Description of business and organization (Tables)

12 Months Ended

Dec. 31, 2022

Description of business and organization


		RMB
Assets
Cash		20,000
Long-term investments		211,908
Property and equipment, net		34,873
Intangible assets, net		1,094

Schedule of assets and liabilities, consolidated revenues, net loss and cash flow information information of the VIE's


		As of December 31,
		2021
		RMB
Current assets
Cash		642,293
Restricted cash(i)		23,004
Accounts receivable – third parties, net		184,546
Accounts receivable – related parties, net(ii)		813,364
Notes receivable(iii)		137,710
Inventories		223,319
Amounts due from related parties(iv)		42,604
Prepayments and other current assets		182,589
Total current assets		2,249,429
Non-current assets
Long-term investments		441,586
Property and equipment, net		94,387
Intangible assets, net		31,026
Other non-current assets – third parties		19,904
Other non-current assets – related parties		1,929
Total non-current assets		588,832
Total assets		2,838,261
Current liabilities
Short-term borrowings		932,000
Accounts payable – third parties		622,867
Accounts payable – related parties(ii)		159,528
Notes payable		127,304
Amounts due to related parties (iv)		2,452,787
Contract liabilities, current – third parties		2,685
Contract liabilities, current – related parties		363,285
Accrued expenses and other current liabilities		442,588
Total current liabilities		5,103,044
Non-current liabilities
Contract liabilities, non-current – third parties		317
Contract liabilities, non-current – related parties		472,749
Other non-current liabilities		16,292
Total non-current liabilities		489,358
Total liabilities		5,592,402

(i)

Restricted cash of RMB23,004 was pledged for notes payable.

(ii)

Accounts receivable — related parties, net, include amounts of RMB57,039 due from the Company and its subsidiaries, and accounts payable — related parties include RMB59,622 due to the Company and its subsidiaries, all of which are eliminated upon consolidation.

(iii)

Notes receivable of RMB110,550 was pledged for notes payable.

(iv)

Amounts due from related parties include RMB1,326 due from the Company and its subsidiaries; and amounts due to related parties include RMB2,143,777 due to the Company and its subsidiaries. All of the amounts are eliminated upon consolidation.


	Year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Revenues (v)	2,241,536	2,755,780	936,520
Net (loss) income (vi)	(495,741)	(1,106,865)	2,793,301
Net cash (used in) provided by operating activities (vii)	(312,311)	(817,989)	224,031
Net cash (used in) provided by investing activities	(91,112)	(436,280)	165,672
Net cash provided by (used in) financing activities (viii)	940,204	1,047,854	(1,055,000)
Net increase (decreased) in cash and restricted cash	536,781	(206,415)	(665,297)
Cash and restricted cash at the beginning of the year	334,931	871,712	665,297
Cash and restricted cash at the end of the year	871,712	665,297	—

(v)

For the years ended December 31, 2020, 2021 and 2022, revenues include RMB31,394, RMB26,290 and RMB265,452, respectively, from the Company and its subsidiaries, which are eliminated upon consolidation.

(vi)

For the years ended December 31, 2020, 2021 and 2022, net income (loss) includes RMB21,950, RMB(44,361) and RMB2,981,707, respectively, from the Company and its subsidiaries, which are eliminated upon consolidation.

(vii)

Net cash used in operating activities respectively includes RMB75,361, RMB33,405 and RMB228,428 generated from the Company and its subsidiaries for the years ended December 31, 2020, 2021 and 2022, which are eliminated upon consolidation.

(viii)

Net cash provided by financing activities respectively includes nil, RMB2,067,268 and RMB157,000 provided by the Company and its subsidiaries for the years ended December 31, 2020, 2021 and 2022, which are eliminated upon consolidation.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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