0001936804 sda:ShortTermDebtsMember 2026-01-01 2026-06-30 0001936804 srt:MaximumMember sda:ShortTermDebtsMember 2026-06-30 0001936804 srt:MinimumMember sda:ShortTermDebtsMember 2026-06-30 0001936804 sda:ShortTermDebtsMember 2026-06-30 0001936804 srt:ScenarioForecastMember sda:AmendedPlanMember us-gaap:CommonClassAMember 2026-09-01 0001936804 srt:MaximumMember srt:ScenarioForecastMember sda:TwoThousandTwentyFourEquityIncentivePlanMember us-gaap:CommonClassAMember 2026-08-21 0001936804 srt:MinimumMember srt:ScenarioForecastMember sda:TwoThousandTwentyFourEquityIncentivePlanMember us-gaap:CommonClassAMember 2026-08-21 0001936804 srt:ScenarioForecastMember sda:TwoThousandTwentyFourEquityIncentivePlanMember us-gaap:CommonClassAMember 2026-08-21 0001936804 2026-01-01 2026-06-30 0001936804 2026-06-30 0001936804 sda:ShanghaiFeiyousMember us-gaap:SubsequentEventMember 2026-08-17 2026-08-17 0001936804 sda:ShanghaiFeiyousMember 2026-06-30 0001936804 sda:Within1YearMember 2026-06-30 0001936804 sda:PurchaseMember us-gaap:SupplierConcentrationRiskMember sda:SupplierDMember 2025-01-01 2025-06-30 0001936804 sda:PurchaseMember us-gaap:SupplierConcentrationRiskMember sda:SupplierCMember 2026-01-01 2026-06-30 0001936804 sda:PurchaseMember us-gaap:SupplierConcentrationRiskMember sda:SupplierCMember 2025-01-01 2025-06-30 0001936804 sda:PurchaseMember us-gaap:SupplierConcentrationRiskMember sda:SupplierBMember 2026-01-01 2026-06-30 0001936804 sda:PurchaseMember us-gaap:SupplierConcentrationRiskMember sda:SupplierBMember 2025-01-01 2025-06-30 0001936804 sda:PurchaseMember us-gaap:SupplierConcentrationRiskMember sda:SupplierAMember 2026-01-01 2026-06-30 0001936804 sda:CustomerDMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001936804 sda:CustomerEMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2026-01-01 2026-06-30 0001936804 sda:CustomerEMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001936804 sda:CustomerCMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-06-30 0001936804 sda:CustomerBMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2026-01-01 2026-06-30 0001936804 sda:CustomerBMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-06-30 0001936804 sda:CustomerAMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2026-01-01 2026-06-30 0001936804 sda:CustomerAMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-06-30 0001936804 sda:ShengdaGroupMember 2026-01-01 2026-06-30 0001936804 sda:ShengdaGroupMember 2025-01-01 2025-12-31 0001936804 sda:ShengdaGroupMember 2024-01-01 2024-12-31 0001936804 sda:ShengdaGroupMember 2023-01-01 2023-12-31 0001936804 sda:ShengdaGroupMember 2023-04-30 0001936804 sda:SunCarOnlineMember 2022-03-01 2022-03-01 0001936804 sda:SunCarOnlineMember 2021-12-03 2021-12-03 0001936804 2021-12-03 2021-12-03 0001936804 sda:SunCarOnlineMember 2021-12-03 0001936804 sda:SunCarOnlineToShanghaiZanxingMember 2021-12-03 0001936804 us-gaap:RelatedPartyMember 2026-06-30 0001936804 us-gaap:RelatedPartyMember 2025-12-31 0001936804 sda:ShengdaGroupMember 2026-06-30 0001936804 sda:ShengdaGroupMember 2025-12-31 0001936804 sda:MrLeiZhunfuMember 2026-06-30 0001936804 sda:MrLeiZhunfuMember 2025-12-31 0001936804 sda:MrLeiZhunfuMember 2026-01-01 2026-06-30 0001936804 sda:ShengdaGroupMember 2026-01-01 2026-06-30 0001936804 2025-01-01 2025-06-30 0001936804 sda:IndefiniteMember 2026-06-30 0001936804 sda:TaxYear2031Member 2026-06-30 0001936804 sda:TaxYear2030Member 2026-06-30 0001936804 sda:TaxYear2029Member 2026-06-30 0001936804 sda:TaxYear2028Member 2026-06-30 0001936804 sda:TaxYear2027Member 2026-06-30 0001936804 us-gaap:TaxYear2026Member 2026-06-30 0001936804 2025-12-31 0001936804 country:CN 2026-06-30 0001936804 country:CN 2025-12-31 0001936804 2025-01-01 2025-12-31 0001936804 2024-12-31 0001936804 country:CN srt:ScenarioForecastMember 2023-01-01 2027-12-31 0001936804 country:CN 2023-01-01 2024-12-31 0001936804 srt:MaximumMember country:CN 2022-01-01 2024-12-31 0001936804 srt:MinimumMember country:CN 2022-01-01 2024-12-31 0001936804 country:CN 2022-01-01 2024-12-31 0001936804 country:HK 2018-04-01 2018-04-01 0001936804 sda:ShengdaAutomobileMember 2026-01-01 2026-06-30 0001936804 sda:SunCarOnlineMember 2026-01-01 2026-06-30 0001936804 sda:SunCarOnlineMember 2026-06-30 0001936804 us-gaap:CommonClassAMember 2026-06-30 0001936804 us-gaap:WarrantMember 2026-06-30 0001936804 us-gaap:WarrantMember 2026-01-01 2026-06-30 0001936804 us-gaap:WarrantMember 2025-12-31 0001936804 sda:PAWarrantsMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2026-06-30 0001936804 sda:CommonWarrantsMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2026-06-30 0001936804 sda:PublicWarrantsAndPrivateWarrantsMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2026-06-30 0001936804 sda:GEMWarrantMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2026-06-30 0001936804 sda:PAWarrantsMember us-gaap:MeasurementInputOptionVolatilityMember 2026-06-30 0001936804 sda:CommonWarrantsMember us-gaap:MeasurementInputOptionVolatilityMember 2026-06-30 0001936804 sda:PublicWarrantsAndPrivateWarrantsMember us-gaap:MeasurementInputOptionVolatilityMember 2026-06-30 0001936804 sda:GEMWarrantMember us-gaap:MeasurementInputOptionVolatilityMember 2026-06-30 0001936804 sda:PAWarrantsMember us-gaap:MeasurementInputExpectedTermMember 2026-06-30 0001936804 sda:CommonWarrantsMember us-gaap:MeasurementInputExpectedTermMember 2026-06-30 0001936804 sda:PublicWarrantsAndPrivateWarrantsMember us-gaap:MeasurementInputExpectedTermMember 2026-06-30 0001936804 sda:GEMWarrantMember us-gaap:MeasurementInputExpectedTermMember 2026-06-30 0001936804 us-gaap:BlackScholesMertonModelMember 2026-01-01 2026-06-30 0001936804 sda:FTGlobalCapitalIncMember 2023-10-26 0001936804 us-gaap:CommonStockMember sda:PlacementAgencyAgreementMember 2023-10-26 0001936804 sda:PlacementAgencyAgreementMember 2023-10-26 2023-10-26 0001936804 sda:PlacementAgencyAgreementMember 2023-10-26 0001936804 sda:CommonWarrantsMember 2026-06-30 0001936804 sda:PublicWarrantMember us-gaap:CommonStockMember 2026-06-30 0001936804 sda:PrivateWarrantMember 2026-01-01 2026-06-30 0001936804 sda:PublicWarrantMember us-gaap:CommonClassAMember 2026-06-30 0001936804 sda:PublicWarrantMember 2026-06-30 0001936804 sda:PrivateWarrantMember us-gaap:CommonClassAMember 2026-01-01 2026-06-30 0001936804 sda:PrivateWarrantMember 2026-06-30 0001936804 sda:PublicWarrantMember us-gaap:CommonClassAMember 2026-01-01 2026-06-30 0001936804 sda:GEMWarrantMember 2026-06-30 0001936804 sda:GEMWarrantMember 2026-01-01 2026-06-30 0001936804 sda:GEMInvestorMember 2026-01-01 2026-06-30 0001936804 sda:GEMInvestorMember 2022-11-04 2022-11-04 0001936804 sda:GEMWarrantMember 2022-11-04 2022-11-04 0001936804 2025-06-30 0001936804 sda:ShengdaAutomobileMember 2026-06-30 0001936804 sda:ShengdaAutomobileMember 2025-12-31 0001936804 sda:SunCarOnlineMember 2026-06-30 0001936804 sda:SunCarOnlineMember 2025-12-31 0001936804 sda:WenzhouBankCoLtdShanghaiPutuoBranchOneMember 2026-06-30 0001936804 sda:WenzhouBankCoLtdShanghaiPutuoBranchOneMember 2025-12-31 0001936804 sda:WenzhouBankCoLtdShanghaiPutuoBranchOneMember 2026-01-01 2026-06-30 0001936804 sda:WenzhouBankCoLtdShanghaiPutuoBranchMember 2026-06-30 0001936804 sda:WenzhouBankCoLtdShanghaiPutuoBranchMember 2025-12-31 0001936804 sda:WenzhouBankCoLtdShanghaiPutuoBranchMember 2026-01-01 2026-06-30 0001936804 sda:ChinaCITICBankShanghaiPudianRoadBranchOneMember 2025-12-31 0001936804 sda:ChinaCITICBankShanghaiPudianRoadBranchOneMember 2026-01-01 2026-06-30 0001936804 sda:BankOfNanjingNorthBundBranchOneMember 2026-06-30 0001936804 sda:BankOfNanjingNorthBundBranchOneMember 2025-12-31 0001936804 sda:BankOfNanjingNorthBundBranchOneMember 2026-01-01 2026-06-30 0001936804 sda:ChinaCITICBankShanghaiPudianRoadBranchMember 2025-12-31 0001936804 sda:ChinaCITICBankShanghaiPudianRoadBranchMember 2026-01-01 2026-06-30 0001936804 sda:ChinaMinshengBankCoLTDShanghaiBranchMember 2026-06-30 0001936804 sda:ChinaMinshengBankCoLTDShanghaiBranchMember 2025-12-31 0001936804 sda:ChinaMinshengBankCoLTDShanghaiBranchMember 2026-01-01 2026-06-30 0001936804 sda:ChinaMinshengBankCoLTDShanghaiBranchOneMember 2026-01-01 2026-06-30 0001936804 sda:GuangfaBankCoLTDShanghaiBranchMember 2026-06-30 0001936804 sda:GuangfaBankCoLTDShanghaiBranchMember 2025-12-31 0001936804 sda:GuangfaBankCoLTDShanghaiBranchMember 2026-01-01 2026-06-30 0001936804 sda:AgriculturalBankOfChinaCoLTDShanghaiMinhangBranchMember 2026-06-30 0001936804 sda:AgriculturalBankOfChinaCoLTDShanghaiMinhangBranchMember 2025-12-31 0001936804 sda:AgriculturalBankOfChinaCoLTDShanghaiMinhangBranchMember 2026-01-01 2026-06-30 0001936804 sda:HuangpuBranchOfBankOfShanghaiMember 2026-06-30 0001936804 sda:HuangpuBranchOfBankOfShanghaiMember 2025-12-31 0001936804 sda:HuangpuBranchOfBankOfShanghaiMember 2026-01-01 2026-06-30 0001936804 sda:BankOfBeijingShanghaiBranchTwoMember 2026-06-30 0001936804 sda:BankOfBeijingShanghaiBranchTwoMember 2025-12-31 0001936804 sda:BankOfBeijingShanghaiBranchTwoMember 2026-01-01 2026-06-30 0001936804 sda:BankOfBeijingShanghaiBranchOneMember 2026-06-30 0001936804 sda:BankOfBeijingShanghaiBranchOneMember 2025-12-31 0001936804 sda:BankOfBeijingShanghaiBranchOneMember 2026-01-01 2026-06-30 0001936804 sda:BankOfBeijingShanghaiBranchMember 2026-06-30 0001936804 sda:BankOfBeijingShanghaiBranchMember 2025-12-31 0001936804 sda:BankOfBeijingShanghaiBranchMember 2026-01-01 2026-06-30 0001936804 sda:ShanghaiRuralCommercialBankCoLtdHuangpuBranchMember 2026-06-30 0001936804 sda:ShanghaiRuralCommercialBankCoLtdHuangpuBranchMember 2025-12-31 0001936804 sda:ShanghaiRuralCommercialBankCoLtdHuangpuBranchMember 2026-01-01 2026-06-30 0001936804 sda:BankOfChinaLimitedShanghaiZhabeiBranchOneMember 2026-06-30 0001936804 sda:BankOfChinaLimitedShanghaiZhabeiBranchOneMember 2025-12-31 0001936804 sda:BankOfChinaLimitedShanghaiZhabeiBranchOneMember 2026-01-01 2026-06-30 0001936804 srt:MaximumMember sda:BankOfChinaLimitedShanghaiZhabeiBranchOneMember 2026-01-01 2026-06-30 0001936804 srt:MinimumMember sda:BankOfChinaLimitedShanghaiZhabeiBranchOneMember 2026-01-01 2026-06-30 0001936804 sda:ChinaConstructionBankShanghaiJinganBranchMember 2026-06-30 0001936804 sda:ChinaConstructionBankShanghaiJinganBranchMember 2025-12-31 0001936804 sda:ChinaConstructionBankShanghaiJinganBranchMember 2026-01-01 2026-06-30 0001936804 sda:ChinaMinshengBankCoLTDShanghaiBranchOneMember 2026-06-30 0001936804 sda:ChinaMinshengBankCoLTDShanghaiBranchOneMember 2025-12-31 0001936804 srt:MaximumMember sda:ChinaMinshengBankCoLTDShanghaiBranchMember 2026-01-01 2026-06-30 0001936804 srt:MinimumMember sda:ChinaMinshengBankCoLTDShanghaiBranchMember 2026-01-01 2026-06-30 0001936804 sda:BankOfChinaLimitedShanghaiZhabeiBranchMember 2026-06-30 0001936804 sda:BankOfChinaLimitedShanghaiZhabeiBranchMember 2025-12-31 0001936804 sda:BankOfChinaLimitedShanghaiZhabeiBranchMember 2026-01-01 2026-06-30 0001936804 sda:AgriculturalBankOfChinaCoLTDShanghaiXuhuiBranchMember 2026-06-30 0001936804 sda:AgriculturalBankOfChinaCoLTDShanghaiXuhuiBranchMember 2025-12-31 0001936804 sda:AgriculturalBankOfChinaCoLTDShanghaiXuhuiBranchMember 2026-01-01 2026-06-30 0001936804 srt:MaximumMember sda:AgriculturalBankOfChinaCoLTDShanghaiXuhuiBranchMember 2026-01-01 2026-06-30 0001936804 srt:MinimumMember sda:AgriculturalBankOfChinaCoLTDShanghaiXuhuiBranchMember 2026-01-01 2026-06-30 0001936804 sda:BankOfJiangsuCoLTDSongjiangBranchMember 2026-06-30 0001936804 sda:BankOfJiangsuCoLTDSongjiangBranchMember 2025-12-31 0001936804 sda:BankOfJiangsuCoLTDSongjiangBranchMember 2026-01-01 2026-06-30 0001936804 srt:MaximumMember sda:BankOfJiangsuCoLTDSongjiangBranchMember 2026-01-01 2026-06-30 