v3.26.1
Taxation (Tables)
 12 Months Ended
Dec. 31, 2025
Taxation [Abstract]  
Schedule of Loss Before Provision for Income Taxes

Loss before provision for income taxes is attributable to the following geographic locations:

 

    For the year ended
December 31,		  
    2024     2025  
PRC     (93,714 )      (40,608 )
Foreign     (94,277 )      42,878  
Total (loss)/income before income taxes     (187,991 )     2,270  

Continuing operations

 

   For the year ended
December 31,		 
   2024   2025 
PRC   
—
    (343)
Foreign   (94,272)   42,878 
Total (loss)/income from continuing operations before income taxes   (94,272)   42,535 

 

Discontinued operations

 

   For the year ended
December 31,		   For the ten months ended October 31, 
   2024   2025 
PRC   (93,714)   (40,265)
Foreign   (5)   
—
 
Total loss from discontinued operations before income taxes   (93,719)   (40,265)
           
Schedule of Reconciliation of Differences Between the Statutory Income Tax Rate

The following table presents a reconciliation of the differences between the statutory income tax rate and the Company’s effective income tax rate for the years ended December 31, 2023, 2024 and 2025:

 

   For the year ended 
   December 31, 
   2023   2024   2025 
   %   %   % 
Statutory income tax rate of the PRC   25.0    25.0    25.0 
Permanent differences   1.2    6.9    2.6 
Change in valuation allowance   (19.8)   (17.7)   (18.0)
Effect of preferential tax rate   (5.5)   
—
    (5.9)
Effect of different tax rates in other jurisdictions (offshore entities)   (0.9)   (14.2)   (3.7)
Others   
—
    
—
    
—
 
Effective income tax rate   
—
    
—
    
—
 

 

Continuing operations

 

   For the year ended December 31, 
   2023   2024   2025 
   %   %   % 
Statutory income tax rate of the PRC    
—
    25.0    25.0 
Permanent differences    
—
    
—
    (0.2)
Change in valuation allowance    
—
    (0.4)   (7.9)
Effect of preferential tax rate    
—
    
—
    (0.8)
Effect of different tax rates in other jurisdictions (offshore entities)    
—
    (24.6)   (16.1)
Others    
—
    
—
    
—
 
Effective income tax rate    
—
    
—
    
—
 

Discontinued operations

 

   For the year ended   For the ten months ended 
   December 31,   October 31, 
   2023   2024   2025 
   %   %   % 
Statutory income tax rate of the PRC   25.0    25.0    25.0 
Permanent differences   1.2    13.6    2.9 
Change in valuation allowance   (19.8)   (35.0)   (20.5)
Effect of preferential tax rate   (5.5)   
—
    (7.1)
Effect of different tax rates in other jurisdictions (offshore entities)   (0.9)   (3.6)   (0.3)
Others   
—
    
—
    
—
 
Effective income tax rate   
—
    
—
    
—
 
Schedule of Deferred Tax Assets

The following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets as of December 31, 2024 and 2025.

 

   December 31,
2024		   December 31,
2025		 
   RMB   RMB 
Deferred tax assets:        
Advertising expense in excess of deduction limit   65,460    70,205 
Accrued expense and other payables   1,785    1,839 
Allowance for doubtful accounts   8,526    9,469 
Net operating tax loss carry forwards   95,864    97,771 
Decrease due to disposal of subsidiaries   
—
    (178,142)
Total deferred tax assets   171,635    1,142 
Less: valuation allowance   (171,635)   (1,142)
Net deferred tax assets   
—
    
—
 

 

Continuing operations

 

   December 31,
2024		   December 31,
2025		 
   RMB   RMB 
Deferred tax assets:        
Net operating tax loss carry forwards   377    1,142 
Total deferred tax assets   377    1,142 
Less: valuation allowance   (377)   (1,142)
Net deferred tax assets   
—
    
—
 

 

Discontinued operations

 

   December 31,
2024		   For the
ten months
ended
October 31,
2025		 
   RMB   RMB 
Deferred tax assets:        
Advertising expense in excess of deduction limit   65,460    70,205 
Accrued expense and other payables   1,785    1,839 
Allowance for doubtful accounts   8,526    9,469 
Net operating tax loss carry forwards   95,487    96,629 
Decrease due to disposal of subsidiaries   
—
    (178,142)
Total deferred tax assets   171,258    
—
 
Less: valuation allowance   (171,258)   
—
)
Net deferred tax assets   
—
    
—
 
Schedule of Valuation Allowance

The movements of the valuation allowance are as follows:

 

   December 31,
2023		   December 31,
2024		   December 31,
2025		 
   RMB   RMB   RMB 
Deferred tax assets valuation allowance movement:            
Balance at the beginning of the year   145,788    159,513    171,635 
Allowance made during the year   16,392    32,703    8,489 
Reduction due to unrealized NOLs and adjustments   (2,667)   (20,581)   (840)
Decrease due to disposal of subsidiaries   
—
    
—
    (178,142)
Balance at end of year   159,513    171,635    1,142 

 

Continuing operations

 

   December 31,
2023		   December 31,
2024		   December 31,
2025		 
   RMB   RMB   RMB 
Deferred tax assets valuation allowance movement:            
Balance at the beginning of the year   
—
    
—
    377 
Allowance made during the year 
—
   377    765 
Balance at end of year   
—
    377    1,142 

 

Discontinued operations

 

   December 31,
2023		   December 31,
2024		   December 31,
2025		 
   RMB   RMB   RMB 
Deferred tax assets valuation allowance movement:            
Balance at the beginning of the year   145,788    159,513    171,258 
Allowance made during the year   16,392    32,326    7,724 
Reduction due to unrealized NOLs and adjustments   (2,667)   (20,581)   (840)
Decrease due to disposal of subsidiaries   
—
    
—
    (178,142)
Balance at end of year   159,513    171,258    
—
 
Schedule of Net Operating Tax Loss Carry Forwards

As of December 31, 2025, net operating tax loss carry forwards in PRC is expected to expire is as follows:

 

    RMB  
Loss expiring in 2026     —  
Loss expiring in 2027     —  
Loss expiring in 2028     —  
Loss expiring in 2029     —  
Loss expiring in 2030     392  
      392