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20-F/A false true 2025-12-31 --12-31 2025 false false 001-42760 Yimutian Inc. E9 6/F, Building B-6, Block A Zhongguancun Dongsheng Technology Campus No. 66 Xixiaokou Road Haidian District 100192 CN Shijie Chen 6/F, Building B-6, Block A Zhongguancun Dongsheng Technology Campus No. 66 Xixiaokou Road Haidian District 100192 CN ir@ymt360.com +86 (10) 5708-6561 YMT NASDAQ Class A ordinary share, par value US$0.00001 per share NASDAQ true 2516653606 342773160 No No Yes Yes Non-accelerated Filer true false false false U.S. GAAP false This Amendment No. 1 (this “Amendment No. 1”) to the annual report on Form 20-F of Yimutian Inc. amends its annual report on Form 20-F for the year ended December 31, 2025 filed on May 15, 2026 (the “2025 Form 20-F”). Yimutian Inc. is filing this Amendment No. 1 solely to furnish Exhibit 101 in accordance with Rule 405 of Regulation S-T, which was not included in the 2025 Form 20-F in accordance with Rule 405 (a)(2)(ii) of Regulation S-T. Exhibit 101 includes information in eXtensible Business Reporting Language.Other than as expressly set forth above, this Amendment No. 1 does not, and does not purport to, revise, update, amend or restate the information presented in, or any exhibits to, the 2025 Form 20-F or reflect any events that have occurred after the 2025 Form 20-F was originally filed. true Risk Management and Strategy We have established comprehensive cybersecurity risk assessment procedures as an integral part of our overall enterprise risk management system. These procedures are designed to identify, assess, and manage both potential and existing cybersecurity threats. We have a dedicated in-house IT department, led by our cybersecurity officer, that identifies, assesses and manages cybersecurity risks on a daily basis. We provide regular training programs to ensure that our employees possess the basic knowledge and principles of information security, maintain a sound responding and disposal mechanism for system security, external attacks and violations, and safeguarded the confidentiality of information and data of the company, employees and users, making sure information and data can only be obtained and used when necessary. In addition, we maintain a robust data security program to protect the confidentiality and integrity of our data across all aspects of data collection and processing. We utilize a variety of technologies to protect our servers from fire, physical shock, theft and other forms of physical harm. On the back end, our servers, databases and information technology networks utilize firewalls, anti-DDoS, intrusion prevention systems, real-time server monitoring and other network cybersecurity technologies. We also utilize a wide range of protective technologies at the application level, including security access code systems, web application firewalls and simulated hacking tests. We back up user and historical data on a regular basis using “hot” backup systems to minimize the risk of data loss or leakage. We also conduct frequent reviews of our backup and data recovery systems, including through regular disaster recovery testing, to ensure that our systems are operating properly. As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition. Governance Our board of directors is responsible for overseeing our cybersecurity risk management. Our board of directors (i) maintain oversight of the disclosure related to cybersecurity matters in periodic reports of our company, (ii) review updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the relevant disclosure issues, if any, presented by our chief executive officer, chief financial officer and cybersecurity officer on a quarterly basis, and (iii) review disclosure concerning cybersecurity matters in our annual report on Form 20-F presented by our chief executive officer, chief financial officer and cybersecurity officer. At the management level, our chief executive officer, chief financial officer and cybersecurity officer are responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident. They report to our board of directors (i) on a quarterly basis on updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the relevant disclosure issues, if any, and (ii) on disclosure concerning cybersecurity matters in our annual report on Form 20-F. We have established comprehensive cybersecurity risk assessment procedures as an integral part of our overall enterprise risk management system. These procedures are designed to identify, assess, and manage both potential and existing cybersecurity threats. true we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition. false Governance Our board of directors is responsible for overseeing our cybersecurity risk management. Our board of directors (i) maintain oversight of the disclosure related to cybersecurity matters in periodic reports of our company, (ii) review updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the relevant disclosure issues, if any, presented by our chief executive officer, chief financial officer and cybersecurity officer on a quarterly basis, and (iii) review disclosure concerning cybersecurity matters in our annual report on Form 20-F presented by our chief executive officer, chief financial officer and cybersecurity officer. At the management level, our chief executive officer, chief financial officer and cybersecurity officer are responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident. They report to our board of directors (i) on a quarterly basis on updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the relevant disclosure issues, if any, and (ii) on disclosure concerning cybersecurity matters in our annual report on Form 20-F. Our board of directors is responsible for overseeing our cybersecurity risk management. At the management level, our chief executive officer, chief financial officer and cybersecurity officer are responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident. true Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Yimutian Inc. and its subsidiaries (collectively, the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive loss, changes in shareholders’ deficit, and consolidated statements of cash flows for each of the three years in the period ended December 31, 2025 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial positions of the Company as of December 31, 2025 and 2024 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Assentsure PAC Singapore 6783

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1. DESCRIPTION OF BUSINESS AND ORGANIZATION Description of business Yimutian Inc. (“the Company”), through its wholly-owned subsidiaries and consolidated variable interest entities (“VIEs”) (collectively referred to as “the Group”), is principally engaged in the provision of integrated platform services for agricultural product transaction in the People’s Republic of China (the “PRC”). Organization The Group operates its online business in the PRC through Beijing Yimutian Network Technology Co., Ltd. (“Beijing Yimutian” or the “WFOE”), Beijing Yimutian New Agriculture Network Technology Co., Ltd. (“Yimutian Xinnong”), which was established on August 1, 2011 and Beijing Douniu Network Technology Co., Ltd. (“Beijing Douniu”), which was established on September 10, 2021, (collectively the “VIEs”), in order to comply with the PRC laws and regulations which prohibit or restrict control of companies involved in the provision of value-added telecommunication services by foreign investors. The VIEs hold the necessary licenses to carry out the internet value-added businesses in China. The equity interests of Yimutian Xinnong and Beijing Douniu are legally held by Mr. Deng Jinhong and certain individuals who act as nominee equity holders of the VIEs on behalf of WFOE, the Company’s wholly owned subsidiary. A series of contractual agreements, including Powers of Attorney, Exclusive Business Cooperation Agreements, Equity Pledge Agreements, Exclusive Option Agreements, Letter of Confirmation and Undertaking and Spouse Consent Letters (collectively, the “VIE Agreements”), were entered among WFOE, VIEs and its nominee equity holders. Through the VIE Agreements, the nominee equity holders of the VIEs have granted all their legal rights including voting rights and disposition rights of their equity interests in the VIEs to WFOE. Pursuant to the VIE Agreements, the Company is able to exercise effective control over, enjoys substantially all of the economic benefits of the VIEs, and has an exclusive option to purchase all or part of the equity interests in the VIEs when and to the extent permitted by PRC law at the lowest price possible. The Company’s management concluded that Yimutian Xinnong and Beijing Douniu are VIEs and WFOE is its primary beneficiary. As such, the consolidated financial statements of the VIEs are included in the consolidated financial statements of the Company. The principal terms of the VIE Agreements are described below. 1) Powers of Attorney Pursuant to the powers of attorney executed by the equity holders of the VIEs, each of them irrevocably authorizes the WFOE, or any person designated by the WFOE, to act on their respective behalf as proxy attorney, to the extent permitted by law, to exercise all rights of shareholders concerning all the equity interest held by each of them in the VIEs, including without limitation, the right to (i) propose, convene and attend shareholders’ meetings and sign relevant resolutions, (ii) exercise all shareholder’s rights under laws of Chinese Mainland and the articles of association of the VIEs, such as the voting right, nomination right and appointment right, (iii) receive dividends and sell, transfer, pledge or dispose of all the equity held in part or in whole in the VIEs. The powers of attorney remain irrevocably effective as long as such equity holders remain as the equity holders of the VIEs. 2) Exclusive Business Cooperation Agreements Pursuant to the exclusive business cooperation agreements, among the WFOE and the VIEs, the WFOE has the exclusive right to provide the VIEs with comprehensive technological support and consulting services, including but not limited to software licensing, technology research and development, staff training and technology consultations. Without the WFOE’s prior written consent, the VIEs may not accept the same or similar service contemplated by the agreement provided by any third party during the term of the agreement. The VIEs agreed to pay the WFOE service fees, the amount of which will be subject to adjustment by the WFOE. The exclusive business cooperation agreement remains effective indefinitely except agreed otherwise or terminated by the WFOE in writing. The Exclusive Business Cooperation Agreement between Beijing Yimutian and Xinnong will be in effect until July 31, 2031 which represents the end of operation term of Xinnong, and agreement between Beijing Yimutian and Douniu will be effect until May 13, 2044 which represents the end of operation term of Beijing Yimutian. 3) Equity Pledge Agreements Pursuant to the equity pledge agreements among the WFOE, the VIEs and their respective equity holders, the equity holders of the VIEs pledged all of their equity interests in the VIEs to the WFOE to guarantee the performance of the obligations by such equity holders and by the VIEs under the exclusive option agreements, the exclusive business cooperation agreements and the powers of attorney. In the event of a breach by the VIEs or any of their respective equity holders of the obligations under these contractual arrangements, the WFOE, as pledgee, will have the right to enforce the pledge. The equity holders of the VIEs also covenant that, without the prior written consent of the WFOE, they will not dispose of the pledged equity, create or allow any encumbrance on the pledged equity. The agreement will remain in effect until the fulfillment of all the obligations under other VIE agreements. The equity holders of the VIEs completed all the registration of the equity pledge contemplated under the equity pledge agreements with the competent authorities in accordance with relevant laws and regulations of mainland China in December 2024. 4) Exclusive Option Agreements Pursuant to the exclusive option agreements entered among the WFOE, the VIEs and their respective equity holders, each of the equity holders of the VIEs has irrevocably granted the WFOE, or any person or persons designated by the WFOE, an exclusive option to purchase all or part of the equity in the VIEs. The WFOE or person(s) designated by the WFOE may exercise such options to purchase equity in the VIEs at the lowest price permitted under laws of Chinese mainland. The VIEs and their respective equity holders covenant that, without the WFOE’s prior written consent, they will not, among other things, (i) amend the VIEs’ articles of association, (ii) increase or decrease the VIEs’ registered capital or change its structure of registered capital, and (iii) sell, transfer, mortgage, or dispose of any assets of the VIEs’ that is more than US$50,000. The equity holders of the VIEs covenant that they will not create any pledge or encumbrance on their equity in the VIEs, other than those created under the equity pledge agreements as part of the contractual arrangements. The Exclusive Option Agreements will be terminated when the entire equity interests in the VIEs have been transferred to the Company or its designee(s) pursuant to the agreements. 5) Letters of Confirmation and Undertaking Pursuant to the letters of confirmation and undertaking executed by the equity holders of the VIEs, each of them, among other things, (i) confirms that his/her spouse does not have the right to claim any interests in the respective equity of the VIEs (together with any other interests therein) or exert influence on the day-to-day management and voting matters of the respective equity of the VIEs; undertakes that (ii) in the event of his/her divorce, he/she will take all actions that the WFOE deems necessary to safeguard the execution of the contractual arrangement; (iii) he/she will not participate in, engage in, or merge with any business that competes with the WFOE or hold any interest from such business; (iv) he/she will not cause any conflict of interest between the WFOE and the VIEs or himself/herself; and (v) in the event of such conflict of interest, he/she will act in accordance with the WFOE’s instruction to eliminate such conflict of interest. The letters will remain in effect until the fulfillment of all the obligations under other VIE agreements. 6) Spouse Consent Letters Pursuant to the spousal consent letters executed by the spouses of the applicable individual equity holders of the VIEs, each of them unconditionally and irrevocably agreed that the equity in the WFOE held by and registered in the name of such shareholder be disposed of in accordance with the exclusive business cooperation agreements, the exclusive option agreements, the equity pledge agreements, the powers of attorney, and the letters of confirmation and undertaking, and that such equity holders may perform, amend or terminate such agreements without his or her spouse’s consent. In addition, each of them agrees not to assert any rights over the equity interest in the VIEs held by his or her respective spouses. In the event that any of them obtains any equity interest in the VIEs held by their respective spouses for any reason, such spouses agree to be bound by similar obligations and agree to enter into similar contractual arrangements. The letters will remain in effect until the fulfillment of all the obligations under other VIE agreements. Risks in relation to VIE structure In the opinion of the Company’s management, based on the legal opinion obtained from the Company’s PRC legal counsel, the VIE Agreements have resulted in the Company having the power to direct activities that most significantly impact the VIEs, including appointing key management, setting up operating policies, exerting financial controls and transferring profit or assets out of the VIE at its discretion. The Company considers that it has the right to receive all the benefits and assets of the VIEs. As the VIEs were established as a limited liability company under the PRC law, its creditors do not have recourse to the general credit of the Company for the liabilities of the VIEs, and the Company does not have the obligation to assume the liabilities of the VIEs. The Company has determined that the VIE Agreements are in compliance with PRC laws and are legally enforceable. The Company’s ability to control the VIEs also depends on the rights provided to the Company under the Powers of Attorney to vote on all matters requiring equity holders’ approval in the respective VIEs. As noted above, the Company believes these Powers of Attorney are legally enforceable but yet they may not be as effective as direct equity ownership. In addition, if the corporate structure of the Group or the contractual arrangements between Beijing Yimutian the VIEs and its respective equity holders were found to be in violation of any existing PRC laws and regulations, the relevant PRC regulatory authorities could: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 0.5in; text-align: justify"> </td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify">revoke the business licenses and/or operating licenses of the WFOE and VIEs;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 0.5in; text-align: justify"> </td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify">discontinue or place restrictions or onerous conditions on the operations through transactions between the WFOE and VIEs;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 0.5in; text-align: justify"> </td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify">impose fines, confiscate the income from WFOE or the VIEs, or impose other requirements with which the Company or the VIEs may not be able to comply;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 0.5in; text-align: justify"> </td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify">require the Company to restructure the ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect the Company’s ability to consolidate, derive economic interests from, or exert effective control over the VIEs;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 0.5in; text-align: justify"> </td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify">restrict or prohibit the Company use of the proceeds of overseas offering or other offshore financing activities to fund the business and operations in China and the Company’ right to collect revenues; and</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 0.5in; text-align: justify"> </td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify">take other regulatory or enforcement actions that could be harmful to the business.</td> </tr></tbody></table> The imposition of any of the above restrictions or actions may result in a material and adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these restrictions causes the Company to lose the right to direct the activities of the VIEs or the right to receive its economic benefits, the Company would no longer be able to consolidate the VIEs. The Company’s management believes that the likelihood to lose the Company’s current ownership structure or the contractual arrangements with the VIE is remote based on the current facts and circumstances. There is no VIE in which the Company has a variable interest but is not the primary beneficiary. Currently there is no contractual arrangement that could require the Company to provide additional financial support to the VIEs. The following consolidated assets and liabilities information of the Group’s VIEs as of December 31, 2024 and 2025, and consolidated revenues, net loss and cash flow information for the years ended December 31, 2023, 2024 and 2025, have been included in the accompanying consolidated financial statements. All intercompany transactions and balances with the Company and its subsidiaries have been eliminated upon consolidation. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify">ASSETS</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">CURRENT ASSETS</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; width: 64%; text-align: justify">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,537</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,224</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">175</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Accounts receivable, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">730</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">945</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">135</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Intercompany receivable from parent company*</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,394</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,394</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">771</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Intercompany receivable from subsidiaries*</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,898</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,527</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,648</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Prepayments and other current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,190</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,685</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,387</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Inventory</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">27</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,301</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">329</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total current assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">41,776</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">45,076</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">6,445</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Property and equipment, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,021</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">276</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">39</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Operating lease right-of-use assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,450</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,078</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">297</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt">Other non-current assets</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,782</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,150</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">307</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total non-current assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">10,253</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">4,504</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">643</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Total assets</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">52,029</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">49,580</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">7,088</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify">LIABILITIES</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">CURRENT LIABILITIES</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Accounts payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,077</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,987</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">713</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Contract liabilities, current</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">87,989</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,718</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,828</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Short-term borrowings</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,375</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,484</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Shareholder loans, at amortized cost</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">35,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">35,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,005</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Intercompany payable to parent company**</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">50,884</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">50,884</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,276</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Intercompany payable to WFOE**</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,840</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">98,644</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,105</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Intercompany payable to subsidiaries**</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28,900</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28,196</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,032</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Accrued expenses and other current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">46,172</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">45,379</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,489</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Operating lease liabilities, current</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">3,614</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,414</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">202</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">337,476</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">350,597</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">50,134</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Contract liabilities, non-current</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,223</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13,104</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,874</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt">Operating lease liabilities, non-current</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,458</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt">Total non-current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">14,681</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">13,104</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,874</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Total liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">352,157</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">363,701</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">52,008</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify">Intercompany receivable to parent company and Intercompany receivable from subsidiaries amounts are eliminated upon consolidation.</td> </tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.25in; text-align: left">**</td> <td style="text-align: justify">Intercompany payable to parent company, Intercompany payable to WFOE and Intercompany payable to subsidiaries amounts are eliminated upon consolidation.</td> </tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: bottom"><td style="padding-left: 9pt; text-align: justify"> </td> <td> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">For the years ended December 31,</td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 9pt; text-align: justify"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2023</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2024</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">2025</td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 9pt; text-align: justify"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">RMB</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">RMB</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">RMB</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">US$</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="width: 52%; text-align: justify">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">187,082</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">160,176</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">140,318</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">20,065</td> <td style="width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 9pt; text-align: justify">Net (income) loss</td> <td> </td> <td> </td> <td style="text-align: right">(32,223</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">7,170</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(13,837</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,978</td> <td>)</td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 9pt; text-align: justify">Net cash provided by (used in) operating activities</td> <td> </td> <td> </td> <td style="text-align: right">1,003</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,706</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(5,571</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(797</td> <td>)</td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 9pt; text-align: justify">Net cash (used in) provided by investing activities</td> <td> </td> <td> </td> <td style="text-align: right">(1,160</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(117</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(17</td> <td>)</td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 9pt; text-align: justify">Net cash (used in) provided by financing activities</td> <td> </td> <td> </td> <td style="text-align: right">(2,026</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(8,900</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">5,375</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">769</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 9pt; text-align: justify">Net decrease in cash and cash equivalents</td> <td> </td> <td> </td> <td style="text-align: right">(2,183</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,694</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(313</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(45</td> <td>)</td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 9pt; text-align: justify">Cash and cash equivalents at the beginning of the year</td> <td> </td> <td> </td> <td style="text-align: right">5,414</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,231</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,537</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">220</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 9pt; text-align: justify">Cash and cash equivalents at the end of the year</td> <td> </td> <td> </td> <td style="text-align: right">3,231</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,537</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,224</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">175</td> <td> </td> </tr></tbody></table> The unrecognized revenue-producing assets that are held by the VIEs primarily consist of ICP license, trademarks, patents, know-how and customer relationships. None of the assets of the VIEs can be used only to settle obligations of VIEs. None of the assets of the VIEs has been pledged or collateralized. The creditors of the VIE do not have recourse to the general credit of the Company or its consolidated subsidiaries.