0001936804 srt:MinimumMember sda:BankOfJiangsuCoLTDSongjiangBranchMember 2026-01-01 2026-06-30 0001936804 sda:BankOfNingboCoLTDShanghaiLianyangBranchMember 2026-06-30 0001936804 sda:BankOfNingboCoLTDShanghaiLianyangBranchMember 2025-12-31 0001936804 sda:BankOfNingboCoLTDShanghaiLianyangBranchMember 2026-01-01 2026-06-30 0001936804 sda:XiamenInternationalBankShanghaiJinqiaoBranchMember 2026-06-30 0001936804 sda:XiamenInternationalBankShanghaiJinqiaoBranchMember 2025-12-31 0001936804 sda:XiamenInternationalBankShanghaiJinqiaoBranchMember 2026-01-01 2026-06-30 0001936804 sda:ICBCShanghaiZhangJiangHighTechParkBranchMember 2026-06-30 0001936804 sda:ICBCShanghaiZhangJiangHighTechParkBranchMember 2025-12-31 0001936804 sda:ICBCShanghaiZhangJiangHighTechParkBranchMember 2026-01-01 2026-06-30 0001936804 sda:PutuoBranchOfShanghaiPudongDevelopmentBankMember 2026-06-30 0001936804 sda:PutuoBranchOfShanghaiPudongDevelopmentBankMember 2026-01-01 2026-06-30 0001936804 sda:BankOfNanjingNorthBundBranchMember 2026-06-30 0001936804 sda:BankOfNanjingNorthBundBranchMember 2025-12-31 0001936804 sda:BankOfNanjingNorthBundBranchMember 2026-01-01 2026-06-30 0001936804 sda:IndustrialBankCoLTDShanghaiPudongBranchMember 2026-06-30 0001936804 sda:IndustrialBankCoLTDShanghaiPudongBranchMember 2025-12-31 0001936804 sda:IndustrialBankCoLTDShanghaiPudongBranchMember 2026-01-01 2026-06-30 0001936804 srt:MaximumMember sda:IndustrialBankCoLTDShanghaiPudongBranchMember 2026-01-01 2026-06-30 0001936804 srt:MinimumMember sda:IndustrialBankCoLTDShanghaiPudongBranchMember 2026-01-01 2026-06-30 0001936804 sda:BankOfCommunicationsShanghaiPutuoBranchMember 2026-06-30 0001936804 sda:BankOfCommunicationsShanghaiPutuoBranchMember 2025-12-31 0001936804 sda:BankOfCommunicationsShanghaiPutuoBranchMember 2026-01-01 2026-06-30 0001936804 sda:ChinaMerchantsBankShanghaiDamuqiaoBranchMember 2026-06-30 0001936804 sda:ChinaMerchantsBankShanghaiDamuqiaoBranchMember 2025-12-31 0001936804 sda:ChinaMerchantsBankShanghaiDamuqiaoBranchMember 2026-01-01 2026-06-30 0001936804 sda:HuaxiaBankCoLtdShanghaiBranchMember 2026-06-30 0001936804 sda:HuaxiaBankCoLtdShanghaiBranchMember 2025-12-31 0001936804 sda:HuaxiaBankCoLtdShanghaiBranchMember 2026-01-01 2026-06-30 0001936804 srt:MaximumMember sda:HuaxiaBankCoLtdShanghaiBranchMember 2026-01-01 2026-06-30 0001936804 srt:MinimumMember sda:HuaxiaBankCoLtdShanghaiBranchMember 2026-01-01 2026-06-30 0001936804 sda:CloudInfrastructureSupportMember 2025-01-01 2025-12-31 0001936804 sda:AdvanceToEmployeesMember 2025-12-31 0001936804 sda:ArtificialIntelligencePlatformUnderConstructionMember 2025-12-31 0001936804 sda:SecuritiesMarginMember 2025-12-31 0001936804 sda:PrepaidExpenseForCloudInfrastructureSupportMember 2026-06-30 0001936804 sda:PrepaidExpenseForCloudInfrastructureSupportMember 2025-12-31 0001936804 sda:OtherCloudInfrastructureMember 2025-12-31 0001936804 sda:ArtificialIntelligencePlatformMember 2026-01-01 2026-06-30 0001936804 sda:ArtificialIntelligencePlatformMember 2025-04-10 0001936804 sda:ArtificialIntelligencePlatformUnderConstructionMember 2026-06-30 0001936804 sda:OtherCloudInfrastructureMember 2026-06-30 0001936804 us-gaap:LeaseholdImprovementsMember 2026-06-30 0001936804 us-gaap:LeaseholdImprovementsMember 2025-12-31 0001936804 sda:OfficeEquipmentAndFurnitureMember 2026-06-30 0001936804 sda:OfficeEquipmentAndFurnitureMember 2025-12-31 0001936804 us-gaap:BuildingMember 2026-06-30 0001936804 us-gaap:BuildingMember 2025-12-31 0001936804 us-gaap:VehiclesMember 2026-06-30 0001936804 us-gaap:VehiclesMember 2025-12-31 0001936804 sda:ElectronicEquipmentMember 2026-06-30 0001936804 sda:ElectronicEquipmentMember 2025-12-31 0001936804 us-gaap:ComputerEquipmentMember 2026-06-30 0001936804 us-gaap:ComputerEquipmentMember 2025-12-31 0001936804 2025-08-12 0001936804 2025-05-15 0001936804 2025-04-21 0001936804 sda:OthersMember 2026-06-30 0001936804 sda:OthersMember 2025-12-31 0001936804 sda:AutomotiveAfterSalesServiceMember 2026-06-30 0001936804 sda:AutomotiveAfterSalesServiceMember 2025-12-31 0001936804 us-gaap:TechnologyServiceMember 2026-06-30 0001936804 us-gaap:TechnologyServiceMember 2025-12-31 0001936804 sda:AutoEInsuranceServiceMember 2026-06-30 0001936804 sda:AutoEInsuranceServiceMember 2025-12-31 0001936804 sda:ConsolidatedMember 2026-01-01 2026-06-30 0001936804 sda:OthersMember 2026-01-01 2026-06-30 0001936804 sda:AutoServiceMember 2026-01-01 2026-06-30 0001936804 us-gaap:TechnologyServiceMember 2026-01-01 2026-06-30 0001936804 sda:AutoEInsuranceServiceMember 2026-01-01 2026-06-30 0001936804 sda:ConsolidatedMember 2025-01-01 2025-06-30 0001936804 sda:OthersMember 2025-01-01 2025-06-30 0001936804 sda:AutoServiceMember 2025-01-01 2025-06-30 0001936804 us-gaap:TechnologyServiceMember 2025-01-01 2025-06-30 0001936804 sda:AutoEInsuranceServiceMember 2025-01-01 2025-06-30 0001936804 sda:ItemsInTheStatementsOfOperationsAndComprehensiveLossAndStatementsOfCashFlowsMember 2026-06-30 0001936804 sda:ItemsInTheStatementsOfOperationsAndComprehensiveLossAndStatementsOfCashFlowsMember 2025-06-30 0001936804 sda:BalanceSheetItemsExceptForEquityAccountsMember 2026-06-30 0001936804 sda:BalanceSheetItemsExceptForEquityAccountsMember 2025-12-31 0001936804 us-gaap:TransferredOverTimeMember 2026-01-01 2026-06-30 0001936804 us-gaap:TransferredOverTimeMember 2025-01-01 2025-06-30 0001936804 us-gaap:TransferredAtPointInTimeMember 2026-01-01 2026-06-30 0001936804 us-gaap:TransferredAtPointInTimeMember 2025-01-01 2025-06-30 0001936804 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2026-06-30 0001936804 sda:ShanghaiFeiyousMember 2026-06-30 0001936804 srt:MinimumMember sda:ShanghaiFeiyousMember 2026-06-30 0001936804 srt:MaximumMember sda:ShanghaiFeiyousMember 2026-06-30 0001936804 sda:HaiyanTradingShanghaiCoLimitedHaiyanMember 2026-01-01 2026-06-30 0001936804 sda:ShanghaiShengshiDalianAutomobileServiceCoLimitedShengdaAutomobileMember 2026-01-01 2026-06-30 0001936804 sda:ShanghaiXuanbeiAutomobileServiceCoLimitedShanghaiXuanbeiMember 2026-01-01 2026-06-30 0001936804 sda:HanghaiZanxingDataTechnologyCoLtdShanghaiZanxingMember 2026-01-01 2026-06-30 0001936804 sda:SunCarOnlineInsuranceAgencyCoLtdSUNCAROnlineMember 2026-01-01 2026-06-30 0001936804 2022-12-31 2022-12-31 0001936804 srt:MinimumMember 2022-12-31 0001936804 srt:MaximumMember 2022-12-31 0001936804 us-gaap:CommonClassBMember 2026-01-01 2026-06-30 0001936804 us-gaap:CommonClassAMember 2026-01-01 2026-06-30 0001936804 us-gaap:NoncontrollingInterestMember 2026-06-30 0001936804 us-gaap:ParentMember 2026-06-30 0001936804 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-06-30 0001936804 us-gaap:RetainedEarningsMember 2026-06-30 0001936804 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0001936804 us-gaap:TreasuryStockCommonMember 2026-06-30 0001936804 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2026-06-30 0001936804 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2026-06-30 0001936804 us-gaap:NoncontrollingInterestMember 2026-01-01 2026-06-30 0001936804 us-gaap:ParentMember 2026-01-01 2026-06-30 0001936804 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-06-30 0001936804 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-06-30 0001936804 us-gaap:RetainedEarningsMember 2026-01-01 2026-06-30 0001936804 us-gaap:NoncontrollingInterestMember 2025-12-31 0001936804 us-gaap:ParentMember 2025-12-31 0001936804 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001936804 us-gaap:RetainedEarningsMember 2025-12-31 0001936804 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001936804 us-gaap:TreasuryStockCommonMember 2025-12-31 0001936804 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2025-12-31 0001936804 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-12-31 0001936804 us-gaap:NoncontrollingInterestMember 2025-06-30 0001936804 us-gaap:ParentMember 2025-06-30 0001936804 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0001936804 us-gaap:RetainedEarningsMember 2025-06-30 0001936804 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001936804 us-gaap:TreasuryStockCommonMember 2025-06-30 0001936804 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2025-06-30 0001936804 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-06-30 0001936804 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-06-30 0001936804 us-gaap:ParentMember 2025-01-01 2025-06-30 0001936804 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-06-30 0001936804 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-06-30 0001936804 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-06-30 0001936804 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2025-01-01 2025-06-30 0001936804 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-01-01 2025-06-30 0001936804 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0001936804 us-gaap:NoncontrollingInterestMember 2024-12-31 0001936804 us-gaap:ParentMember 2024-12-31 0001936804 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001936804 us-gaap:RetainedEarningsMember 2024-12-31 0001936804 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001936804 us-gaap:TreasuryStockCommonMember 2024-12-31 0001936804 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-12-31 0001936804 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-12-31 0001936804 sda:AutoServiceMember 2026-01-01 2026-06-30 0001936804 sda:AutoServiceMember 2025-01-01 2025-06-30 0001936804 us-gaap:TechnologyServiceMember 2026-01-01 2026-06-30 0001936804 us-gaap:TechnologyServiceMember 2025-01-01 2025-06-30 0001936804 sda:AutoEInsuranceServiceMember 2026-01-01 2026-06-30 0001936804 sda:AutoEInsuranceServiceMember 2025-01-01 2025-06-30 0001936804 us-gaap:CommonClassBMember 2026-06-30 0001936804 us-gaap:CommonClassBMember 2025-12-31 0001936804 us-gaap:CommonClassAMember 2025-12-31 0001936804 sda:CustomerCMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2026-01-01 2026-06-30 0001936804 sda:CustomerDMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2026-01-01 2026-06-30 0001936804 sda:PurchaseMember us-gaap:SupplierConcentrationRiskMember sda:SupplierAMember 2025-01-01 2025-06-30 0001936804 sda:PurchaseMember us-gaap:SupplierConcentrationRiskMember sda:SupplierDMember 2026-01-01 2026-06-30 0001936804 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001936804 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001936804 us-gaap:TreasuryStockCommonMember 2026-01-01 2026-06-30 0001936804 sda:OtherCloudInfrastructureMember 2026-06-30 0001936804 sda:SecuritiesMarginMember 2026-06-30 0001936804 sda:ArtificialIntelligencePlatformUnderConstructionMember 2026-06-30 0001936804 sda:AdvanceToEmployeesMember 2026-06-30 0001936804 sda:ChinaCITICBankShanghaiPudianRoadBranchMember 2026-06-30 0001936804 sda:PutuoBranchOfShanghaiPudongDevelopmentBankMember 2025-12-31 0001936804 sda:ChinaCITICBankShanghaiPudianRoadBranchOneMember 2026-06-30 0001936804 sda:GEMWarrantMember us-gaap:MeasurementInputExpectedDividendRateMember 2026-06-30 0001936804 sda:PublicWarrantsAndPrivateWarrantsMember us-gaap:MeasurementInputExpectedDividendRateMember 2026-06-30 0001936804 sda:CommonWarrantsMember us-gaap:MeasurementInputExpectedDividendRateMember 2026-06-30 0001936804 sda:PAWarrantsMember us-gaap:MeasurementInputExpectedDividendRateMember 2026-06-30 0001936804 sda:PayablesDueToTheTransferOfSunCarOnlineMember 2025-12-31 0001936804 sda:PayablesDueToTheTransferOfSunCarOnlineMember 2026-06-30 0001936804 sda:OtherCloudInfrastructureMember 2025-12-31 0001936804 sda:ArtificialIntelligencePlatformUnderConstructionMember 2025-12-31 pure iso4217:CNY shares iso4217:USD iso4217:CNY shares iso4217:USD shares iso4217:HKD sda:Segments

