v3.26.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net cash used in operating activities $ (127,695) $ (82,006)
Investing activities:    
Cash paid for acquisition of short-term investments (46,000) (15,069)
Proceeds from redemption of short-term investments 31,350 0
Loans and advances to related parties (83,072) 0
Cash collection of loans and advances to related parties 58,686 1,341
Cash paid for acquisition of equity method investments (737) 0
Proceeds from sales of equity method investments 15,330 17,947
Payments for equity securities (6,000) 0
Purchase of property and equipment, and intangible assets (10,858) (4,465)
Prepayment for acquisition of an entity under common control (73,712) 0
Proceeds from disposal of property and equipment, and intangible assets 6 61
Net cash used in investing activities (115,007) (185)
Financing activities:    
Proceeds from short-term borrowings 352,042 193,954
Repayments of short-term borrowings (233,057) (106,297)
Proceeds from long-term borrowings 111,781 0
Payment for issuance costs of long-term borrowings (156) 0
Borrowings from related parties 27,964 47,918
Repayments of borrowings from related parties (28,292) (21,021)
Cash payment not soon after purchase of intangible assets 0 (2,780)
Proceeds from redeemable non-controlling interests 14,638 0
Cash payment not soon after a business acquisition of Hubei Dongjun 0 (1,614)
Proceeds from employee stock option exercises 159 179
Proceeds from issuance of ordinary shares 45,586 43,200
Cash paid for follow-on public offering cost 0 (622)
Cash paid for repurchase of ordinary shares (9,907) (28,985)
Proceeds from issuance of convertible notes 40,000 0
Payment for issuance costs of convertible notes (2,130) 0
Repayments of convertible notes (6,688) 0
Cash paid for costs of the Merger 0 (500)
Proceeds from conditional government grants 0 6,933
Net cash provided by financing activities 311,940 130,365
Effect of foreign currency exchange rate changes on cash and restricted cash 2,921 916
Net increase in cash and restricted cash 72,159 49,090
Cash and restricted cash at the beginning of the period 93,256 50,164
Cash and restricted cash at the end of the period 165,415 99,254
Supplemental information:    
Income tax paid 1,331 1,102
Interest paid $ 8,667 $ 7,010