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 (¥)
Statement of Cash Flows [Abstract]        
Net income (loss) ¥ (2,274,036) $ (325,183) ¥ 309,474 ¥ 289,099
Adjustments to reconcile net income (loss) to net cash generated from operating activities:        
Depreciation expense 5,326 761 12,516 16,192
Amortization of intangible assets 16,791 17,858
Non-cash operating lease expense 16,223 2,320 58,192 66,782
Loss on termination of operating lease 11,100 1,587 1,726 2,907
Allowance for credit losses on financial assets 1,561,435 223,282 43,650 24,647
Impairment loss on financial assets 610,631 87,319
Share-based compensation expenses 16,996 2,430 38,589 17,095
(Loss) Gain on disposal of property, plant and equipment (6,618) (947) 224 1,311
Property, plant and equipment written off 4,180
Change in fair value of equity investments 7,349 1,051 82,588 (96,217)
Derecognition of a contingent consideration 17,627 2,521 (4,088) (6,650)
Investment income (4,708) (673) (5,351) (17,047)
Net loss (gain) on disposal of subsidiaries 113,376 16,213 (897,306) 2,904
Loss (gain) on disposal of investment in an associate 4,330 619
Share of loss of affiliates, net of impairment 10,252 1,317
Deferred taxes (15,700) (2,245) 111,498 14,544
Interest accrued for other receivables (31,237) (4,467) (11,638) (3,537)
Impairment of goodwill and intangible assets 404,121
Changes in operating assets and liabilities:        
Accounts receivable 6,952 992 76,783 196,422
Contract assets 205,461 29,383 116,924 (327,419)
Insurance premium receivables (16)
Other receivables (211,449) (30,237) (272,392) 9,034
Other current assets (4,463) (638) 4,881 8,576
Other non-current assets 31,431 4,495 2,696 (4,933)
Accounts payable (67,513) (9,654) (135,671) (362,066)
Accrued commissions (71,122) (10,170) (13,844) 364,026
Insurance premium payables (305) (44) (7,596) (1,637)
Other payables and accrued expenses 115,453 16,510 310,476 (2,115)
Accrued payroll 809 116 (30,299) (8,799)
Income taxes payable 7,013 1,003 (24,071) (29,947)
Lease liabilities (27,266) (3,899) (55,709) (68,265)
Tax liabilities (33,368) (4,772) (4,744) (2,279)
Net cash generated from (used in) operating activities (16,273) (2,327) 142,852 101,787
Cash flows from investing activities:        
Purchase of short-term investments (49,942) (7,143) (1,847,474) (4,399,910)
Proceeds from disposal of short-term investments 84,714 12,114 2,150,410 4,226,001
Purchase of long-term investments (135,462)
Purchase of property, plant and equipment (3,338) (477) (8,450) (12,996)
Proceeds from disposal of property, plant and equipment 13,697 1,959 3,117 3,047
Cash paid out for loan receivables from third parties (824,800) (160,000)
Cash received for loan receivables from third parties 141,000 229,000
Payment for business acquisitions, net of cash acquired 18,452
Proceeds as guarantee deposits from certain shareholders in business combinations 33,373
Payment as guarantee deposits to certain shareholders in business combinations (33,373)
Disposal of subsidiaries, net of cash disposed (143,172) (20,473) (50,393)
Loan to a related party (15,482) (2,214)
Loan from a related party 1,748 250
Cash received from disposal of an equity investment 354 51
Cash acquired on non-cash acquisitions 39 6
Others (2,440)
Net cash used in investing activities (111,382) (15,927) (436,590) (234,308)
Cash flows from financing activities:        
Proceeds from bank borrowings 74,000 10,582 134,976 182,301
Proceeds of issuance of ordinary shares 7,299 1,044 93
Repayment of bank and other borrowings (152,976) (21,875) (164,300) (62,789)
Dividend distributed to non-controlling interest (29,500)
Proceeds on exercise of stock options 73 10
Capital contribution from non-controlling interests 7,330
Repurchase of ordinary shares from open market (5,735) (40,556)
Others 77 (110)
Net cash (used in) generated from financing activities (71,604) (10,239) (64,389) 86,176
Net decrease in cash and cash equivalents, and restricted cash (199,259) (28,493) (358,127) (46,345)
Cash and cash equivalents and restricted cash at beginning of year 245,744 35,141 602,004 648,211
Effect of exchange rate changes on cash and cash equivalents 3,771 539 1,867 138
Cash and cash equivalents and restricted cash at the end of the year 50,256 7,187 245,744 602,004
Reconciliation in amounts on the consolidated balance sheets:        
Cash and cash equivalents at the end of the year 31,095 4,447 192,117 521,538
Restricted cash at the end of the year 19,161 2,740 53,627 80,466
Total of cash and cash equivalents and restricted cash at the end of the year 50,256 7,187 245,744 602,004
Supplemental disclosure of cash flow information:        
Income taxes paid 10,264 1,468 12,601 76,879
Interests paid 3,799 543 3,326 8,750
Supplemental disclosure of non-cash information:        
Right-of-use assets obtained in exchange for lease liabilities (699) (100) (1,872) 57,233
Acquisition of subsidiaries through issuing ordinary shares (203,657)
Equity shares received as consideration of disposal of subsidiaries (Note3) ¥ 1,000,000