0001936804 false --12-31 2026-06-30 Q2

P5Y

http://fasb.org/us-gaap/2026#ForeignCountryMember

6-K 2026 001-41706 SunCar Technology Group Inc.

25019000

16834000

2841000

3069000

21597000

22122000

59767000

56319000

74072000

99548000

183296000

197892000

286000

295000

24195000

22787000

27696000

408000

420000

11947000

12148000

30821000

3344000

2243000

1889000

69900000

68579000

253196000

266471000

80394000

80456000

71000

74000

41404000

57187000

5730000

3982000

1468000

1235000

10697000

3737000

6659000

7493000

834000

848000

147257000

155012000

1333000

989000

1358000

1363000

12516000

12899000

50000

32000

15257000

15283000

162514000

170295000

0.0001

400000000

59608351

55969794

6000

0.0001

100000000

46039565

5000

233014000

232989000

-199329000

-199537000

-1146000

-1076000

32550000

32387000

58132000

63789000

90682000

96176000

253196000

266471000

97833000

126159000

24345000

28007000

100131000

122344000

222309000

276510000

101464000 141312000

94072000

114047000

11012000

5569000

15188000

6745000

1766000

2537000

223502000

270210000

-1193000

6300000

2077000

2168000

246000

221000

18000

-2220000

-51000

-4051000

-1980000

-5244000

4320000

291000

943000

-5535000

3377000

1859000

3585000

-7394000

-208000

-0.07

102155588

102009359

1048000

2180000

1048000

2180000

-4487000

5557000

3004000

5695000

-7491000

-138000

51845493

5000

46659565

5000

-200000

208701000

-195387000

-1432000

11892000

54342000

66234000

-7394000

1859000

-5535000

742000

7142858

1000

41630000

41631000

220000

-220000

-3438557

-15760000 -15760000 -15760000

-921000

-1293000

-2214000

-97000

1145000

1048000

59208351

6000

46439565

5000

-3638557

233650000

-202781000

-1529000

29351000

56795000

86146000

59608351

6000

46039565

5000

-3638557

233014000

-199329000

-1146000

32550000

58132000

90682000

-208000

3585000

3377000

25000

38000

63000

70000

2110000

2180000

59608351

6000

46039565

5000

-3638557

232989000

-199537000

-1076000

32387000

63789000

96176000

-5535000

3377000

6278000

-576000

2978000

3050000

430000

468000

742000

-3000

-1000

6000 18000

-599000

163000

300000 229000 -2811000

26603000

-5796000

6121000

17829000

18389000

14350000

-320000

-1903000

-2050000

-5656000

519000

-275000

-369000

-443000

-109000

-9256000

728000

23000

58000

1000

233000

357000

2214000

63000

5362000

5669000

246000

216000

-7611000

-5649000

52119000

51134000

54215000

53545000

9798000

27000

15760000

1550000

41631000

13977000

-3988000

380000

952000

-2510000

-7957000

29512000

27860000

27002000

19903000

24305000

16834000

2697000

3069000

27002000

19903000

371000

1055000

1757000

1753000

87000

50000

534000

31971435

49628565

0.00005

0.0001

3000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">As of June 30, 2026, SunCar’s major subsidiaries are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr><td style="border-bottom: black 1.5pt solid; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Name</span></span></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Date of<br/> Incorporation</span></span></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Place of<br/> Incorporation</span></span></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Percentage of<br/> Effective<br/> Ownership</span></span></td> <td style="vertical-align: top; padding-bottom: 1.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Principal<br/> Activities</span></span></td> </tr><tr style="background-color: #CCEEFF;"> <td style="vertical-align: top; width: 44%; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Sun Car Online Insurance Agency Co., Ltd. (“SUNCAR Online”) <sup>*</sup></span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; width: 13%; text-align: center;"><span style="font-size: 10pt;">December 5, 2007</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; width: 12%; text-align: center;"><span style="font-size: 10pt;">PRC</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; width: 11%; text-align: right;"><span style="font-size: 10pt;">50.97</span></td> <td style="vertical-align: top; width: 1%;"><span style="font-size: 10pt;">%</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; width: 14%; padding-left: 0.3pt; text-align: center;"><span style="font-size: 10pt;">Auto Insurance service</span></td> </tr><tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Shanghai Zanxing Data Technology Co., Ltd. (“Shanghai Zanxing”) <sup>**</sup></span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: center;"><span style="font-size: 10pt;">June 11, 2009</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: center;"><span style="font-size: 10pt;">PRC</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: right;"><span style="font-size: 10pt;">100.00</span></td> <td style="vertical-align: top;"><span style="font-size: 10pt;">%</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; padding-left: 0.3pt; text-align: center;"><span style="font-size: 10pt;">Technology services</span></td> </tr><tr style="background-color: #CCEEFF;"> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Shanghai Xuanbei Automobile Service Co., Limited (“Shanghai Xuanbei”)</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: center;"><span style="font-size: 10pt;">April 26, 2018</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: center;"><span style="font-size: 10pt;">PRC</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: right;"><span style="font-size: 10pt;">100.00</span></td> <td style="vertical-align: top;"><span style="font-size: 10pt;">%</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; padding-left: 0.3pt; text-align: center;"><span style="font-size: 10pt;">Auto service</span></td> </tr><tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Shanghai Shengshi Dalian Automobile Service Co., Limited (“Shengda Automobile”)</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: center;"><span style="font-size: 10pt;">June 8, 2013</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: center;"><span style="font-size: 10pt;">PRC</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: right;"><span style="font-size: 10pt;">84.54</span></td> <td style="vertical-align: top;"><span style="font-size: 10pt;">%</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; padding-left: 0.3pt; text-align: center;"><span style="font-size: 10pt;">Auto service</span></td> </tr><tr style="background-color: #CCEEFF;"> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt;"><span style="font-size: 10pt;">Haiyan Trading (Shanghai) Co., Limited (“Haiyan”)</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: center;"><span style="font-size: 10pt;">November 22, 2012</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: center;"><span style="font-size: 10pt;">PRC</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; text-align: right;"><span style="font-size: 10pt;">100.00</span></td> <td style="vertical-align: top;"><span style="font-size: 10pt;">%</span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; padding-left: 0.3pt; text-align: center;"><span style="font-size: 10pt;">Holding company</span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">*</span></td> <td style="padding-right: 0pt; padding-left: 0pt;"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On July 18, 2025, the People’s Court of Songjiang District, Shanghai, issued a judgment to revoke, within the amount of the creditor’s rights confirmed in the civil mediation agreement in favor of the plaintiff, Shanghai Yongyuan Venture Capital Partnership (Limited Partnership) (“Yongyuan”), the equity transfer of SunCar Online by the defendant, Zhejiang Shengling Automotive Service Co., Ltd. (formerly known as Shengda Automobile Service Group Co. Limited, or “Shengda Group”), to Shanghai Zanxing, and ordered the restoration of the equity ownership. Shanghai Zanxing subsequently filed an appeal against the judgment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On October 31, 2025, the People’s Court upheld the original judgement. Considering the amount of Yongyuan’s claim against Shengda Group, Shanghai Zanxing’s equity interest in SunCar Online was reduced from 55.34% to 47.92% as of June 30, 2026. According to concerted action arrangements between Shanghai Zanxing and other shareholders, which still collectively hold an aggregate equity interest of 50.97% in SunCar Online, the Group believes that the outcome of this dispute will not affect Shanghai Zanxing’s effective control over SunCar Online. As of the issuance date of the unaudited condensed consolidated financial statements, the judgment has not yet been enforced.</p></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">**</span></td> <td style="text-align: justify;"><span style="font-size: 10pt;">Shanghai Feiyou Trading Co., Ltd. changed its legal name to Shanghai Zanxing Data Technology Co., Ltd., effective January 14, 2026.</span></td> </tr></tbody> </table>