50000000

The following consolidated assets and liabilities information of the Group’s VIEs as of December 31, 2024 and 2025, and consolidated revenues, net loss and cash flow information for the years ended December 31, 2023, 2024 and 2025, have been included in the accompanying consolidated financial statements. All intercompany transactions and balances with the Company and its subsidiaries have been eliminated upon consolidation. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify">ASSETS</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">CURRENT ASSETS</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; width: 64%; text-align: justify">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,537</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,224</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">175</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Accounts receivable, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">730</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">945</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">135</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Intercompany receivable from parent company*</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,394</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,394</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">771</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Intercompany receivable from subsidiaries*</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,898</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,527</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,648</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Prepayments and other current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,190</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,685</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,387</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Inventory</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">27</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,301</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">329</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total current assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">41,776</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">45,076</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">6,445</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Property and equipment, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,021</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">276</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">39</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Operating lease right-of-use assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,450</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,078</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">297</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt">Other non-current assets</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,782</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,150</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">307</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total non-current assets</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">10,253</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">4,504</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">643</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Total assets</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">52,029</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">49,580</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">7,088</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify">LIABILITIES</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">CURRENT LIABILITIES</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Accounts payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,077</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,987</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">713</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Contract liabilities, current</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">87,989</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,718</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,828</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Short-term borrowings</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,375</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,484</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Shareholder loans, at amortized cost</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">35,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">35,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,005</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Intercompany payable to parent company**</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">50,884</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">50,884</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,276</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Intercompany payable to WFOE**</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,840</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">98,644</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,105</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify">Intercompany payable to subsidiaries**</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28,900</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28,196</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,032</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify">Accrued expenses and other current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">46,172</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">45,379</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,489</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Operating lease liabilities, current</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">3,614</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,414</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">202</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">337,476</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">350,597</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">50,134</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Contract liabilities, non-current</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,223</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13,104</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,874</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt">Operating lease liabilities, non-current</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,458</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt">Total non-current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">14,681</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">13,104</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,874</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Total liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">352,157</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">363,701</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">52,008</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table>

1537000

1224000

175000

730000

945000

135000

5394000 5394000 771000 10898000 11527000 1648000

23190000

23685000

3387000

27000

2301000

329000

41776000

45076000

6445000

1021000

276000

39000

6450000

2078000

297000

2782000

2150000

307000

10253000

4504000

643000

52029000

49580000

7088000

4077000

4987000

713000

87989000

75718000

10828000

5000000

10375000

1484000

35000000

5005000

50884000 50884000 7276000 75840000 98644000 14105000 28900000 28196000 4032000

46172000

45379000

6489000

3614000

1414000

202000

337476000

350597000

50134000

12223000

13104000

1874000

2458000

14681000

13104000

1874000

352157000

363701000

52008000

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: bottom"><td style="padding-left: 9pt; text-align: justify"> </td> <td> </td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">For the years ended December 31,</td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 9pt; text-align: justify"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2023</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2024</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">2025</td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 9pt; text-align: justify"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">RMB</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">RMB</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">RMB</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">US$</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="width: 52%; text-align: justify">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">187,082</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">160,176</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">140,318</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">20,065</td> <td style="width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 9pt; text-align: justify">Net (income) loss</td> <td> </td> <td> </td> <td style="text-align: right">(32,223</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">7,170</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(13,837</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,978</td> <td>)</td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 9pt; text-align: justify">Net cash provided by (used in) operating activities</td> <td> </td> <td> </td> <td style="text-align: right">1,003</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,706</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(5,571</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(797</td> <td>)</td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 9pt; text-align: justify">Net cash (used in) provided by investing activities</td> <td> </td> <td> </td> <td style="text-align: right">(1,160</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(117</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(17</td> <td>)</td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 9pt; text-align: justify">Net cash (used in) provided by financing activities</td> <td> </td> <td> </td> <td style="text-align: right">(2,026</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(8,900</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">5,375</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">769</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 9pt; text-align: justify">Net decrease in cash and cash equivalents</td> <td> </td> <td> </td> <td style="text-align: right">(2,183</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1,694</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(313</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(45</td> <td>)</td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 9pt; text-align: justify">Cash and cash equivalents at the beginning of the year</td> <td> </td> <td> </td> <td style="text-align: right">5,414</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,231</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,537</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">220</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 9pt; text-align: justify">Cash and cash equivalents at the end of the year</td> <td> </td> <td> </td> <td style="text-align: right">3,231</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,537</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,224</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">175</td> <td> </td> </tr></tbody></table>

187082000

160176000

140318000

20065000

-32223000

7170000

-13837000

-1978000

1003000

6706000

-5571000

-797000

-1160000

500000

-117000

-17000

-2026000

-8900000

5375000

769000

-2183000

-1694000

-313000

-45000

5414000

3231000

1537000

220000

3231000

1537000

1224000

175000

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Group’s consolidated financial statements are presented in Renminbi (“RMB”), which is the functional currency of the Company’s primary operating entities. The Company’s reporting currency is also RMB. Translations from RMB to United States dollars (“US$”) are provided solely for the convenience of the reader at the exchange rate in effect at the balance sheet date. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate or at any other rate. The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As discussed in Note 2 (b), certain conditions and events raise substantial doubt about the Group’s ability to continue as a going concern. (b) Going concern considerations The accompanying consolidated financial statements have been prepared assuming that the Group will continue as a going concern. For the year ended December 31, 2025, the Group incurred a net loss of RMB47,377 (US$6,775) and had net cash used in operating activities of RMB45,540 (US$6,513). As of December 31, 2025, the Group had net current liabilities of RMB155,736 (US$22,269) and an accumulated deficit of RMB 1,762,180 (US$251,988). These conditions raise substantial doubt about the Group’s ability to continue as a going concern within 12 months after the date that the consolidated financial statements are issued. On August 19, 2025, the Company completed its initial public offering (“IPO”), which significantly improved its liquidity position. As of December 31, 2025, the Group had cash and cash equivalents of RMB 109,486 (US$15,656). As of December 31, 2025, the Company has received notices from Nasdaq indicating non-compliance with the minimum bid price requirement. If the Company fails to regain compliance within the grace period, its ordinary shares may be delisted from Nasdaq. A delisting could materially impair the Company’s ability to access public capital markets and raise additional financing, and may trigger settlement or acceleration clauses under certain existing financing arrangements. Management has evaluated this condition as part of its going concern assessment under ASC 205-40 and concluded that it represents a significant risk that, when aggregated with other conditions described above, raises substantial doubt about the Company’s ability to continue as a going concern. Management has developed plans to improve the Group’s liquidity position, including optimizing cost structures, improving operating efficiency, and pursuing additional financing if necessary. However, these plans are subject to uncertainties and may not be successfully implemented. Accordingly, substantial doubt about the Group’s ability to continue as a going concern remains. (c) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs in which the Group, through its WFOE, has a controlling financial interest, and the VIEs’ subsidiaries. All intercompany transactions and balances among the Group, its subsidiaries, the VIEs, and the VIEs’ subsidiaries are consolidated when the Company has a controlling financial interest, generally through ownership of a majority of the voting interests. Entities in which the Company holds less than a majority of the voting interests are consolidated if the Company is the primary beneficiary of a variable interest entity (VIE), in accordance with ASC 810, consolidation. (d) Non-controlling interests For the Group’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Group. Non-controlling interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of comprehensive loss to distinguish the interests from that of the Group. (e) Use of estimates The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes. Significant estimates and judgments include, but are not limited to, the allowance for credit losses, the realization of deferred income tax assets, incremental borrowing rates, the fair value of share-based compensation awards, and the measurement of accrued expenses and other liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. (f) Convenience translation Translations of the consolidated financial statements from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the readers. The exchange rate we used to convert RMB to US$ was 6.9931:1 at the balance sheet dates of December 31, 2025. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rates we used to convert RMB to US$ were 6.9931:1 for the year ended December 31, 2025. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited. (g) Significant judgments The preparation of the consolidated financial statements requires management to make judgments in the application of accounting policies. A significant judgment relates to the assessment of whether certain financial instruments, including convertible notes, contain embedded derivatives that require bifurcation under ASC 815. Management evaluates the contractual terms of such instruments to determine whether the embedded features are clearly and closely related to the host contract and whether they qualify for the scope exception for contracts indexed to and settled in the Company’s own stock under ASC 815-40. This assessment involves judgment, particularly in evaluating settlement provisions, potential cash settlement features, and whether the conversion terms are indexed to the Company’s own stock. Based on this assessment, the Company concluded that the embedded conversion features do not require bifurcation and are accounted for as part of the host debt instrument. Changes in the interpretation of contractual terms or relevant accounting guidance could result in a different conclusion and materially affect the Company’s financial position and results of operations. (h) Commitments and contingencies In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. (i) Cash Cash consists of cash on hand and cash at bank. The Group places its cash with financial institutions with high-credit ratings and quality and believes it is not exposed to significant risk on cash and cash equivalents. The bank deposits with each financial institution in the Chinese Mainland, Hong Kong and United States, are insured by the government authorities up to RMB500, HKD500 and US$250, respectively. The bank deposits are insured by the government authorities with amounts up to RMB1,791 and RMB93,070 (US$13,309) as of December 31, 2024 and 2025, respectively. The uninsured portion of cash balances was RMB981 and RMB16,416 (US$2,347) as of December 31, 2024 and 2025, respectively. The Group has not experienced any losses in uninsured bank deposits. The Group also collects certain amounts on behalf of merchants and other counterparties through its platforms. Such amounts are included in cash and cash equivalents, with a corresponding liability recorded within other payables, as the Group does not have beneficial ownership of these funds. Cash and cash equivalents are presented on a gross basis. The Group does not offset cash balances against liabilities, including amounts due to related parties, unless the criteria for offsetting under US GAAP are met. (j) Property and equipment, net Property and equipment are stated at cost less depreciation and any impairment. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top; background-color: #CCEEFF"><td style="width: 73%; padding-left: 10pt; text-align: justify; text-indent: -10pt">Electronic equipment</td> <td style="white-space: nowrap; width: 1%; text-align: justify"> </td> <td style="width: 26%; text-align: center">3 years</td> </tr><tr style="vertical-align: top; background-color: white"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Office furniture and others</td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="text-align: center">3 years</td> </tr><tr style="vertical-align: top; background-color: #CCEEFF"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Leasehold improvements</td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="text-align: center">Shorter of lease term or the estimated useful lives of the assets</td> </tr></tbody> </table> When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized and amortized over the remaining useful life. (k) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets or asset group by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets or asset group and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets or asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the assets. No impairment of long-lived assets was recognized for the years ended December 31, 2023, 2024 and 2025. (l) Value added taxes The Company’s PRC subsidiaries and VIEs are subject to value added tax (“VAT”). Revenue is generally subject to VAT and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other current liabilities, and the excess of input VAT over output VAT is reflected in prepayments and other current assets in the consolidated balance sheets. (m) Fair value measurements Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial assets and liabilities of the Group primarily consist of cash and restricted cash, accounts receivable, amounts due from related parties, receivable from online platforms, receivables on behalf of merchants, staff advances and deposits included in prepayments and other current assets and deposits included in other non-current assets, short-term borrowings, accounts payable, amounts due to related parties, accrued expenses and other current liabilities, financial liabilities, convertible notes payable and shareholder loans, at amortized cost. The carrying amounts of cash and restricted cash, accounts receivable, amounts due from related parties, receivable from online platforms, receivables on behalf of merchants, staff advances and deposits included in prepayments and other current assets, short-term borrowings, accounts payable, amounts due to related parties, accrued expenses and other current liabilities, convertible notes payable and shareholder loans, at amortized cost approximate their fair values due to the short-term maturities. The Group’s non-financial assets, such as property and equipment, equity investments without a readily determinable fair value the Group elects to use the measurement alternative to measure the investment at cost and equity method investments, would be measured at fair value only if they were determined to be impaired. On a recurring basis, financial liabilities presented in Note 10 elected fair value option were measured at fair value. (n) Revenue recognition The Group adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) and recognizes revenue upon the transfer of control of promised services to the Group’s customers, in the amount of consideration the Group expects to receive for those services. Revenue is recorded net of value added tax (“VAT”). Once a contract is determined to be within the scope of ASC 606 at contract inception, the Group identifies performance obligations in the contract. The Group recognizes revenue based on the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates transaction price to each performance obligation based on its relative standalone selling price. The Group generally determines relative standalone selling prices based on its standard price list, taking into consideration market conditions and its overall pricing strategy. When another party is involved in a transaction, the Group evaluates whether it is a principal or an agent to determine whether revenue should be recorded on a gross or net basis. The Group acts as a principal if it obtains control over the goods and services before they are transferred to customers. In such case, revenue is recorded on a gross basis. If the Group does not control the goods and services before they are transferred to customers and acts as an agent, revenue is recorded on a net basis. The Group applied the practical expedient to expense costs as incurred for incremental costs to obtain a contract with a customer, such as sales commission, when the amortization period would have been one year or less. Other incremental costs of obtaining contracts with customers are capitalized and amortized on a systematic basis that is consistent with the transfer to the customer of the services to which the capitalized costs relate. Digital Agricultural Commerce Services The Group operates two online platforms, namely Yimutian and Douniu, which facilitate transactions of agricultural products from merchants to wholesale markets and business buyers. The Group earns revenue from charging service fees on merchants in respect of membership services, value-added services and transaction services provided on Yimutian and Douniu platforms. When the service fees are paid in advance, they are initially recorded as contract liabilities and recognized as revenue when the related performance obligations are satisfied. Membership services The Group provides subscription-based membership services to merchants on the online platforms, which allow its members to enjoy certain privileges, such as hosting premium storefronts on the Group’s online platforms. The subscription periods for the membership services range from one year to four years. The Group collects the non-refundable membership service fees in advance and records as contract liabilities, of which the subscription periods within one year are recorded in the current liabilities and the subscription periods over one year are recorded in the non-current liabilities. As the members receive and consume the benefits of obtaining the privileges throughout the subscription periods, the membership fees are recognized as revenue over the subscription periods on a straight-line basis as the customer simultaneously receives and consumes the benefits of the services. Value-added services The Group provides merchants with value-added services, which include advertising services and contact privilege services. Tian Bi is a virtual currency purchased by customers through prepayment on the Group's platform. Revenue from Tian Bi is recognized when the customer consumes the virtual currency in exchange for the Group's services. Unused Tian Bi balances that are not expected to be redeemed (“breakage”) are recognized as revenue in proportion to the pattern of rights exercised by the customer, based on historical redemption data. The Group provides merchants with advertising services on the online platforms, which include display of digital advertisements and merchant certification services. For display of digital advertisements, the Group recognizes revenues from CPC (cost per click) arrangements based on the number of clicks and from CPM (cost per thousand impression) arrangements based on the number of times displayed and cost per thousand impressions. Merchant certification services, which provide merchants with certification labels, are valid ranging from one month to four years. Service fees from merchant certification services are recognized as revenue on a straight-line basis over the service period, as merchants simultaneously receive and consume the benefits from the certification services throughout the service period. Contact privilege services enable merchants to make calls or send text messages to potential buyers via the online platforms for a fixed quantity over a period ranging from one month to four years. The Group recognizes revenue from contact privilege services at the point in time when the merchants exercise the right to make calls or send text messages or when the right expires unexercised. The Group collects value-added service fees in advance and records as contract liabilities. The contract balance that will be recognized as revenue in the next twelve months is classified as current liabilities, and the remaining balance is classified as non-current liabilities. Transaction services The Group facilitates the sales transactions between merchants and buyers on Yimutian and Douniu platforms. Upon the completion of the transactions of certain agricultural products conducted on the platforms, the Group charges the merchants transaction fees. Transaction fee is calculated as a predetermined percentage of the purchase price of the agricultural products. Transaction fee is recognized as revenue upon the completion of the transactions when the transaction service is accepted by merchants. The Group does not control the agricultural products before they are transferred to customers. Therefore, the Group recognizes revenue on a net basis i.e. it recognizes the transaction fees as its revenue. Other Digital Agricultural Solutions The Group provides other digital agricultural solutions services to local agricultural production organizations, which primarily include providing industry consulting reports, brand promotion, organizing agricultural conferences and digital agricultural training programs. Revenue is recognized at the point in time when the report is delivered or when the conferences and promotion events take place. Revenue from provision of training programs is recognized over the period of the programs. (o) Contract balances When either party to a contract has performed, the Group presents the contract in the consolidated balance sheets as a contract asset or a contract liability, depending on the relationship between the Group’s performance and the customer’s payment. A contract asset is recorded when the Group recognizes revenue before being unconditionally entitled to the consideration under the terms in the contract. A right to consideration is unconditional if only the passage of time is required before payment of the consideration is due. A contract liability is recorded when the customer pays consideration before the Group recognizes the related revenue. A contract liability is also recorded if the Group has an unconditional right to receive consideration before the Group recognizes the related revenue. A receivable is recorded when the Group has an unconditional right to consideration. A refund liability is recognized when the Group expects to refund consideration received from customers. The provision of credit losses for accounts receivable is based upon the expected credit losses (“CECL”) model. The CECL model requires an estimate of the credit losses expected over the life of accounts receivable since initial recognition, and accounts receivable with similar risk characteristics are grouped together when estimating CECL In assessing the CECL, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical credit loss experience, adjusted for relevant factors impacting collectability and forward-looking information indicative of external market conditions. While the Group uses the best information available in making determination, the ultimate recovery of recorded receivables is also dependent upon future economic events and other conditions that may be beyond the Group’s control. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. There is a time lag between when the Group estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. The Group does not have any off-balance sheet credit exposure related to its customers. The Group evaluates whether it controls the specified goods or services before transfer to the customer. Where the Group acts as an agent, revenue is recognized on a net basis. (p) Cost of revenues Cost of revenues consists primarily of (i) staff cost, (ii) cloud service fees charged by cloud service providers, (iii) depreciation and (iv) other costs related to revenues. (q) Selling and marketing expenses Selling and marketing expenses mainly consist of (i) staff cost, and (ii) advertising and promotion expenses, and (iii) rental, depreciation and other expenses related to selling and marketing functions. The advertising and promotion expenses were RMB17,404, RMB14,364 and RMB11,868 (US$1,697) for the year ended December 31, 2023, 2024 and 2025, respectively. (r) Research and development expenses Research and development expenses consist primarily of (i) staff cost and (ii) rental, depreciation and other expenses related to research and development functions. Research and development expenses are expensed as incurred. (s) General and administrative expenses General and administrative expenses consist primarily of (i) share-based compensation, staff cost, rental and depreciation related to general and administrative personnel, (ii) current expected credit losses, (iii) professional service fees, and (iv) other general corporate expenses. (t) Inventories, net Inventories, consisting of commodities available for sale, are stated at the lower of cost and net realizable value. Cost of inventories is mainly determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as inventory aging, historical and forecasted consumer demand, and market conditions that impact pricing. The Company takes ownership, risks and rewards of the products purchased. (u) Share-based compensation The Company periodically grants share options to eligible employees, directors, and consultants, which are subject to both service and performance conditions. For the share-based awards granted with only service conditions that have a graded vesting schedule, share-based compensation expenses are recognized using the straight-line method over the requisite service period, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date. For the share-based awards granted with both a service condition and an initial public offering ("IPO") performance condition, share-based compensation expenses are measured at the grant-date fair value and recognized on a tranche-by-tranche basis when it is probable an IPO will be achieved. Upon the IPO completion in August 2025, this performance condition is satisfied. The Company elects to recognize the effect of forfeitures in compensation cost when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed. For the share-based awards granted with only service conditions that have a graded vesting schedule, share-based compensation expenses are recognized using the straight-line method, over the requisite service period, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date. For the share-based awards granted with both a service condition and an initial public offering (“IPO”) performance condition, share-based compensation expenses are measured at the grant-date fair value and recognized on a tranche-by-tranche basis, when it is probable an IPO will be achieved. Upon the IPO completion in August 2025, this performance condition is satisfied. The Company elects to recognize the effect of forfeitures in compensation cost when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed. For awards granted prior to the IPO, the fair value of share-based awards is estimated on the grant date using the Binomial Option Pricing Model. For awards granted on or after the IPO date, the fair value of the underlying shares is determined based on the quoted market price on the grant date, and the pre-IPO valuation model assumptions are no longer applied. (v) Employee benefits The Company’s subsidiaries and VIEs and the VIEs’ subsidiaries in PRC participate in a government mandated, multiemployer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in the PRC to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the salaries of qualified employees. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statements of comprehensive loss amounted to RMB 28,818, RMB22,431, and RMB20,495 (US$2,931) for the year ended December 31, 2023, 2024 and 2025, respectively. (w) Income taxes The Group accounts for income taxes using the asset and liability method. Current income taxes are provided on the basis of income before income taxes for financial reporting purposes and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. The effect on deferred income taxes arising from a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. The Group applies a “more likely than not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in interest expenses and general and administrative expenses, respectively. As of December 31, 2024 and 2025, the Group did not have any unrecognized uncertain tax positions. (x) Leases The Group leases premise for offices under non-cancellable operating leases. Leases with rent provisions were recognized on a straight-line basis commencing with the beginning of the lease terms. There were no capital improvement funding and contingent rent in the lease agreements. The Group has no legal or contractual asset retirement obligations at the end of the lease terms. The operating lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease terms. The operating lease right-of-use assets are initially measured at cost, which comprises the initial amount of the operating lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the incremental borrowing rate at the lease commencement date is used in determining the imputed interest and present value of lease payments. The incremental borrowing rate was determined using a portfolio approach based on the rate of interest that the Group would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Group recognizes the single lease cost on a straight-line basis over the remaining lease terms for operating leases. The Group elected the practical expedient of the short-term lease exemption for contracts with lease terms of 12 months or less. Provisions for reinstatement obligations associated with leases are recognized when the Group has a present obligation to restore leased premises and the cost can be reasonably estimated. Such costs are included in the initial measurement of the related right-of-use assets and subsequently accreted over the lease term. (y) Foreign currency translation and foreign currency risks The Group’s reporting currency is RMB. The functional currency of the Company and its subsidiaries incorporated at Cayman Islands and Hong Kong S.A.R. is the US$. The functional currency of the Company’s PRC subsidiaries, VIEs and the VIEs’ subsidiaries is RMB. Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded as general and administrative expenses in the consolidated statements of comprehensive loss. The financial statements of the Company and its subsidiary incorporated at Hong Kong S.A.R. are translated from their functional currencies into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings (deficits) generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive income (loss) in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholders’ deficit. RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the PRC government, controls the conversion of RMB to foreign currencies. The value of the RMB is subject to changes of central government policies and international economic and political developments affecting supply and demand in the China foreign exchange trading system market. (z) Accounts receivable Accounts receivable are recorded at invoiced amounts, net of any allowance for expected credit losses. The Company evaluates the collectability of accounts receivable based on a combination of factors including historical experience, current economic conditions, customer creditworthiness, and the age of the receivables. The Company estimates expected credit losses using a probability-weighted model under ASC 326, Financial Instruments — Credit Losses, and records an allowance for credit losses in the same period as the related revenue is recognized. Receivables are written off when deemed uncollectible. Allowance for credit losses The Company estimates expected credit losses on accounts receivable using the historical loss rate method in accordance with ASC 326, Financial Instruments — Credit Losses. The model considers historical write-off trends adjusted for current economic conditions and reasonable and supportable forecasts that may affect collectability. Receivables are grouped based on shared risk characteristics age of receivable, and loss rates are applied to each aging category. The Company writes off receivables when it determines they are no longer collectible. The Company applies both individual and collective assessment approaches in estimating expected credit losses. Significant balances are assessed individually based on contractual terms, counterparty creditworthiness, and historical settlement patterns. The remaining balances are assessed collectively using a provision matrix based on historical loss experience, adjusted for current conditions and reasonable and supportable forecasts. (aa) Other receivables Other receivables primarily include receivables from online payment platforms, receivables on behalf of merchants, advances to third parties, staff advances, deposits, and other miscellaneous receivables arising in the ordinary course of business. These balances are recorded at amortized cost and are reviewed regularly for collectability. Prepayments primarily represent advance payments for services and are recognized as expenses over the period in which the related services are received. Contract acquisition costs represent incremental costs of obtaining customer contracts and are capitalized when recoverable and amortized on a systematic basis over the period of benefit, which is generally consistent with the underlying contract period or expected customer relationship period. The Company periodically evaluates these costs for impairment. Contract acquisition costs represent incremental costs of obtaining customer contracts and are capitalized and amortized over the period of benefit. Other current assets primarily include receivables from online payment platforms, receivables on behalf of merchants, staff advances, deposits, advances to third parties, VAT recoverable, and other short-term balances arising in the ordinary course of business. Financial assets included in other current assets are measured at amortized cost and are subject to an allowance for expected credit losses. These assets are expected to be realized within twelve months. The Company evaluates expected credit losses on other receivables using a methodology consistent with accounts receivable. Significant balances are assessed individually, while the remaining balances are assessed collectively based on shared risk characteristics and historical loss experience. Allowance for credit losses The Company estimates expected credit losses on financial assets measured at amortized cost using a methodology consistent with ASC 326. The Company applies both individual and collective assessment approaches: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 0.5in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">Significant balances, including advances to third parties and platform-related receivables, are assessed individually based on contractual terms, counterparty creditworthiness, and historical settlement patterns.</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 0.5in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">The remaining balances are assessed collectively using a provision matrix based on historical loss experience, adjusted for current conditions and reasonable and supportable forecasts.</td> </tr></tbody></table> Financial assets are written off when there is no reasonable expectation of recovery. Other non-current assets primarily consist of security deposits and others. These assets are recorded at cost and are classified as non-current based on the expected timing of realization, which is greater than twelve months from the balance sheet date. The Company periodically reviews these assets for indicators of impairment in accordance with applicable guidance (e.g., ASC 360 for long-lived assets, ASC 350 for intangibles, ASC 326 for financial assets). If indicators of impairment are present, the Company evaluates recoverability by comparing the carrying amount to the estimated undiscounted future cash flows or fair value. An impairment loss is recorded if the carrying amount exceeds its recoverable value. Concentration of credit risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash and restricted cash, accounts receivable, amounts due from related parties, receivable from online platforms, receivables on behalf of merchants, staff advances and deposits included in prepayments and other current assets. Concentration of customers and suppliers All revenues were derived from customers located in the PRC. No customer individually represents greater than 10% of total revenues of the Group for the years ended December 31, 2024 and 2025. For the years ended December 31, 2023, 2024 and 2025, no single supplier represented greater than 10% of total purchases. Convertible notes payable Convertible notes payable are initially recognized at the proceeds received, net of issuance costs. Any difference between the principal amount and the initial carrying amount is recorded as a debt discount. Subsequently, the notes are measured at amortized cost using the effective interest method, whereby interest expense is recognized over the term of the instrument to accrete the carrying amount to the principal amount at maturity. The Company evaluates embedded conversion features in convertible instruments to determine whether bifurcation as a derivative is required under ASC 815. If the embedded feature does not require separate accounting, the instrument is accounted for as a single liability. Transaction costs directly attributable to the issuance of debt are recorded as a reduction of the carrying amount and amortized as part of interest expense over the term of the instrument. (ab) Financial liabilities Financial liabilities primarily comprise short-term borrowings and other debt instruments. Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, unless otherwise required. Interest expense is recognized over the term of the borrowing using the effective interest method. For instruments where contractual interest terms are not fully determined at initial recognition or reporting date, management applies judgment in estimating the effective interest rate based on available information. Debt instruments that previously contained equity-linked features are reassessed upon modification. Where such features are removed, the instrument is accounted for as a financial liability going forward. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement for at least twelve months after the reporting date. Any modifications to the terms of financial liabilities are evaluated to determine whether they represent a substantial modification, and the accounting treatment is adjusted accordingly. (ac) Statutory reserves In accordance with the PRC Company Laws, the Group’s PRC subsidiaries, VIEs and the VIEs’ subsidiaries must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. For the year ended December 31, 2023, 2024 and 2025, no appropriation was made to the statutory surplus fund and discretionary surplus fund by the Group’s PRC subsidiaries, VIEs and the VIEs’ subsidiaries as these PRC companies did not earn any after-tax profits as determined under PRC GAAP. (ad) Loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders, considering the accretions of redemption feature related to the Company’s redeemable convertible preferred shares, by the weighted average number of ordinary shares during the period using the two-class method. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on their participating rights. Net losses are not allocated to other participating securities if based on their contractual terms they are not obligated to share the losses. Contingently issuable shares are included in the computation of basic earnings per share only when there is no circumstance under which those shares would not be issued. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of ordinary shares issuable upon the conversion of the preferred shares, using the if-converted method, and financial liabilities using the if-converted method, and shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such share would be anti-dilutive. (ae) Segment reporting The Group uses the management approach in determining its operating segments in accordance with ASC 280, Segment Reporting. The Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Group’s Chief Executive Officer does not segregate the Group’s business by service lines. The Company operates as a single operating and reportable segment, as it offers a unified set of products and services primarily related to the provision of digital agricultural transaction services. The CODM evaluates the Group’s performance and makes resource allocation decisions based on consolidated results. The Group’s operations are managed as a single operating segment as the Group offers an integrated suite of digital agricultural services and the CODM does not review discrete financial information by product or service lines. Accordingly, the Group has one operating and reportable segment. Substantially all of the Group’s revenues are derived from customers located in the People’s Republic of China (“PRC”), and all of the Group’s long-lived assets are located in the PRC. (af) Investments in equity investees The Company’s investments in equity investees include investments in entities over which the Company has significant influence and investments in equity securities in which the Company does not have a controlling financial interest. Investments in entities over which the Company has significant influence but does not have control are accounted for using the equity method of accounting. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to recognize the Company’s proportionate share of the investee’s net earnings or losses, as well as dividends received. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. For equity investments in which the Company does not have significant influence and for which a readily determinable fair value is not available, the Company applies the measurement alternative to measure the investments at cost, less impairment, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. The Company assesses such investments for impairment based on a qualitative assessment of whether indicators of impairment exist. The Company discontinues the application of the equity method when its investment is reduced to zero and no additional financial support or obligations to the investee exist. Subsequent losses are recognized only to the extent that the Company has incurred obligations or made payments on behalf of the investee. As of December 31, 2025, investments in equity investees are not material to the consolidated financial statements. (ag) Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other part in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or are related corporation. (ag) Recent accounting pronouncements In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This pronouncement introduces new disclosure requirements aimed at enhancing transparency in financial reporting by requiring disaggregation of specific income statement expense captions. Under the new guidance, entities are required to disclose a breakdown of certain expense categories, such as: employee compensation; depreciation; amortization, and other material components. The disaggregated information can be presented either on the face of the income statement or in the notes to the financial statements, often using a tabular format. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact. In January 2025, the FASB issued ASU 2025-01, which revises the effective date of ASU 2024-03 (on disclosures about disaggregation of income statement expenses) “to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.” Entities within the ASU’s scope are permitted to early adopt the ASU. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact. In January 2025, the FASB issued ASU 2025-01, “Income Statement – Comprehensive Income – Expense Disaggregation Disclosure (Subtopic 220-40): Clarifying the Effective Date.” This pronouncement revises the effective date of ASU 2024-03 and clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU’s scope are permitted to early adopt the accounting standard update. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The ASU requires entities to apply the existing acquirer determination guidance in ASC 805-10-55-12 through 55-15 when a business combination is effected primarily by exchanging equity interests and the legal acquiree is a VIE that meets the definition of a business, rather than automatically designating the primary beneficiary as the accounting acquirer. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted. The amendments will be applied prospectively. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, which amends ASC 326-20 to provide a practical expedient for all entities which elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset in developing reasonable and supportable forecasts as part of estimating expected credit losses, and an accounting policy election for all entities, other than a public business entity, that elect the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. Under ASU 2025-05, an entity is required to disclose whether it has elected to use the practical expedient and, if so, whether it has also applied the accounting policy election. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. Entities should apply the new guidance prospectively. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact. In December 2025, the FASB issued ASU 2025-11, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. As the Board stated in the proposed guidance and reiterates in the ASU, the amendments are not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. For public business entities, the amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. For entities other than public business entities, for interim reporting periods within annual reporting periods beginning after December 15, 2028. Early adoption is permitted for all entities.

