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CONVERTIBLE NOTES (Tables) | 12 Months Ended
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Dec. 31, 2025
CONVERTIBLE NOTES |
Summary of changes in convertible debt, net of unamortized discount | ​
​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025
Balance at January 1, |  | RMB (in thousands) | 43,061
Issuance of convertible notes, face value | ​ | ​ | 86,247
Debt discount from issuance/sale of ADS shares |  | ​ | (43,796)
Conversion of convertible notes into ordinary shares |  | ​ | (52,418)
Amortization of debt discount |  | ​ | 15,347
Exchange rate change on convertible notes’ face value |  | ​ | (289)
Convertible notes-current, at December 31 | ​ | ​ | 48,152
Convertible notes, net at December 31, |  | RMB | 48,152
Summary of convertible notes outstanding | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | December 31, 2025 | ​ ​ ​ | December 31, 2024
​ | ​ | ​ | ​ | ​ | Accrued | ​ | ​ | ​ | ​ | Accrued
​ | ​ ​ ​ | Principal | ​ ​ ​ | Interest | ​ ​ ​ | Principal | ​ ​ ​ | Interest
​ | ​ | (in thousands) | ​ | (in thousands)
March 2021 $20,000,000 Notes convertible into ADS common stock, 6% interest, due March 2024 |  | RMB | — |  | RMB | — |  | RMB | 129,956 |  | RMB | 18,084
November 2023 $6,000,000 Notes convertible into ADS common stock, 3% interest, due November 2025 | ​ | RMB | 43,061 | ​ | RMB | 2,044 | ​ | RMB | 43,061 | ​ | RMB | 1,480
February 2025 $3,300,000 Notes convertible into ADS common stock, 6% interest, due February 2026 | ​ | RMB | 23,674 | ​ | RMB | 1,091 | ​ | RMB | — | ​ | RMB | —
September 2025 $8,800,000 Notes convertible into ADS common stock, 6% interest, due September 2026 | ​ | RMB | 62,573 | ​ | RMB | 1,029 | ​ | RMB | — | ​ | RMB | —
Modified the CB principal | ​ | RMB | — | ​ | RMB | — | ​ | RMB | 2,989 | ​ | RMB | —
Conversion of convertible notes into ordinary shares | ​ | RMB | (52,418) | ​ | RMB | (1,046) | ​ | RMB | (98,428) | ​ | RMB | (14,494)
Repayment of convertible notes | ​ | RMB | — | ​ | RMB | — | ​ | RMB | (38,170) | ​ | RMB | (3,590)
Exchange rate change on convertible notes’ face value | ​ | RMB | (289) | ​ | RMB | — | ​ | RMB | 3,653 | ​ | RMB | —
Total Convertible Notes Payable, Net |  | RMB | 76,601 |  | RMB | 3,118 |  | RMB | 43,061 | ​ | RMB | 1,480
Less: Debt Discount |  | ​ | (28,449) |  | ​ | — |  | ​ | — | ​ | ​ | —
​ |  | RMB | 48,152 |  | RMB | 3,118 |  | RMB | 43,061 | ​ | RMB | 1,480

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