| ADDITIONAL INFORMATION-FINANCIAL STATEMENT SCHEDULE I |
ADDITIONAL INFORMATION-FINANCIAL STATEMENT SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY BALANCE SHEETS (In thousands of RMB and USD, except for share, per share and per ADS data, or otherwise noted)
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As of December 31, |
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2024 |
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2025 |
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2025 |
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RMB |
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RMB |
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USD |
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Cash and cash equivalents |
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220,713 |
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40,725 |
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5,824 |
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Short-term investments |
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516,647 |
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530,738 |
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75,895 |
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Prepaid expenses and other current assets, net |
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1,816 |
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72,245 |
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10,331 |
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Amounts due from subsidiaries and VIEs |
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6,437,387 |
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5,904,835 |
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844,379 |
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Total current assets |
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7,176,563 |
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6,548,543 |
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936,429 |
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Long-term investments |
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174,122 |
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340,681 |
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48,717 |
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TOTAL ASSETS |
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7,350,685 |
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6,889,224 |
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985,146 |
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Accrued expenses and other current liabilities |
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5,778 |
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76,280 |
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10,908 |
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Amounts due to subsidiaries and VIEs |
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108,083 |
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119,257 |
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17,054 |
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Total current liabilities |
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113,861 |
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195,537 |
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27,962 |
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Deficit of investments in subsidiaries and VIEs |
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5,303,360 |
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5,439,942 |
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777,900 |
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TOTAL LIABILITIES |
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5,417,221 |
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5,635,479 |
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805,862 |
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Class A ordinary shares (par value of USD0.0001 per share;
800,000,000 shares authorized as of December 31, 2024
and 2025; 101,974,316 shares issued as of December 31,
2024 and 2025; 95,317,937 and 86,673,876 shares
outstanding as of December 31, 2024 and 2025) |
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68 |
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68 |
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10 |
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Class B ordinary shares (par value of USD0.0001 per share;
100,000,000 shares authorized as of December 31, 2024
and 2025, 73,305,288 shares issued and outstanding as of
December 31, 2024 and 2025) |
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48 |
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48 |
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7 |
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Treasury stock, at cost |
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(242,866 |
) |
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(496,132 |
) |
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(70,946 |
) |
Additional paid-in capital |
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7,991,421 |
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7,933,515 |
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1,134,478 |
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Accumulated other comprehensive loss |
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(2,832 |
) |
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(48,072 |
) |
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(6,874 |
) |
Statutory reserves |
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66,042 |
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66,042 |
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9,444 |
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Accumulated deficit |
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(5,878,417 |
) |
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(6,201,724 |
) |
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(886,835 |
) |
TOTAL SHAREHOLDERS’ EQUITY |
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1,933,464 |
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1,253,745 |
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179,284 |
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TOTAL LIABILITIES AND TOTAL SHAREHOLDERS’ EQUITY |
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7,350,685 |
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6,889,224 |
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985,146 |
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ADDITIONAL INFORMATION-FINANCIAL STATEMENT SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENT OF OPERATIONS (In thousands of RMB and USD, except for share, per share and per ADS data, or otherwise noted)
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Year ended December 31, |
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2023 |
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2024 |
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2025 |
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2025 |
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RMB |
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RMB |
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RMB |
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USD |
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General and administrative expenses |
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(8,477 |
) |
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(19,828 |
) |
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(11,612 |
) |
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(1,660 |
) |
Total operating expenses |
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(8,477 |
) |
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(19,828 |
) |
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(11,612 |
) |
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(1,660 |
) |
Loss from operations |
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(8,477 |
) |
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(19,828 |
) |
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(11,612 |
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(1,660 |
) |
Equity in loss of subsidiaries and VIEs |
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(28,414 |
) |
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(1,051,659 |
) |
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(401,372 |
) |
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(57,396 |
) |
Income from non-operations |
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29,593 |
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22,533 |
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89,677 |
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12,824 |
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Loss before income tax |
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(7,298 |
) |
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(1,048,954 |
) |
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(323,307 |
) |
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(46,232 |
) |
Net loss |
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(7,298 |
) |
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(1,048,954 |
) |
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(323,307 |
) |
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(46,232 |
) |
ADDITIONAL INFORMATION-FINANCIAL STATEMENT SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME/(LOSS) (In thousands of RMB and USD, except for share, per share and per ADS data, or otherwise noted)
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Year ended December 31, |
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2023 |
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2024 |
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2025 |
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2025 |
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RMB |
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RMB |
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RMB |
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USD |
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Net loss |
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(7,298 |
) |
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(1,048,954 |
) |
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(323,307 |
) |
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(46,232 |
) |
Other comprehensive income/(loss), net of tax: |
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Change in cumulative foreign currency translation adjustments |
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29,804 |
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22,894 |
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(42,650 |