(a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Group’s consolidated financial statements are presented in Renminbi (“RMB”), which is the functional currency of the Company’s primary operating entities. The Company’s reporting currency is also RMB. Translations from RMB to United States dollars (“US$”) are provided solely for the convenience of the reader at the exchange rate in effect at the balance sheet date. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate or at any other rate. The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As discussed in Note 2 (b), certain conditions and events raise substantial doubt about the Group’s ability to continue as a going concern.

(b) Going concern considerations The accompanying consolidated financial statements have been prepared assuming that the Group will continue as a going concern. For the year ended December 31, 2025, the Group incurred a net loss of RMB47,377 (US$6,775) and had net cash used in operating activities of RMB45,540 (US$6,513). As of December 31, 2025, the Group had net current liabilities of RMB155,736 (US$22,269) and an accumulated deficit of RMB 1,762,180 (US$251,988). These conditions raise substantial doubt about the Group’s ability to continue as a going concern within 12 months after the date that the consolidated financial statements are issued. On August 19, 2025, the Company completed its initial public offering (“IPO”), which significantly improved its liquidity position. As of December 31, 2025, the Group had cash and cash equivalents of RMB 109,486 (US$15,656). As of December 31, 2025, the Company has received notices from Nasdaq indicating non-compliance with the minimum bid price requirement. If the Company fails to regain compliance within the grace period, its ordinary shares may be delisted from Nasdaq. A delisting could materially impair the Company’s ability to access public capital markets and raise additional financing, and may trigger settlement or acceleration clauses under certain existing financing arrangements. Management has evaluated this condition as part of its going concern assessment under ASC 205-40 and concluded that it represents a significant risk that, when aggregated with other conditions described above, raises substantial doubt about the Company’s ability to continue as a going concern. Management has developed plans to improve the Group’s liquidity position, including optimizing cost structures, improving operating efficiency, and pursuing additional financing if necessary. However, these plans are subject to uncertainties and may not be successfully implemented. Accordingly, substantial doubt about the Group’s ability to continue as a going concern remains.

-47377000

-6775000

-45540000

-6513000

155736

22269000

-1762180000

-251988000

109486000

15656000

(c) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs in which the Group, through its WFOE, has a controlling financial interest, and the VIEs’ subsidiaries. All intercompany transactions and balances among the Group, its subsidiaries, the VIEs, and the VIEs’ subsidiaries are consolidated when the Company has a controlling financial interest, generally through ownership of a majority of the voting interests. Entities in which the Company holds less than a majority of the voting interests are consolidated if the Company is the primary beneficiary of a variable interest entity (VIE), in accordance with ASC 810, consolidation.

(d) Non-controlling interests For the Group’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Group. Non-controlling interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of comprehensive loss to distinguish the interests from that of the Group.

(e) Use of estimates The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes. Significant estimates and judgments include, but are not limited to, the allowance for credit losses, the realization of deferred income tax assets, incremental borrowing rates, the fair value of share-based compensation awards, and the measurement of accrued expenses and other liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

(f) Convenience translation Translations of the consolidated financial statements from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the readers. The exchange rate we used to convert RMB to US$ was 6.9931:1 at the balance sheet dates of December 31, 2025. The average exchange rate for the period has been used to translate revenues and expenses. The average exchange rates we used to convert RMB to US$ were 6.9931:1 for the year ended December 31, 2025. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited.

0.069931

0.01

0.069931 0.01 (g) Significant judgments The preparation of the consolidated financial statements requires management to make judgments in the application of accounting policies. A significant judgment relates to the assessment of whether certain financial instruments, including convertible notes, contain embedded derivatives that require bifurcation under ASC 815. Management evaluates the contractual terms of such instruments to determine whether the embedded features are clearly and closely related to the host contract and whether they qualify for the scope exception for contracts indexed to and settled in the Company’s own stock under ASC 815-40. This assessment involves judgment, particularly in evaluating settlement provisions, potential cash settlement features, and whether the conversion terms are indexed to the Company’s own stock. Based on this assessment, the Company concluded that the embedded conversion features do not require bifurcation and are accounted for as part of the host debt instrument. Changes in the interpretation of contractual terms or relevant accounting guidance could result in a different conclusion and materially affect the Company’s financial position and results of operations.

(h) Commitments and contingencies In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

(i) Cash Cash consists of cash on hand and cash at bank. The Group places its cash with financial institutions with high-credit ratings and quality and believes it is not exposed to significant risk on cash and cash equivalents. The bank deposits with each financial institution in the Chinese Mainland, Hong Kong and United States, are insured by the government authorities up to RMB500, HKD500 and US$250, respectively. The bank deposits are insured by the government authorities with amounts up to RMB1,791 and RMB93,070 (US$13,309) as of December 31, 2024 and 2025, respectively. The uninsured portion of cash balances was RMB981 and RMB16,416 (US$2,347) as of December 31, 2024 and 2025, respectively. The Group has not experienced any losses in uninsured bank deposits. The Group also collects certain amounts on behalf of merchants and other counterparties through its platforms. Such amounts are included in cash and cash equivalents, with a corresponding liability recorded within other payables, as the Group does not have beneficial ownership of these funds. Cash and cash equivalents are presented on a gross basis. The Group does not offset cash balances against liabilities, including amounts due to related parties, unless the criteria for offsetting under US GAAP are met.

500000

250000

1791000

93070000

13309000

981000

16416000

2347000

(j) Property and equipment, net Property and equipment are stated at cost less depreciation and any impairment. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top; background-color: #CCEEFF"><td style="width: 73%; padding-left: 10pt; text-align: justify; text-indent: -10pt">Electronic equipment</td> <td style="white-space: nowrap; width: 1%; text-align: justify"> </td> <td style="width: 26%; text-align: center">3 years</td> </tr><tr style="vertical-align: top; background-color: white"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Office furniture and others</td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="text-align: center">3 years</td> </tr><tr style="vertical-align: top; background-color: #CCEEFF"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Leasehold improvements</td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="text-align: center">Shorter of lease term or the estimated useful lives of the assets</td> </tr></tbody> </table> When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized and amortized over the remaining useful life.

Property and equipment are stated at cost less depreciation and any impairment. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top; background-color: #CCEEFF"><td style="width: 73%; padding-left: 10pt; text-align: justify; text-indent: -10pt">Electronic equipment</td> <td style="white-space: nowrap; width: 1%; text-align: justify"> </td> <td style="width: 26%; text-align: center">3 years</td> </tr><tr style="vertical-align: top; background-color: white"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Office furniture and others</td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="text-align: center">3 years</td> </tr><tr style="vertical-align: top; background-color: #CCEEFF"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Leasehold improvements</td> <td style="white-space: nowrap; text-align: justify"> </td> <td style="text-align: center">Shorter of lease term or the estimated useful lives of the assets</td> </tr></tbody> </table>

P3Y

(k) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets or asset group by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets or asset group and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets or asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the assets. No impairment of long-lived assets was recognized for the years ended December 31, 2023, 2024 and 2025.

(l) Value added taxes The Company’s PRC subsidiaries and VIEs are subject to value added tax (“VAT”). Revenue is generally subject to VAT and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other current liabilities, and the excess of input VAT over output VAT is reflected in prepayments and other current assets in the consolidated balance sheets.

(m) Fair value measurements Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial assets and liabilities of the Group primarily consist of cash and restricted cash, accounts receivable, amounts due from related parties, receivable from online platforms, receivables on behalf of merchants, staff advances and deposits included in prepayments and other current assets and deposits included in other non-current assets, short-term borrowings, accounts payable, amounts due to related parties, accrued expenses and other current liabilities, financial liabilities, convertible notes payable and shareholder loans, at amortized cost. The carrying amounts of cash and restricted cash, accounts receivable, amounts due from related parties, receivable from online platforms, receivables on behalf of merchants, staff advances and deposits included in prepayments and other current assets, short-term borrowings, accounts payable, amounts due to related parties, accrued expenses and other current liabilities, convertible notes payable and shareholder loans, at amortized cost approximate their fair values due to the short-term maturities. The Group’s non-financial assets, such as property and equipment, equity investments without a readily determinable fair value the Group elects to use the measurement alternative to measure the investment at cost and equity method investments, would be measured at fair value only if they were determined to be impaired. On a recurring basis, financial liabilities presented in Note 10 elected fair value option were measured at fair value.

(n) Revenue recognition The Group adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) and recognizes revenue upon the transfer of control of promised services to the Group’s customers, in the amount of consideration the Group expects to receive for those services. Revenue is recorded net of value added tax (“VAT”). Once a contract is determined to be within the scope of ASC 606 at contract inception, the Group identifies performance obligations in the contract. The Group recognizes revenue based on the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates transaction price to each performance obligation based on its relative standalone selling price. The Group generally determines relative standalone selling prices based on its standard price list, taking into consideration market conditions and its overall pricing strategy. When another party is involved in a transaction, the Group evaluates whether it is a principal or an agent to determine whether revenue should be recorded on a gross or net basis. The Group acts as a principal if it obtains control over the goods and services before they are transferred to customers. In such case, revenue is recorded on a gross basis. If the Group does not control the goods and services before they are transferred to customers and acts as an agent, revenue is recorded on a net basis. The Group applied the practical expedient to expense costs as incurred for incremental costs to obtain a contract with a customer, such as sales commission, when the amortization period would have been one year or less. Other incremental costs of obtaining contracts with customers are capitalized and amortized on a systematic basis that is consistent with the transfer to the customer of the services to which the capitalized costs relate. Digital Agricultural Commerce Services The Group operates two online platforms, namely Yimutian and Douniu, which facilitate transactions of agricultural products from merchants to wholesale markets and business buyers. The Group earns revenue from charging service fees on merchants in respect of membership services, value-added services and transaction services provided on Yimutian and Douniu platforms. When the service fees are paid in advance, they are initially recorded as contract liabilities and recognized as revenue when the related performance obligations are satisfied. Membership services The Group provides subscription-based membership services to merchants on the online platforms, which allow its members to enjoy certain privileges, such as hosting premium storefronts on the Group’s online platforms. The subscription periods for the membership services range from one year to four years. The Group collects the non-refundable membership service fees in advance and records as contract liabilities, of which the subscription periods within one year are recorded in the current liabilities and the subscription periods over one year are recorded in the non-current liabilities. As the members receive and consume the benefits of obtaining the privileges throughout the subscription periods, the membership fees are recognized as revenue over the subscription periods on a straight-line basis as the customer simultaneously receives and consumes the benefits of the services. Value-added services The Group provides merchants with value-added services, which include advertising services and contact privilege services. Tian Bi is a virtual currency purchased by customers through prepayment on the Group's platform. Revenue from Tian Bi is recognized when the customer consumes the virtual currency in exchange for the Group's services. Unused Tian Bi balances that are not expected to be redeemed (“breakage”) are recognized as revenue in proportion to the pattern of rights exercised by the customer, based on historical redemption data. The Group provides merchants with advertising services on the online platforms, which include display of digital advertisements and merchant certification services. For display of digital advertisements, the Group recognizes revenues from CPC (cost per click) arrangements based on the number of clicks and from CPM (cost per thousand impression) arrangements based on the number of times displayed and cost per thousand impressions. Merchant certification services, which provide merchants with certification labels, are valid ranging from one month to four years. Service fees from merchant certification services are recognized as revenue on a straight-line basis over the service period, as merchants simultaneously receive and consume the benefits from the certification services throughout the service period. Contact privilege services enable merchants to make calls or send text messages to potential buyers via the online platforms for a fixed quantity over a period ranging from one month to four years. The Group recognizes revenue from contact privilege services at the point in time when the merchants exercise the right to make calls or send text messages or when the right expires unexercised. The Group collects value-added service fees in advance and records as contract liabilities. The contract balance that will be recognized as revenue in the next twelve months is classified as current liabilities, and the remaining balance is classified as non-current liabilities. Transaction services The Group facilitates the sales transactions between merchants and buyers on Yimutian and Douniu platforms. Upon the completion of the transactions of certain agricultural products conducted on the platforms, the Group charges the merchants transaction fees. Transaction fee is calculated as a predetermined percentage of the purchase price of the agricultural products. Transaction fee is recognized as revenue upon the completion of the transactions when the transaction service is accepted by merchants. The Group does not control the agricultural products before they are transferred to customers. Therefore, the Group recognizes revenue on a net basis i.e. it recognizes the transaction fees as its revenue. Other Digital Agricultural Solutions The Group provides other digital agricultural solutions services to local agricultural production organizations, which primarily include providing industry consulting reports, brand promotion, organizing agricultural conferences and digital agricultural training programs. Revenue is recognized at the point in time when the report is delivered or when the conferences and promotion events take place. Revenue from provision of training programs is recognized over the period of the programs.

(o) Contract balances When either party to a contract has performed, the Group presents the contract in the consolidated balance sheets as a contract asset or a contract liability, depending on the relationship between the Group’s performance and the customer’s payment. A contract asset is recorded when the Group recognizes revenue before being unconditionally entitled to the consideration under the terms in the contract. A right to consideration is unconditional if only the passage of time is required before payment of the consideration is due. A contract liability is recorded when the customer pays consideration before the Group recognizes the related revenue. A contract liability is also recorded if the Group has an unconditional right to receive consideration before the Group recognizes the related revenue. A receivable is recorded when the Group has an unconditional right to consideration. A refund liability is recognized when the Group expects to refund consideration received from customers. The provision of credit losses for accounts receivable is based upon the expected credit losses (“CECL”) model. The CECL model requires an estimate of the credit losses expected over the life of accounts receivable since initial recognition, and accounts receivable with similar risk characteristics are grouped together when estimating CECL In assessing the CECL, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical credit loss experience, adjusted for relevant factors impacting collectability and forward-looking information indicative of external market conditions. While the Group uses the best information available in making determination, the ultimate recovery of recorded receivables is also dependent upon future economic events and other conditions that may be beyond the Group’s control. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. There is a time lag between when the Group estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. The Group does not have any off-balance sheet credit exposure related to its customers. The Group evaluates whether it controls the specified goods or services before transfer to the customer. Where the Group acts as an agent, revenue is recognized on a net basis.

