v3.26.3
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Measurement [Abstract]  
​Schedule of Warrant Liability at Fair Value

The following table presents the fair value hierarchy for the Group’s liabilities that are measured and recorded at fair value as of December 31, 2025 and June 30, 2026:

 

    For the year ended December 31, 2025     For the six months ended June 30, 2026  
    Level 1
Inputs		     Level 2
Inputs		     Level 3
Inputs		     Level 1
Inputs		     Level 2
Inputs		     Level 3
Inputs		     Balance at fair value  
    RMB     RMB     RMB     RMB     RMB     RMB     US$  
Warrant liability      -        -       24,377           -           -       15,558       2,294  
​Schedule of Black Scholes Model for the Valuation of the Fair Value of Warrants The valuation involves complex and subjective judgements as well as the Company’s best estimates on the valuation date. Key inputs related to the Black Scholes model for the valuation of the fair value of warrants are as follows:

 

    Issuance date
November 23,
2022		     As of
December 31,
2025		     As of
June 30,
2026		  
Expiration of warrant (years)     5       1.9       1.40  
Stock price per ADS (US$)     1.17       0.35       0.09  
Exercise price per ADS (US$)     2.75       0.75       0.30  
Risk-free rate     3.96 %     3.73 %     4.19 %
Dividend yield     -       -       -  
Standard deviation in the value of stock     132.3 %       135.7 %     189.1 %
Calculated fair value per ADS (US$)     0.95       0.18       0.05  

 

    Issuance date
October 28,
2024		     As of
December 31,
2025		     As of
June 30,
2026		  
Expiration of warrant (years)     5       3.8       3.3  
Stock price per ADS (US$)     1.48       0.35       0.09  
Exercise price per ADS (US$)     1.45       0.75       0.75  
Risk-free rate     4.11 %     3.73 %     4.19 %
Dividend yield     -       -       -  
Standard deviation in the value of stock     125.4 %     135.7 %     189.1 %
Calculated fair value per ADS (US$)     1.27       0.26       0.07  
​Schedule of Warrants Outstanding and Fair Values

The warrants outstanding and fair values at each of the respective valuation dates of the warrants issued on November 23, 2022 are summarized below:

 

    Warrants
Outstanding
Issued on
November 23,
2022		     Calculated
Fair
Value per
ADS		     Fair
Value		  
          US$     RMB  
Fair Value as of November 23, 2022     5,454,546       0.95       36,838  
Gain on change in fair value of warrant liability     —       —       (11,219 )
Effect of exchange rate changes     —       —       (1,243 )
Fair Value as of December 31, 2022     5,454,546       0.64       24,376  
Gain on change in fair value of warrant liability     —       —       (20,732 )
Effect of exchange rate changes     —       —       308  
Fair Value as of December 31, 2023     5,454,546       0.10       3,952  
Modification of warrants     4,894,565       —       —  
Loss on change in fair value of warrant liability     —       —       58,818  
Effect of exchange rate changes     —       —       610  
Fair Value as of December 31, 2024     10,349,111       0.85       63,380  
Modification of warrants     9,608,103       —       —  
Gain on change in fair value of warrant liability     —       —       (25,630 )
Exercised     (2,946,220 )     —       (15,080 )
Effect of exchange rate changes     —       —       (998 )
Fair Value as of December 31, 2025     17,010,994       0.18       21,672  
Modification of warrants     25,753,782       —       —  
Gain on change in fair value of warrant liability     —       —       (2,725 )
Exercised     (1,350,000 )     —       (3,429 )
Effect of exchange rate changes     —       —       (696 )
Fair Value as of June 30, 2026     41,414,776       0.05       14,822  

 

The warrants outstanding and fair values at each of the respective valuation dates of the warrants issued on October 28, 2024 are summarized below:

 

    Warrants
Outstanding
Issued on
October 28,
2024		     Calculated
Fair
Value per
ADS		     Fair
Value		  
          US$     RMB  
Fair Value as of October 28, 2024     761,719       1.27       6,888  
Gain on change in fair value of warrant liability     —       —       (1,752 )
Effect of exchange rate changes     —       —       40  
Fair Value as of December 31, 2024     761,719       0.95       5,176  
Modification of warrants     707,179       —       —  
Gain on change in fair value of warrant liability     —       —       (2,394 )
Effect of exchange rate changes     —       —       (77 )
Fair Value as of December 31, 2025     1,468,898       0.26       2,705  
Gain on change in fair value of warrant liability     —       —       (1,896 )
Effect of exchange rate changes     —       —       (73 )
Fair Value as of June 30, 2026     1,468,898       0.07       736  
Schedule of Summarizes the Activities Related to Fair Value of the Warrants

The following table summarizes the activities related to fair value of the warrants issued on November 23, 2022 and October 28, 2024:

 

    As of
December 31,
2025		     As of
June 30,
2026		  
    RMB     RMB  
Fair value of warrants at beginning of the year (Level 3)     68,556       24,377  
Exercised     (15,080 )     (3,429 )
Change in fair value     (28,024 )     (4,621 )
Effect of exchange rate changes     (1,075 )     (769 )
Fair Value of warrants as of June 30, 2026 (Level 3)     24,377       15,558