2007-12-05

PRC

0.5097

Auto Insurance service

2009-06-11

PRC

Technology services

2018-04-26

PRC

Auto service

2013-06-08

PRC

0.8454

Auto service

2012-11-22

PRC

Holding company

0.5534

0.4792

0.5097

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;">2.</span></span></td> <td style="padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>(a).</i></span></span></td> <td style="padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>Basis of presentation</i></span></span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. The accompanying unaudited condensed financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the years ended December 31, 2023, 2024 and 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power; or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors or to cast a majority of votes at the meetings of the board of directors or to govern the financial and operating activities. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>(b).</i></span></span></td> <td style="padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>Use of estimates</i></span></span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The preparation of the unaudited condensed consolidated financial statements in accordance with US 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 unaudited condensed consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, the allowance for credit losses, useful lives and impairment of long-lived assets, share-based compensation, long-term investment, valuation allowances of deferred tax assets, and warrant 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 unaudited condensed consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>(c).</i></span></span></td> <td style="padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>Accounts receivable, net</i></span></span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Accounts receivable are recorded at the gross billing amount less an allowance for any uncollectible accounts due from the customers. Accounts receivable do not bear interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Since January 1, 2022, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), using the modified retrospective transition method. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. Upon adoption, the Company changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost and receivables resulting from the application of ASC 606, including contract assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group recognizes a provision for credit losses and records the corresponding allowance for credit losses as an offset against accounts receivable. The provision for credit losses is classified as “General and administrative expenses” in the unaudited condensed consolidated statements of comprehensive income. The Group assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar business lines, and on an individual basis when the Group identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Group considers historical collectability based on past due status, the age of the balances, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Group’s ability to collect from customers. Delinquent account balances are written off against the allowance for expected credit loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>(d).</i></span></span></td> <td style="padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>Warrant</i></span></span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair value of the Private Warrants was estimated using a Black-Scholes model.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>(e).</i></span></span></td> <td style="padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>Fair value measurement</i></span></span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify;"><span style="font-weight: bold;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Accounting guidance establishes a fair value hierarchy that 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 input are:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.45pt; text-align: justify; text-indent: -0.45pt;"><span style="font-weight: bold;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"> </td> <td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">●</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"> </td> <td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">●</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Level 2—Include other inputs that are directly or indirectly observable in the marketplace.</span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"> </td> <td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">●</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Level 3—Unobservable inputs which are supported by little or no market activity.</span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.45pt; text-align: justify; text-indent: -0.45pt;"><span style="font-weight: bold;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Financial assets and liabilities of the Group primarily consist of cash, accounts receivable, short-term investments, other receivables included in prepayments and other current assets, long-term investment, short-term borrowings, accounts payable, other payables included in accrued expenses and other current liabilities and warrant liabilities. As of December 31, 2025 and June 30, 2026, the carrying amounts of other financial instruments approximated to their fair values due to the short-term maturity of these instruments. The warrant liabilities were measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group’s non-financial assets, such as software and equipment, would be measured at fair value only if they were determined to be impaired.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>(f).</i></span></span></td> <td style="padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>Revenue recognition</i></span></span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group’s revenues are mainly generated from providing auto eInsurance service, technology service and auto service.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group recognizes revenue pursuant to ASC 606, Revenue from Contracts with Customers (“ASC 606”). In accordance with ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, reduced by Value Added Tax (“VAT”). To achieve the core principle of this standard, we applied the following five steps:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"> </p> <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="width: 0.25in; text-align: justify;"> </td> <td style="width: 0.25in; text-align: justify;"><span style="font-size: 10pt;">1.</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Identification of the contract, or contracts, with the customer;</span></td> </tr><tr style="vertical-align: bottom;"><td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> </tr><tr style="vertical-align: bottom;"><td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">2.</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Identification of the performance obligations in the contract;</span></td> </tr><tr style="vertical-align: bottom;"><td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> </tr><tr style="vertical-align: bottom;"><td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">3.</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Determination of the transaction price;</span></td> </tr><tr style="vertical-align: bottom;"><td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> </tr><tr style="vertical-align: bottom;"><td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">4.</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Allocation of the transaction price to the performance obligations in the contract; and</span></td> </tr><tr style="vertical-align: bottom;"><td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> </tr><tr style="vertical-align: bottom;"><td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">5.</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Recognition of the revenue when, or as, a performance obligation is satisfied.</span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Auto eInsurance Service</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group provides insurance intermediation services by distributing primarily vehicle insurance on behalf of insurance companies and charges them commissions based on a percentage of premiums paid by the insured. In accordance with ASC 606-10-25-14 and 25-19, the Group identifies the insurance intermediation service as a single performance obligation. The Group has determined that this service is distinct as: (i) the insurance companies (the customers) can benefit from the distribution service on its own through the successful execution of insurance policies and the resulting premium inflows; and (ii) the Group’s promise to transfer the intermediation service is separately identifiable from other promises in the contract. The service does not involve a significant integration service, nor does it significantly modify or customize the insurance products, and it is not highly interdependent with other services provided by the Group.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Revenue is recognized at a point in time when an insurance policy becomes effective, which occurs when the signed insurance policy is in place and the premium is collected from the insured. Although the Group’s efforts are performed when the policy is sold, the criteria for contract identification under ASC 606-10-25-19 are only satisfied when the premium is received. Prior to this point, the collectability of the commission is not considered probable. Accordingly, the Group does not accrue any commission revenue prior to reperceiving related premiums. No allowance for cancellation is provided as historical cancellations have been rare and immaterial.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Principal versus Agent Assessment:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In accordance with ASC 606-10-55-37A and 55-39, the Group has determined that it acts as an agent in these transactions. The Group does not control the insurance policy before it is transferred to the insured. Specifically: (i) the insurance companies, not the Group, are primarily responsible for fulfilling the insurance coverage to the insured; (ii) the Group does not bear any inventory risk related to the insurance policies; and (iii) the Group has no discretion in establishing the insurance premiums, which are set by the insurance companies. Therefore, revenue is recognized on a net basis in the amount of commission to which the Group is entitled.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><span style="font-weight: bold;"><i>Technology service</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group provides technology services including technical software and consulting related to automobile services and insurance, such as customer relationship management (CRM), order management, finance management and visual analysis systems.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In accordance with ASC 606-10-25-14 and 25-19, the Group identifies the technology service as a single performance obligation. Although the service includes both software access and technical consulting/support, the Group has determined that these components are not separately identifiable within the context of the contract. The software and consulting services are highly interrelated and interdependent, as the software is a self-developed proprietary system that requires the Group's ongoing integration, data maintenance, and technical updates to remain functional and relevant to the customer's specific automobile and insurance service needs. Therefore, the software and related consulting are treated as a combined output delivered over the service period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group satisfies its performance obligation over time during the service period because the customer simultaneously receives and consumes the benefits as the Group provides access and support. Revenue is recognized on a straight-line basis over the contractual term, typically charged at a fixed price per month. The transaction price is allocated entirely to this single combined performance obligation. The Group does not have significant variable considerations, and the payment terms generally require monthly settlement, which does not involve a significant financing component.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Principal versus Agent Assessment:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In accordance with ASC 606-10-55-37A and 55-39, the Group has determined it acts as the principal in these transactions. The Group controls the technical software and consulting services before they are transferred to the customer. This is evidenced by the fact that: (i) the Group is primarily responsible for fulfilling the promise to provide the integrated system and ensure its functionality; (ii) the Group owns the intellectual property of the software and bears the risk of service delivery; and (iii) the Group has full discretion in establishing the price for the services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-weight: bold;"><i>Auto service</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group defines enterprise customers as the Group’s customers and the Group sells auto service coupons to enterprise customers, which each coupon represents one specific auto service. There are various service types including vehicle washing, waxing, maintenance, driving service and road assistance, and the Group only provides one specific service among various service types for each specific service coupon. The Group identifies each specific service coupon as a contract that establishes enforceable rights and obligations for each party. The Group charges the service fee at a fixed price per service when the service is performed. For service coupons with limited duration, the Group either charges the service fee at a fixed price per service when the service is performed or when the coupon expires, whether or not the service has been performed. The Group considers each service coupon is a distinct service that is capable of providing a benefit to the customer on its own according to ASC 606-10-25-14(a). Therefore, the Group identifies only one performance obligation under a contract, which is to provide a specific service or to stand-ready to perform a specific service within a limited duration. The Group acts as a principal as the Group controls the right to services before the services are provided to customers, and the Group has the ability to direct other parties to provide the services to customers on the Group’s behalf. Specifically, the Group has the ability to choose service providers, is primarily responsible for the acceptability for the service meeting customer specifications, bears inventory risk after transfer of control of services to customers and has the discretion in establishing the price with customers and with service providers and bears credit risk. The Group recognizes revenue in the gross amount of consideration at the point of time when the service is provided, or when the service coupon expires. The Group does not provide refunds to customers when a coupon has expired but is not used.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group’s revenues are disaggregated by timing of revenue recognition as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify;"> </p> <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> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Revenue recognized at a point of time</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">197,964</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">248,503</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Revenue recognized over time</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">24,345</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;">28,007</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;">Total Revenues</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">222,309</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">276,510</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><i>Contract Balances</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Group has satisfied its performance obligation and has an unconditional right to payment. Contract assets represent the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer. The Group has no contract assets as of December 31, 2025 and June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The contract liabilities consist of deferred revenue, which represents the billings or cash received for services in advance of revenue recognition and is recognized as revenue the performance obligation is satisfied. The Group expects to recognize this balance as revenue over the next 12 months. The table below presents the activity of contract liabilities for the six months ended June 30, 2025 and 2026, respectively:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <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> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Opening balance</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">2,421</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">5,730</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Advance receive from customers</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,159</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,132</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.3pt;">Revenue recognition during the period</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(5,438</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;">(9,880</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 2.5pt; padding-left: 0.3pt;">Ending balance</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">2,142</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">3,982</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>(g).</i></span></span></td> <td style="padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>Foreign currency transactions and translations </i></span></span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group’s principal country of operations is the PRC. The financial position and results of its operations are determined using RMB, the local currency, as the functional currency. The Group’s financial statements are reported using U.S. Dollars (“$”). The results of operations and the unaudited condensed consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the unaudited condensed consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the unaudited condensed consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive (loss) income included in unaudited condensed consolidated statements of changes in equity. Gains and losses from foreign currency transactions are included in the results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The value of RMB against $ and other currencies may fluctuate and is affected by, among other things, changes in the PRC’s political and economic conditions. Any significant revaluation of RMB may materially affect the Group’s financial condition in terms of $ reporting. The following table outlines the currency exchange rates that were used in creating the unaudited condensed consolidated financial statements:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <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> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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: left; padding-left: 0.3pt;">Balance sheet items, except for equity accounts</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">6.9931</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;">6.7851</td> <td style="width: 1%; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <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> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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: left; padding-left: 0.3pt;">Items in the statements of operations and comprehensive loss, and statements of cash flows</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">7.2150</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;">6.8624</td> <td style="width: 1%; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>(h).</i></span></span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-weight: bold;"><i>Recent accounting pronouncements</i></span></span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Group is currently evaluating the impact that the adoption of these standards will have on its consolidated financial statements and disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued Accounting Standards Update No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for us for our annual reporting for fiscal 2028 and for interim period reporting beginning in fiscal 2029 on a prospective basis. Both early adoption and retrospective application are permitted. The Group is currently evaluating the impact that the adoption of these standards will have on its consolidated financial statements and disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In November 2024, the FASB issued ASU 2024-04, Debt–Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversion of Convertible Debt Instruments (“ASU 2024–04”), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in Update 2020-06. The adoption of ASU 2024-04 did not have a material impact on the Group’s consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides a practical expedient for all entities in estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. 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. The adoption of ASU 2025-05 did not have a material impact on the Group’s consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), which simplifies the accounting for internal-use software by eliminating the requirement to apply a staged approach to software development and introducing a principles-based capitalization model. Under the new guidance, capitalization of internal-use software costs begins when management authorizes and commits to funding the project and it is probable that the project will be completed and the software will be used as intended. The amendments also enhance disclosure requirements, including information about capitalized software costs, significant judgments applied in determining capitalization, and details of major software projects. The guidance is effective for annual periods beginning after December 15, 2027, with early adoption permitted. The Group is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In December 2025, the FASB issued ASU 2025-12, “Codification Improvements.” The amendments in this Update represent changes to clarify the Codification or correct unintended application of guidance and apply to all reporting entities within the scope of the affected accounting guidance. These amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.</p>