(p) Cost of revenues Cost of revenues consists primarily of (i) staff cost, (ii) cloud service fees charged by cloud service providers, (iii) depreciation and (iv) other costs related to revenues.

(q) Selling and marketing expenses Selling and marketing expenses mainly consist of (i) staff cost, and (ii) advertising and promotion expenses, and (iii) rental, depreciation and other expenses related to selling and marketing functions. The advertising and promotion expenses were RMB17,404, RMB14,364 and RMB11,868 (US$1,697) for the year ended December 31, 2023, 2024 and 2025, respectively.

17404000

14364000

11868000

1697000

(r) Research and development expenses Research and development expenses consist primarily of (i) staff cost and (ii) rental, depreciation and other expenses related to research and development functions. Research and development expenses are expensed as incurred.

(s) General and administrative expenses General and administrative expenses consist primarily of (i) share-based compensation, staff cost, rental and depreciation related to general and administrative personnel, (ii) current expected credit losses, (iii) professional service fees, and (iv) other general corporate expenses.

(t) Inventories, net Inventories, consisting of commodities available for sale, are stated at the lower of cost and net realizable value. Cost of inventories is mainly determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as inventory aging, historical and forecasted consumer demand, and market conditions that impact pricing. The Company takes ownership, risks and rewards of the products purchased.

(u) Share-based compensation The Company periodically grants share options to eligible employees, directors, and consultants, which are subject to both service and performance conditions. For the share-based awards granted with only service conditions that have a graded vesting schedule, share-based compensation expenses are recognized using the straight-line method over the requisite service period, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date. For the share-based awards granted with both a service condition and an initial public offering ("IPO") performance condition, share-based compensation expenses are measured at the grant-date fair value and recognized on a tranche-by-tranche basis when it is probable an IPO will be achieved. Upon the IPO completion in August 2025, this performance condition is satisfied. The Company elects to recognize the effect of forfeitures in compensation cost when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed. For the share-based awards granted with only service conditions that have a graded vesting schedule, share-based compensation expenses are recognized using the straight-line method, over the requisite service period, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date. For the share-based awards granted with both a service condition and an initial public offering (“IPO”) performance condition, share-based compensation expenses are measured at the grant-date fair value and recognized on a tranche-by-tranche basis, when it is probable an IPO will be achieved. Upon the IPO completion in August 2025, this performance condition is satisfied. The Company elects to recognize the effect of forfeitures in compensation cost when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed. For awards granted prior to the IPO, the fair value of share-based awards is estimated on the grant date using the Binomial Option Pricing Model. For awards granted on or after the IPO date, the fair value of the underlying shares is determined based on the quoted market price on the grant date, and the pre-IPO valuation model assumptions are no longer applied.

(v) Employee benefits The Company’s subsidiaries and VIEs and the VIEs’ subsidiaries in PRC participate in a government mandated, multiemployer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in the PRC to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the salaries of qualified employees. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statements of comprehensive loss amounted to RMB 28,818, RMB22,431, and RMB20,495 (US$2,931) for the year ended December 31, 2023, 2024 and 2025, respectively.

28818000

22431000

20495000

2931000

(w) Income taxes The Group accounts for income taxes using the asset and liability method. Current income taxes are provided on the basis of income before income taxes for financial reporting purposes and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. The effect on deferred income taxes arising from a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. The Group applies a “more likely than not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in interest expenses and general and administrative expenses, respectively. As of December 31, 2024 and 2025, the Group did not have any unrecognized uncertain tax positions.

(x) Leases The Group leases premise for offices under non-cancellable operating leases. Leases with rent provisions were recognized on a straight-line basis commencing with the beginning of the lease terms. There were no capital improvement funding and contingent rent in the lease agreements. The Group has no legal or contractual asset retirement obligations at the end of the lease terms. The operating lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease terms. The operating lease right-of-use assets are initially measured at cost, which comprises the initial amount of the operating lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the incremental borrowing rate at the lease commencement date is used in determining the imputed interest and present value of lease payments. The incremental borrowing rate was determined using a portfolio approach based on the rate of interest that the Group would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Group recognizes the single lease cost on a straight-line basis over the remaining lease terms for operating leases. The Group elected the practical expedient of the short-term lease exemption for contracts with lease terms of 12 months or less. Provisions for reinstatement obligations associated with leases are recognized when the Group has a present obligation to restore leased premises and the cost can be reasonably estimated. Such costs are included in the initial measurement of the related right-of-use assets and subsequently accreted over the lease term.

P12M

(y) Foreign currency translation and foreign currency risks The Group’s reporting currency is RMB. The functional currency of the Company and its subsidiaries incorporated at Cayman Islands and Hong Kong S.A.R. is the US$. The functional currency of the Company’s PRC subsidiaries, VIEs and the VIEs’ subsidiaries is RMB. Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded as general and administrative expenses in the consolidated statements of comprehensive loss. The financial statements of the Company and its subsidiary incorporated at Hong Kong S.A.R. are translated from their functional currencies into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings (deficits) generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive income (loss) in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in the consolidated statements of changes in shareholders’ deficit. RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the PRC government, controls the conversion of RMB to foreign currencies. The value of the RMB is subject to changes of central government policies and international economic and political developments affecting supply and demand in the China foreign exchange trading system market.

(z) Accounts receivable Accounts receivable are recorded at invoiced amounts, net of any allowance for expected credit losses. The Company evaluates the collectability of accounts receivable based on a combination of factors including historical experience, current economic conditions, customer creditworthiness, and the age of the receivables. The Company estimates expected credit losses using a probability-weighted model under ASC 326, Financial Instruments — Credit Losses, and records an allowance for credit losses in the same period as the related revenue is recognized. Receivables are written off when deemed uncollectible. Allowance for credit losses The Company estimates expected credit losses on accounts receivable using the historical loss rate method in accordance with ASC 326, Financial Instruments — Credit Losses. The model considers historical write-off trends adjusted for current economic conditions and reasonable and supportable forecasts that may affect collectability. Receivables are grouped based on shared risk characteristics age of receivable, and loss rates are applied to each aging category. The Company writes off receivables when it determines they are no longer collectible. The Company applies both individual and collective assessment approaches in estimating expected credit losses. Significant balances are assessed individually based on contractual terms, counterparty creditworthiness, and historical settlement patterns. The remaining balances are assessed collectively using a provision matrix based on historical loss experience, adjusted for current conditions and reasonable and supportable forecasts.

(aa) Other receivables Other receivables primarily include receivables from online payment platforms, receivables on behalf of merchants, advances to third parties, staff advances, deposits, and other miscellaneous receivables arising in the ordinary course of business. These balances are recorded at amortized cost and are reviewed regularly for collectability. Prepayments primarily represent advance payments for services and are recognized as expenses over the period in which the related services are received. Contract acquisition costs represent incremental costs of obtaining customer contracts and are capitalized when recoverable and amortized on a systematic basis over the period of benefit, which is generally consistent with the underlying contract period or expected customer relationship period. The Company periodically evaluates these costs for impairment. Contract acquisition costs represent incremental costs of obtaining customer contracts and are capitalized and amortized over the period of benefit. Other current assets primarily include receivables from online payment platforms, receivables on behalf of merchants, staff advances, deposits, advances to third parties, VAT recoverable, and other short-term balances arising in the ordinary course of business. Financial assets included in other current assets are measured at amortized cost and are subject to an allowance for expected credit losses. These assets are expected to be realized within twelve months. The Company evaluates expected credit losses on other receivables using a methodology consistent with accounts receivable. Significant balances are assessed individually, while the remaining balances are assessed collectively based on shared risk characteristics and historical loss experience. Allowance for credit losses The Company estimates expected credit losses on financial assets measured at amortized cost using a methodology consistent with ASC 326. The Company applies both individual and collective assessment approaches: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 0.5in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">Significant balances, including advances to third parties and platform-related receivables, are assessed individually based on contractual terms, counterparty creditworthiness, and historical settlement patterns.</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"><td style="width: 0.5in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">The remaining balances are assessed collectively using a provision matrix based on historical loss experience, adjusted for current conditions and reasonable and supportable forecasts.</td> </tr></tbody></table> Financial assets are written off when there is no reasonable expectation of recovery. Other non-current assets primarily consist of security deposits and others. These assets are recorded at cost and are classified as non-current based on the expected timing of realization, which is greater than twelve months from the balance sheet date. The Company periodically reviews these assets for indicators of impairment in accordance with applicable guidance (e.g., ASC 360 for long-lived assets, ASC 350 for intangibles, ASC 326 for financial assets). If indicators of impairment are present, the Company evaluates recoverability by comparing the carrying amount to the estimated undiscounted future cash flows or fair value. An impairment loss is recorded if the carrying amount exceeds its recoverable value. Concentration of credit risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash and restricted cash, accounts receivable, amounts due from related parties, receivable from online platforms, receivables on behalf of merchants, staff advances and deposits included in prepayments and other current assets. Concentration of customers and suppliers All revenues were derived from customers located in the PRC. No customer individually represents greater than 10% of total revenues of the Group for the years ended December 31, 2024 and 2025. For the years ended December 31, 2023, 2024 and 2025, no single supplier represented greater than 10% of total purchases. Convertible notes payable Convertible notes payable are initially recognized at the proceeds received, net of issuance costs. Any difference between the principal amount and the initial carrying amount is recorded as a debt discount. Subsequently, the notes are measured at amortized cost using the effective interest method, whereby interest expense is recognized over the term of the instrument to accrete the carrying amount to the principal amount at maturity. The Company evaluates embedded conversion features in convertible instruments to determine whether bifurcation as a derivative is required under ASC 815. If the embedded feature does not require separate accounting, the instrument is accounted for as a single liability. Transaction costs directly attributable to the issuance of debt are recorded as a reduction of the carrying amount and amortized as part of interest expense over the term of the instrument.

(ab) Financial liabilities Financial liabilities primarily comprise short-term borrowings and other debt instruments. Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, unless otherwise required. Interest expense is recognized over the term of the borrowing using the effective interest method. For instruments where contractual interest terms are not fully determined at initial recognition or reporting date, management applies judgment in estimating the effective interest rate based on available information. Debt instruments that previously contained equity-linked features are reassessed upon modification. Where such features are removed, the instrument is accounted for as a financial liability going forward. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement for at least twelve months after the reporting date. Any modifications to the terms of financial liabilities are evaluated to determine whether they represent a substantial modification, and the accounting treatment is adjusted accordingly. (ac) Statutory reserves In accordance with the PRC Company Laws, the Group’s PRC subsidiaries, VIEs and the VIEs’ subsidiaries must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. For the year ended December 31, 2023, 2024 and 2025, no appropriation was made to the statutory surplus fund and discretionary surplus fund by the Group’s PRC subsidiaries, VIEs and the VIEs’ subsidiaries as these PRC companies did not earn any after-tax profits as determined under PRC GAAP. 0.10 0.50

(ad) Loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders, considering the accretions of redemption feature related to the Company’s redeemable convertible preferred shares, by the weighted average number of ordinary shares during the period using the two-class method. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on their participating rights. Net losses are not allocated to other participating securities if based on their contractual terms they are not obligated to share the losses. Contingently issuable shares are included in the computation of basic earnings per share only when there is no circumstance under which those shares would not be issued. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of ordinary shares issuable upon the conversion of the preferred shares, using the if-converted method, and financial liabilities using the if-converted method, and shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such share would be anti-dilutive.

(ae) Segment reporting The Group uses the management approach in determining its operating segments in accordance with ASC 280, Segment Reporting. The Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Group’s Chief Executive Officer does not segregate the Group’s business by service lines. The Company operates as a single operating and reportable segment, as it offers a unified set of products and services primarily related to the provision of digital agricultural transaction services. The CODM evaluates the Group’s performance and makes resource allocation decisions based on consolidated results. The Group’s operations are managed as a single operating segment as the Group offers an integrated suite of digital agricultural services and the CODM does not review discrete financial information by product or service lines. Accordingly, the Group has one operating and reportable segment. Substantially all of the Group’s revenues are derived from customers located in the People’s Republic of China (“PRC”), and all of the Group’s long-lived assets are located in the PRC.

(af) Investments in equity investees The Company’s investments in equity investees include investments in entities over which the Company has significant influence and investments in equity securities in which the Company does not have a controlling financial interest. Investments in entities over which the Company has significant influence but does not have control are accounted for using the equity method of accounting. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to recognize the Company’s proportionate share of the investee’s net earnings or losses, as well as dividends received. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. For equity investments in which the Company does not have significant influence and for which a readily determinable fair value is not available, the Company applies the measurement alternative to measure the investments at cost, less impairment, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. The Company assesses such investments for impairment based on a qualitative assessment of whether indicators of impairment exist. The Company discontinues the application of the equity method when its investment is reduced to zero and no additional financial support or obligations to the investee exist. Subsequent losses are recognized only to the extent that the Company has incurred obligations or made payments on behalf of the investee. As of December 31, 2025, investments in equity investees are not material to the consolidated financial statements.

(ag) Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other part in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or are related corporation.

(ag) Recent accounting pronouncements In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This pronouncement introduces new disclosure requirements aimed at enhancing transparency in financial reporting by requiring disaggregation of specific income statement expense captions. Under the new guidance, entities are required to disclose a breakdown of certain expense categories, such as: employee compensation; depreciation; amortization, and other material components. The disaggregated information can be presented either on the face of the income statement or in the notes to the financial statements, often using a tabular format. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact. In January 2025, the FASB issued ASU 2025-01, which revises the effective date of ASU 2024-03 (on disclosures about disaggregation of income statement expenses) “to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.” Entities within the ASU’s scope are permitted to early adopt the ASU. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact. In January 2025, the FASB issued ASU 2025-01, “Income Statement – Comprehensive Income – Expense Disaggregation Disclosure (Subtopic 220-40): Clarifying the Effective Date.” This pronouncement revises the effective date of ASU 2024-03 and clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU’s scope are permitted to early adopt the accounting standard update. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The ASU requires entities to apply the existing acquirer determination guidance in ASC 805-10-55-12 through 55-15 when a business combination is effected primarily by exchanging equity interests and the legal acquiree is a VIE that meets the definition of a business, rather than automatically designating the primary beneficiary as the accounting acquirer. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted. The amendments will be applied prospectively. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, which amends ASC 326-20 to provide a practical expedient for all entities which elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset in developing reasonable and supportable forecasts as part of estimating expected credit losses, and an accounting policy election for all entities, other than a public business entity, that elect the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. Under ASU 2025-05, an entity is required to disclose whether it has elected to use the practical expedient and, if so, whether it has also applied the accounting policy election. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. Entities should apply the new guidance prospectively. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact. In December 2025, the FASB issued ASU 2025-11, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. As the Board stated in the proposed guidance and reiterates in the ASU, the amendments are not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. For public business entities, the amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. For entities other than public business entities, for interim reporting periods within annual reporting periods beginning after December 15, 2028. Early adoption is permitted for all entities.

3. ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, </td> <td style="padding-bottom: 1.5pt"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Accounts receivable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">743</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">973</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">139</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: Allowance for credit losses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(10</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(28</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(4</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accounts receivable, net</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">733</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">945</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">135</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> The movement of the allowance for credit losses is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Balance at the beginning of the year</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">9</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">10</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">277</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">100</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Write off</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(276</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(82</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(11</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">28</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> The allowance for credit losses is estimated using the expected credit loss model in accordance with ASC 326. The increase in allowance in 2025 primarily reflects additional provisioning on certain aged receivables. Write-offs during the year mainly relate to balances that were previously provided for. Management considers the allowance to be adequate based on historical experience, current conditions, and expected future economic factors. The majority of accounts receivable balances as of December 31, 2025 are within short aging periods and are generally settled within normal credit terms. The Company also considers subsequent collections in assessing recoverability of receivables. No significant concentration of credit risk was identified, as the Group’s customers are primarily diversified across different regions and industries, including government-related entities and commercial customers.

Accounts receivable, net consisted of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31, </td> <td style="padding-bottom: 1.5pt"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Accounts receivable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">743</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">973</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">139</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: Allowance for credit losses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(10</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(28</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(4</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accounts receivable, net</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">733</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">945</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">135</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

743000

973000

139000

10000

28000

4000

733000

945000

135000

The movement of the allowance for credit losses is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Balance at the beginning of the year</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">9</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">10</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">277</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">100</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Write off</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(276</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(82</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(11</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">28</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

9000

10000

1000

277000

100000

14000

276000

82000

11000

10000

28000

4000

4. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets consisted of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Receivable from online payment platforms</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">12,215</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">17,779</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,542</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Receivables on behalf of merchants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,077</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,296</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,043</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Deferred IPO cost*</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,751</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Staff advances</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,962</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,986</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">284</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Contract acquisition costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,172</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,160</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,453</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Deposit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">387</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,625</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">232</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Others</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,273</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,321</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,334</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: allowance for credit losses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(9,797</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(10,141</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(1,450</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Prepayments and other current assets, net</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">40,040</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">38,026</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,438</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table> Prepayments and other current assets primarily include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">receivables from online payment platforms and merchants arising from the Company’s transaction processing activities;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">advances to third parties for project development and operational purposes;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">staff advances provided in the ordinary course of business;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">contract acquisition costs, representing incremental costs of obtaining customer contracts;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">refundable deposits with third parties; and</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">other short-term balances expected to be realized within twelve months.</td> </tr></tbody></table> Advances to third parties are primarily made in connection with project development and operational arrangements in the ordinary course of business and are expected to be recovered through settlement mechanisms in accordance with underlying agreements or ongoing business activities. Staff advances represent amounts provided to employees for business-related expenditures and are generally short-term in nature. These balances are typically settled or expensed upon submission of supporting documentation. Receivables from online payment platforms and merchants arise from the Company’s transaction processing activities and are generally settled within a short period on a net basis as part of normal platform settlement cycles. The Group regularly monitors these balances and assesses recoverability based on contractual terms, historical settlement patterns, counterparty creditworthiness, and subsequent collections. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify">Direct cost incurred by the Group attributable to its IPO of ordinary shares in the United States have been deferred and recorded as deferred IPO cost and will be offset against the gross proceeds received from such offering. On August 19, 2025, the Company completed its initial public offering (IPO) and was listed on Nasdaq.</td> </tr></tbody> </table> The movement of the allowance for credit losses is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Balance at the beginning of the year</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">9,621</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">9,797</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,401</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Additions</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">176</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">344</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">49</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">9,797</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10,141</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,450</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> The Company estimates expected credit losses in accordance with ASC 326 using both individual and collective assessment approaches. Significant balances, including advances to third parties and platform-related receivables, are assessed individually based on contractual arrangements, counterparty creditworthiness, historical settlement patterns, and subsequent collections. The remaining balances are grouped based on shared risk characteristics and assessed collectively using a provision matrix based on historical loss experience, adjusted for current conditions and reasonable and supportable forecasts. Forward-looking information, including macroeconomic and industry-specific factors, is considered in the assessment, although such adjustments did not have a material impact on the overall allowance during the reporting period. Financial assets are written off when there is no reasonable expectation of recovery. Management believes that the allowance for credit losses is adequate as of December 31, 2025.

Prepayments and other current assets consisted of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Receivable from online payment platforms</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">12,215</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">17,779</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,542</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Receivables on behalf of merchants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,077</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,296</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,043</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Deferred IPO cost*</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,751</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Staff advances</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,962</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,986</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">284</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Contract acquisition costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,172</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,160</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,453</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Deposit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">387</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,625</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">232</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Others</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,273</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,321</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,334</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: allowance for credit losses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(9,797</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(10,141</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(1,450</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Prepayments and other current assets, net</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">40,040</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">38,026</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,438</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify">Direct cost incurred by the Group attributable to its IPO of ordinary shares in the United States have been deferred and recorded as deferred IPO cost and will be offset against the gross proceeds received from such offering. On August 19, 2025, the Company completed its initial public offering (IPO) and was listed on Nasdaq.</td> </tr></tbody> </table>

12215000 17779000 2542000 9077000 7296000 1043000

10751000

1962000 1986000 284000 6172000 10160000 1453000

387000

1625000

232000

9273000

9321000

1334000

9797000 10141000 1450000

40040000

38026000

5438000

The movement of the allowance for credit losses is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Balance at the beginning of the year</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">9,621</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">9,797</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,401</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Additions</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">176</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">344</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">49</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">9,797</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10,141</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,450</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> 9621000 9797000 1401000 176000 344000 49000 9797000 10141000 1450000

5. PROPERTY AND EQUIPMENT, NET Property, plant and equipment primarily consist of leasehold improvements and office equipment used in the Group’s operations. Property and equipment consisted of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Electronic equipment</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,923</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,807</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">401</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Office furniture and others</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">579</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">673</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">96</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Leasehold improvements</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,413</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">5,067</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">725</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Property and equipment</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">7,915</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">8,547</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">1,222</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accumulated depreciation</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(6,855</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(7,765</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(1,110</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Property and equipment, net</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,060</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">782</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">112</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table> Depreciation expenses on property and equipment were allocated to the following expense items: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Selling and marketing expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">195</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">143</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">186</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">31</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">General and administrative expenses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,073</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">920</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">132</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total depreciation expenses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,454</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,094</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">156</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> The Group evaluates property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. During the year ended December 31, 2025, the Group identified impairment indicators due to operating losses and negative operating cash flows. Based on the assessment performed, management concluded that the carrying amount of PPE is recoverable and no impairment loss was recognized.

