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 (¥)
Operating activities:        
Net income (loss) ¥ 1,718,870 $ 245,796 ¥ (587,102) ¥ 10,354
Less: Net income/(loss) from discontinued operations 1,758,903 251,521 (573,251) 21,843
Included in discontinued operations:        
Gain on disposal of discontinued operations (non-cash) 1,685,426 241,013
Net income/(loss) from discontinued operations exclude gain on disposal 73,477 10,508 (573,251) 21,843
Net loss from continuing operations (40,033) (5,725) (13,851) (11,489)
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities of continuing operations:        
Depreciation and amortization 3,813 545
Impairment of long-lived assets 21,019 3,006
Foreign currency exchange loss, net (42) (6) (621) (105)
Prepaid expenses and other current assets (1,687) (241) 31,509 108,183
Accrued expenses and other current liabilities (5,897) (843) (11,315) (41,097)
Net Cash provided by/(used in) operating activities from continuing operations (22,827) (3,264) 5,722 55,492
Net Cash used in operating activities from discontinued operations (165,277) (23,634) (127,177) (174,427)
Net Cash used in operating activities (188,104) (26,898) (121,455) (118,935)
Investing activities:        
Purchase of property and equipment and intangible assets (76,262) (10,905)
Loan provided to related parties (33,383)
Cash used in investing activities from continuing operations (76,262) (10,905) (33,383)
Net Cash provided by/(used in) investing activities from discontinued operations (190) (27) (57,660) 72,048
Net Cash provided by/(used in) investing activities (76,452) (10,932) (91,043) 72,048
Financing activities:        
Proceeds of borrowings from a related party 5,000
Issuance of Class A ordinary shares in connection with exercise of share options 185,820 26,572 142 227
Prepayments of acquire noncontrolling interests (441)
Repurchase of treasury shares (7,360) (2,428)
Net Cash (used in)/provided by financing activities from continuing operations 185,820 26,572 (2,659) (2,201)
Net Cash (used in)/provided by financing activities from discontinued operations (46,291) (6,620) 13,499 (33,580)
Net Cash (used in)/provided by financing activities 139,529 19,952 10,840 (35,781)
Changes in cash, cash equivalents and restricted cash (125,027) (17,878) (201,658) (82,668)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash 91,726 13,116 93 (1,447)
Net change in cash, cash equivalents and restricted cash (33,301) (4,762) (201,565) (84,115)
Cash, cash equivalents and restricted cash at the beginning of the year 88,287 12,625 289,852 373,967
Cash and cash equivalents 54,986   48,321 279,757
Restricted cash   39,966 10,095
Cash, cash equivalents and restricted cash at the end of the year 54,986 7,863 88,287 289,852
Less: Cash, cash equivalents and restricted cash of discontinued operations 1,541   86,783 284,602
Cash, cash equivalents and restricted cash at the end of the year from continuing operations 53,445   1,504 5,250
Supplemental disclosure of cash flow information from continuing operations:        
Income taxes paid
Interest paid