| Related Party Transactions |
|
Related Party Transactions | The principal related parties with which the Group had transactions during the years presented are as follows:
|
|
|
| Name of Entity or Individual |
|
Relationship with the Company |
| Mr. Huazhi Hu |
|
Principal Shareholder of the Company, Chairman of the Board and Chief Executive Officer |
| Hefei Heyi Aviation Co., LTD (“Hefei Heyi”) |
|
A company over which the Group has significant influence |
| Zhejiang Zhiyi Navigation Co., Ltd. (“Zhejiang Zhiyi”) |
|
A company over which the Group has significant influence |
| Guangzhou Yitong Zhihang Technology Co., Ltd. (“Yitong Zhihang”) |
|
A company over which the Group has significant influence |
| Hangzhou Zhongan Aviation Co., LTD (“Hangzhou Zhongan”) |
|
A company over which the Group has significant influence |
| Wanyi Tianxia (Zhuhai) Aviation Co., LTD (“Wanyi Tianxia”) |
|
A company over which the Group has significant influence |
| Guangxi Fengshan Fengyi Aviation Service Co., LTD (“Fengshan Fengyi”) |
|
A company over which the Group has significant influence |
| Xinjiang Xiyu Qingniao General Aviation Co., Ltd. (“Xiyu Qingniao”) |
|
A company over which the Group has significant influence |
Wuxi Liangyun low-altitude commercial operation management Co., LTD (“Wuxi Liangyun”) |
|
A company over which the Group has significant influence |
| Shenzhen Pengcheng Wing General Aviation Co., Ltd. (“Pengcheng Wing”) |
|
A company over which the Group has significant influence |
| Yihang Zhifang Equipment (Guangzhou) Co., Ltd. (“Zhifang”) |
|
A company controlled by the Group’s founder and director |
| RedChip Strategy Limited (“RedChip”) |
|
A company wholly owned by a director, classified as a related party of the Group on November 24, 2025 upon its shareholder’s appointment to the Group’s director |
| |
|
Transaction with related parties | (i) Sales of products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended December 31, |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Hefei Heyi |
|
|
— |
|
|
|
106 |
|
|
|
13,278 |
|
|
|
1,899 |
|
| Zhejiang Zhiyi |
|
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
2 |
|
| Yitong Zhihang |
|
|
3,009 |
|
|
|
— |
|
|
|
13 |
|
|
|
2 |
|
| Hangzhou Zhongan |
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
1 |
|
| Wanyi Tianxia |
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
— |
|
| Fengshan Fengyi |
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
| Xiyu Qingniao |
|
|
8,850 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(ii) Provision of services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended December 31, |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Wanyi Tianxia |
|
|
— |
|
|
|
94 |
|
|
|
132 |
|
|
|
19 |
|
| Fengshan Fengyi |
|
|
— |
|
|
|
— |
|
|
|
89 |
|
|
|
12 |
|
| Hefei Heyi |
|
|
— |
|
|
|
599 |
|
|
|
85 |
|
|
|
12 |
|
| Wuxi Liangyun |
|
|
— |
|
|
|
33 |
|
|
|
41 |
|
|
|
6 |
|
| Pengcheng Wing |
|
|
— |
|
|
|
— |
|
|
|
28 |
|
|
|
4 |
|
| Yitong Zhihang |
|
|
— |
|
|
|
499 |
|
|
|
19 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (iii) Receipt of services The Group maintained a consulting agreement with consulting firm RedChip. The consulting fees incurred during the period from November 24, 2025 to December 31, 2025 amounted to RMB1,127 (US$161), which were settled via a combination of cash and RSUs.
| |
|
Contract liabilities from sales of products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Xiyu Qingniao |
|
|
|
|
|
|
2,000 |
|
|
|
2,279 |
|
|
|
326 |
|
| Fengshan Fengyi |
|
|
|
|
|
|
— |
|
|
|
28 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Amount due from related parties for the sales of products and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hefei Heyi |
|
|
|
|
|
|
465 |
|
|
|
5,380 |
|
|
|
769 |
|
| Pengcheng Wing |
|
|
|
|
|
|
— |
|
|
|
30 |
|
|
|
4 |
|
| Wanyi Tianxia |
|
|
|
|
|
|
40 |
|
|
|
— |
|
|
|
— |
|
| Less: expected credit losses provision |
|
|
|
|
|
|
(47 |
) |
|
|
(222 |
) |
|
|
(32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Guarantee received for borrowings | As of December 31, 2024 and 2025, RMB34,472 and RMB29,941 (US$4,282) short-term bank loans, and RMB16,000 and RMB7,000 (US$1,001) long-term bank loans were guaranteed by the Group’s founder and Chairman of the Board, Mr. Huazhi Hu.
In 2025, the Group extended several loans amounting to RMB 5,000 (US$715) to Hefei Heyi, with an annual interest rate of 3%. A partial repayment of RMB3,000 (US$429) was received in December 2025, and as of December 31, 2025, the outstanding principal and interest totaled RM B 2,070 (US$ 296 ) . The remaining balance of the loans were settled in March 2026.
|
|
Investment in a related entity | April 2025, the Group invested in Zhifang under the control of the Group’s founder and Chairman of the Board, Mr. Huazhi Hu, which principally engages in research and development of unmanned mart yacht, for a total consideration of RMB 14,500 (US$ 2,073 ) to acquire 4.63 % equity interests of the investee. |