Property and equipment consisted of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Electronic equipment</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,923</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,807</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">401</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Office furniture and others</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">579</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">673</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">96</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Leasehold improvements</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,413</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">5,067</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">725</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Property and equipment</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">7,915</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">8,547</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">1,222</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accumulated depreciation</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(6,855</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(7,765</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(1,110</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Property and equipment, net</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,060</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">782</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">112</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table>

2923000

2807000

401000

579000

673000

96000

4413000

5067000

725000

7915000

8547000

1222000

6855000

7765000

1110000

1060000

782000

112000

Depreciation expenses on property and equipment were allocated to the following expense items: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Selling and marketing expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">195</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">143</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">186</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">31</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">General and administrative expenses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,073</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">920</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">132</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total depreciation expenses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,454</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,094</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">156</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

195000

143000

20000

186000

31000

4000

1073000

920000

132000

1454000

1094000

156000

6. LEASE The Group leases facilities under non-cancellable operating leases expiring on different dates. The terms of substantially all these leases are ranging from one year to three years. All the Group’s leases qualify as operating leases. Short-term leases (lease terms less than 12 months) are recognized as incurred. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">(a)</td> <td style="text-align: justify">A summary of supplemental information related to operating leases as of December 31, 2024 and 2025 as follows:</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease right-of-use assets</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">9,589</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">3,635</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">520</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease liabilities, current</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,961</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,319</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">332</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Operating lease liabilities, non-current</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,042</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">364</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">52</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Operating lease liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">9,003</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,683</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">384</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table> The weighted average remaining lease term as of December 31, 2024 and 2025 were 1.48 years and 1.13 years, and the weighted average discount rate of the operating leases were 4.09% and 3.57%, respectively. The Group determines lease liabilities using its incremental borrowing rate where the implicit rate is not readily determinable. The incremental borrowing rate is derived with reference to market-based benchmark rates, including loan prime rates, and adjusted for factors such as lease term and economic environment. The Group evaluates lease terms by considering contractual periods together with renewal or termination options when it is reasonably certain that such options will be exercised. Certain lease arrangements include changes in lease payments over the lease term. These changes are assessed to determine whether they represent lease modifications requiring reassessment under applicable accounting guidance. (b) The components of lease cost were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify">Lease cost:</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease cost</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6,087</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5,999</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,290</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">307</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Short-term lease cost</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right">2,170</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,438</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,149</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">613</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total lease cost</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: right">8,257</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">8,437</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,439</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">920</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> (c) Maturities of operating lease liabilities as of December 31, 2025 was as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: justify; text-indent: -10pt; padding-left: 10pt">2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,377</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">340</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">2027</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">370</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">53</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Total undiscounted cashflows</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,747</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">393</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Less: amounts representing interest</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(65</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(9</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Present Value of future minimum lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,682</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">384</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: Current obligations</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(2,319</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(332</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Long term obligations</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">363</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">52</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table> (d) Reinstatement obligations The Group may incur obligations to restore leased premises to their original condition upon expiration of the lease terms in accordance with the respective lease agreements. Such obligations are evaluated in accordance with applicable accounting guidance and recognized as a provision when a present obligation exists and the amount can be reasonably estimated. Where recognized, the estimated reinstatement costs are included in the measurement of the related right-of-use assets and are subsequently increased for the passage of time as an accretion expense. As of December 31, 2025, the Group assessed such obligations and determined that any potential reinstatement costs are not material to the consolidated financial statements.

P12M <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">(a)</td> <td style="text-align: justify">A summary of supplemental information related to operating leases as of December 31, 2024 and 2025 as follows:</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease right-of-use assets</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">9,589</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">3,635</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">520</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease liabilities, current</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,961</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,319</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">332</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Operating lease liabilities, non-current</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,042</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">364</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">52</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Operating lease liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">9,003</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,683</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">384</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table>

9589000

3635000

520000

4961000

2319000

332000

4042000

364000

52000

9003000

2683000

384000

P1Y5M23D

P1Y1M17D

0.0409

0.0357

(b) The components of lease cost were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify">Lease cost:</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease cost</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6,087</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5,999</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,290</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">307</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Short-term lease cost</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right">2,170</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,438</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,149</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">613</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total lease cost</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: right">8,257</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">8,437</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,439</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">920</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

6087000

5999000

4290000

307000

2170000

2438000

2149000

613000

8257000

8437000

6439000

920000

(c) Maturities of operating lease liabilities as of December 31, 2025 was as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: justify; text-indent: -10pt; padding-left: 10pt">2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,377</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">340</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">2027</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">370</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">53</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Total undiscounted cashflows</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,747</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">393</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Less: amounts representing interest</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(65</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(9</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Present Value of future minimum lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,682</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">384</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: Current obligations</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(2,319</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(332</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Long term obligations</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">363</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">52</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table>

2377000

340000

370000

53000

2747000

393000

65000

9000

2682000 384000

2319000

332000

363000 52000

7. OTHER NON-CURRENT ASSETS Other non-current assets consisted of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Deposits</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,043</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,828</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">262</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Others</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,113</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">741</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">106</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Other non-current assets</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">3,156</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,569</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">368</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

Other non-current assets consisted of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Deposits</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,043</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,828</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">262</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Others</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,113</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">741</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">106</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Other non-current assets</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">3,156</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,569</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">368</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

2043000

1828000

262000

1113000

741000

106000

3156000

2569000

368000

8. INVENTORY Inventory consisted of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Commodity stocks</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">237</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">794</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">114</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Fertilizer</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,507</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">215</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">237</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,301</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">329</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

Inventory consisted of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Commodity stocks</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">237</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">794</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">114</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Fertilizer</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,507</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">215</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">237</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,301</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">329</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

237000 794000 114000 1507000 215000

237000

2301000

329000

9. SHORT-TERM BORROWINGS As of December 31, 2024 and 2025, short-term borrowings consisted of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Guangdong Yueken Microcredit Co., Ltd</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,001</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Tianjin Jincheng Bank Co., Ltd.</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">375</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">54</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">China Merchants Bank Co., Ltd. Beijing Branch</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">715</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">China CITIC Bank Loan</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">5,000</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">5,000</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">715</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Short-term borrowings</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10,000</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">17,375</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,485</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> In 2024, Guangxi Yimutian Xinnong Technology Co., Ltd. (Guangxi Yimutian), a subsidiary of the WFOE, obtained a number of one-year loans in the aggregate amount of RMB5,000 from Guangdong Yueken Microcredit Co., Ltd bearing a simple interest of 12% per annum. In 2025, Guangxi Yimutian Xinnong Technology Co., Ltd. (Guangxi Yimutian), a subsidiary of the WFOE, obtained a number of one-year loans in the aggregate amount of RMB5,000 from Guangdong Yueken Microcredit Co., Ltd bearing a simple interest of 12% per annum. During 2025, Guangxi Yimutian fully repaid the outstanding RMB5,000 borrowings and obtained new one-year loans from the same lender with an aggregate principal amount of RMB7,000 at similar terms. On February 7, 2024, Yimutian Xinnong obtained a 12-month short-term credit bank borrowing from China CITIC Bank amounting to of RMB5,000 bearing interest of 3.55% per annum. In February 2025, Yimutian Xinnong repaid the China CITIC loan of RMB5,000. In 2025, Yimutian Xinnong new 12-month short-term credit bank borrowing from China CITIC Bank in amounts of RMB5,000 bearing interest of 3.1% per annum. The new borrowing from China CITIC Bank represents a renewal of the previous facility upon maturity. In 2025, Yimutian Xinnong obtained a 12-month short-term credit bank borrowing from Tianjin Jincheng Bank Co., Ltd. amounting to RMB1,500 bearing interest of 14.4% per annum. As of December 31, 2025, Yimutian Xinnong repaid the loan of RMB1,125. In addition, during 2025, the Group obtained short-term borrowings from China Merchants Bank Co., Ltd., Beijing Branch, with an aggregate principal amount of RMB5,000. These borrowings are unsecured and bear interest at market rates. All borrowings are unsecured and are repayable within one year. The Group’s borrowings are primarily obtained from financial institutions and are subject to standard repayment terms and interest rates. Management monitors liquidity and funding requirements on an ongoing basis. No significant covenant breaches or defaults were identified during the reporting period.

As of December 31, 2024 and 2025, short-term borrowings consisted of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Guangdong Yueken Microcredit Co., Ltd</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,001</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Tianjin Jincheng Bank Co., Ltd.</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">375</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">54</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">China Merchants Bank Co., Ltd. Beijing Branch</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">715</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">China CITIC Bank Loan</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">5,000</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">5,000</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">715</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Short-term borrowings</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10,000</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">17,375</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,485</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

5000000

7000000

1001000

375000

54000

5000000

715000

5000000

715000

10000000

17375000

2485000

5000000

0.12

5000000

0.12

5000000

7000000

P12M

5000000

0.0355

5000000

P12M

5000000

0.031

P12M

1500000

0.144

1125000

5000000

10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; width: 64%; text-align: justify; text-indent: -10pt">Accrued payroll and welfare</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">34,781</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">28,800</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,118</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Deposits received from merchants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,339</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,781</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,257</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Cash collected on behalf of merchants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,731</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,479</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,499</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Accrued IPO cost</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,382</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">VAT and other surcharges payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,508</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,606</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">516</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Provisions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">892</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">892</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">127</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Interest Payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">197</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Selling Shareholder Transactions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,576</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">940</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Third-party transactions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,036</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">18,917</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,705</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt">Professional fee</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,555</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10,665</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,525</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt">Accrued expenses and other current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">89,224</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">95,913</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">13,715</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table> Accrued expenses and other current liabilities primarily comprise accrued payroll and welfare, merchant-related settlement balances, professional service fees, selling shareholder transaction payables, and other operating payables. Deposits received from merchants represent refundable deposits collected from merchants participating in the Group’s platform services. Cash collected on behalf of merchants represents amounts collected through the Group’s platform settlement process that are payable to merchants or other transaction participants. These balances are generally settled in the ordinary course of platform operations. The Group acts as an agent in these transactions and does not recognize such amounts as revenue. These balances do not represent advance payments for services and are therefore not accounted for as contract liabilities under ASC 606. Selling shareholder transactions represent amounts payable in connection with secondary share transactions completed in connection with the Company’s capital market activities during the year. These balances are classified as liabilities as the Group has a contractual obligation to remit cash to the relevant counterparties and the transactions do not represent equity issuance by the Group. Third-party transactions primarily comprise amounts payable to external parties arising from business collaborations, operating arrangements, reimbursements, advances received, and other miscellaneous transactions. The Group assesses these balances based on the underlying transaction substance and classifies them as current liabilities when settlement is expected within twelve months. Professional fees primarily relate to legal, consulting, financial reporting, and other professional services incurred in connection with the Group’s business operations and capital market activities. Accrued IPO costs in 2024 represented direct costs incurred in connection with the Company’s initial public offering. Upon completion of the IPO in 2025, such costs were either offset against proceeds from the offering as equity issuance costs or expensed as incurred if they did not meet the criteria for capitalization, in accordance with US GAAP. Management applies judgment in determining the classification of balances within accrued expenses and other current liabilities, including distinguishing between contract liabilities, deposits, and other payables based on the underlying contractual arrangements and substance of the transactions. Certain balances, including cash collected on behalf of merchants, represent amounts held by the Group for third parties. These balances are presented gross, with a corresponding liability recorded within other payables. The Group presents such balances on a gross basis and does not offset cash and related liabilities unless the criteria for offsetting under US GAAP are met. Accordingly, these balances are presented as liabilities rather than revenue or contract liabilities.

Accrued expenses and other current liabilities consisted of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; width: 64%; text-align: justify; text-indent: -10pt">Accrued payroll and welfare</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">34,781</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">28,800</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,118</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Deposits received from merchants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,339</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,781</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,257</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Cash collected on behalf of merchants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,731</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,479</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,499</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Accrued IPO cost</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,382</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">VAT and other surcharges payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,508</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,606</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">516</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Provisions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">892</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">892</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">127</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Interest Payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">197</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Selling Shareholder Transactions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,576</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">940</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify; text-indent: -10pt">Third-party transactions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,036</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">18,917</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,705</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt">Professional fee</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,555</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10,665</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,525</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt">Accrued expenses and other current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">89,224</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">95,913</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">13,715</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table>

34781000

28800000

4118000

16339000 15781000 2257000 11731000 10479000 1499000 12382000 3508000 3606000 516000 892000 892000 127000

197000

28000

6576000 940000 7036000 18917000 2705000

2555000

10665000

1525000

89224000

95913000

13715000

11. FINANCIAL LIABILITIES <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Exchangeable Notes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20,990</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20,990</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3,001</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Interest expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,518</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">646</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Foreign exchange</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(559</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(80</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Financial liabilities</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">20,990</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">24,949</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">3,567</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> In September 2022, the Company entered into an exchangeable note agreement with Investor B. Pursuant to the agreement, the Company issued an exchangeable note of USD 2.8 million (equivalent to RMB 20,128) with a simple interest rate of 7% per annum to Investor B. The note entitled Investor B to convert the entire or part of the outstanding principal at 90% of the per share price into the same class of shares issued in the new round financing. The note was due one year after issuance, with extensions subject to mutual agreement. Interest on the note would be exempted upon conversion. In September 2024, the maturity date was further extended to September 8, 2025. Subsequently, the noteholder irrevocably waived all conversion rights associated with the note. As a result, the instrument no longer contains any equity-linked features and is accounted for as a financial liability. The Company and the noteholder have agreed that the principal amount will be repaid by June 30, 2027. The detailed repayment schedule and interest arrangements are subject to further negotiation and had not been finalized as of December 31, 2025. The Group also considered whether the absence of explicit interest terms gives rise to a significant financing component or requires imputation of interest under ASC 835-30, and concluded that any such impact would not be material to the consolidated financial statements. Management applied judgment in determining the appropriate measurement basis given the evolving terms of the arrangement and will reassess the measurement upon finalization of the repayment and interest terms. As of December 31, 2025, the note is measured at amortized cost. The carrying amount of the note, including accrued interest was RMB24,949 (US$3,567).

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Exchangeable Notes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20,990</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20,990</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3,001</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Interest expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,518</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">646</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Foreign exchange</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(559</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(80</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Financial liabilities</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">20,990</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">24,949</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">3,567</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

20990000 20990000 3001000 4518000 646000 -559000 -80000

20990000

24949000

3567000

2800000 20128000

0.07

0.90

24949000

3567000

12. SHAREHOLDER LOANS, AT AMORTIZED COST <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Onshore Shareholder Loans (i)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">186,555</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Other Shareholder Loans (ii)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">62,088</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">66,404</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">9,495</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Shareholder loans, at amortized cost</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">248,643</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">66,404</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">9,495</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> (i) Onshore Shareholder Loans The Company’s onshore entities entered into shareholder loans agreements with certain preferred shareholders. These preferred shareholders subscribed the Company’s preferred shares and were entitled to all of the preferred shareholders’ rights. Prior to paying the consideration of preferred shares to the Company, they made shareholder loans to the Company’s onshore entities in the same amount of the consideration for preferred shares. Such shareholder loans are referred as “Onshore Shareholder Loans”. In December 2016, the Company issued 124,523,393 shares of Series C Redeemable Convertible Preferred Shares to an investor for US$5 million (equivalent to RMB30,634). One of the Company’s PRC onshore entities entered into a loan agreement with the investor in the amount of RMB30,634 bears no interest. The principal shall be due and payable at the earlier of the investor pays the consideration of preferred shares to the Company and 9 months after the issuance, which can be further extended upon mutual agreement between the Company and the investor. In 2023, the Company and the investor agreed to extend the maturity date of the loan, and the loan is due at the earlier of the investor pays the consideration of preferred shares to the Company and December 31, 2024. In 2024, the maturity date was further extended to December 31, 2025. In December 2023, the Company’s PRC onshore entities repaid RMB613 to the investor. As of December 31, 2024, the Company’s PRC onshore entities repaid RMB1,000 to the investor. The Company completed its IPO on August 19, 2025, and the preferred shares were converted into ordinary shares. In February 2018, the Company issued 154,278,293 shares of Series C-1 Redeemable Convertible Preferred Shares to an investor with the total amount of US$5.5 million (equivalent to RMB35,000). One of the Company’s PRC onshore entities entered into a loan agreement with the investor in the amount of RMB35,000 bears no interests. The principal shall be due and payable at the earlier of the investor pays the consideration of preferred shares to the Company and 23 months after the issuance, which can be further extended upon mutual agreement between the Company and the investor. In 2023, the Company and the investor agreed to extend the maturity date of the loan, and the loan is due at the earlier of the investor pays the consideration of preferred shares to the Company and December 31, 2024. In 2024, the maturity date was further extended to December 31, 2025. The Company completed its IPO on August 19, 2025, and the preferred shares were converted into ordinary shares. In December 2023, the Company issued 280,352,854 shares of Series B Redeemable Convertible Preferred Shares to an investor upon exercise of Series B ODI Convertible Loan (Note 11) with the total amount of US$20 million (equivalent to RMB122,534). As agreed with the investor, the Company’s PRC onshore entity shall repay the principal at the earlier of the following two dates: (1) July 31, 2025, and (2) five working days before the end of the lock-up period specified by applicable laws and regulations and exchange rules following the initial public offering. The Company completed its IPO on August 19, 2025, and the preferred shares were converted into ordinary shares. The Company measured Onshore Shareholder Loans at amortized cost. Onshore Shareholder Loans activities for the years ended December 31, 2024 and 2025 are presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td> <td style="font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; font-weight: bold">As of January 1, 2024</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">187,555</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">26,820</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td>Repayment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,000</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(143</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; padding-bottom: 1.5pt">As of December 31, 2024</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">186,555</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">26,677</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1.5pt">Offset upon conversion of preferred shares</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(186,555</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(26,677</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; padding-bottom: 1.5pt">As of December 31, 2025</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> (ii) Other Shareholder Loans The Group borrowed interest free loans from its Founder and certain investors. The principal of Series C ODI Convertible Loan issued by the Company’s onshore entity was RMB42,055 (Note 11). Upon the investor’s exercise of the warrant and the Company issued preferred shares to the investor, the Company’s onshore entity partially repaid Series C ODI Convertible loan of RMB27,027 and entered into a new interest free shareholder loan agreement with the investor in the amount of RMB15,028, which is due on demand. In 2023 and 2024, the Company’s onshore entity repaid RMB2,000 and RMB500 to the investor, respectively. The Company completed its IPO on August 19, 2025, and the preferred shares were converted into ordinary shares. In 2021, the Group also borrowed interest free loans of RMB1,153 from its Founder and US$150 (equivalent to RMB1,053) from a preferred shareholder. In 2023, the Group borrowed interest free loans in the total amount of RMB14,203 from its Founder and repaid RMB4,580 to its Founder. Such loans are due on demand. In 2024, the Group borrowed interest free loans in the total amount of RMB28,322 from its Founder. As of December 31, 2025, the Group borrowed interest free loans in the total amount of RMB28,923 from its Founder and repaid RMB8,702 to its Founder. In 2023, the Group also borrowed interest free loans of RMB6,874 from an entities controlled by a preferred shareholder. The Group repaid RMB6,874 in 2024. Other Shareholder Loans activities for the years ended December 31, 2024 and 2025 are presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">As of January 1, 2024</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">41,156</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">5,885</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Borrowed</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28,322</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,050</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Repayment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,374</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,054</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Foreign currency translation adjustments</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(16</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(2</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">As of December 31, 2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">62,088</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">8,879</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Borrowed</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28,923</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,135</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Repayment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,702</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,244</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Offset upon conversion of preferred shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(15,880</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,271</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Foreign currency translation adjustments</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(25</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(4</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">As of December 31, 2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">66,404</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">9,495</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table> The Group borrowed interest-free loans from its Founder and certain investors, which are considered related parties. These loans are unsecured and contractually repayable on demand. Although the loans are legally due on demand, in practice they have been extended periodically based on mutual agreement between the Group and the lenders. Management considers these arrangements as part of ongoing funding support to the Group’s operations rather than short-term liquidity instruments. The Group evaluated the substance of these arrangements under US GAAP and concluded that the loans meet the definition of financial liabilities, as the Group has a contractual obligation to transfer cash upon demand by the lenders and no contractual terms indicate settlement through issuance of equity instruments. The Group also assessed whether the interest-free nature of these loans gives rise to a significant financing component under ASC 835-30. In performing this assessment, management considered: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="font-size: 10pt; vertical-align: top; text-align: justify"><td style="font-size: 10pt; width: 0.5in"></td> <td style="font-size: 10pt; width: 0.25in; text-align: left">●</td> <td style="font-size: 10pt; text-align: justify">the demand nature of the loans;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="font-size: 10pt; vertical-align: top; text-align: justify"><td style="font-size: 10pt; width: 0.5in"></td> <td style="font-size: 10pt; width: 0.25in; text-align: left">●</td> <td style="font-size: 10pt; text-align: justify">the historical pattern of extensions;</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="font-size: 10pt; vertical-align: top; text-align: justify"><td style="font-size: 10pt; width: 0.5in"></td> <td style="font-size: 10pt; width: 0.25in; text-align: left">●</td> <td style="font-size: 10pt; text-align: justify">the expected timing of repayment; and</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tbody><tr style="font-size: 10pt; vertical-align: top; text-align: justify"><td style="font-size: 10pt; width: 0.5in"></td> <td style="font-size: 10pt; width: 0.25in; text-align: left">●</td> <td style="font-size: 10pt; text-align: justify">prevailing market interest rates for similar instruments.</td> </tr></tbody></table> Based on this assessment, the Group determined that any imputed interest arising from discounting would not be material to the consolidated financial statements. The Group further evaluated whether the loans are, in substance, equity contributions due to their linkage with certain shareholder transactions. Management concluded that the loans do not represent equity contributions, as there are no agreements or terms that require or permit settlement through issuance of shares, and the lenders retain the right to demand repayment in cash. These loans are presented as current liabilities given their contractual demand feature; however, the actual timing of settlement depends on the liquidity needs of the Group and the intentions of the lenders.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Onshore Shareholder Loans (i)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">186,555</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Other Shareholder Loans (ii)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">62,088</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">66,404</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">9,495</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Shareholder loans, at amortized cost</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">248,643</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">66,404</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">9,495</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

