| Schedule of condensed balance sheets |
| | | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | US$ | ASSETS | | | | | | | Current assets: | | | | | | | Cash and cash equivalents | | 639,488 | | 16,590 | | 2,368 | Amounts due from subsidiaries | | 12,233,657 | | 13,565,320 | | 1,936,160 | Prepaid expenses and other current assets | | 21,153 | | 15,844 | | 2,261 | Term deposit-current | | 656,820 | | 210,189 | | 30,000 | Total current assets | | 13,551,118 | | 13,807,943 | | 1,970,789 | | | | | | | | Non-current assets: | | | | | | | Investments in subsidiaries and VIE | | (38,667) | | 4,616,572 | | 658,917 | Total non-current assets | | (38,667) | | 4,616,572 | | 658,917 | | | | | | | | Total assets | | 13,512,451 | | 18,424,515 | | 2,629,706 | | | | | | | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | Current liabilities: | | | | | | | Amounts due to subsidiaries | | 310,414 | | 1,128,817 | | 161,115 | Accrued expenses and other current liabilities | | 9,757 | | 6,452 | | 921 | Payable for equity litigants settlement | | 119,560 | | 149,887 | | 21,393 | Total current liabilities | | 439,731 | | 1,285,156 | | 183,429 | Total liabilities | | 439,731 | | 1,285,156 | | 183,429 |
| | | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | US$ | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | Mezzanine equity: | | | | | | | Convertible senior preferred shares (US$0.000002 par value; 307,692,307 and 307,692,307 shares authorized as of December 31, 2024 and 2025, respectively; 295,384,619 and 295,384,619 issued and outstanding as of December 31, 2024 and 2025, respectively) | | 1,514,660 | | 1,514,660 | | 216,185 | Total Mezzanine equity | | 1,514,660 | | 1,514,660 | | 216,185 | | | | | | | | Shareholders’ equity: | | | | | | | Class A ordinary shares (US$0.000002 par value; 19,692,307,693 and 19,692,307,693 shares authorized as of December 31, 2024 and 2025, respectively, 2,124,695,348 and 2,158,141,800 issued and outstanding as of December 31, 2024 and 2025, respectively) | | 24 | | 24 | | 3 | Class B ordinary shares (US$0.000002 par value; 5,000,000,000 and 5,000,000,000 shares authorized as of December 31, 2024 and 2025, respectively; 144,778,552 and 136,172,004 issued and outstanding as of December 31, 2024 and 2025, respectively) | | 2 | | 2 | | — | Additional paid-in capital | | 16,705,240 | | 17,278,391 | | 2,466,122 | Accumulated deficits | | (5,585,742) | | (1,985,360) | | (283,368) | Accumulated other comprehensive income | | 438,536 | | 331,642 | | 47,335 | Total Company’s ordinary shareholders’ equity | | 11,558,060 | | 15,624,699 | | 2,230,092 | | | | | | | | Total liabilities, mezzanine equity and shareholders’ equity | | 13,512,451 | | 18,424,515 | | 2,629,706 |
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| Schedule of condensed statements of comprehensive income |
| | | | | | | | | | | For the year ended | | | December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | US$ | | | | | | | | | | General and administrative expenses | | (46,722) | | (33,002) | | (45,034) | | (6,428) | Sales and marketing expenses | | (566) | | (309) | | (586) | | (84) | Losses and expenses related to Fabricated Transactions and Restructuring | | 32,422 | | 149,946 | | (8,608) | | (1,229) | Foreign exchange gain/(loss), net | | 3,320 | | 6,007 | | (22,954) | | (3,276) | Share of income from subsidiaries and VIE | | 2,945,299 | | 2,833,727 | | 3,684,441 | | 525,875 | Interest and investment income | | 2,476 | | 17,915 | | 38,067 | | 5,433 | Other expenses, net | | — | | (18,575) | | — | | — | Interest and financing expenses | | — | | — | | (9,618) | | (1,373) | Provision for equity litigants settlement | | (92,192) | | — | | (35,326) | | (5,042) | Income before income taxes | | 2,844,037 | | 2,955,709 | | 3,600,382 | | 513,876 | Net income | | 2,844,037 | | 2,955,709 | | 3,600,382 | | 513,876 | Net income attributable to the Company’s ordinary shareholders | | 2,844,037 | | 2,955,709 | | 3,600,382 | | 513,876 | | | | | | | | | | Net income | | 2,844,037 | | 2,955,709 | | 3,600,382 | | 513,876 | Other comprehensive income/(loss), net of tax of nil: | | | | | | | | | Foreign currency translation difference, net of tax of nil | | (360) | | 41,592 | | (106,894) | | (15,257) | Total comprehensive income | | 2,843,677 | | 2,997,301 | | 3,493,488 | | 498,619 |
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| Schedule of condensed statements of cash flows |
| | | | | | | | | | | For the year ended | | | December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | US$ | Net cash provided by/(used in) operating activities | | (184,240) | | 1,259,823 | | (1,045,431) | | (149,213) | Net cash provided by/(used in) investing activities | | — | | (654,185) | | 428,609 | | 61,175 | Net cash provided by/(used in) financing activities | | — | | — | | — | | — | Effect of foreign exchange rate changes on cash and cash equivalents | | — | | 3,098 | | (6,076) | | (867) | Net (decrease)/increase in cash and cash equivalents | | (184,240) | | 608,736 | | (622,898) | | (88,905) | Cash and cash equivalents at beginning of years | | 214,992 | | 30,752 | | 639,488 | | 91,273 | Cash and cash equivalents at end of years | | 30,752 | | 639,488 | | 16,590 | | 2,368 |
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