| Schedule of Condensed Balance Sheets |
Condensed Balance Sheets
| | |
| | |
| | |
| |
| | |
December 31, | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
RMB | | |
RMB | | |
US$ | |
| ASSETS | |
| | |
| | |
| |
| Current assets: | |
| | |
| | |
| |
| Cash and cash equivalents | |
| 1,504 | | |
| 317 | | |
| 45 | |
| Prepaid expenses and other current assets | |
| 112 | | |
| 99 | | |
| 14 | |
| Due from subsidiaries | |
| 438,701 | | |
| 536,534 | | |
| 76,723 | |
| Total current assets | |
| 440,317 | | |
| 536,950 | | |
| 76,782 | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Intangible assets, net | |
| — | | |
| 51,430 | | |
| 7,354 | |
| Total non-current assets | |
| — | | |
| 51,430 | | |
| 7,354 | |
| Total assets | |
| 440,317 | | |
| 588,380 | | |
| 84,136 | |
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Accrued expenses and other current liabilities | |
| 346,837 | | |
| 19,721 | | |
| 2,820 | |
| Due to intercompany | |
| 43,927 | | |
| 423,671 | | |
| 60,584 | |
| Excess losses over investment(a) | |
| 1,852,411 | | |
| 42,246 | | |
| 6,040 | |
| Total current liabilities | |
| 2,243,175 | | |
| 485,638 | | |
| 69,444 | |
| Total liabilities | |
| 2,243,175 | | |
| 485,638 | | |
| 69,444 | |
| | |
| | | |
| | | |
| | |
| Commitments and contingencies | |
| — | | |
| — | | |
| — | |
| | |
| | | |
| | | |
| | |
| Shareholders’ deficit: | |
| | | |
| | | |
| | |
| Class A ordinary shares (US$0.001 par value, 9,860,000,000 shares authorized, 58,730,507 and 560,630,122 shares issued, 42,505,619 and 544,405,234 shares outstanding as of December 31, 2024 and 2025, respectively) | |
| 370 | | |
| 3,955 | | |
| 566 | |
| Class B ordinary shares (US$0.001 par value, 40,000,000 shares authorized, 7,206,059 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | |
| 74 | | |
| 74 | | |
| 11 | |
| Treasury shares (16,224,888 Class A ordinary shares as of December 31, 2024 and 2025, at cost, respectively) | |
| (486,706 | ) | |
| (486,706 | ) | |
| (69,598 | ) |
| Additional paid-in capital | |
| 1,643,672 | | |
| 1,826,214 | | |
| 261,145 | |
| Accumulated other comprehensive income | |
| 54,266 | | |
| 54,850 | | |
| 7,843 | |
| Accumulated deficit | |
| (3,014,534 | ) | |
| (1,295,645 | ) | |
| (185,275 | ) |
| Total shareholders’ (deficit) equity | |
| (1,802,858 | ) | |
| 102,742 | | |
| 14,692 | |
| Total liabilities and shareholders’ equity | |
| 440,317 | | |
| 588,380 | | |
| 84,136 | |
| (a) | Investments in subsidiaries are accounted for using the equity method in parent-only financial statements.
The carrying value is reduced to zero when the Company’s share of losses equals or exceeds its investment. Additional losses are
recognized as a liability and classified as “Excess losses over investment” if the Company has related financial obligations;
otherwise, they are not recognized. Subsequent profits are recognized only after prior unrecognized losses are recovered. |
|
| Schedule of Condensed Statement of Comprehensive (Loss) Income |
Condensed Statements of Comprehensive (Loss)
Income
| | |
Year Ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Revenue | |
| — | | |
| 7,054 | | |
| — | | |
| — | |
| General and administrative expenses | |
| (11,625 | ) | |
| (123,062 | ) | |
| (62,897 | ) | |
| (8,994 | ) |
| Operating loss | |
| (11,625 | ) | |
| (116,008 | ) | |
| (62,897 | ) | |
| (8,994 | ) |
| Equity in income (loss) of subsidiaries | |
| 20,415 | | |
| (471,086 | ) | |
| 1,781,746 | | |
| 254,786 | |
| Foreign currency exchange gains | |
| 106 | | |
| 620 | | |
| 40 | | |
| 6 | |
| Interest (expense) income | |
| 30 | | |
| (68 | ) | |
| — | | |
| — | |
| Income (Loss) before income taxes | |
| 8,926 | | |
| (586,542 | ) | |
| 1,718,889 | | |
| 245,798 | |
| Income tax expense | |
| — | | |
| — | | |
| — | | |
| — | |
| Net income (loss) | |
| 8,926 | | |
| (586,542 | ) | |
| 1,718,889 | | |
| 245,798 | |
| Other comprehensive (loss) income | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation adjustment | |
| (1,448 | ) | |
| 6,050 | | |
| 582 | | |
| 83 | |
| Comprehensive income (loss) | |
| 7,478 | | |
| (580,492 | ) | |
| 1,719,471 | | |
| 245,881 | |
|
| Schedule of Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows
| | |
Year Ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Operating activities: | |
| | |
| | |
| | |
| |
| Net Cash provided by (used in)
operating activities | |
| 4,902 | | |
| (2,234 | ) | |
| (119,088 | ) | |
| (17,030 | ) |
| Investing activities: | |
| | | |
| | | |
| | | |
| | |
| Purchase of intangible assets | |
| — | | |
| — | | |
| (76,262 | ) | |
| (10,905 | ) |
| Net Cash used in investing activities | |
| — | | |
| — | | |
| (76,262 | ) | |
| (10,905 | ) |
| Financing activities: | |
| | | |
| | | |
| | | |
| | |
| Issuance of Class A ordinary shares in connection with exercise of share options | |
| 227 | | |
| 142 | | |
| 185,821 | | |
| 26,572 | |
| Proceeds of borrowings from a related party | |
| — | | |
| 5,000 | | |
| — | | |
| — | |
| Repurchase of treasury shares | |
| (2,428 | ) | |
| (7,360 | ) | |
| — | | |
| — | |
| Net Cash (used in) provided by financing activities | |
| (2,201 | ) | |
| (2,218 | ) | |
| 185,821 | | |
| 26,572 | |
| Changes in cash and cash equivalents | |
| 2,701 | | |
| (4,452 | ) | |
| (9,529 | ) | |
| (1,363 | ) |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | |
| 706 | | |
| 705 | | |
| 8,342 | | |
| 1,193 | |
| Net increase(decrease) in cash and cash equivalents | |
| 3,407 | | |
| (3,747 | ) | |
| (1,187 | ) | |
| (170 | ) |
| Cash and cash equivalents at beginning of year | |
| 1,844 | | |
| 5,251 | | |
| 1,504 | | |
| 215 | |
| Cash and cash equivalents at end of year | |
| 5,251 | | |
| 1,504 | | |
| 317 | | |
| 45 | |
|