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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2025
SEGMENT REPORTING |
SEGMENT REPORTING | 36. SEGMENT REPORTING As of December 31, 2025, the Group has two reportable segments, each evaluated separately by the CODM: crypto mining business, and Online game services (consist of corporate and Online game services and others). The Group’s Chief Executive Officer (“CEO”) serves as the CODM, responsible for strategic decisions regarding operations and financial management. The CODM uses revenue, expenses, and segment assets of the Group’s two reportable segments to assess their performance. The following tables present information of revenue and expenses about the Group’s reportable segments for the years ended December 31, 2025, 2024 and 2023: Year ended December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cryptocurrency Mining | ​ | Online game services | ​ | Total
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | USD
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (Note 3)
​ | ​ | (in thousands)
Revenue | ​ | 56,352 | ​ | 51,546 | ​ | 107,898 | ​ | 15,429
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ | (67,960) | ​ | (38,129) | ​ | (106,089) | ​ | (15,170)
Product development | ​ | — | ​ | (9,798) | ​ | (9,798) | ​ | (1,401)
Sales and marketing | ​ | — | ​ | (33,951) | ​ | (33,951) | ​ | (4,855)
General and administrative | ​ | (21,657) | ​ | (184,159) | ​ | (205,816) | ​ | (29,431)
Impairment on advance and other assets | ​ | (6,529) | ​ | (1,278) | ​ | (7,807) | ​ | (1,116)
Realized gain on exchange cryptocurrencies | ​ | 10,627 | ​ | — | ​ | 10,627 | ​ | 1,520
Fair value change on cryptocurrencies | ​ | (36,178) | ​ | — | ​ | (36,178) | ​ | (5,173)
Segment loss | ​ | (65,345) | ​ | (215,769) | ​ | (281,114) | ​ | (40,197)
Reconciliation of segment profit (loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss on disposal of subsidiaries | ​ | — | ​ | — | ​ | (1,502) | ​ | (215)
Impairment on equity investment | ​ | — | ​ | — | ​ | (41,629) | ​ | (5,953)
Impairment on other investments | ​ | — | ​ | — | ​ | (64,960) | ​ | (9,289)
Interest income | ​ | — | ​ | — | ​ | 449 | ​ | 64
Interest expense | ​ | — | ​ | — | ​ | (23,264) | ​ | (3,327)
Loss on fair value of derivative, option assets and liabilities | ​ | — | ​ | — | ​ | (5,733) | ​ | (820)
Other income, net | ​ | — | ​ | — | ​ | 9,518 | ​ | 1,361
Share of loss in equity method investments | ​ | — | ​ | — | ​ | (571) | ​ | (82)
Income tax expense | ​ | — | ​ | — | ​ | (110) | ​ | (16)
Net loss | ​ | — | ​ | — | ​ | (408,916) | ​ | (58,474)
​ Year ended December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cryptocurrency Mining | ​ | Online game services | ​ | Total
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ | ​ ​ ​ | ​ | ​ | ​ | ​ ​ ​ | ​
​ | ​ | (in thousands)
Revenue |  | 110,739 | ​ | 975 |  | 111,714
Less: | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ | (106,464) | ​ | (6,854) | ​ | (113,318)
Product development | ​ | — | ​ | (856) | ​ | (856)
Sales and marketing | ​ | — | ​ | (246) | ​ | (246)
General and administrative | ​ | (49,127) | ​ | (108,705) | ​ | (157,832)
Impairment on advance and other assets | ​ | — | ​ | (794) | ​ | (794)
Impairment Loss of equipment | ​ | (6,505) | ​ | — | ​ | (6,505)
Realized gain on exchange cryptocurrencies | ​ | 60,783 | ​ | — | ​ | 60,783
Fair value change on cryptocurrencies | ​ | 48,290 | ​ | — | ​ | 48,290
Segment profit (loss) | ​ | 57,716 | ​ | (116,480) | ​ | (58,764)
Reconciliation of segment profit (loss): | ​ | ​ | ​ | ​ | ​ | ​
Loss on disposal of subsidiaries | ​ | — | ​ | — | ​ | (11,606)
Impairment on other investments | ​ | — | ​ | — | ​ | (7,160)
Interest expenses | ​ | — | ​ | — | ​ | (34,224)
Gain on fair value of derivative | ​ | — | ​ | — | ​ | 45,037
Other expenses, net | ​ | — | ​ | — | ​ | (5,803)
Share of loss in equity method investments | ​ | — | ​ | — | ​ | (1,122)
Net loss | ​ | — | ​ | — | ​ | (73,642)
​ Year ended December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cryptocurrency Mining | ​ | Online game service | ​ | Total
