v3.25.0.1
Fair Value Measurement (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Fair Value Measurement [Abstract]    
Schedule of Liabilities that are Measured and Recorded 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, 2022 and 2023:

 

   For the year ended December 31, 
   2022   2023 
   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   
-
    
-
    24,376    
-
    
-
    3,952    557 
Schedule of Black Scholes Model for the Valuation of the Fair Value of Warrants
   As of
December 31,
2023		   As of
June 30,
2024		 
Expiration of warrant (years)   3.9    3.4 
Fair market value per share (US$)*   3.00    1.79 
Exercise price (US$)*   41.25    41.25 
Risk-free rate   3.92%   4.48%
Dividend yield   
-
    
-
 
Standard derivation in the value of stock   132.8%   132.0%

 

*Effective on January 26, 2024, The Group changed the ratio of the ADSs to Class A ordinary shares from the then ADS ratio of one ADS to sixteen (16) Class A ordinary shares to a new ADS ratio of one ADS representing two hundred and forty (240) Class A ordinary shares. Fair market value per share and exercise price as of December 31, 2023 have been retroactively adjusted to reflect the change in ratio for all periods presented.
Key inputs related to the Black Scholes model for the valuation of the fair value of warrants are as follows:
   As of 
November 23,
2022		   As of 
December 31, 
2022		   As of
December 31,
2023		 
Expiration of warrant (years)   5    4.9          3.9 
Fair market value per share (US$)   1.17    0.84    0.20 
Exercise price (US$)   2.75    2.75    2.75 
Risk-free rate   3.96%   4.05%   3.92%
Dividend yield   
-
    
-
    
-
 
Standard derivation in the value of stock   132.3%   131.2%   132.8%
Schedule of Activities Related to Fair Value of the Warrants Fair market value per share and exercise price as of December 31, 2023 have been retroactively adjusted to reflect the change in ratio for all periods presented.
   For the six 
months ended
June 30, 
2024		 
   RMB 
Fair value of warrants at beginning of the period (Level 3)   3,952 
Issuances   
-
 
Change in fair value   (2,338)
Effect of exchange rate changes   18 
Fair value of warrants at end of the period (Level 3)   1,632 

The following table summarizes the activities related to fair value of the warrants:

 

   For the Year Ended
December 31,		 
   2022   2023 
   RMB   RMB 
Fair value of warrants at beginning of the year (Level 3)   
-
    24,376 
Issuances   36,838    
-
 
Change in fair value   (11,219)   (20,732)
Effect of exchange rate changes   (1,243)   308 
Fair value of warrants at end of the year (Level 3)   24,376    3,952 
​Schedule of Fair Value of Warrant Liability
   For the year ended   For the six months ended 
   December 31,
 2023		   June 30,
 2024		 
   RMB   RMB   US$ 
Warrant liability:            
Level 1 Inputs   
-
    
-
    
-
 
Level 2 Inputs   
-
    
-
    
-
 
Level 3 Inputs   3,952    1,632    225 
Balance at fair value   3,952    1,632    225