186555000 62088000 66404000 9495000

248643000

66404000

9495000

124523393

5000000 30634000 30634000 613000 1000000

154278293

5500000 35000000 35000000

280352854

20000000 122534000 The Company measured Onshore Shareholder Loans at amortized cost. Onshore Shareholder Loans activities for the years ended December 31, 2024 and 2025 are presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31, 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">RMB</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td> <td style="font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; font-weight: bold">As of January 1, 2024</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">187,555</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">26,820</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td>Repayment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,000</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(143</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; padding-bottom: 1.5pt">As of December 31, 2024</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">186,555</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">26,677</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1.5pt">Offset upon conversion of preferred shares</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(186,555</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(26,677</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; padding-bottom: 1.5pt">As of December 31, 2025</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> 187555000 26820000 1000000 143000 186555000 26677000

186555000

26677000

42055000

27027000

15028000 2000000 500000 1153000 150000 1053000 14203000 4580000 28322000 28923000 8702000 6874000 6874000 Other Shareholder Loans activities for the years ended December 31, 2024 and 2025 are presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">As of January 1, 2024</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">41,156</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">5,885</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Borrowed</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28,322</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,050</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Repayment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,374</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,054</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Foreign currency translation adjustments</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(16</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(2</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">As of December 31, 2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">62,088</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">8,879</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Borrowed</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">28,923</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,135</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Repayment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,702</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,244</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Offset upon conversion of preferred shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(15,880</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,271</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Foreign currency translation adjustments</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(25</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(4</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">As of December 31, 2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">66,404</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">9,495</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table>

41156000

5885000

28322000 4050000

7374000

1054000

-16000 -2000

62088000

8879000

28923000 4135000

8702000

1244000

-15880000 -2271000 -25000 -4000

66404000

9495000

13. ACCOUNTS PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="font-size: 10pt; vertical-align: bottom"><td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom"><td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom"><td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom"><td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-size: 10pt; width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">IT Service Fee</td> <td style="font-size: 10pt; width: 1%"> </td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> <td style="font-size: 10pt; width: 9%; text-align: right">4,245</td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> <td style="font-size: 10pt; width: 1%"> </td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> <td style="font-size: 10pt; width: 9%; text-align: right">3,772</td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> <td style="font-size: 10pt; width: 1%"> </td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> <td style="font-size: 10pt; width: 9%; text-align: right">539</td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom; background-color: White"><td style="font-size: 10pt; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Others</td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">153</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">1,441</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">206</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-size: 10pt; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accounts payable</td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">4,398</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">5,213</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">745</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> Accounts payable primarily consist of amounts due to third-party service providers, including cloud computing and data analytics service providers, as well as other operating payables arising in the ordinary course of business. These balances include amounts incurred for services received but not yet paid as of the balance sheet date. Certain service arrangements are based on usage or contractual service periods, and accordingly, accounts payable may include estimates of amounts due for services received but not yet invoiced or settled as of the reporting date. Payments made in advance for services to be received in future periods are recorded separately as prepayments.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="font-size: 10pt; vertical-align: bottom"><td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom"><td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom"><td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom"><td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-size: 10pt; width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">IT Service Fee</td> <td style="font-size: 10pt; width: 1%"> </td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> <td style="font-size: 10pt; width: 9%; text-align: right">4,245</td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> <td style="font-size: 10pt; width: 1%"> </td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> <td style="font-size: 10pt; width: 9%; text-align: right">3,772</td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> <td style="font-size: 10pt; width: 1%"> </td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> <td style="font-size: 10pt; width: 9%; text-align: right">539</td> <td style="font-size: 10pt; width: 1%; text-align: left"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom; background-color: White"><td style="font-size: 10pt; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Others</td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">153</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">1,441</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">206</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-size: 10pt; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accounts payable</td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">4,398</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">5,213</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.5pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1.5pt solid; text-align: right">745</td> <td style="font-size: 10pt; padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

4245000 3772000 539000

153000

1441000

206000

4398000

5213000

745000

14. CONTRACT LIABILITIES Contract liabilities primarily represent advance payments received from customers for membership services, value-added services, and other services for which revenue has not yet been recognized. These balances are recognized as revenue when the Group satisfies the related performance obligations, in accordance with the revenue recognition policy described in Note 2. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">Contract liabilities, current</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Membership fee</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">55,708</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">50,676</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7,247</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Value-add service fee</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,509</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,642</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,379</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Government project</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,757</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,160</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">452</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Tian Bi</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13,247</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,460</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,496</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Others</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">882</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,780</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">254</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total contract liabilities, current</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">88,103</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">75,718</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10,828</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Contract liabilities, non-current</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Membership fee</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,430</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,473</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,784</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Value-add service fee</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">793</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">631</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">90</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total contract liabilities, non-current</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">12,223</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">13,104</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,874</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> Membership fee represents advance payments for subscription-based platform services, which are recognized as revenue over the subscription period as the customer simultaneously receives and consumes the benefits of the services. Revenue is recognized either over time or at a point in time depending on the nature of the underlying services, as described in Note 2. Value-added service fee represents advance payments for advertising, certification, and communication services. Revenue is recognized either over time or at a point in time depending on the nature of the service. Government project represents advance payments related to government-sponsored service arrangements. Revenue is recognized upon completion of the agreed services and acceptance by the customer, or over time if the performance obligations are satisfied continuously. Tian Bi represents a virtual currency purchased by members through prepayment, which can be used to acquire value-added services on the platform. Revenue is recognized when the virtual currency is consumed by customers or when the likelihood of redemption becomes remote, based on historical usage patterns. Others represent other immaterial advance payments. The decrease in contract liabilities during the year was primarily attributable to the recognition of revenue from prior period advance payments as performance obligations were satisfied, partially offset by new customer prepayments. Management applies judgment in estimating the timing of revenue recognition and assessing whether any portion of contract liabilities is subject to breakage. The Group acts as a principal in these arrangements and recognizes revenue on a gross basis. The decrease in contract liabilities during the year was primarily attributable to the recognition of revenue from prior period advance payments as performance obligations were satisfied, partially offset by new customer prepayments. Management applies judgment in estimating the timing of revenue recognition and assessing whether any portion of contract liabilities is subject to breakage. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">Contract liabilities, current</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Membership fee</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">55,708</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">50,676</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7,247</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Value-add service fee</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,509</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,642</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,379</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Government project</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,757</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,160</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">452</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Tian Bi</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13,247</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,460</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,496</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Others</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">882</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,780</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">254</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total contract liabilities, current</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">88,103</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">75,718</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10,828</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Contract liabilities, non-current</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Membership fee</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,430</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,473</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,784</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Value-add service fee</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">793</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">631</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">90</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total contract liabilities, non-current</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">12,223</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">13,104</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,874</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

55708000

50676000

7247000

14509000

9642000

1379000

3757000

3160000

452000

13247000

10460000

1496000

882000

1780000

254000

88103000

75718000

10828000

11430000

12473000

1784000

793000

631000

90000

12223000

13104000

1874000

15. CONVERTIBLE NOTES PAYABLE As of December 31, 2024 and 2025, convertible debt consisted of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">As of December 31, 2024</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 76%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Addition</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">18,064</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,583</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Interest expenses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">385</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">55</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">As of December 31, 2025</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">18,449</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,638</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> In December 2025, the Company entered into a securities purchase agreement with an investor, pursuant to which the Company issued senior secured convertible notes with an aggregate principal amount of USD 3.37 million (equivalent to RMB 18,449). The notes bear interest at a contractual rate of 10% per annum, payable monthly, and mature on December 8, 2026. The effective interest rate is higher than the stated coupon due to original issue discount and transaction costs. The Company received net proceeds of approximately USD 2.58 million after deduction of placement agent fees and other transaction costs. The difference between the principal amount and net proceeds is recorded as a debt discount and amortized to interest expense using the effective interest method over the term of the notes. For the year ended December 31, 2025, interest expense recognized in relation to the convertible notes includes: (i) contractual interest at the stated rate; and (ii) amortization of the debt discount. The outstanding principal amount of the convertible notes was RMB 18,449 as of December 31, 2025. The carrying amount reflects the principal amount net of unamortized debt discount and issuance costs, which management assessed to be not materially different from the principal amount as of December 31, 2025. The table above presents the movement of the convertible notes based on principal and interest recognized. The carrying amount of the notes is adjusted for unamortized discount and issuance costs. The Company evaluated the embedded conversion feature under ASC 815 and concluded that, although the feature meets the definition of a derivative and is not clearly and closely related to the host debt, it qualifies for the scope exception for contracts indexed to and settled in the Company’s own stock under ASC 815-40. Accordingly, the feature does not require bifurcation and is accounted for as part of the host debt instrument.

As of December 31, 2024 and 2025, convertible debt consisted of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">As of December 31, 2024</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 76%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Addition</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">18,064</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,583</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Interest expenses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">385</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">55</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">As of December 31, 2025</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">18,449</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,638</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

18064000 2583000

385000

55000

18449000

2638000

3370

18449000

0.10

2580000

18449000

16. MEZZANINE EQUITY On August 19, 2025, the Company completed its initial public offering (IPO) and was listed on Nasdaq, all preferred shares were converted into Class A ordinary shares. Series A, Series B, Series C, Series C-1, Series C-2 and Series D redeemable convertible preferred shares (collectively “Redeemable Convertible Preferred Shares”) Form May 2014 to December 2016, the Company entered into a series of share purchase agreements with certain investors, pursuant to which the Company issued 387,781,378 Series A redeemable convertible preferred shares (“Series A Preferred Shares”) for an aggregated cash consideration of US$3.5 million (equivalent to RMB21,593). From February 2015 to April 2017, the Company entered into a series of share purchase agreements with certain investors, pursuant to which the Company issued 423,548,558 Series B redeemable convertible preferred shares (“Series B Preferred Shares”) for an aggregated consideration of US$34.1 million (equivalent to RMB213,329). In December 2023, the Company issued 280,352,854 Series B Preferred Shares upon the exercise of Series B ODI Convertible Loan held by an investor for an aggregated consideration of US$20 million (equivalent to RMB122,534). RMB134,455 and RMB134,455 was unpaid and recorded as subscription receivable as of December 31, 2023 and 2024, respectively. From December 2016 to April 2017, the Company entered into a series of share purchase agreements with certain investors, pursuant to which the Company issued 517,022,352 Series C redeemable convertible preferred shares (“Series C Preferred Shares”) for an aggregated consideration of US$11 million, of which RMB30,021 and RMB29,026 was unpaid and recorded as subscription receivable as of December 31, 2023 and 2024, respectively. In February 2018, the Company entered into a series of share purchase agreement with a group of investors, pursuant to which the Company issued 357,323,044 Series C-1 redeemable convertible preferred shares (“Series C-1 Preferred Shares”) for an aggregated consideration of US$15 million (equivalent to RMB94,608), of which RMB38,955 and RMB38,955 was unpaid and recorded as subscription receivable as of December 31, 2022 and 2023, respectively. In September 2019, an investor transferred 63,435,937 shares of Series C-1 Preferred Shares to another investor for an aggregated consideration of US$5 million (equivalent to RMB35,365), and the Company redesignated all transferred shares into a same number of Series C-2 Preferred Shares. The Company did not receive any proceeds from this transaction. The Company considered that the re-designation of Series C-1 Preferred Shares to Series C-2 Preferred Shares in substance, was the same as repurchase and cancellation of the Series C-1 Preferred Shares and simultaneously issuance of Series C-2 Preferred Shares. The difference between the fair value of Series C-2 and the carrying amount of the Series C-1 Preferred Shares was accounted for as deemed dividend to the preferred shareholder and recorded to accumulated deficit. From December 2018 to August 2020, the Company entered into a series of share purchase agreements with a group of investors, pursuant to which the Company issued 22,4881,374 Series C-2 redeemable convertible Preferred Shares (“Series C-2 Preferred Shares”) for an aggregated consideration of US$17.4 million (equivalent to RMB115,693). In May 2021, the Company entered into a series of share purchase agreements with a group of investors, pursuant to which the Company issued 95,032,955 Series D redeemable convertible preferred shares (“Series D Preferred Shares”) for an aggregated consideration of US$15 million (equivalent to RMB106,825). In June 2021, the Company issued additional 287,192 Series D Preferred Shares for nil consideration to then existing Series D preferred shareholders. The Company treated it as deemed dividend to the shareholders of the Redeemable Convertible Preferred Shares. In October 2021, the Company entered into a share repurchase agreement with an investor, pursuant to which the Company repurchased 76,123,125 Series C Preferred Shares for an aggregated consideration of US$6,000 (equivalent to RMB38,633). The difference of RMB28,818 between the repurchase consideration over the carrying amount of RMB9,815 of the Series C Preferred Shares was accounted for as deemed dividends to the preferred shareholder and recorded to accumulated deficit. Upon the Company’s repurchase of Series C Preferred Shares, there was a subscription receivable from such investor in the amount of US$5,500 (equivalent to RMB35,483) in connection with the issuance of Series C-1 Preferred Shares. The Company and the investor entered into a supplemental agreement that US$5,500 (equivalent to RMB35,483) was offset between repurchase consideration payable and subscription receivable. The remaining repurchase consideration payable of US$500 (equivalent to RMB3,541 and RMB3,436, as of December 31, 2023 and 2024, respectively) was recorded in amount due to related parties. In December 2023, the Company issued 4,124,313 Series C-2 redeemable convertible preferred shares to existing Series C-2 Preferred shareholders for nil consideration and 2,435,067 Series D redeemable convertible preferred shares to existing Series D Preferred shareholders for nil consideration. Concurrently, issuance price per share of Series C-2 Preferred Shares and Series D Preferred Shares were amended accordingly, which resulted in the aggregated issuance price of each investor remained unchanged. The rights, preferences and privileges of the Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares, Series C-1 Preferred Shares, Series C-2 Preferred Shares and Series D Preferred Shares are as follows: Redemption Rights Upon the issuance of Series D Preferred Shares on May 8, 2021, the redemption term of all Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares, Series C-1 Preferred Shares, Series C-2 Preferred Shares were modified to be the same as Series D Preferred Shares, pursuant to which they were redeemable at the option of the shareholders of the respective series Preferred Shares in the event that (A) the Company fails to complete the qualified IPO or a trade sale in which the valuation of the Company is no less than US$800,000,000 before December 31, 2025 except that if the Company has submitted an application to competent Governmental Authorities for IPO filings prior to December 31, 2025 (including the submission of the IPO prospectus) but due to any material adverse legal, regulatory, market or policy changes of China in which case the Board of Directors decide to postpone the qualified IPO and the Trade Sale, the foregoing deadline for the qualified IPO and the trade sale shall be automatically postponed to December 31, 2026, (B) the validity or enforcement of the VIE agreements is materially and adversely affected due to change of any applicable Laws, as a consequence of which, the Company loses control over, or the ability to consolidate the financial statements, of direct or indirect subsidiaries and/or controlled entities, and there is no alternative arrangement under the applicable Laws for the Company to maintain or restore such control or ability, and (C) any material breach of the transaction documents to which the holder(s) of respective series Preferred Shares are parties by the Group, the Founder, any ordinary shareholders and any ordinary shareholders holding Company prior to the qualified IPO, which results in substantial hurdle to the launch of the qualified IPO. The Company completed its IPO on August 19, 2025. Accordingly, the redemption event described above did not occur and the redemption rights expired upon the IPO. The redemption preference from high priority to low priority is as follows in sequence: Series D Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares, Series C Preferred Shares and then the Series B Preferred Shares and Series A Preferred Shares as the same class. For Series D Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares, Series C Preferred Shares, Series B Preferred Shares and Series A Preferred Shares, the redemption price shall be one hundred percent (100%) of the respective issuance price, plus an eight percent (8%) compounded per annum return of the respective issuance price over the period from the respective closing date to the date of payment in full of the respective redemption price. Conversion Rights Each redeemable convertible preferred share shall be convertible, at the option of the shareholders, at any time after the issuance date of preferred shares according to a conversion ratio, subject to adjustments for dilution, including but not limited to stock splits and stock dividends. The conversion price shall initially be the applicable issuance price, resulting in an initial conversion ratio for the Redeemable Convertible Preferred Shares of 1:1. Each Redeemable Convertible Preferred Share shall be converted, based on the then-effective applicable conversion price, without the payment of any additional consideration, into ordinary shares in the event that (i) the closing of the IPO, or (ii) the date upon which the Company receives the written request from the majority respective series preferred shareholders. Voting Rights Each preferred shareholder shall be entitled to that number of votes corresponding to the number of ordinary shares on an as-converted basis. Dividend Rights No dividends or other distributions shall be declared, paid, set aside or made, whether in cash, in property, or in any other shares of the Company, with respect to any other class or series of shares of the Company, unless and until the dividends of preferred shares with higher priority of preference has been likewise declared, paid, set aside or made (calculated on an as-converted basis). Liquidation Preferences In the event of any liquidation including deemed liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, shareholders of Series D Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares, Series C Preferred Shares, Series B Preferred Shares and Series A Preferred Shares shall be entitled to receive an amount equal to one hundred percent (100%) of the applicable issuance price, plus all dividends declared and unpaid on such redeemable convertible preferred shares. Liquidation preference is as follows in sequence: Series D Preferred Shares, Series C-2 Preferred Shares, Series C-1 Preferred Shares and Series C Preferred Shares, then the Series B Preferred Shares and Series A Preferred Shares as the same class. If there are any assets or funds remaining after the aggregate amount has been distributed or paid in full to the applicable holders of the Preferred Shares, the remaining assets and funds of the Company available for distribution shall be distributed ratably among all shareholders according to the relative number of the Shares held by such shareholders. Accounting for the Redeemable Convertible Preferred Shares The Company has classified the redeemable convertible preferred shares as mezzanine equity as these preferred shares are redeemable upon the occurrence of an event not solely within the control of the Company. The conversion option of the Redeemable Convertible Preferred Shares is not bifurcated because the conversion option is clearly and closely related to the host equity instrument. The contingent redemption option of the Redeemable Convertible Preferred Shares is not bifurcated because the underlying ordinary shares are not net settable since the Redeemable Convertible Preferred Shares were neither publicly traded nor readily convertible into cash. The Company recorded the initial carrying amount of the redeemable convertible preferred shares at the fair value at the date of issuance. The Company accreted the carrying value of the preferred shares to their maximum redemption price at the end of each reporting period. The change in redemption value is recorded against retained earnings, or in the absence of retained earnings, against additional paid-in capital (“APIC”). Once APIC has been exhausted, additional charges are recorded by increasing the accumulated deficit. Modification of the Preferred Shares The Company assesses whether an amendment to the terms of its preferred shares is an extinguishment or a modification using the fair value approach. If the fair value of the preferred shares immediately after the amendment changes by more than 10 percent from the fair value of the preferred shares immediately before the amendment, the amendment is considered an extinguishment. An amendment that does not meet this criterion is a modification. When preferred shares are extinguished, the Company recognizes the modified or exchanged preferred shares at fair value and derecognizes the carrying amount of the old preferred shares with the difference recorded in accumulated deficit. When preferred shares are modified, the Company accounted for the modification by analogy to the modification guidance contained in ASC 718-20, Compensation — Stock Compensation, and the increase of the fair value immediately after the amendment is treated as a deemed dividend to the holders of the preferred shares. Modifications that result in a decrease in the fair value of the redeemable convertible preferred shares are not recognized. For the modification of Series C-2 and Series D redeemable convertible preferred shares in 2023, as the fair value of the Preferred Shares immediately after the amendment did not change by more than 10% from their fair value immediately before the amendment, the Company accounts for modification that result in an increase to the fair value of the modified Preferred Shares as deemed dividends.

387781378

3500000

21593000

423548558

34100000

213329000

280352854

20000

122534000

134455000

517022352

11000000

30021000

29026000

357323044

15000000

94608000

38955000

63435937

5000000

35365000

224881374

17400000

115693000

95032955

15000000

106825000

287192

76123125

6000000

38633000

28818000

9815000

5500000

35483000

5500000 35483000

500000

3541000

3436000

4124313

2435067

800000000000 1 0.08

initial conversion ratio for the Redeemable Convertible Preferred Shares of 1:1

Each preferred shareholder shall be entitled to that number of votes corresponding to the number of ordinary shares on an as-converted basis.

17. ORDINARY SHARES The number of authorized shares is 5,000,000,000 shares with a par value of US$0.00001 per share. The authorized shares of the Company were consisted of 2,713,770,293 ordinary shares and 2,286,229,707 preferred shares as of December 31, 2024. On May 12, 2025, the Company amended its memorandum and articles of association to increase the authorized share capital to 20,000,000,000 shares, comprising 16,000,000,000 Class A ordinary shares and 800,000,000 Class B ordinary shares, with the remaining 3,200,000,000 shares to be designated by the Board of Directors, with a par value of US$0.00001 each. On August 19, 2025, the Company completed its initial public offering (IPO) and was listed on Nasdaq: (i) the existing ordinary shares were converted into 117,373,899 Class A ordinary shares and 342,773,160 Class B ordinary shares in accordance with the exchange ratio as of December 31, 2024; (ii) all convertible redeemable preferred shares were converted into 2,286,229,707 Class A ordinary shares; (iii) the Company issued 113,050,000 Class A ordinary shares to investors, at a purchase price equal to $4.1 per share. As of December 31, 2025, the Company had 2,859,426,766 ordinary shares issued and outstanding, comprising 2,516,653,606 Class A ordinary shares and 342,773,160 Class B ordinary shares.

