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Unaudited Condensed Consolidated Statements of Cash Flows
¥ in Thousands, $ in Thousands
6 Months Ended
Jun. 30, 2025
CNY (¥)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
CNY (¥)
Cash flows from operating activities:      
Net income (loss) ¥ (43,655) $ (6,094) ¥ 2,183
Adjustments to reconcile net income to net cash provided by operating activities:      
Allowance for credit losses 589 82 465
Depreciation and amortization 4,712 658 5,177
Amortization of operating lease right-of-use asset 311 43
Loss from disposal of property, equipment and software 466 65
Deferred income taxes 1,291 180 2,500
Changes in operating assets and liabilities:      
Accounts receivable, net (211,537) (29,529) (64,174)
Advance to suppliers (10,336) (1,443) (9,658)
Prepaid expenses and other current assets, net 1,995 278 (5,225)
Due from related parties 217 30
Accounts payable 196,194 27,388 58,538
Accounts payable- a related party (218) (30)
Contract liabilities 534 75 6,277
Accrued expenses and other current liabilities 11,289 1,577 8,710
Operating lease liabilities (251) (35)
Due to related parties 127 18 109
Net cash provided by/ (used in) operating activities (48,272) (6,737) 4,902
Cash flows from investing activities:      
Purchase of property and equipment, net (100) (14)
Purchases of Long-term investments (2,500) (349)
Loans to related parties (26,447) (3,692) (38,476)
Collection of loans to related parties 37,452 5,228 31,491
Net cash (used in)/ provided by investing activities 8,405 1,173 (6,985)
Cash flows from financing activities:      
Proceeds from borrowings 10,000 1,396 8,109
Repayments of borrowings (10,721) (1,497) (4,981)
Payment for deferred offering cost (7,782) (1,086) (1,217)
Proceeds of loans from related parties 21,290 2,972 13,512
Repayment of loans from related parties (21,375) (2,984) (17,700)
Deemed distribution to one shareholder (2,146)
Proceeds from IPO 60,242 8,409
Net cash (used in)/provided by financing activities 51,654 7,210 (4,423)
Net (decrease)/ increase in cash and cash equivalents: 11,787 1,646 (6,506)
Cash and cash equivalents at the beginning of the period 4,150 579 10,776
Cash and cash equivalents at the end of the period 15,937 2,225 4,270
Supplemental disclosure of cash flow information:      
Income tax paid 98 14 89
Interest paid 341 48 279
Supplemental schedule of non-cash financing activities:      
Repayments of short-term borrowings by a related party on behalf of the Company 4,558 636
Issuance of shares in exchange for repurchase of non-controlling interests ¥ 2,022