0.50

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group’s revenues are disaggregated by timing of revenue recognition as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify;"> </p> <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> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Revenue recognized at a point of time</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">197,964</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">248,503</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Revenue recognized over time</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">24,345</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;">28,007</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;">Total Revenues</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">222,309</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">276,510</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

197964000

248503000

24345000

28007000

222309000

276510000

The table below presents the activity of contract liabilities for the six months ended June 30, 2025 and 2026, respectively:<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> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Opening balance</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">2,421</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">5,730</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Advance receive from customers</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,159</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,132</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.3pt;">Revenue recognition during the period</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(5,438</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;">(9,880</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 2.5pt; padding-left: 0.3pt;">Ending balance</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">2,142</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">3,982</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>

2421000

5730000

5159000 8132000

-5438000

-9880000

2142000

3982000

The following table outlines the currency exchange rates that were used in creating the unaudited condensed consolidated financial statements:<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <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> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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: left; padding-left: 0.3pt;">Balance sheet items, except for equity accounts</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">6.9931</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;">6.7851</td> <td style="width: 1%; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <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> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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: left; padding-left: 0.3pt;">Items in the statements of operations and comprehensive loss, and statements of cash flows</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">7.2150</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;">6.8624</td> <td style="width: 1%; text-align: left;"> </td> </tr></tbody></table>

0.069931

0.067851

0.07215

0.068624

CODM reviews financial information of operating segments based on internal management reports when making decisions about allocating resources and assessing the performance of the Group. As a result of the assessment made by CODM, the Group has three reportable segments, including auto eInsurance business, technology service, auto service business and others. The Group’s CODM evaluates performance based on the operating segment’s revenue and their operating results.

The revenue and operating results by segments 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> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="18" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold;">For the six months ended June 30, 2025</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="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Auto eInsurance service</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;">Technology service</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;">Auto <br/> service</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;">Others</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;">Consolidated</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: 40%; text-align: left;">Revenues from external customers</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">97,833</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">24,345</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">100,131</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_1002890249;">-</span></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;">222,309</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: left;">Operating cost and expenses</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> <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: left;">Integrated service cost</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1158127841;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(12,582</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(88,882</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_824632346;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(101,464</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Promotional service and selling expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(95,556</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(6,559</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,969</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_2030417036;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(105,084</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">General and administrative expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,376</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(511</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(10,325</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,976</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(15,188</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Research and development expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(328</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(465</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(973</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_677563026;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,766</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: left;">Total operating costs and expenses</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">(98,260</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;">(20,117</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;">(103,149</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;">(1,976</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;">(223,502</td> <td style="font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Total other income/(expenses), net <sup>(1)</sup></span></span></td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">57</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;">(110</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;">(939</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;">(3,059</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;">(4,051</td> <td style="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: left;">Segment (loss)/income before 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;">(370</td> <td style="font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;">$</td> <td style="font-weight: bold; text-align: right;">4,118</td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;">$</td> <td style="font-weight: bold; text-align: right;">(3,957</td> <td style="font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;">$</td> <td style="font-weight: bold; text-align: right;">(5,035</td> <td style="font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;">$</td> <td style="font-weight: bold; text-align: right;">(5,244</td> <td style="font-weight: bold; text-align: left;">)</td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p> <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> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="18" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">For the six months ended June 30, 2026</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="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Auto<br/> eInsurance<br/> service</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;">Technology<br/> service</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;">Auto<br/> service</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;">Others</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;">Consolidated</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: 40%; text-align: left; padding-left: 0.3pt;">Revenues from external customers</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">126,159</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">28,007</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">122,344</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_299672161;">-</span></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;">276,510</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: left; padding-left: 0.3pt;">Operating cost and expenses</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> <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: left; padding-left: 0.3pt;">Integrated service cost</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_2050177488;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(24,763</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(116,549</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_613007659;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(141,312</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Promotional service and selling expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(115,653</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(8</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,928</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(27</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(119,616</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">General and administrative expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,371</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,225</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,152</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(997</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(6,745</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Research and development expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(470</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,009</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,058</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_2115162783;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(2,537</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: left; padding-left: 0.3pt;">Total operating costs and expenses</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">(118,494</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;">(27,005</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;">(123,687</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;">(1,024</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;">(270,210</td> <td style="font-weight: bold; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-left: 0.3pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Total other expenses, net<sup>(1)</sup></span></span></td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; text-align: right;">(287</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;">(209</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;">(1,258</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;">(226</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;">(1,980</td> <td style="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: left; padding-left: 0.3pt;">Segment (loss)/income before 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;">7,378</td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;">$</td> <td style="font-weight: bold; text-align: right;">793</td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;">$</td> <td style="font-weight: bold; text-align: right;">(2,601</td> <td style="font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;">$</td> <td style="font-weight: bold; text-align: right;">(1,250</td> <td style="font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;">$</td> <td style="font-weight: bold; text-align: right;">4,320</td> <td style="font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">(1)</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Included net of financial expenses, investment income and others.</span></td> </tr></tbody> </table>

97833000

24345000

100131000

222309000

12582000 88882000 101464000

95556000

6559000

2969000

105084000

2376000 511000 10325000 1976000 15188000

328000

465000

973000

1766000

98260000

20117000

103149000

1976000

223502000

57000

-110000

-939000

-3059000

-4051000

-370000

4118000

-3957000

-5035000

-5244000

126159000

28007000

122344000

276510000

24763000 116549000 141312000

115653000

8000

3928000

27000

119616000

2371000 1225000 2152000 997000 6745000

470000

1009000

1058000

2537000

118494000

27005000

123687000

1024000

270210000

-287000

-209000

-1258000

-226000

-1980000

7378000

793000

-2601000

-1250000

4320000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The total assets by segments as of December 31, 2025 and as of June 30, 2026 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p> <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;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Audited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Segment assets</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Auto eInsurance service</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">62,550</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">70,254</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Technology service</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35,906</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">44,030</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">Auto service</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">151,165</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">150,068</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">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;">3,575</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;">2,119</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;">Total segment assets</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">253,196</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">266,471</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

62550000

70254000

35906000

44030000

151165000

150068000

3575000

2119000

253196000

266471000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Accounts receivable, net consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p> <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;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of <br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Audited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Accounts receivable</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">86,384</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">83,169</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">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;">(26,617</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;">(26,850</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;">Accounts receivable, net</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">59,767</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">56,319</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

86384000

83169000

26617000

26850000

59767000

56319000

6278000

-576000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The movement of allowance for credit losses for the six months ended June 30, 2025 and 2026 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p> <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> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">21,862</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">26,617</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 0.3pt;">Additions</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,278</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1247249813;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-left: 0.3pt;">Decrease</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_162850878;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(576</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Foreign currency translation</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">491</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;">809</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;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">28,631</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">26,850</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

21862000

26617000

6278000

-576000

-491000

-809000

28631000

26850000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Prepaid expenses and other current assets, net consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p> <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> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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;">(Audited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;"><span style="font-size: 10pt;">Advances to suppliers <sup>(1)</sup></span></td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">67,217</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">89,657</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;"><span style="font-size: 10pt;">Securities margin <sup>(2)</sup></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1403781351;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,268</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">Value-added tax (“VAT”) receivables</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,268</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,427</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;"><span style="font-size: 10pt;">Advances to employees <sup>(3)</sup></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_972448095;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,569</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;"><span style="font-size: 10pt;">Receivables from payment platforms <sup>(4)</sup></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,236</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">333</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;"><span style="font-size: 10pt;">Prepaid financing expense <sup>(5)</sup></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">229</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_301270358;">-</span></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; padding-left: 0.3pt;">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;">296</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;">473</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Prepaid expenses and other current assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">74,246</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">99,727</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.3pt;">Allowance for credit loss</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(174</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;">(179</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: left; padding-bottom: 2.5pt; padding-left: 0.3pt;">Prepaid expenses and other current assets, net</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">74,072</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">99,548</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">(1)</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">The advances to suppliers are interest-free, unsecured, and expected to be utilized through offset against future payables upon receipt of goods or services within the next 12 months. Management regularly monitors supplier performance, credit risk, and potential indicators of impairment, and evaluates advances for recoverability if recovery becomes doubtful.</span></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: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">(2)</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">On April 21, 2025, May 15, 2025, and August 12, 2025, Shanghai Cuhong Auto Services Co., Ltd. (“Shanghai Cuhong”), a subsidiary of the Company, provided cash collateral of RMB14.6 million (approximately $2.1 million), RMB7.2 million (approximately $1.0 million) and RMB7.2 million (approximately $1.0 million), respectively, to Beijing Youhu Business Services Co., Ltd. (“Youhu”) under a guarantee agreement. The collateral was intended to secure margin loan obligations of Lu Ruixia, Yang Shuaiqi, Yang Dan and Guo Qingbao with Youhu’s related entities, Tiger Brokers (NZ) Limited and Tiger Brokers (HK) Global Limited. The amount is refundable only when such third parties have fully satisfied and complied with any additional margin requirements. The Group expects that the amount will be recovered by the first quarter of 2027.</span></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">(3)</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">It represented advances to employees for the group’s daily operation. The Group expects that the amount will be recovered by the first quarter of 2027.</span></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">(4)</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Third-party payment platform receivable represents customer payments collected through online payment platform that have not yet been remitted to the group’s bank accounts as of June 30, 2026.</span></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">(5)</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">It represented prepaid financing expense related to issuance of GEM Warrants. As of June 30, 2026, the prepaid financing expense related to the GEM Warrants had been fully amortized, as the GEM Warrants expired on May 17, 2026 pursuant to the GEM Purchase Agreement. (See Note 13)</span></td> </tr></tbody> </table>

67217000

89657000

4268000

5268000

3427000

1569000

1236000

333000

229000

296000

473000

74246000

99727000

174000 179000

74072000

99548000

14600000

2100000

7200000

1000000

7200000

1000000

The movement of allowance for credit losses for the six months ended June 30, 2025 and 2026 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="text-align: center;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">130</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">174</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Foreign currency translation</td> <td style="padding-bottom: 1.5pt;"> </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;">5</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: left; padding-bottom: 2.5pt;">Balance at the end of the period</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">170</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">179</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>

130000

174000

-40000 -5000

170000

179000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Property, software and equipment, net, consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Audited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Cost</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: left; padding-left: 0.3pt;"><span style="font-size: 10pt;">Computer software <sup>(1)</sup></span></td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">32,812</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">33,818</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Electronic equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,061</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,549</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-left: 0.3pt;">Vehicles</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">827</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">852</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 0.3pt;">Building</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">721</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">744</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">Office equipment and furniture</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">210</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">216</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">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;">120</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;">111</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;">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;">48,751</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;">50,290</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Less: 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;">(24,556</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;">(27,503</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;">Property, software and equipment, net</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">24,195</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">22,787</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;">(1)</td> <td style="text-align: justify;">In 2022, a hybrid cloud platform developed with the assistance of a third-party cloud service provider was substantially ready for use and transferred from other non-current assets. The cost of the hybrid cloud platform represents the purchase price of the platform and other expenditures incurred to bring the platform into its intended use. The application of the hybrid cloud platform was to improve the IT development capabilities of internal-used software platforms that provide auto eInsurance service and auto service to customers, as well as Software-As-A-Service (“SaaS”) products offered to business partners as part of our technology services.</td> </tr></tbody> </table>

32812000

33818000

14061000

14549000

827000

852000

721000

744000

210000

216000

120000

111000

48751000

50290000

24556000

27503000

24195000

22787000

2531000

2105000

20156000

7540000

27696000

225000000

32600000

51200000

7500000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Intangible asset consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Audited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Intangible assets with indefinite lives:</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: 76%; text-align: left; padding-bottom: 1.5pt;">Insurance brokerage license</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right;"> 408</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right;">420</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt;">Intangible assets</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">408</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">420</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