5000000000

0.00001

2713770293

2286229707

20000000000

16000000000

800000000

3200000000

0.00001

117373899

342773160

2286229707

113050000

4.1

2859426766

2516653606

342773160

18. SHARE-BASED COMPENSATION The Company’s shareholders and Board of Directors approved of 2015 Share Incentive Plan (the “Option Plan”) in order to provide incentives and rewards to the Company’s directors, employees and consultant of the Company. Share options under the Option Plan are generally three types of vesting schedule, which are: (i) 25% of the options vest on the first anniversary of the vesting commencement date and the remaining 75% shall equally vest semi-annually over the next three years; (ii) 25% of the options vest on the first anniversary of the vesting commencement date and the remaining 75% shall equally vest quarterly over the next three years; (iii) 25% of the options vest on the first anniversary of the vesting commencement date and the remaining 75% shall equally vest monthly over the next three years. The option holders can only exercise their vested options after 90 days following the completion of IPO or a sale of all or substantially all assets or equity interests of the Company, subject to compliance of applicable requirements under laws and regulations in the PRC. The Company did not recognize any share-based compensation expense on the share options since the IPO performance condition is deemed to be not probable. As of December 31, 2025, the Company authorized 815,130,483 share options under the Option Plan. For options granted prior to the IPO, the fair value was estimated using the Binomial Option Pricing Model. For options granted on or after the IPO date, the fair value of the underlying shares is based on the quoted market price on the grant date, and the pre-IPO valuation model assumptions are no longer applied. The following table sets forth the share options activity for the year ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of shares</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted average exercise price</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted average remaining contractual years</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Aggregate intrinsic value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Outstanding at December 31, 2024</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">618,498,590</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.01</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.48</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">63,779</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,362,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Forfeited</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,769,740</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">0.01</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Outstanding at December 31, 2025</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">623,090,850</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">0.01</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">9.93</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">71,675</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table> As of December 31, 2024 and 2025, no share options were exercisable. The weighted average grant date fair value of the share options for the years ended December 31, 2024 and 2025 were US$0.11 and US$1.28 per share, respectively. For options granted after the IPO, the fair value is based on the quoted market price on the grant date. The Company extended the expiration date of all unexercised share options to 2035, and none of these options were exercised as of the end of the reporting period. The fair value of the options is estimated on the dates of grant using the binomial option pricing model with the following key assumptions used: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31, 2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Risk-free rate of return (per annum)</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">4.75% – 5.93%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Volatility</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">54.5% – 54.7%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Expected dividend yield</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 86%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Exercise multiple</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center">2.2</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Fair value of underlying ordinary share</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">US$0.11</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Expected Term</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">10 years</td> <td style="text-align: left"> </td> </tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">As of December 31, 2025</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Risk-free rate of return (per annum)</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">4.13%</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Volatility</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">82%</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Expected dividend yield</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">—</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="width: 88%; padding-left: 10pt; text-align: justify; text-indent: -10pt">Exercise multiple</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 9%; text-align: center">1.0</td> <td style="width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Fair value of underlying ordinary share</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">US$1.28</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Expected Term</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">10 years</td> <td> </td> </tr></tbody></table> The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in USD for a term consistent with the expected term of the Company’s options in effect at the option valuation date. The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the contract life of the Company’s options. The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. Expected dividend yield is zero as the Company has never declared or paid any cash dividends on its shares, and the Company does not anticipate any dividend payments in the foreseeable future.

0.25

0.75

0.25

0.75

0.25

0.75

P90D

815130483

The following table sets forth the share options activity for the year ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of shares</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted average exercise price</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted average remaining contractual years</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Aggregate intrinsic value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Outstanding at December 31, 2024</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">618,498,590</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.01</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.48</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">63,779</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,362,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Forfeited</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,769,740</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">0.01</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Outstanding at December 31, 2025</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">623,090,850</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">0.01</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">9.93</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">71,675</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table>

618498590

0.01

P3Y5M23D

63779000

6362000

0.01

1769740

0.01

623090850

0.01

P9Y11M4D

71675000

0.11

1.28

The fair value of the options is estimated on the dates of grant using the binomial option pricing model with the following key assumptions used: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31, 2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Risk-free rate of return (per annum)</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">4.75% – 5.93%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Volatility</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">54.5% – 54.7%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Expected dividend yield</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 86%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Exercise multiple</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center">2.2</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Fair value of underlying ordinary share</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">US$0.11</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Expected Term</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">10 years</td> <td style="text-align: left"> </td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">As of December 31, 2025</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Risk-free rate of return (per annum)</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">4.13%</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Volatility</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">82%</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Expected dividend yield</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">—</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="width: 88%; padding-left: 10pt; text-align: justify; text-indent: -10pt">Exercise multiple</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 9%; text-align: center">1.0</td> <td style="width: 1%"> </td> </tr><tr style="vertical-align: bottom; background-color: #CCEEFF"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Fair value of underlying ordinary share</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">US$1.28</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: white"><td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Expected Term</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">10 years</td> <td> </td> </tr></tbody></table>

0.0475

0.0593

0.545

0.547

2.2

0.11

P10Y

0.0413

0.82

1.28

P10Y

19. FAIR VALUE MEASUREMENT As of December 31, 2025, the holder of the exchangeable notes waived all conversion rights associated with the instrument. As a result, the exchangeable notes no longer contain features requiring bifurcation or fair value measurement. The instrument is therefore accounted for as a financial liability at amortized cost beginning on the date of modification. Accordingly, as of December 31, 2025, the Group no longer has exchangeable notes measured at fair value on a recurring basis, and such instruments are no longer included within the fair value hierarchy. For the years ended December 31, 2023 and 2024, certain financial liabilities, including exchangeable notes, were measured at fair value using significant unobservable inputs and categorized within Level 3 of the fair value hierarchy. As of December 31, 2025, no financial liabilities are measured at fair value on a recurring basis. The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2024: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">For the year Ended December 31, 2023</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted prices in active markets (Level 1)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant observable inputs (Level 2)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant unobservable inputs (Level 3)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">Financial assets at fair value through</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Exchangeable Notes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20,681</td> <td style="width: 1%; text-align: left"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">For the Year Ended December 31, 2024</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted prices in active markets (Level 1)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant observable inputs (Level 2)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant unobservable inputs (Level 3)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">Financial assets at fair value through</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify">Exchangeable Notes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20,990</td> <td style="width: 1%; text-align: left"> </td> </tr></tbody></table> Financial Liabilities are measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. The fair values of the ODI Convertible Loans and Exchangeable Notes were estimated with the following key assumptions with no change for the years ended December 31, 2024: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31, 2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Risk-free rate of return (per annum)</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">6.19% – 6.24%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 86%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Expected Volatility</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center">59.21%</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Expected dividend yield</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">0%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Expected Term</td> <td> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center">0.69 years</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Applied bond yield</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">14.49%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Yield for value of credit risk</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">13.91%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Fair value of underlying ordinary shares/preferred shares</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">US$0.11 – US$0.14</td> <td style="text-align: left"> </td> </tr></tbody></table> The estimated fair value of the ODI Convertible Loans and Exchangeable Notes estimated by management with the assistance of an independent valuation firm. The Company estimated the fair value of the ODI Convertible Loans and Exchangeable Notes based on a probability-weighted analysis and the value of the conversion option as determined by the binomial option pricing model simulating the equity value movement which provide the calculation basis of the financial liabilities fair value. The inputs used in the analysis were classified as Level 3 inputs within the fair value hierarchy due to the lack of observable market data and activity. The determination of the fair value of the Company’s preferred shares and ordinary shares requires complex and subjective judgments to be made regarding the cash flow forecasts and the weighted average cost of capital and the discount for lack of marketability applied to the projected cash flows. If different estimates and assumptions had been used, the fair values of the preferred shares and ordinary shares could be significantly different, and the fair value of the ODI Convertible Loans and Exchangeable Notes may materially differ from the recognized amount. The risk-free rate of return was estimated based on the yield of US Treasury Strip with a maturity life equal to the remaining maturity life of the financial liabilities as of the valuation date. The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s financial liabilities. Expected dividend yield is zero as the Company has never declared or paid any cash dividends on its shares, and the Company does not anticipate any dividend payments in the foreseeable future. Expected term is the remaining life of the financial liabilities.

The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2024: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">For the year Ended December 31, 2023</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted prices in active markets (Level 1)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant observable inputs (Level 2)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant unobservable inputs (Level 3)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">Financial assets at fair value through</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Exchangeable Notes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20,681</td> <td style="width: 1%; text-align: left"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">For the Year Ended December 31, 2024</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted prices in active markets (Level 1)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant observable inputs (Level 2)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant unobservable inputs (Level 3)</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">Financial assets at fair value through</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify">Exchangeable Notes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20,990</td> <td style="width: 1%; text-align: left"> </td> </tr></tbody></table>

20681000

20990000

The fair values of the ODI Convertible Loans and Exchangeable Notes were estimated with the following key assumptions with no change for the years ended December 31, 2024: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31, 2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Risk-free rate of return (per annum)</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">6.19% – 6.24%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 86%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Expected Volatility</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 11%; text-align: center">59.21%</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Expected dividend yield</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">0%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Expected Term</td> <td> </td> <td style="text-align: center"> </td> <td style="white-space: nowrap; text-align: center">0.69 years</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Applied bond yield</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">14.49%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Yield for value of credit risk</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">13.91%</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Fair value of underlying ordinary shares/preferred shares</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">US$0.11 – US$0.14</td> <td style="text-align: left"> </td> </tr></tbody></table>

6.19

6.24

59.21

0.69

0.1449

0.1391

0.11

0.14

20. OTHER INCOME, NET The components of other income are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify">Penalty waiver</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">-</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3,079</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">440</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Deposit forfeiture</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">581</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,131</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">162</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Other income – Subsidy</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">158</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">869</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">124</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Others</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(521</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(91</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(13</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify">Total</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">218</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,988</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">713</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> Other income (expense) primarily consists of one-off items that are not expected to recur in the ordinary course of business.

The components of other income are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify">Penalty waiver</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">-</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3,079</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">440</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Deposit forfeiture</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">581</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,131</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">162</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Other income – Subsidy</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">158</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">869</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">124</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Others</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(521</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(91</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(13</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify">Total</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">218</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,988</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">713</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

3079000 440000 581000 1131000 162000 158000 869000 124000 -521000 -91000 -13000

218000

4988000

713000

21. INCOME TAX (a) Income tax Cayman Islands Under the current laws of the Cayman Islands, the Company’s subsidiary is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong S.A.R. Under the current Hong Kong S.A.R. Inland Revenue Ordinance, the Company’s Hong Kong S.A.R. subsidiary is subject to Hong Kong S.A.R. profits tax at the rate of 16.5% on its taxable income generated from the operations in Hong Kong S.A.R.. Payments of dividends by the Hong Kong S.A.R. subsidiary to the Company is not subject to withholding tax in Hong Kong S.A.R.. A two-tiered profits tax rates regime was introduced in 2018 where the first HK$2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti- fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. No provision for Hong Kong profits tax has been made in the financial statements as the subsidiary in Hong Kong has no assessable profits for the year ended December 31, 2023, 2024 and 2025. PRC, excluding Hong Kong S.A.R. The Group’s PRC subsidiaries, VIEs and the VIEs’ subsidiaries are subject to the PRC Corporate Income Tax Law (“CIT Law”) at the statutory income tax rate of 25%, unless otherwise specified. According to the CIT Law, entities that qualify as “high-and-new technology enterprises” (“HNTE”) are entitled to a preferential income tax rate of 15%, and entities that qualify as “small enterprises with low profits’ are entitled to a preferential income tax rate of 20%. Beijing Yimutian and Yimutian Xinnong were qualified as a High and New Technology Enterprise (“HNTE”), since 2018 and is eligible for a 15% preferential tax rate from 2018 to 2020. In December 2021, Beijing Yimutian, and Yimutian Xinnong renewed the certificate with a validity term of three years from 2023 to 2024. From year 2023 to year 2024, Beijing Douniu became eligible as HNTE enabling it to enjoy a preferential tax rate of 15%. All of them renewed the certificate with a validity term of three years from 2024 to 2026. The components of loss before income taxes are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">PRC, excluding Hong Kong S.A.R</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(34,899</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(23,372</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(3,342</td> <td style="width: 1%; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Hong Kong S.A.R</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(40</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(4</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Cayman Islands</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(40</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(24,001</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(3,432</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(34,979</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(47,377</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(6,775</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr></tbody></table> Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rate for the year ended December 31, 2023, 2024 and 2025 are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">%</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">%</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">%</td> <td style="font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">PRC Statutory income tax rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.0</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.0</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.0</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-style: italic; text-align: justify; text-indent: -10pt; padding-left: 10pt">(Decrease) increase in effective income tax rate resulting from:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Tax rate differential for non-PRC entities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3.1</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8.5</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3.1</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Preferential tax rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8.4</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8.4</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8.4</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Changes in tax rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.5</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.5</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Research and development expenses additional deduction</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.6</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.9</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.6</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Other non-deductible expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12.4</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.2</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(10.0</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Change in valuation allowance</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right">(11.2</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(16.8</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(12.6</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Effective income tax rate</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> The effective tax rate is not meaningful due to the Company's net loss position and full valuation allowance recorded against deferred tax assets. (b) Deferred tax assets and deferred tax liabilities <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify">Deferred income tax assets:</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Net operating loss carry forwards</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">226,344</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">222,129</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">182,723</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">26,129</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Others</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,103</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Provision for credit losses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">340</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">113</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">82</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Lease liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,010</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,251</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">671</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">96</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1.5pt; text-align: justify; text-indent: -10pt; padding-left: 10pt">Others</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">43</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Deferred income tax assets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">233,840</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">224,493</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">183,476</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">26,237</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: valuation allowance</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(230,830</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(222,243</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(182,723</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(26,129</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Deferred income tax assets, net</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,010</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,250</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">753</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">108</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Deferred income tax liabilities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3,010</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,250</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(753</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(108</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1.5pt; text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease right of use assets</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(3,010</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(2,250</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(753</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(108</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Total deferred income tax liabilities</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> The Company recorded no income tax expense for the years ended December 31, 2023, 2024 and 2025, as a full valuation allowance was recognized against its deferred tax assets A full valuation allowance is recorded due to cumulative losses and lack of sufficient positive evidence that deferred tax assets will be realized. Deferred tax assets and liabilities are presented on a net basis by tax jurisdiction in accordance with ASC 740. As the Group has incurred cumulative losses, a full valuation allowance has been recorded against deferred tax assets, resulting in no income tax expense for the year. As of December 31, 2025, the Group had net operating loss carry forwards of RMB730,893, primarily attributable to the PRC subsidiaries, consolidated VIEs and the VIEs’ subsidiaries. For HNTEs, the loss carried forward will expire during the period from year 2025 to year 2034. For the other PRC companies, the loss carried forward will expire during the period from year 2025 to year 2029. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: justify">2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">70,925</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">10,142</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">2027</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">56,806</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,123</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">2028</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">57,409</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,209</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">2029</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">120,575</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">17,242</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt">Thereafter</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">425,178</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">60,800</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">730,893</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">104,516</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

0.165

2000000

0.0825

0.165

0.25

0.15

0.20

0.15

The components of loss before income taxes are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">PRC, excluding Hong Kong S.A.R</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(34,899</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(23,372</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(3,342</td> <td style="width: 1%; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Hong Kong S.A.R</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(40</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(4</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Cayman Islands</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(40</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(24,001</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(3,432</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(34,979</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(47,377</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(6,775</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr></tbody></table>

-34899000

-23372000

-3342000

-40000

-4000

-1000

-40000

-24001000

-3432000

-34979000

-47377000

-6775000

Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rate for the year ended December 31, 2023, 2024 and 2025 are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">%</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">%</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">%</td> <td style="font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">PRC Statutory income tax rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.0</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.0</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.0</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-style: italic; text-align: justify; text-indent: -10pt; padding-left: 10pt">(Decrease) increase in effective income tax rate resulting from:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Tax rate differential for non-PRC entities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3.1</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8.5</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3.1</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Preferential tax rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8.4</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8.4</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8.4</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Changes in tax rate</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.5</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.5</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Research and development expenses additional deduction</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.6</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.9</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.6</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Other non-deductible expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12.4</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.2</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(10.0</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Change in valuation allowance</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right">(11.2</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(16.8</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(12.6</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Effective income tax rate</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

0.25

-0.031

-0.085

-0.031

-0.084 -0.084 -0.084 0.005 0.005

0.096

0.089

0.086

-0.124

-0.002

-0.10

-0.112

-0.168

-0.126

(b) Deferred tax assets and deferred tax liabilities <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify">Deferred income tax assets:</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Net operating loss carry forwards</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">226,344</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">222,129</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">182,723</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">26,129</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Others</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,103</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Provision for credit losses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">340</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">113</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">82</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Lease liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,010</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,251</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">671</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">96</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1.5pt; text-align: justify; text-indent: -10pt; padding-left: 10pt">Others</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">43</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Deferred income tax assets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">233,840</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">224,493</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">183,476</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">26,237</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: valuation allowance</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(230,830</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(222,243</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(182,723</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(26,129</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Deferred income tax assets, net</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,010</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,250</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">753</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">108</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Deferred income tax liabilities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3,010</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,250</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(753</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(108</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1.5pt; text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating lease right of use assets</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(3,010</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(2,250</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(753</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(108</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Total deferred income tax liabilities</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

226344000

222129000

182723000

26129000

4103000

340000 113000 82000 12000 3010000 2251000 671000 96000

43000

233840000

224493000

183476000

26237000

230830000

222243000

182723000

26129000

3010000

2250000

753000

108000

-3010000 -2250000 -753000 -108000 -3010000 -2250000 -753000 -108000

730893000

For the other PRC companies, the loss carried forward will expire during the period from year 2025 to year 2029.<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: justify">2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">70,925</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">10,142</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">2027</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">56,806</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,123</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">2028</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">57,409</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,209</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">2029</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">120,575</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">17,242</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt">Thereafter</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">425,178</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">60,800</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">730,893</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">104,516</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

70925000

10142000

56806000

8123000

57409000

8209000

120575000

17242000

425178000

60800000

730893000

104516000

22. SEGMENT INFORMATION The Company operates as a single reportable segment. The chief operating decision maker (“CODM”), identified as the Chief Executive Officer, reviews the Company’s consolidated financial results for purposes of evaluating financial performance and allocating resources. The CODM assesses performance and makes resource allocation decisions based on consolidated financial information and does not regularly review discrete financial information by product, service line, or geography. In accordance with ASC 280, as amended by ASU 2023-07, the Company evaluated whether there are significant segment expense categories that are regularly provided to the CODM. As the CODM does not regularly review disaggregated expense information in managing the business, the Company has not identified any significant segment expenses that require separate disclosure.

The chief operating decision maker (“CODM”), identified as the Chief Executive Officer, reviews the Company’s consolidated financial results for purposes of evaluating financial performance and allocating resources.

23. NET LOSS PER SHARE The following table sets forth the basic and diluted net loss per share computation and provides a reconciliation of the numerator and denominator for the years presented: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">Numerator:</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Net loss attributable to ordinary shareholders</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(181,132</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(123,177</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(46,644</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(6,670</td> <td style="width: 1%; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Weighted average number of ordinary shares outstanding for basic and diluted net loss per share calculation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.45</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.27</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.03</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Net loss per ordinary share:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">– Basic and diluted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">400,206,197</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">460,147,059</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,340,668,787</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,340,668,787</td> <td style="text-align: left"> </td> </tr></tbody></table>

The following table sets forth the basic and diluted net loss per share computation and provides a reconciliation of the numerator and denominator for the years presented: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">Numerator:</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Net loss attributable to ordinary shareholders</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(181,132</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(123,177</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(46,644</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(6,670</td> <td style="width: 1%; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Weighted average number of ordinary shares outstanding for basic and diluted net loss per share calculation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.45</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.27</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.03</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Net loss per ordinary share:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">– Basic and diluted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">400,206,197</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">460,147,059</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,340,668,787</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,340,668,787</td> <td style="text-align: left"> </td> </tr></tbody></table>

-181132000

-123177000

-46644000

-6670000

-0.45

-0.27

-0.03

400206197

460147059

1340668787

24. RELATED PARTY TRANSACTIONS The Group had the following balances with related parties: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Amounts due from related parties</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3,436</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3,357</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">480</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Amounts due to related parties</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">13,079</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">3,511</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">502</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> Amounts due from related parties represent interest-free loans provided to a preferred shareholder and certain entities controlled by a preferred shareholder. These loans are unsecured and contractually repayable on demand. In June 2021, the Company provided an interest-free loan of US$0.5 million (equivalent to RMB3,084) to a preferred shareholder. As of December 31, 2024 and 2025, the outstanding balance was RMB3,436 and RMB3,357, respectively. The Group has assessed the recoverability of these balances, taking into account the financial position of the counterparties, their relationship with the Group, and the absence of historical defaults. Based on this assessment, management believes the balances are fully recoverable and no allowance for expected credit losses has been recorded. Amounts due to related parties primarily include: (i) Payables related to cash collected on behalf of the Company’s equity investee, amounting to RMB9,485 as of December 31, 2024 and nil as of December 31, 2025. During the year ended December 31, 2025, the Group settled these balances, including repayment of principal amounts. The Group acts as an agent in these arrangements and does not recognize such amounts as revenue. In addition, the related party waived certain outstanding charges associated with these balances. Management considered whether the waiver represents a capital contribution from a related party. Based on the nature of the underlying transactions and the absence of any equity-related arrangements, management concluded that the waiver represents a settlement of transaction-related obligations rather than a capital contribution, and therefore recognition in profit or loss is appropriate. (ii) Payables related to the repurchase of the Company’s preferred shares, amounting to RMB3,594 and RMB3,511 as of December 31, 2024 and 2025, respectively. These balances represent contractual obligations under share repurchase arrangements and are classified as liabilities as the Group has an obligation to transfer cash and the arrangements do not meet the criteria for equity classification under US GAAP. The balances are unsecured and are repayable in accordance with the relevant contractual terms. General terms All related party balances are unsecured, non-interest bearing, and are settled in cash unless otherwise agreed by the parties. Management applies judgment in assessing the classification, measurement, and recoverability of related party balances, including determining whether such balances represent loans, capital transactions, or other arrangements. Although certain balances are contractually repayable on demand, the timing of settlement may depend on the Group’s liquidity position and the intentions of the related parties. The Group presents related party balances on a gross basis and does not offset such balances unless the criteria for offsetting under US GAAP are met.

