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 ¥ (276,411) $ (39,527) ¥ (230,032) ¥ (302,341)
Adjustments to reconcile net loss to net cash (used in) generated from operating activities        
Depreciation of property and equipment 18,954 2,710 12,774 12,442
Amortization of intangible assets 972 139 922 787
Amortization of right-of-use assets 10,068 1,440 6,103 8,131
Share-based compensation 246,158 35,200 273,124 151,485
Losses on disposal of property and equipment 34 5 682 138
Amortization of debt discounts 0 0 0 12,023
Interest expenses (25) (4) (707) 0
Interest and investment income (47,429) (6,782) (11,103) (3,361)
Losses from equity method investments 5,248 750 4,353 1,560
Current expected credit losses 7,938 1,135 12,790 13,691
Write-downs of inventories 1,482 212 921 460
Deferred tax assets (6,969) (997) 0 0
Foreign currency exchange (gains) losses (372) (53) 49 (394)
Changes in operating assets and liabilities        
Accounts receivable (61,428) (8,784) (30,089) (20,523)
Inventories (35,667) (5,100) (21,590) 7,816
Prepayments and other assets (101,575) (14,525) (29,515) 10,728
Accounts payable 5,023 718 92,345 5,445
Contract liabilities (1,722) (246) 25,392 17,847
Accrued expenses and other liabilities 61,583 8,808 57,551 (192)
Lease liabilities (5,825) (833) (2,665) (3,708)
Deferred income (687) (98) (1,531) (1,464)
Deferred government subsidies (526) (75) (1,936) 998
Income taxes payable 1,670 239 121 22
Net cash flow (used in) generated from operating activities (179,506) (25,668) 157,959 (88,410)
CASH FLOWS FROM INVESTING ACTIVITIES        
Acquisition of non-controlling interests 0 0 0 (6,920)
Purchase of short-term investments (729,153) (104,267) (885,706) (56,694)
Redemption of short-term investments 418,728 59,877 444,759 0
Payments for short-term deposits 0 0 (130,071) (14,164)
Proceeds received from maturity of short-term deposits 0 0 143,782 0
Payments for restricted short-term deposits (29,126) (4,165) (39,486) (33,437)
Proceeds received from maturity of restricted short-term deposits 29,486 4,216 43,942 0
Purchase of property and equipment (147,903) (21,150) (38,966) (7,832)
Purchases of land use rights (11,409) (1,631) 0 0
Acquisition of intangible assets (1,068) (153) (1,112) (1,255)
Cash paid for investments accounted for using equity method and other investments (34,700) (4,962) (19,650) (10,090)
Loan to a related party (5,000) (715) 0 0
Receipt of loans receivable from a related party 3,000 429 0 0
Receipt of loans receivable from a third party 0 0 0 1,700
Net cash flow used in investing activities (507,145) (72,521) (482,508) (128,692)
CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds from short-term bank loans 249,143 35,627 64,250 69,090
Repayment of short-term bank loans (83,758) (11,977) (69,090) (49,794)
Proceeds from long-term bank loans 75,000 10,725 25,000 10,000
Repayment of long-term bank loans (13,500) (1,930) (6,846) (14,154)
Proceeds from short-term debts 0 0 90,000 0
Repayment of short-term debts 0 0 (90,000) (69,861)
Capital Injection By Non Controlling Interests 70 10 0 0
Repayment of Mandatorily redeemable non-controlling interests (40,000) (5,720) 0 0
Payment of share repurchase 0 0 (10,085) 0
Capitalized professional service fee related to financing transactions (16,334) (2,336) 0 0
Proceeds from issuance of Class A ordinary shares, net of issuance costs 166,810 23,853 698,128 250,199
Net cash provided by financing activities 337,431 48,252 701,357 195,480
Effect of exchange rate changes on cash and cash equivalents (5,257) (752) 5,819 562
Net (decrease) increase in cash and cash equivalents (354,477) (50,689) 382,627 (21,060)
Cash and cash equivalents at the beginning of the years 610,877 87,354 228,250 249,310
Cash and cash equivalents at the end of the year 256,400 36,665 610,877 228,250
Supplemental disclosures of cash flow information        
Interest paid 6,663 953 3,400 2,183
Income taxes paid 879 126 101 184
Non-cash investing and financing activities        
Loans receivable settled by accounts payable 5,800 0 0 5,800
Purchase of property and equipment included in Accrued expenses and other liabilities ¥ 45,768 $ 6,545 ¥ 1,198 ¥ 1,401