408000

420000

408000

420000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Other non-current assets consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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="text-align: center; font-weight: bold;"> </td> <td colspan="2" style="text-align: center; font-weight: bold;">As of <br/> December 31,</td> <td style="text-align: center; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;"> </td> <td colspan="2" style="text-align: center; font-weight: bold;">As of <br/> June 30,</td> <td style="text-align: center; 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; text-align: center; font-weight: bold;">2025</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; text-align: center; font-weight: bold;">2026</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;"> </td> <td colspan="2" style="text-align: center; font-weight: bold;">(Audited)</td> <td style="text-align: center; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;"> </td> <td colspan="2" style="text-align: center; font-weight: bold;">(Unaudited)</td> <td style="text-align: center; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left;">Other cloud infrastructure<sup>(1)</sup></td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">19,039</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_1068254568;">-</span></td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;"><span style="font-family: Times New Roman, Times, Serif;">Prepaid expense for cloud infrastructure support, net<sup>(2)</sup></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,171</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,344</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td><span style="font-family: Times New Roman, Times, Serif;">Securities margin<sup>(3)</sup></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,141</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1757586372;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left;">Artificial intelligence platform under construction<sup>(1)</sup></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,270</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_116432508;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;"><span style="font-family: Times New Roman, Times, Serif;">Advances to employees<sup>(4)</sup></span></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,200</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;"><span style="-sec-ix-hidden:fc_2104052157;">-</span></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: left; padding-bottom: 2.5pt;">Other non-current assets, net</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">30,821</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">3,344</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="vertical-align: top;"><td style="width: 0px;"> </td> <td style="width: 24px; font-size: 10pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(1)</span></td> <td style="text-align: justify; font-size: 10pt;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">During the fiscal year 2026, the Group reclassified costs incurred in connection with the development and construction of its cloud platform and artificial intelligence platform from other non-current assets to construction in progress. Refer to Note 7 for further details.</span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-size: 10pt;">(2)</span></td> <td style="text-align: justify;"><span style="font-size: 10pt;">For the year ended December 31, 2025, the Group paid RMB41.2 million (approximately $5.7 million) for cloud infrastructure support, which would be amortized over 3 years based on the service agreements. For the six months ended June 30, 2025 and 2026, amortization expense was <span style="-sec-ix-hidden:fc_959646534;">nil</span> and $945, respectively.</span></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-size: 10pt;">(3)</span></td> <td style="text-align: justify;"><span style="font-size: 10pt;">Securities margin represented cash collateral provided under guarantee arrangements. The details of such arrangements and the related collateral deposits are disclosed in Note 5.</span></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-size: 10pt;">(4)</span></td> <td style="text-align: justify;"><span style="font-size: 10pt;">Receivables from third parties represented advances to employees for the Group’s daily operations. The details of such advances and related reclassification are disclosed in Note 5.</span></td> </tr></tbody> </table>

19039000

4171000

3344000

4141000

2270000

1200000

30821000

3344000

41200000

5700000

P3Y

945

<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="text-align: center; font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;">Annual<br/> Interest</td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: center; font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="text-align: center; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="text-align: center; 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 style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Rate</td> <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Maturity</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> <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;">2026</td> <td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold; text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: center; font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Audited)</td> <td style="text-align: center; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="text-align: center; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold; text-align: left;">Short-term borrowings</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: right;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: right;"> </td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 45%; text-align: left; text-indent: -9pt; padding-left: 9pt;">Huaxia Bank Co., Ltd. Shanghai Branch(i)</td> <td style="width: 1%;"> </td> <td style="width: 11%; text-align: center;">3.00%-3.45%</td> <td style="width: 1%;"> </td> <td style="width: 18%; text-align: center;">September to November,2026</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">12,870</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">13,263</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">China Merchants Bank Shanghai Damuqiao Branch(i)(iii)</td> <td> </td> <td style="text-align: center;">3.25%</td> <td> </td> <td style="text-align: center;">September,2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,580</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,843</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Bank of Communications Shanghai Putuo Branch(i)</td> <td> </td> <td style="text-align: center;">4.44%</td> <td> </td> <td style="text-align: center;">January to February,2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,150</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,369</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Industrial Bank Co., LTD. Shanghai Pudong branch(i)</td> <td> </td> <td style="text-align: center;">3.50%-4.50%</td> <td> </td> <td style="text-align: center;">December,2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,005</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,158</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Bank of Nanjing North Bund Branch(i)</td> <td> </td> <td style="text-align: center;">4.00%</td> <td> </td> <td style="text-align: center;">March,2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,860</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,948</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Putuo Branch of Shanghai Pudong Development Bank(i)</td> <td> </td> <td style="text-align: center;">3.00%</td> <td> </td> <td style="text-align: center;">May,2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1687514334;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,420</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">ICBC Shanghai Zhang Jiang high tech Park Branch(i)</td> <td> </td> <td style="text-align: center;">3.90%</td> <td> </td> <td style="text-align: center;">December,2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,860</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,948</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Xiamen International Bank Shanghai Jinqiao Branch(i)</td> <td> </td> <td style="text-align: center;">4.90%</td> <td> </td> <td style="text-align: center;">September to December,2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,860</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,948</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Bank of Ningbo Co., LTD. Shanghai Lianyang branch(i)</td> <td> </td> <td style="text-align: center;">3.95%</td> <td> </td> <td style="text-align: center;">June,2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,860</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,948</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Bank of Jiangsu Co., LTD. Songjiang branch(i)</td> <td> </td> <td style="text-align: center;">3.50%-3.70%</td> <td> </td> <td style="text-align: center;">January to March,2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,860</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,948</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Agricultural Bank of China Co., LTD. Shanghai Xuhui branch(ii)</td> <td> </td> <td style="text-align: center;">2.80%-2.82%</td> <td> </td> <td style="text-align: center;">August to November ,2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,860</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,948</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Bank of China Limited Shanghai Zhabei branch(ii)</td> <td> </td> <td style="text-align: center;">2.60%</td> <td> </td> <td style="text-align: center;">September 2026 to May 2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,430</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,948</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">China Minsheng Bank Co., LTD. Shanghai branch(i)</td> <td> </td> <td style="text-align: center;">2.85%-2.95%</td> <td> </td> <td style="text-align: center;">July 2026 to June 2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,430</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,940</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">China Construction Bank Shanghai Jing'an Branch(i)</td> <td> </td> <td style="text-align: center;">2.50%</td> <td> </td> <td style="text-align: center;">April to June,2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,717</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,653</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Bank of China Limited Shanghai Zhabei branch(i)</td> <td> </td> <td style="text-align: center;">3.90%-4.10%</td> <td> </td> <td style="text-align: center;">July 2026 to June 2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,788</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,916</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Shanghai Rural Commercial Bank Co., Ltd. Huangpu Branch(i)</td> <td> </td> <td style="text-align: center;">3.50%</td> <td> </td> <td style="text-align: center;">December,2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,145</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,474</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Bank of Beijing Shanghai Branch(i)</td> <td> </td> <td style="text-align: center;">3.00%</td> <td> </td> <td style="text-align: center;">September,2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,430</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,474</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Bank of Beijing Shanghai Branch(ii)</td> <td> </td> <td style="text-align: center;">3.00%</td> <td> </td> <td style="text-align: center;">September 2026 to March 2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,430</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,474</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Bank of Beijing Shanghai Branch</td> <td> </td> <td style="text-align: center;">3.00%</td> <td> </td> <td style="text-align: center;">December,2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,430</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,474</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Huangpu Branch of Bank of Shanghai(i)</td> <td> </td> <td style="text-align: center;">3.50%</td> <td> </td> <td style="text-align: center;">March,2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,430</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,474</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Agricultural Bank of China Co., LTD. Shanghai Minhang branch(ii)</td> <td> </td> <td style="text-align: center;">2.75%</td> <td> </td> <td style="text-align: center;">November,2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,430</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,474</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Guangfa Bank Co., LTD. Shanghai branch(ii)</td> <td> </td> <td style="text-align: center;">3.45%</td> <td> </td> <td style="text-align: center;">July,2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,430</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,474</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">China Minsheng Bank Co., LTD. Shanghai branch</td> <td> </td> <td style="text-align: center;">2.85%</td> <td> </td> <td style="text-align: center;">June,2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,147</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,466</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">China CITIC Bank Shanghai Pudian Road Branch(i)</td> <td> </td> <td style="text-align: center;">4.00%</td> <td> </td> <td style="text-align: center;">June,2026</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,831</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_275689896;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt;">Bank of Nanjing North Bund Branch(ii)</td> <td> </td> <td style="text-align: center;">4.50%</td> <td> </td> <td style="text-align: center;">March ,2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,145</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,474</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt;">China CITIC Bank Shanghai Pudian Road Branch</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; padding-bottom: 1.5pt;">4.00%</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; padding-bottom: 1.5pt;">March to June,2026</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">1,416</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;"><span style="-sec-ix-hidden:fc_697506029;">-</span></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: 4pt; text-indent: -9pt; padding-left: 9pt;">Total short-term borrowings</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: center; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: center; padding-bottom: 4pt;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">80,394</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">80,456</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt;">Long-term borrowing, current</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;"> </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: left; text-indent: -9pt; padding-left: 9pt;">Wenzhou Bank Co., Ltd. Shanghai Putuo Branch(i)</td> <td> </td> <td style="text-align: center;">4.99%</td> <td> </td> <td style="text-align: center;">August 2026 to February 2027</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;">$</td> <td style="font-weight: bold; text-align: right;">71</td> <td style="font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: left;">$</td> <td style="font-weight: bold; text-align: right;">74</td> <td style="font-weight: bold; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt;">Long-term borrowing, non-current</td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;"> </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: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt;">Wenzhou Bank Co., Ltd. Shanghai Putuo Branch(i)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; padding-bottom: 1.5pt;">4.99%</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; padding-bottom: 1.5pt;">October,2028</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;">1,358</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;">1,363</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: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt;">Total long-term borrowing</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: center; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: center; padding-bottom: 4pt;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,429</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,437</td> <td style="padding-bottom: 4pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-size: 10pt;">(i)</span></td> <td style="text-align: justify;"><span style="font-size: 10pt;">As of December 31, 2025 and June 30, 2026, the bank borrowings of $64,105 and $67,161 were guaranteed by SunCar Online, one of subsidiaries of the Group, respectively.</span></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-size: 10pt;">(ii)</span></td> <td style="text-align: justify;"><span style="font-size: 10pt;">As of December 31, 2025 and June 30, 2026, the bank borrowings of $10,725 and $11,792 were guaranteed by Shengda Automobile, one of subsidiaries of the Group, respectively.</span></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-size: 10pt;">(iii)</span></td> <td style="text-align: justify;"><span style="font-size: 10pt;">The Group fully repaid the outstanding loan prior to the reporting date, and the lending arrangement was subsequently renewed.</span></td> </tr></tbody> </table>

0.03

0.0345

September to November,2026

12870000

13263000

0.0325

September,2026

8580000

8843000

0.0444

January to February,2027

7150000

7369000

0.035

0.045

December,2026

5005000

5158000

0.04

March,2027

2860000

2948000

0.03

May,2027

4420000

0.039

December,2026

2860000

2948000

0.049

September to December,2026

2860000

2948000

0.0395

June,2027

2860000

2948000

0.035

0.037

January to March,2027

2860000

2948000

0.028

0.0282

August to November ,2026

2860000

2948000

0.026

September 2026 to May 2027

1430000

2948000

0.0285

0.0295

July 2026 to June 2027

1430000

2940000

0.025

April to June,2027

2717000

2653000

0.039

0.041

July 2026 to June 2027

2788000

1916000

0.035

December,2026

2145000

1474000

0.03

September,2026

1430000

1474000

0.03

September 2026 to March 2027

1430000

1474000

0.03

December,2026

1430000

1474000

0.035

March,2027

1430000

1474000

0.0275

November,2026

1430000

1474000

0.0345

July,2026

1430000

1474000

0.0285

June,2027

4147000

1466000

0.04

June,2026

2831000

0.045

March ,2027

2145000

1474000

0.04

March to June,2026

1416000

80394000

80456000

0.0499

August 2026 to February 2027

71000

74000

0.0499

October,2028

1358000

1363000

1429000

1437000

64105000

67161000

10725000

11792000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Accrued expenses and other liabilities consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p> <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> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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;">(Audited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Project Deposits</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">3,995</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">1,813</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Payroll payable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">746</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">821</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">Professional fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1901029486;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">410</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Value added taxes and other taxes payable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,397</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">182</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;"><span style="font-size: 10pt;">Contingent liabilities of GEM dispute <sup>(1)</sup></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,550</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_543901214;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Payables to third parties</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1432562566;">-</span></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> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.3pt;">Other accrued 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;">1,009</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;">362</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: left; padding-bottom: 2.5pt; padding-left: 0.3pt;">Total accrued expenses and other liabilities</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">10,697</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">3,737</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in;"><span style="font-size: 10pt;">(1)</span></td> <td style="text-align: justify;"><span style="font-size: 10pt;">Contingent liabilities of GEM dispute represented the amount payable in connection with the GEM dispute, which was fully paid by the Group as of June 30, 2026.</span></td> </tr></tbody> </table>