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ | ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​
​ | ​ | (in thousands)
Revenue |  | 168,324 | ​ | 5,721 |  | 174,045
Less: | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ | (191,928) | ​ | (21,251) | ​ | (213,179)
Product development | ​ | (243) | ​ | (1,727) | ​ | (1,970)
Sales and marketing | ​ | — | ​ | (1,729) | ​ | (1,729)
General and administrative | ​ | (61,312) | ​ | (135,478) | ​ | (196,790)
Impairment Loss of equipment | ​ | (161,002) | ​ | — | ​ | (161,002)
Realized gain on exchange digital assets | ​ | 42,836 | ​ | — | ​ | 42,836
Fair value change on digital assets | ​ | 40,036 | ​ | — | ​ | 40,036
Segment profit (loss) | ​ | (163,289) | ​ | (154,464) | ​ | (317,753)
Reconciliation of segment profit (loss): | ​ | ​ | ​ | ​ | ​ | ​
Loss on disposal of subsidiaries | ​ | — | ​ | — | ​ | (282)
Gain on other investments | ​ | — | ​ | — | ​ | 3,490
Interest expenses | ​ | — | ​ | — | ​ | (31,379)
Gain on fair value of derivative | ​ | — | ​ | — | ​ | 23,171
Gain on debt relief of WoW | ​ | — | ​ | — | ​ | 175,302
Other gain, net | ​ | — | ​ | — | ​ | 3,174
Gain from discontinued operations | ​ | — | ​ | — | ​ | 156,853
Net income | ​ | — | ​ | — | ​ | 12,576
​ The following tables present segment assets information about the Group’s reportable segments as of December 31, 2024 and 2025, ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Cryptocurrency Mining | ​ ​ ​ | Online game service | ​ ​ ​ | Total
​ | ​ | RMB | ​ | RMB | ​ | RMB
​ | ​ | (in thousands)
Prepayments and other current asset as of December 31, 2024 |  | 19,251 |  | 6,796 |  | 26,047
Prepayments and other current asset as of December 31, 2025 |  | 1,177 |  | 18,881 |  | 20,058
​ | ​ | ​ | ​ | ​ | ​ | ​
Cryptocurrencies as of December 31, 2024 |  | 206,130 |  | — |  | 206,130
Cryptocurrencies as of December 31, 2025 |  | 250,600 |  | 1,606 |  | 252,206
​ | ​ | ​ | ​ | ​ | ​ | ​
Property, equipment and software, net as of December 31, 2024 |  | 20,702 |  | 1,227 |  | 21,929
Property, equipment and software, net as of December 31, 2025 |  | 41,524 |  | 2,058 |  | 43,582
​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets as of December 31, 2024 |  | 309,312 |  | 332,712 |  | 642,024
Total assets as of December 31, 2025 |  | 315,095 |  | 278,653 | ​ | 593,748
​ Depreciation and amortization expenses for the years ended December 31, 2025, 2024 and 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Cryptocurrency Mining | ​ ​ ​ | Online game service | ​ ​ ​ | Total
​ | ​ | RMB | ​ | RMB | ​ | RMB
​ | ​ | (in thousands)
Depreciation and amortization expenses for the year ended December 31, 2025 |  | 13,172 |  | 412 |  | 13,584
Depreciation and amortization for the year ended December 31, 2024 |  | 51,467 |  | 9,997 |  | 61,464
Depreciation and amortization for the year ended December 31, 2023 |  | 79,074 |  | 7,792 |  | 86,866
​ The following tables present the geographic information as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025: The following table presents summarized information for revenue by geographic area for the years ended: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2024 | ​ | December 31, 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | USD
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | (in thousands) | ​ | (Note 3)
Greater China |  | 428 |  | 289 |  | 35,431 |  | 5,067
Asia/Eastern Europe |  | 134,304 |  | 102,955 |  | 64,394 |  | 9,208
North America |  | 39,313 |  | 8,470 |  | 8,073 |  | 1,154
Total |  | 174,045 |  | 111,714 |  | 107,898 |  | 15,429
​ The following table presents summarized information for long-lived assets by geographic area as of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | USD
​ | ​ | ​ | ​ | ​ | ​ | (Note 3)
​ | ​ | (in thousands) | ​ | ​
Greater China |  | 4,967 |  | 10,379 |  | 1,484
Asia/Eastern Europe |  | 17,787 |  | 45,039 |  | 6,441
North America |  | 3,458 |  | — |  | —
Total |  | 26,212 |  | 55,418 |  | 7,925
* Long - lived assets as of December 31, 2025 and 2024 included property, equipment and software, net and operating lease right - of - use assets, net. ​

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