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(6,099 |
) |
Unrealized gains on available-for-sale investments (net of tax effect of RMB6,464, RMB3,251 and RMB3,252 for the years ended December 31, 2023, 2024 and 2025, respectively) |
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25,792 |
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29,497 |
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28,705 |
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4,105 |
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Transfer to statements of operations of realized gains on available-for-sale investments (net of tax effect of RMB6,487, RMB3,288 and RMB2,770 for the years ended December 31, 2023, 2024 and 2025, respectively) |
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(24,743 |
) |
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(22,014 |
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(31,295 |
) |
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(4,475 |
) |
Total comprehensive income/(loss) |
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23,555 |
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(1,018,577 |
) |
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(368,547 |
) |
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(52,701 |
) |
ADDITIONAL INFORMATION-FINANCIAL STATEMENT SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY STATEMENT OF CASH FLOWS (In thousands of RMB and USD, except for share, per share and per ADS data, or otherwise noted)
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Year ended December 31, |
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2023 |
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2024 |
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2025 |
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2025 |
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RMB |
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RMB |
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RMB |
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USD |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net loss |
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(7,298 |
) |
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(1,048,954 |
) |
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(323,307 |
) |
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(46,232 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
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Equity in loss of subsidiaries and VIEs |
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28,414 |
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1,051,659 |
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401,372 |
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57,396 |
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Realized gains from investments |
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(4,946 |
) |
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(7,773 |
) |
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(20,357 |
) |
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(2,911 |
) |
Fair value change of fair value option |
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(5,301 |
) |
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(5,547 |
) |
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(20,925 |
) |
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(2,992 |
) |
Changes in operating assets and liabilities: |
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Prepaid expenses and other current assets |
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4,145 |
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(517 |
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(70,428 |
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(10,072 |
) |
Accrued expenses and other current liabilities |
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(436 |
) |
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(1,085 |
) |
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67,327 |
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9,627 |
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Net cash generated from/(used in) operating activities |
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14,578 |
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(12,217 |
) |
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33,682 |
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4,816 |
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CASH FLOWS FROM INVESTING ACTIVITIES |
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Loans to subsidiaries |
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(250,744 |
) |
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(74,245 |
) |
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(372,796 |
) |
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(53,309 |
) |
Repayment from subsidiaries |
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402,800 |
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325,466 |
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641,002 |
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91,662 |
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Purchase of short-term and long-term investments |
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(2,085,667 |
) |
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(1,440,673 |
) |
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(1,842,375 |
) |
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(263,456 |
) |
Proceeds from redemption of short-term and long-term investments |
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2,116,220 |
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1,533,082 |
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1,662,408 |
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237,721 |
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Net cash generated from investing activities |
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182,609 |
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343,630 |
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88,239 |
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12,618 |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Capital contribution |
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12 |
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— |
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— |
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— |
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Repurchase of ordinary shares |
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(90,492 |
) |
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(205,302 |
) |
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(343,360 |
) |
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(49,100 |
) |
Net cash used in financing activities |
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(90,480 |
) |
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(205,302 |
) |
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(343,360 |
) |
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(49,100 |
) |
Effect of exchange rate changes |
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(11,982 |
) |
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(3,854 |
) |
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41,451 |
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5,928 |
|
Net increase/(decrease) in cash and cash equivalents |
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94,725 |
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122,257 |
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(179,988 |
) |
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(25,738 |
) |
Cash and cash equivalents at beginning of the year |
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3,731 |
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98,456 |
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220,713 |
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31,562 |
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Cash and cash equivalents at end of the year |
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98,456 |
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220,713 |
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40,725 |
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5,824 |
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ADDITIONAL INFORMATION-FINANCIAL STATEMENT SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY NOTES TO FINANCIAL STATEMENTS (In thousands of RMB and USD, except for share and per share data, or otherwise noted) 1. BASIS FOR PREPARATION The condensed financial information of the Parent Company has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the Parent Company used the equity method to account for investments in its subsidiaries, VIEs and VIEs’ subsidiaries. The condensed financial information is provided since the restricted net assets of the Group’s subsidiaries, the VIEs and the VIEs’ subsidiaries were over 25% of the consolidated net assets of the Group as of December 31, 2025. 2. INVESTMENT IN SUBSIDIARIES AND VIEs AND VIEs’ SUBSIDIARIES The Parent Company and its subsidiaries, VIEs and VIEs’ subsidiaries were included in the consolidated financial statements where inter-company balances and transactions were eliminated upon consolidation. For purpose of the Parent Company’s stand-alone financial statements, its investments in subsidiaries, VIEs and VIEs’ subsidiaries were reported using the equity method of accounting. The Parent Company’s share of loss from its subsidiaries, VIEs and VIEs’ subsidiaries were reported as share of loss of subsidiaries, VIEs and VIEs’ subsidiaries in the accompanying Parent Company financial statements. Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to RMB nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the Parent Company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries, VIEs and VIEs’ subsidiaries regardless of the carrying value of the investment even though the Parent Company is not obligated to provide continuing support or fund losses. 3. CONVENIENCE TRANSLATION The Group’s business is primarily conducted in mainland China and all of the revenues are denominated in RMB. However, periodic reports made to shareholders will include current period amounts translated into US dollars using the exchange rate as of balance sheet date, for the convenience of the readers. Translations of balances in the balance sheet, and the related statement of operations and cash flows from Renminbi (“RMB”) into US dollars as of and for the year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the rate of USD1.00=RMB6.9931, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2025. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2025, or at any other rate.
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