3995000 1813000

746000

821000

410000

3397000

182000

1550000

149000

1009000

362000

10697000

3737000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The balances for the operating leases where the Group is the lessee are presented as follows within the consolidated balance sheets:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Audited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Operating lease right-of-use assets, net</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">2,243</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">1,889</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="padding-left: 0.3pt;"> </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: left; padding-left: 0.3pt;">Lease liabilities - current</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">834</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">848</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">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;">1,333</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;">989</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: left; padding-bottom: 2.5pt;">Total operating lease liabilities</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">2,167</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">1,837</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The components of lease expenses were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Lease cost</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Amortization of right-of-use assets</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">430</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">468</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Interest of operating lease 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;">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;">36</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: left; padding-bottom: 2.5pt;">Total Lease cost</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">440</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">504</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Other information related to leases where the Group is the lessee is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td> </td> <td colspan="2" style="text-align: center;"><span style="font-size: 10pt;"> <span style="font-weight: bold;">(Unaudited)</span></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;"><span style="font-size: 10pt;"> <span style="font-weight: bold;">(Unaudited)</span></span></td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Weighted-average remaining lease term</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">0.29</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;">1.96</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Weighted-average discount rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.94</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.50</td> <td style="text-align: left;">%</td> </tr></tbody></table>

2243000

1889000

834000

848000

1333000

989000

2167000

1837000

430000

468000

10000

36000

440000

504000

82000

79000

P0Y3M14D

P1Y11M15D

0.0394

0.035

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">As of June 30, 2026, the following is a schedule of future minimum payments under the Group’s operating leases:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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; text-align: left; font-weight: bold;">For the calendar year ended June 30,</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;">Operating <br/> Leases</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: left; width: 88%; padding-left: 0.3pt;">Remaining of 2026</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">467</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">838</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.3pt;">2028</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">604</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Total lease payments</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,909</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.3pt;">Less: imputed interest</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(72</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.3pt;">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </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;">1,837</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

467000

838000

604000

1909000

72000

1837000

125000000

0.90

0.033

11.5

2839951

11.5

300000

229000

6100000

5750000

11.5

350000

11.5

0.01

16.5

P20Y

16.5

11.5

3850857

2023-10-30

0.075

0.01

10.225

25672

17739000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The table summarizes the assumptions of the initial fair value of warrants under Black-Scholes-Merton model:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">GEM<br/> Warrants</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;">Public<br/> Warrants<br/> and <br/> Private<br/> Warrants</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;">Common<br/> Warrants</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;">PA<br/> Warrants</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: 52%; text-align: left; padding-left: 0.3pt;">Expected term (in years)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">3</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</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</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</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 0.3pt;">Volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">59.84</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">59.84</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">63.84</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">63.84</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">Risk-free interest rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.94</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.59</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.80</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.80</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_910395352;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_176971040;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_631193423;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1204619868;">-</span></td> <td style="text-align: left;"> </td> </tr></tbody></table>

59.84

63.84

3.94

3.59

4.8

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The table summarizes the status of warrants outstanding and exercisable as of June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center;">Warrants</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 <br/> Average <br/> Exercise <br/> Price</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; padding-left: 0.3pt;">Warrants outstanding, as of December 31, 2025</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">12,431,674</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">10.72</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify; padding-left: 0.3pt;">Warrants exercisable, as of December 31, 2025</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,431,674</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">10.72</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-left: 0.3pt;">Issued</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_494188496;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1788168423;">-</span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 0.3pt;">Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1006152304;">-</span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1263892450;">-</span></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;">Expired</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(2,839,951</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;">11.50</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 1.5pt;">Warrants outstanding, as of June 30, 2026</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">9,591,723</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;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">10.49</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-bottom: 2.5pt;">Warrants exercisable, as of June 30, 2026</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">9,591,723</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">10.49</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>

12431674

10.72

12431674 10.72

2839951

11.5

9591723

10.49

9591723 10.49

9591723

6734126

10.49

P2Y21D

0.0002

63000

38000

25000

2000000

0.0825

0.25

0.15

0.05

1000000

3000000

0.05

1000000

0.05

3000000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The income tax benefit consisted of the following components:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Current income tax expense</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">890</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">780</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Deferred income tax (benefit)/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;">(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;">163</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: left; padding-bottom: 2.5pt;">Total income tax expense</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">291</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">943</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

890000

780000

-599000

163000

291000

943000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> A reconciliation between the Group’s actual benefit for income taxes and the provision at the <span style="-sec-ix-hidden:fc_1463095322;"><span style="-sec-ix-hidden:fc_1088536206;">PRC</span></span>, mainland statutory rate, is as follows: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p> <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> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">(Loss) Income before income tax expense</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">(5,244</td> <td style="width: 1%; text-align: left;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">4,320</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Computed income tax (benefit) expense with statutory tax rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,311</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,080</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">Additional deduction for research and development expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(261</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(347</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Tax effect of preferred tax rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">897</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(786</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">Tax effect of favorable tax rates on small-scale and low-profit entities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">51</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(64</td> <td style="text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Tax effect of non-deductible items</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">78</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">109</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Changes in 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;">837</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;">951</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: left; padding-bottom: 2.5pt;">Income tax expense</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">291</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">943</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

-5244000

4320000

-1311000

1080000

261000

347000

897000 -786000

51000

-64000

78000

109000

837000

951000

291000

943000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">As of December 31, 2025 and June 30, 2026, the significant components of the deferred tax assets are summarized below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </td> <td> </td> <td colspan="2" style="text-align: center;"><span style="font-size: 10pt;"><span style="font-weight: bold;">(Audited)</span></span></td> <td> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Deferred 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> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Temporary difference in accounts receivable recognition</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">5,815</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">5,994</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Temporary difference in research and development costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,995</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,086</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">Accrued expense</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">408</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">420</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Net operating loss carried forward</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,961</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,164</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">Share-based compensation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">538</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">555</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">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;">4,033</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;">4,108</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="font-weight: bold; text-align: left; padding-left: 0.3pt;">Total deferred 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;">25,750</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;">27,327</td> <td style="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;">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;">(13,803</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;">(15,179</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;">Deferred tax assets, net of valuation allowance</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">11,947</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">12,148</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

5815000

5994000

2995000

3086000

408000

420000

11961000

13164000

538000

555000

4033000 4108000

25750000

27327000

13803000

15179000

11947000

12148000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Changes in valuation allowance are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;"> </p> <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> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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;">(Audited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Balance at the beginning of the period</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">13,840</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">13,803</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-left: 0.3pt;">(Reversals)/Additions</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(642</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">952</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">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;">605</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;">424</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: left; padding-bottom: 2.5pt;">Balance at the end of the period</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">13,803</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">15,179</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

13840000

13803000

-642000

952000

-605000 -424000

13803000

15179000

49376000

49320000

87396000

82838000

11961000

13164000

13803000

15179000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">As of June 30, 2026, net operating loss carryforwards will expire, if unused, in the following amounts:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 88%; text-align: left; padding-left: 0.3pt;">2026</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">3,052</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">2027</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,195</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">2028</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,965</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">2029</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,980</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">2030</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,128</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">2031</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,238</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-bottom: 1.5pt;">Indefinite</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">82,838</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; font-weight: bold; padding-bottom: 2.5pt;">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </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;">138,396</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

3052000

17195000

14965000

6980000

7128000

6238000

82838000

138396000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">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 periods presented:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">Numerator:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt;">Net loss attributable to the company’s ordinary shareholders</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right;">(7,394</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right;">(208</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;">)</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt;">Numerator for basic and diluted net loss per share calculation</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(7,394</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;">)</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">(208</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="padding-left: 0.3pt;"> </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; padding-left: 0.3pt;">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> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="padding-left: 0.3pt;">Weighted average number of ordinary shares</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">102,155,588</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">102,009,359</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="padding-left: 0.3pt;"> </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: left; padding-left: 0.3pt;">Net loss attributable to the Company’s ordinary shareholders 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> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">—Basic and diluted</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">(0.07</td> <td style="padding-bottom: 1.5pt; text-align: left;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; text-align: right;"><span style="-sec-ix-hidden:fc_2136572950;"><span style="-sec-ix-hidden:fc_1369732083;">-</span></span></td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr></tbody></table>

-7394000

-208000

-7394000

-208000

102155588

102009359

-0.07

1600000

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The table below sets forth the major related parties and their relationships with the Group as of December 31, 2025 and June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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="border-bottom: black 1.5pt solid; width: 49%; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Name of related parties</span></span></td> <td style="width: 2%;"> </td> <td style="border-bottom: black 1.5pt solid; width: 49%; padding-right: 0pt; padding-left: 0pt; text-align: center;"><span style="font-size: 10pt;"><span style="font-weight: bold;">Relationship with the Group</span></span></td> </tr><tr style="background-color: rgb(204,238,255);"><td style="vertical-align: top; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">Shengda Group</span></td> <td style="vertical-align: bottom; padding-right: 0pt; padding-left: 0pt;"> </td> <td style="vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">An entity ultimately controlled by Mr. Ye Zaichang, the Company’s Chief Executive Officer</span></td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">Mr. Lei Zhunfu</span></td> <td style="padding-right: 0pt; padding-left: 0pt;"> </td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Chief Technology Officer and Chief Operating Officer of the Company</span></td> </tr></tbody> </table>

An entity ultimately controlled by Mr. Ye Zaichang, the Company’s Chief Executive Officer

Chief Technology Officer and Chief Operating Officer of the Company

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Amount due to related parties</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Audited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Amount due to related parties, current</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom;"><td><span style="font-size: 10pt;">Other payables <sup>(1)</sup></span></td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Shengda Group</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">6,419</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;">7,334</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Mr. Lei Zhunfu</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">240</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;">159</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: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">6,659</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">7,493</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"><td style="text-align: left; padding-left: 0.3pt;">Amount due to a related party, 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> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;"><span style="font-size: 10pt;">Payables due to the transfer of SunCar Online <sup>(2)</sup></span></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_922767015;"> </span></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_362828241;"> </span></td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-bottom: 1.5pt;">Shengda Group</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">12,516</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;">12,899</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: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">12,516</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">12,899</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; padding-right: 0pt; padding-left: 0pt;"><span style="font-size: 10pt;">(1)</span></td> <td style="padding-right: 0pt; padding-left: 0pt; text-align: justify;"><span style="font-size: 10pt;">Other payables were for the ordinary course of operation, which were interest free, unsecure and could be settled on demand.</span></td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.25in; text-align: justify;"><span style="font-size: 10pt;">(2)</span></td> <td style="padding-right: 0pt; padding-left: 0pt;"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On December 3, 2021, Shengda Group transferred its entire 55.09% equity interest in SunCar Online to Shanghai Zanxing at a price of RMB4 per share, for an aggregate consideration of RMB282 million. Upon completion of the transfer, Shanghai Zanxing became liable to Shengda Group for RMB282 million in connection with the transfer of SunCar Online. Following the disposal of Shengda Group, Shengda Group became a related party of the Group, and the balance due to Shengda Group was presented as an amount due to a related party.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On March 1, 2022, the Group entered into a share purchase agreement (the “SPA”) with Jiachen Information Technology (Shanghai) Co., Ltd. (“Jiachen”) for the transfer of the entire equity interest in Shengda Group for consideration of RMB1. Pursuant to the SPA, the Group agreed to repay in full the debt owed to Shengda Group by June 1, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In April 2023, the Group negotiated with Jiachen and agreed to extend the repayment due date to December 31, 2025, with an annual interest rate of 1% from June 30, 2023 to the completion of the repayment.. In January 2025, the Group negotiated with Shengda Group and agreed to extend the repayment date to December 31, 2028. Accordingly, the Group reclassified the balance as a non-current liability following the extension.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In 2023, the Group repaid debt owed to Shengda Group in the amount of US$10.0 million. In 2024, the Group further repaid debt owed to Shengda Group through the transfer of shares of SunCar Online at an aggregate amount of US$6.2 million, and the non-cash gain of US$4.5 million, representing the difference between the repurchase price and the transfer price, was charged to additional paid-in capital. In 2025, the Group repaid debt owed to Shengda Group in the amount of US$11.4 million by entering into a debt offset agreement with a third party.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">For the six months ended June 30, 2026, <span style="-sec-ix-hidden:fc_63588588;">no</span> repayment was made by the Group in respect of the debt owed to Shengda Group.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">As of December 31, 2025 and June 30, 2026, payables due to Shengda Group in connection with the transfer of SunCar Online amounted to US$12,516 and US$12,899, respectively.</p></td> </tr></tbody> </table>