The Group had the following balances with related parties: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Amounts due from related parties</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3,436</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3,357</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">480</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Amounts due to related parties</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">13,079</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">3,511</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">502</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

3436000

3357000

480000

13079000 3511000 502000

500000

3084000

3436000

3357000

9485000

3594000

3511000

25. REVENUE INFORMATION The Group’s revenues consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify">Digital Agricultural Commerce Services:</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Membership services</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">99,924</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">95,589</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">84,821</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">12,129</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Value-added services</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">65,850</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">52,712</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">47,755</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,829</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Transaction services</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">5,147</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,305</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,756</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">394</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Total Digital Agricultural Commerce Services</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">170,921</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">152,606</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">135,332</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">19,352</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Other Digital Agricultural Solutions</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">16,602</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">8,715</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">5,323</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">761</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total revenues</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">187,523</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">161,321</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">140,655</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">20,113</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table> Timing of recognition <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="15" style="border-bottom: Black 1.5pt solid; text-align: center">For the year ended December 31,</td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Revenue from services transferred to customers at a point in time</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">51,917</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">41,996</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">41,836</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6,013</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Revenue from services transferred to customers over time</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right">135,606</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">119,325</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">98,819</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">14,100</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total revenues</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right">187,523</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">161,321</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">140,655</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">20,113</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table> The Group generates revenue primarily from membership services and value-added services, which are generally recognized over time, and transaction services, which are primarily recognized at a point in time. Further details are provided in Note 2 – Revenue Recognition. Membership services and a significant portion of value-added services are recognized over time, while transaction services are primarily recognized at a point in time. Certain of the Group’s revenues include variable consideration, primarily relating to transaction-based service fees and potential refunds or service adjustments. The Group estimates variable consideration based on historical experience and expected outcomes and includes such amounts in revenue only to the extent that it is probable that a significant reversal will not occur when the uncertainty is resolved. Adjustments to variable consideration, including refunds and reversals, are recognized in the period in which the underlying facts and circumstances change. Under the requirements of ASC 606-10-50-8, the changes in contract liabilities are presented as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify">As of January 1, 2023</td> <td> </td> <td colspan="2" style="text-align: right">88,906</td> <td> </td> <td> </td> <td colspan="2" style="text-align: right">12,713</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 76%; text-align: justify">Addition</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">169,811</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">24,283</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Recognized as revenue</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(135,606</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(19,391</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Recognized tax amount allocated</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,626</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,091</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt">Refund</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(3,162</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(452</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify">As of December 31, 2023</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">112,323</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">16,062</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Addition</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">115,511</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,518</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Recognized as revenue</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(119,325</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(17,063</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Recognized tax amount allocated</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,385</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,056</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt">Refund</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(798</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(115</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify">As of December 31, 2024</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">100,326</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">14,346</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Addition</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">93,842</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13,419</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Recognized as revenue</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(98,818</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(14,130</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Recognized tax amount allocated</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(5,929</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(848</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt">Refund</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(599</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(85</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">As of December 31, 2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">88,822</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">12,702</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table> Of the total revenue recognized during the year ended December 31, 2025, RMB94,306 was included in the contract liabilities balance as of January 1, 2025. The changes in contract liabilities were primarily driven by customer prepayments for services and subsequent revenue recognition as the related services were delivered. Contract liabilities are classified as current or non-current based on the expected timing of revenue recognition, which corresponds to the remaining service period of the underlying contracts. For the year ended December 31, 2023, 2024 and 2025, all of the Group’s revenues were generated in the PRC.

The Group’s revenues consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify">Digital Agricultural Commerce Services:</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Membership services</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">99,924</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">95,589</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">84,821</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">12,129</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Value-added services</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">65,850</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">52,712</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">47,755</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,829</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Transaction services</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">5,147</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,305</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,756</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">394</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Total Digital Agricultural Commerce Services</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">170,921</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">152,606</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">135,332</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">19,352</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Other Digital Agricultural Solutions</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">16,602</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">8,715</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">5,323</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">761</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total revenues</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">187,523</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">161,321</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">140,655</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">20,113</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table>Timing of recognition <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="15" style="border-bottom: Black 1.5pt solid; text-align: center">For the year ended December 31,</td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Revenue from services transferred to customers at a point in time</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">51,917</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">41,996</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">41,836</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6,013</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Revenue from services transferred to customers over time</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right">135,606</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">119,325</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">98,819</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">14,100</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total revenues</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right">187,523</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">161,321</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">140,655</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">20,113</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr></tbody></table>

99924000

95589000

84821000

12129000

65850000

52712000

47755000

6829000

5147000

4305000

2756000

394000

170921000

152606000

135332000

19352000

16602000

8715000

5323000

761000

187523000

161321000

140655000

20113000

51917000

41996000

4000

6013000

135606000

119325000

98819000

14100000

187523000

161321000

140655000

20113000

Under the requirements of ASC 606-10-50-8, the changes in contract liabilities are presented as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: justify"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify">As of January 1, 2023</td> <td> </td> <td colspan="2" style="text-align: right">88,906</td> <td> </td> <td> </td> <td colspan="2" style="text-align: right">12,713</td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 76%; text-align: justify">Addition</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">169,811</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">24,283</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Recognized as revenue</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(135,606</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(19,391</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Recognized tax amount allocated</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,626</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,091</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt">Refund</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(3,162</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(452</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify">As of December 31, 2023</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">112,323</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">16,062</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Addition</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">115,511</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,518</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Recognized as revenue</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(119,325</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(17,063</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Recognized tax amount allocated</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,385</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,056</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt">Refund</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(798</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(115</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify">As of December 31, 2024</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">100,326</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">14,346</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Addition</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">93,842</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">13,419</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify">Recognized as revenue</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(98,818</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(14,130</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify">Recognized tax amount allocated</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(5,929</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(848</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt">Refund</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(599</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(85</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">As of December 31, 2025</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">88,822</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">12,702</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table>

88906000

12713000

169811000 24283000

-135606000

-19391000

-7626000 -1091000 -3162000 -452000

112323000

16062000

115511000 16518000

-119325000

-17063000

-7385000 -1056000 -798000 -115000

100326000

14346000

93842000 13419000

-98818000

-14130000

-5929000 -848000 -599000 -85000

88822000

12702000

94306000

26. COMMITMENTS AND CONTINGENCIES The Company is subject to a number of legal proceedings that generally arise in the ordinary course of its business. The Company is a defendant in a contractual dispute in which the plaintiff seeks approximately RMB 2.66 million in alleged losses, plus interest. The case is currently pending trial, with the next hearing scheduled for May 13, 2026. The Company is actively defending the claim and intends to contest liability. Based on currently available information, management does not believe a material loss is probable, and no accrual has been recorded. However, the final outcome remains uncertain.

2660000

27. SUBSEQUENT EVENTS On November 6, 2025, the Company received a written notice from Nasdaq indicating that the Company no longer meet the continued listing requirement of minimum Market Value of Publicly Held Shares (“MVPHS”) for Nasdaq, because our MVPHS for the last 30 consecutive business days was below the minimum MVPHS requirement of US$15 million. The Company were granted a grace period of 180 calendar days, expiring on May 5, 2026, in which to regain compliance. To regain compliance, our MVPHS must close at US$15 million or more for a minimum of ten consecutive business days during the compliance period, unless Nasdaq exercises its discretion to extend this ten-day period. On March 24, 2026, the Company entered into a binding acquisition agreement with Ningbo Xunxi Technology Co., Ltd. (“Xunxi”). Pursuant to the agreement, the Company conditionally agreed to acquire 100% equity interest of Xunxi for a total consideration of RMB50 million (comprising RMB40 million in cash and RMB10 million in stock options). This acquisition aims to integrate Xunxi’s enterprise procurement platform to expand the Company’s “B2B2C” business ecosystem. As of the approval date of this report, the closing remains subject to the satisfaction of customary conditions. On April 2, 2026, the Company received another written notice from Nasdaq indicating the Company are not in compliance with the US$1.00 minimum bid price requirement under the Nasdaq Listing Rules. Based on the closing bid price of the our ADSs from February 18, 2026 to April 1, 2026, we have not met the minimum bid price requirement set forth in the Nasdaq Listing Rules during that period. The Company were granted a grace period of 180 calendar days, expiring on September 29, 2026, in which to regain compliance. To regain compliance, the closing bid price of our ADSs must meet or exceed US$1.00 per ADS for at least ten consecutive business days during the compliance period, unless Nasdaq exercises its discretion to extend this ten-day period. On April 29, 2026, the Company announced a change in the ratio of its American Depositary Shares (ADSs) to Class A ordinary shares from 1 ADS representing 25 shares to 1 ADS representing 375 shares, effective as a 15-for-1 reverse split on or around May 18, 2026 (U.S. Eastern Time). The ADSs will continue to trade on Nasdaq under the ticker symbol “YMT”.

15000000 15000000 1 50000000

40000000

10000000

1 1

28. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION The following condensed parent company financial information of Yimutian Inc. has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements. As of December 31, 2024 and 2025, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of Yimutian Inc., except for those which have been separately disclosed in the consolidated financial statements. The Company’s share of loss from its subsidiaries was reported as a share of loss of subsidiaries in the accompanying parent company only financial statements. Ordinarily, under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of the parent only financial information, the Company has continued to reflect its share, based on its proportionate interest, of the losses of its subsidiaries regardless of the carrying value of the investment in the amounts due to related parties even though the Company is not obligated to provide continuing support or fund losses. (a) Condensed Balance Sheets <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">ASSETS</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify">Current assets</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">129</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">106,297</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">15,200</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Amounts due from related parties</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,436</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,357</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">480</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Due from shareholders</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">256,794</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">36,721</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Intercompany receivable from WFOE</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">31,014</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">30,300</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,333</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Prepayments and other current assets</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10,960</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,827</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">976</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total current assets</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,539</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">403,575</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">57,710</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total assets</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,539</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">403,575</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">57,710</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">LIABILITIES AND SHAREHOLDERS’ DEFICIT</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Convertible notes payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">18,449</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,638</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Financial liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">20,990</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,949</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,567</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Shareholder loans, at amortized cost</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,078</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,053</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">151</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Amounts due to related parties</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,594</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,511</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">502</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Intercompany payable to VIE</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,394</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,394</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">771</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accrued expenses and other current liabilities</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">15,531</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">24,390</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">3,488</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total current liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">46,587</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">77,746</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">11,117</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Investments in subsidiaries</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">433,592</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">488,047</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">69,788</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total non-current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">433,592</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">488,047</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">69,788</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">480,179</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">565,793</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">80,905</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Commitments and Contingencies</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Mezzanine equity*:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series A Redeemable Convertible Preferred Shares (US$0.00001 par value: 387,781,378 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB56,098 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">56,098</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series B Redeemable Convertible Preferred Shares (US$0.00001 par value: 703,901,412 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB787,739 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">787,739</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series C Redeemable Convertible Preferred Shares (US$0.00001 par value: 517,022,352 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB181,992 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">181,992</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series C-1 Redeemable Convertible Preferred Shares (US$0.00001 par value: 357,323,044 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB153,660 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">153,660</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series C-2 Redeemable Convertible Preferred Shares (US$0.00001 par value: 220,757,061 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB189,973 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">189,873</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series D Redeemable Convertible Preferred Shares (US$0.00001 par value: 95,320,147 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB136,115 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">136,115</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Subscription receivable from Series B Redeemable Convertible Preferred Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(134,455</td> <td style="text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Subscription receivable from Series C Redeemable Convertible Preferred Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(29,026</td> <td style="text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Subscription receivable from Series C-1 Redeemable Convertible Preferred Shares</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(38,955</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">—</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">—</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total mezzanine equity</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,303,041</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">—</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">—</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">SHAREHOLDERS’ DEFICIT</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Class A ordinary shares (US$0.00001 par value, 16,000,000,000 shares authorized, 460,147,059 and 2,516,653,606 shares issued and outstanding as of December 31, 2024 and 2025, respectively)*</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">31</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">177</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">26</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Class B ordinary shares (US$0.00001 par value, 800,000,000 shares authorized, nil and 2,516,653,606 shares issued and outstanding as of December 31, 2024 and 2025, respectively)*</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Additional paid – in capital</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">47,006</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,668,465</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">238,588</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Accumulated other comprehensive loss</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(99,395</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(97,912</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(14,001</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accumulated deficit</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(1,715,536</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(1,762,180</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(251,988</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Total shareholders’ deficit attributable to ordinary shareholders of Yimutian Inc.</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(1,767,894</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(191,426</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(27,372</td> <td style="font-weight: bold; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Non-controlling interests</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">30,213</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">29,208</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,177</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total shareholders’ deficit</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(1,737,681</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(162,218</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(23,195</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total liabilities and shareholders’ deficit</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,539</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">403,575</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">57,710</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table> (b) Condensed Statements of Comprehensive Loss <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Total operating expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(9,753</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(40</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(28,519</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(4,078</td> <td style="width: 1%; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Share of losses from subsidiaries and VIEs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(90,140</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(34,860</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(18,125</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,592</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Changes in fair value of financial liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3,728</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Loss from derecognition of financial liabilities</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(1,989</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Loss before income tax</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(105,610</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(34,900</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(46,644</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(6,670</td> <td style="font-weight: bold; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Income tax expense</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Net loss attributable to Yimutian Inc.</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(105,610</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(34,900</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(46,644</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(6,670</td> <td style="font-weight: bold; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Other comprehensive (loss) income</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(21,566</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(432</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,483</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">212</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total comprehensive loss</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(127,176</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(35,332</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(45,161</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(6,458</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> </tr></tbody></table> (c) Condensed Statements of Cash Flows <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Net cash used in operating activities</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(4,916</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(31,354</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(29,924</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(4,279</td> <td style="width: 1%; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Net cash (used in) provided by investing activities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,083</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">149</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Net cash provided by financing activities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,508</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">30,995</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">134,555</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">19,241</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Effect of foreign currency exchange rate changes on cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(202</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(157</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,537</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">220</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Net increase (decrease) in cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">307</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(367</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">106,168</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,182</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Cash at the beginning of the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">189</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">496</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">129</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">18</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Cash at the end of the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">496</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">129</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">106,297</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,200</td> <td style="text-align: left"> </td> </tr></tbody></table>

(a) Condensed Balance Sheets <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">ASSETS</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify">Current assets</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">129</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">106,297</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">15,200</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Amounts due from related parties</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,436</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,357</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">480</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Due from shareholders</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">256,794</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">36,721</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Intercompany receivable from WFOE</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">31,014</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">30,300</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,333</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Prepayments and other current assets</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">10,960</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,827</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">976</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total current assets</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,539</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">403,575</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">57,710</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total assets</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,539</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">403,575</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">57,710</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">LIABILITIES AND SHAREHOLDERS’ DEFICIT</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Convertible notes payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">18,449</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,638</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Financial liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">20,990</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,949</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,567</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Shareholder loans, at amortized cost</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,078</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,053</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">151</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Amounts due to related parties</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,594</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,511</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">502</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Intercompany payable to VIE</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,394</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,394</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">771</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accrued expenses and other current liabilities</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">15,531</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">24,390</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">3,488</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total current liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">46,587</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">77,746</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">11,117</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Investments in subsidiaries</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">433,592</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">488,047</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">69,788</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total non-current liabilities</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">433,592</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">488,047</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">69,788</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total liabilities</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">480,179</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">565,793</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">80,905</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Commitments and Contingencies</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Mezzanine equity*:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series A Redeemable Convertible Preferred Shares (US$0.00001 par value: 387,781,378 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB56,098 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">56,098</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series B Redeemable Convertible Preferred Shares (US$0.00001 par value: 703,901,412 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB787,739 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">787,739</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series C Redeemable Convertible Preferred Shares (US$0.00001 par value: 517,022,352 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB181,992 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">181,992</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series C-1 Redeemable Convertible Preferred Shares (US$0.00001 par value: 357,323,044 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB153,660 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">153,660</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series C-2 Redeemable Convertible Preferred Shares (US$0.00001 par value: 220,757,061 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB189,973 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">189,873</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Series D Redeemable Convertible Preferred Shares (US$0.00001 par value: 95,320,147 shares authorized as at December 31, 2024 and December 31, 2025, Redemption value of RMB136,115 and nil as of December 31, 2024 and 2025, respectively)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">136,115</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Subscription receivable from Series B Redeemable Convertible Preferred Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(134,455</td> <td style="text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Subscription receivable from Series C Redeemable Convertible Preferred Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(29,026</td> <td style="text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">—</td> <td style="font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Subscription receivable from Series C-1 Redeemable Convertible Preferred Shares</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(38,955</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">—</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">—</td> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total mezzanine equity</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,303,041</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">—</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">—</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: justify">SHAREHOLDERS’ DEFICIT</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Class A ordinary shares (US$0.00001 par value, 16,000,000,000 shares authorized, 460,147,059 and 2,516,653,606 shares issued and outstanding as of December 31, 2024 and 2025, respectively)*</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">31</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">177</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">26</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Class B ordinary shares (US$0.00001 par value, 800,000,000 shares authorized, nil and 2,516,653,606 shares issued and outstanding as of December 31, 2024 and 2025, respectively)*</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Additional paid – in capital</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">47,006</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,668,465</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">238,588</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Accumulated other comprehensive loss</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(99,395</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(97,912</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(14,001</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accumulated deficit</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(1,715,536</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(1,762,180</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(251,988</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Total shareholders’ deficit attributable to ordinary shareholders of Yimutian Inc.</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(1,767,894</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(191,426</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(27,372</td> <td style="font-weight: bold; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Non-controlling interests</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">30,213</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">29,208</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,177</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total shareholders’ deficit</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(1,737,681</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(162,218</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(23,195</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total liabilities and shareholders’ deficit</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,539</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">403,575</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">57,710</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> </tr></tbody></table>

129000

106297000

15200000

3436000

3357000

480000

256794000 36721000 31014000 30300000 4333000

10960000

6827000

976000

45539000

403575000

57710000

45539000

403575000

57710000

18449000

2638000

20990000

24949000

3567000

1078000

1053000

151000

3594000

3511000

502000

5394000 5394000 771000

15531000

24390000

3488000

46587000

77746000

11117000

-433592000

-488047000

-69788000

433592000

488047000

69788000

480179000

565793000

80905000

0.00001

387781378

56098000

0.00001

703901412

787739000

0.00001

517022352

181992000

0.00001

357323044

153660000

0.00001

220757061

189973000

189873000

0.00001

95320147

136115000

-134455000

-29026000

-38955000

1303041000

0.00001

16000000000 16000000000 460147059 460147059 2516653606 2516653606

31000

177000

26000

0.00001

800000000 800000000 2516653606 2516653606

24000

3000

47006000

1668465000

238588000

-99395000

-97912000

-14001000

-1715536000

-1762180000

-251988000

-1767894000

-191426000

-27372000

30213000

29208000

4177000

-1737681000

-162218000

-23195000

45539000

403575000

57710000

(b) Condensed Statements of Comprehensive Loss <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Total operating expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(9,753</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(40</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(28,519</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(4,078</td> <td style="width: 1%; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Share of losses from subsidiaries and VIEs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(90,140</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(34,860</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(18,125</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,592</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Changes in fair value of financial liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3,728</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Loss from derecognition of financial liabilities</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(1,989</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Loss before income tax</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(105,610</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(34,900</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(46,644</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(6,670</td> <td style="font-weight: bold; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Income tax expense</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">—</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Net loss attributable to Yimutian Inc.</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(105,610</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(34,900</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(46,644</td> <td style="font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(6,670</td> <td style="font-weight: bold; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Other comprehensive (loss) income</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(21,566</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(432</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,483</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">212</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total comprehensive loss</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(127,176</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(35,332</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(45,161</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(6,458</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td> </tr></tbody></table>

9753000

40000

28519000

4078000

-90140000

-34860000

-18125000

-2592000

3728000

-1989000

-105610000

-34900000

-46644000

-6670000

-105610000

-34900000

-46644000

-6670000

21566000

432000

-1483000

-212000

-127176000

-35332000

-45161000

-6458000

(c) Condensed Statements of Cash Flows <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 52%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Net cash used in operating activities</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(4,916</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(31,354</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(29,924</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(4,279</td> <td style="width: 1%; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Net cash (used in) provided by investing activities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,083</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">149</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Net cash provided by financing activities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,508</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">30,995</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">134,555</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">19,241</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Effect of foreign currency exchange rate changes on cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(202</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(157</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,537</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">220</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Net increase (decrease) in cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">307</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(367</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">106,168</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,182</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Cash at the beginning of the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">189</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">496</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">129</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">18</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">Cash at the end of the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">496</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">129</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">106,297</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,200</td> <td style="text-align: left"> </td> </tr></tbody></table>

-4916000

-31354000

-29924000

-4279000

-7083000

149000

12508000

30995000

134555000

19241000

-202000

-157000

1537000

220000

307000

-367000

106168000

15182000

189000

496000

129000

18000

496000

129000

106297000

15200000

Intercompany receivable to parent company and Intercompany receivable from subsidiaries amounts are eliminated upon consolidation. Intercompany payable to parent company, Intercompany payable to WFOE and Intercompany payable to subsidiaries amounts are eliminated upon consolidation. Direct cost incurred by the Group attributable to its IPO of ordinary shares in the United States have been deferred and recorded as deferred IPO cost and will be offset against the gross proceeds received from such offering. On August 19, 2025, the Company completed its initial public offering (IPO) and was listed on Nasdaq. (i) Onshore Shareholder Loans (ii) Other Shareholder Loans