Cash payments for interest expenses (4,952) (708) (57)  
Cash payments for operating leases (18,469) (2,641) (17,223) (14,925)
Right-of-use assets obtained in exchange for operating lease liabilities-Non-cash 5,286 756 ¥ 10,243 10,032
Non-cash investing and financing activities:        
Acquisition of property and equipment and intangible assets included in accrued expenses and other current liabilities 3,034 434   ¥ 664
Conversion of convertible other non-current assets to long-term investments ¥ 3,000 $ 429