6419000

7334000

240000

159000

6659000

7493000

12516000

12899000

12516000

12899000

0.5509

282000000

1000000

0.01

10000000

6200000

4500000

11400000

12516

12899

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table sets forth a summary of single customers who represent 10% or more of the Group’s total revenue.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.35pt;"> </p> <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> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td> </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;">2025</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;">2026</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;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Percentage of the Group’s total revenue</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: 76%; text-align: left;">Customer A</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">21</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: left;">Customer B</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left;">Customer C</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_1619673636;">*</span></td> <td style="text-align: left;">%</td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table sets forth a summary of single customers who represent 10% or more of the Group’s total accounts receivable:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> December 31,</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">As of<br/> June 30,</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Audited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Percentage of the Group’s accounts receivable</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: 76%; text-align: left; padding-left: 0.3pt;">Customer E</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">12</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;">13</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Customer D</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_203272192;">*</span></td> <td style="text-align: left;">%</td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The following table sets forth a summary of each supplier who represent 10% or more of the Group’s total purchase:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <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="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center;"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">For the six months ended </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><span style="font-weight: bold;">June 30,</span></p></td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </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;">2025</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;">2026</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="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td colspan="2" style="font-weight: bold; text-align: center;">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td>Percentage of the Group’s total purchase</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: left; padding-left: 0.3pt;">Supplier A</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"><span style="-sec-ix-hidden:fc_96043752;">*</span></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</td> <td style="width: 1%; text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: left; padding-left: 0.3pt;">Supplier B</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15</td> <td style="text-align: left;">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: left; padding-left: 0.3pt;">Supplier C</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14</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: left; padding-left: 0.3pt;">Supplier D</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><span style="-sec-ix-hidden:fc_881875759;">*</span></td> <td style="text-align: left;">%</td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%;"> <tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-size: 10pt;">*</span></td> <td style="text-align: justify;"><span style="font-size: 10pt;">represent percentage less than 10%</span></td> </tr></tbody> </table>

0.21

0.26

0.15

0.17

0.10

0.12

0.13

0.15

0.14

0.12

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The total future minimum lease payments of property management fee and short-term lease under the non-cancellable operating lease with respect to the office as of June 30, 2026 are payable as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.65pt;"> </p> <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> </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;">Lease <br/> Commitment</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: 88%; text-align: left; padding-bottom: 1.5pt; padding-left: 0.3pt;">Within 1 year</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right;"> 53</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="font-weight: bold; padding-bottom: 2.5pt;">Total</td> <td style="font-weight: bold; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right;">53</td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"> </td> </tr></tbody></table>

53000

0.4783

0.5088

36900000

29295000

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%;"><tbody><tr style="vertical-align: top; text-align: justify;"><td style="width: 0in;"></td> <td style="width: 0.25in; text-align: left;"><span style="font-size: 10pt;"><span style="font-weight: bold;">20.</span></span></td> <td style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-weight: bold;">SUBSEQUENT EVENTS</span></span></td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> On August 21, 2026, the Company’s board of directors approved an amendment to the Company’s 2024 Equity Incentive Plan to increase the maximum aggregate number of Class A ordinary shares reserved and available for issuance thereunder by 5,000,000 shares, from 8,800,000 shares to 13,800,000 shares. On September 1, 2026, the Company filed a registration statement on Form S-8 with the U.S. Securities and Exchange Commission to register the additional 5,000,000 Class A ordinary shares reserved for issuance under the amended plan. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> Subsequent to June 30, 2026, the Group entered into multiple new short-term borrowing arrangements with commercial banks with an aggregate principal amount of RMB 135 million. These loans bear annual interest rates ranging from 2.85% to 4.00% and mature in 2027. A majority of such borrowings are guaranteed by the Group. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company has evaluated the impact of events that have occurred subsequent to June 30, 2026, through the issuance date, September 22, 2026, of the unaudited consolidated financial statements, and concluded that no other subsequent events have occurred that would require recognition in the unaudited consolidated financial statements or disclosure in the notes to the unaudited consolidated financial statements.</p>

5000000

8800000

13800000

5000000

135000000

0.0285

0.04

mature in 2027

As of December 31, 2025 and June 30, 2026, the bank borrowings of $64,105 and $67,161 were guaranteed by SunCar Online, one of subsidiaries of the Group As of December 31, 2025 and June 30, 2026, the bank borrowings of $10,725 and $11,792 were guaranteed by Shengda Automobile, one of subsidiaries of the Group The Group fully repaid the outstanding loan prior to the reporting date, and the lending arrangement was subsequently renewed. Contingent liabilities of GEM dispute represented the amount payable in connection with the GEM dispute, which was fully paid by the Group as of June 30, 2026. Other payables were for the ordinary course of operation, which were interest free, unsecure and could be settled on demand. On December 3, 2021, Shengda Group transferred its entire 55.09% equity interest in SunCar Online to Shanghai Zanxing at a price of RMB4 per share, for an aggregate consideration of RMB282 million. Upon completion of the transfer, Shanghai Zanxing became liable to Shengda Group for RMB282 million in connection with the transfer of SunCar Online. Following the disposal of Shengda Group, Shengda Group became a related party of the Group, and the balance due to Shengda Group was presented as an amount due to a related party. On March 1, 2022, the Group entered into a share purchase agreement (the “SPA”) with Jiachen Information Technology (Shanghai) Co., Ltd. (“Jiachen”) for the transfer of the entire equity interest in Shengda Group for consideration of RMB1. Pursuant to the SPA, the Group agreed to repay in full the debt owed to Shengda Group by June 1, 2023. In April 2023, the Group negotiated with Jiachen and agreed to extend the repayment due date to December 31, 2025, with an annual interest rate of 1% from June 30, 2023 to the completion of the repayment.. In January 2025, the Group negotiated with Shengda Group and agreed to extend the repayment date to December 31, 2028. Accordingly, the Group reclassified the balance as a non-current liability following the extension. In 2023, the Group repaid debt owed to Shengda Group in the amount of US$10.0 million. In 2024, the Group further repaid debt owed to Shengda Group through the transfer of shares of SunCar Online at an aggregate amount of US$6.2 million, and the non-cash gain of US$4.5 million, representing the difference between the repurchase price and the transfer price, was charged to additional paid-in capital. In 2025, the Group repaid debt owed to Shengda Group in the amount of US$11.4 million by entering into a debt offset agreement with a third party. For the six months ended June 30, 2026, no repayment was made by the Group in respect of the debt owed to Shengda Group. As of December 31, 2025 and June 30, 2026, payables due to Shengda Group in connection with the transfer of SunCar Online amounted to US$12,516 and US$12,899, respectively. represent percentage less than 10% During the fiscal year 2026, the Group reclassified costs incurred in connection with the development and construction of its cloud platform and artificial intelligence platform from other non-current assets to construction in progress. Refer to Note 7 for further details. For the year ended December 31, 2025, the Group paid RMB41.2 million (approximately $5.7 million) for cloud infrastructure support, which would be amortized over 3 years based on the service agreements. For the six months ended June 30, 2025 and 2026, amortization expense was nil and $945, respectively. Securities margin represented cash collateral provided under guarantee arrangements. The details of such arrangements and the related collateral deposits are disclosed in Note 5. Receivables from third parties represented advances to employees for the Group’s daily operations. The details of such advances and related reclassification are disclosed in Note 5. On July 18, 2025, the People’s Court of Songjiang District, Shanghai, issued a judgment to revoke, within the amount of the creditor’s rights confirmed in the civil mediation agreement in favor of the plaintiff, Shanghai Yongyuan Venture Capital Partnership (Limited Partnership) (“Yongyuan”), the equity transfer of SunCar Online by the defendant, Zhejiang Shengling Automotive Service Co., Ltd. (formerly known as Shengda Automobile Service Group Co. Limited, or “Shengda Group”), to Shanghai Zanxing, and ordered the restoration of the equity ownership. Shanghai Zanxing subsequently filed an appeal against the judgment. On October 31, 2025, the People’s Court upheld the original judgement. Considering the amount of Yongyuan’s claim against Shengda Group, Shanghai Zanxing’s equity interest in SunCar Online was reduced from 55.34% to 47.92% as of June 30, 2026. According to concerted action arrangements between Shanghai Zanxing and other shareholders, which still collectively hold an aggregate equity interest of 50.97% in SunCar Online, the Group believes that the outcome of this dispute will not affect Shanghai Zanxing’s effective control over SunCar Online. As of the issuance date of the unaudited condensed consolidated financial statements, the judgment has not yet been enforced. Shanghai Feiyou Trading Co., Ltd. changed its legal name to Shanghai Zanxing Data Technology Co., Ltd., effective January 14, 2026. Included net of financial expenses, investment income and others. The advances to suppliers are interest-free, unsecured, and expected to be utilized through offset against future payables upon receipt of goods or services within the next 12 months. Management regularly monitors supplier performance, credit risk, and potential indicators of impairment, and evaluates advances for recoverability if recovery becomes doubtful. On April 21, 2025, May 15, 2025, and August 12, 2025, Shanghai Cuhong Auto Services Co., Ltd. (“Shanghai Cuhong”), a subsidiary of the Company, provided cash collateral of RMB14.6 million (approximately $2.1 million), RMB7.2 million (approximately $1.0 million) and RMB7.2 million (approximately $1.0 million), respectively, to Beijing Youhu Business Services Co., Ltd. (“Youhu”) under a guarantee agreement. The collateral was intended to secure margin loan obligations of Lu Ruixia, Yang Shuaiqi, Yang Dan and Guo Qingbao with Youhu’s related entities, Tiger Brokers (NZ) Limited and Tiger Brokers (HK) Global Limited. The amount is refundable only when such third parties have fully satisfied and complied with any additional margin requirements. The Group expects that the amount will be recovered by the first quarter of 2027. It represented advances to employees for the group’s daily operation. The Group expects that the amount will be recovered by the first quarter of 2027. Third-party payment platform receivable represents customer payments collected through online payment platform that have not yet been remitted to the group’s bank accounts as of June 30, 2026. It represented prepaid financing expense related to issuance of GEM Warrants. As of June 30, 2026, the prepaid financing expense related to the GEM Warrants had been fully amortized, as the GEM Warrants expired on May 17, 2026 pursuant to the GEM Purchase Agreement. (See Note 13) In 2022, a hybrid cloud platform developed with the assistance of a third-party cloud service provider was substantially ready for use and transferred from other non-current assets. The cost of the hybrid cloud platform represents the purchase price of the platform and other expenditures incurred to bring the platform into its intended use. The application of the hybrid cloud platform was to improve the IT development capabilities of internal-used software platforms that provide auto eInsurance service and auto service to customers, as well as Software-As-A-Service (“SaaS”) products offered to business partners as part of our technology services. Construction in progress primarily consisted of other cloud infrastructure under construction, which was not available for use as of June 30, 2026 and expected to be completed by the end of 2026. On April 10, 2025, Shengda Automobile entered an agreement to purchase an artificial intelligence platform, which is expected to be completed in April 2027, with totaling price of RMB225 million (approximately $32.6 million). The Group has paid RMB51.2 million (approximately $7.5 million) as of June 30, 2026.