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)/income ¥ (86,006) $ (12,299) ¥ 28,303 ¥ (93,104)
Adjustments to reconcile net (loss)/income to net cash used in operating activities        
Depreciation and amortization 10,384 1,485 463 697
Amortization of right-of-use assets 1,350 193 1,109 1,118
Share-based compensation expenses 18 105
Loss/(gain) on short-term investments (4,576) (654) (240) 518
Impairment loss for property, plant and equipment 12,032 1,721
Impairment loss for goodwill 621 89 454
Impairment loss for long-term equity investment 1,000 143 1,000 3,000
Impairment loss for equity method investments 44,435 6,354 4,029 15,279
Share of (profit)/loss from equity method investees, net of income tax 722 103 196 (442)
Provision of allowance for credit losses 43,731 6,253 78,197 201,885
Accounts payable write-off benefit (34,888) (4,989) (151,514) (167,928)
Amounts due to related parties write-off benefit (5,679) (812)
Property, plant and equipment written off 89 13 241 275
Loss on disposal of property, plant and equipment 742 106
Foreign currency exchange (gain)/loss (5,345) (764) 8,419 (333)
Gain on acquisition of subsidiaries (272)
Gain on disposal of subsidiaries (8,924) (1,276) (1,412) (3,330)
Changes in operating assets and liabilities        
Accounts receivable 11,556 1,652 54,140 97,777
Amounts due from related parties (6,568) (939)
Prepayments and other assets 36,810 5,265 (23,566) (79,182)
Inventories 358 51 7,123 (1,346)
Other non-current assets 2,656 (4,439)
Accounts payable (70,788) (10,122) 3,692 (85,158)
Amounts due to related parties (1,018) (146) (34,251) (10,697)
Customers’ refundable fees 2,860 409 (15,392) 807
Accrued expenses and other payables (207) (30) (17,363) (59,159)
Lease liabilities (1,470) (210) (1,017) (989)
Income tax payables (1,415) (202) (4,929) (1,926)
Net cash used in operating activities (60,194) (8,606) (60,370) (186,118)
Cash flows from investing activities        
Purchase of property, plant and equipment (23,410) (3,348) (8,179) (296)
Prepayment for acquisition of property (23,060)
Proceeds from disposal of property, plant and equipment 7,932 1,134
Investment in equity method investees (906) (130) (18,141)
Return of capital from equity method investees 218 31 45,553
Cash received from/(paid for) acquisition of subsidiaries, net of cash acquired (305) (44) 215
Cash advances made to related parties (7,720) (1,104)
Cash received from/(paid for) disposal of subsidiaries (710) (102) 68
Cash paid for short-term investments (88,759) (12,691) (334,447) (63,812)
Proceeds from disposal of short-term investments 70,724 10,113 237,562 49,982
Net cash provided by/(used in) investing activities (42,936) (6,141) (145,982) 31,427
Cash flows from financing activities        
Contribution from non-controlling shareholders 3,241 463 1,905 635
Proceeds from issuance of ordinary shares, net of issuance costs 88,560 46,632
Proceeds from issuance of convertible promissory note, net of issuance costs 44,696 6,391 145,064
Proceeds from regular warrants exercised 25,313
Proceeds from issuance and exercise of pre-funded warrants 30,848
Repayment for short-term bank borrowings (72,500)
Net cash provided by financing activities 47,937 6,854 146,626 119,831
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,632) (233) 5,311 (3,986)
Net decrease in cash, cash equivalents and restricted cash (56,825) (8,126) (54,415) (38,846)
Cash, cash equivalents and restricted cash at the beginning of the year 89,484 12,796 143,899 182,745
Cash, cash equivalents and restricted cash at the end of the year 32,659 4,670 89,484 143,899
Cash, cash equivalents and restricted cash        
Cash and cash equivalents 29,328   75,351 121,733
Restricted cash 3,331   14,133 22,166
Cash, cash equivalents and restricted cash at the end of the year 32,659   89,484 143,899
Supplemental disclosures of cash flow information        
Interest paid (946) (326)
Income tax paid (32) (5) (33) (37)
Supplemental disclosure of non-cash flow information        
Lease liabilities arising from obtaining right-of-use assets 1,057 151 1,993 366
Issuance of convertible promissory note for intangible asset purchase ¥ 242,810 $ 34,721