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FINANCIAL INFORMATION OF PARENT COMPANY | 12 Months Ended
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Dec. 31, 2025
FINANCIAL INFORMATION OF PARENT COMPANY |
FINANCIAL INFORMATION OF PARENT COMPANY | PARENT COMPANY CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 AND 2025 (Amounts in thousands of Renminbi (“RMB”), and in thousands of U.S. Dollars (“US$”)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 | ​ ​ ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | US$
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (Note 3)
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative |  | (117,011) | ​ | (97,153) | ​ | (152,368) | ​ | (21,789)
Impairment on advance and other assets | ​ | — | ​ | — | ​ | (1,278) | ​ | (183)
Total operating expenses |  | (117,011) | ​ | (97,153) | ​ | (153,646) | ​ | (21,972)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss from operations |  | (117,011) | ​ | (97,153) | ​ | (153,646) | ​ | (21,972)
Impairment on equity investment | ​ | — | ​ | — | ​ | (32,130) | ​ | (4,595)
Impairment on other investments |  | 3,490 | ​ | (7,160) | ​ | (48,646) | ​ | (6,956)
Gain (loss) on disposal of equity investee and available-for-sale investments | ​ | 1,666 | ​ | (8) | ​ | — | ​ | —
Gain from change in fair value of convertible feature derivative liability | ​ | 23,171 | ​ | 45,037 | ​ | (4,530) | ​ | (648)
Foreign currency exchange loss |  | (7,762) | ​ | (762) | ​ | 394 | ​ | 56
Changes in fair value on other investments | ​ | — | ​ | — | ​ | (278) | ​ | (40)
Impairment on equity investment | ​ | — | ​ | — | ​ | 3,400 | ​ | 486
Loss before income tax expense and share of loss in equity method investment |  | (96,446) | ​ | (60,046) | ​ | (235,436) | ​ | (33,669)
Income tax expense | ​ | — | ​ | — | ​ | — | ​ | —
Gain from discontinued operations, net | ​ | 158,809 | ​ | — | ​ | — | ​ | —
Equity in loss of subsidiaries and VIE |  | (42,360) | ​ | (13,378) | ​ | (167,010) | ​ | (23,880)
Net income (loss) |  | 20,003 | ​ | (73,424) | ​ | (402,446) | ​ | (57,549)
Other comprehensive income (loss), net of tax: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total comprehensive income (loss) |  | 20,003 | ​ | (73,424) | ​ | (402,446) | ​ | (57,549)
​ PARENT COMPANY CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2024 AND 2025 (Amounts in thousands of Renminbi (“RMB”), and in thousands of U.S. Dollars (“US$”), except for number of shares)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | December 31, | ​ ​ ​ | December 31, | ​ ​ ​ | December 31,
​ | ​ | 2024 | ​ | 2025 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | US$
​ | ​ | ​ | ​ | ​ | ​ | (Note 3)
ASSETS | ​ | ​ | ​ | ​ | ​ | ​
Current assets: | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | 474 | ​ | 485 | ​ | 69
Prepayments and other current assets, net |  | 1,278 | ​ | 3,877 | ​ | 554
Advances to suppliers | ​ | — | ​ | 52 | ​ | 8
Amounts due from intercompany |  | 536,347 | ​ | 486,796 | ​ | 69,611
Total current assets |  | 538,099 | ​ | 491,210 | ​ | 70,242
Investments | ​ | 238,713 | ​ | 139,432 | ​ | 19,939
Call option assets | ​ | 15,843 | ​ | — | ​ | —
Total assets |  | 792,655 | ​ | 630,642 | ​ | 90,181
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Amounts due to intercompany | ​ | 301,066 | ​ | 285,978 | ​ | 40,894
Accrued expenses and other current liabilities |  | 3,838 | ​ | 5,114 | ​ | 731
Conversion Feature Derivative Liability | ​ | — | ​ | 24,589 | ​ | 3,516
Interest payable | ​ | 1,480 | ​ | 3,118 | ​ | 446
Convertible notes |  | 43,061 |  | 48,152 |  | 6,886
Put option liability | ​ | — | ​ | 112 | ​ | 16
Total current liabilities |  | 349,445 | ​ | 367,063 | ​ | 52,489
Put option liabilities | ​ | 1,923 | ​ | — | ​ | —
Total Liabilities |  | 351,368 | ​ | 367,063 | ​ | 52,489
​ | ​ | ​ | ​ | ​ | ​ | ​
Ordinary shares contingently redeemable | ​ | 102,638 | ​ | 72,699 | ​ | 10,396
​ | ​ | ​ | ​ | ​ | ​ | ​
EQUITY | ​ | ​ | ​ | ​ | ​ | ​
Class A ordinary shares (US$0.01 par value; 43,000,000,000 shares authorized, 3,675,467,659 and 4,504,052,678 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | ​ | 258,481 | ​ | 317,358 | ​ | 45,382
Class B ordinary shares (US$0.01 par value; 6,000,000,000 shares authorized, 63,607,334 and 63,607,334 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | ​ | 4,490 | ​ | 4,533 | ​ | 648
Additional paid-in capital |  | 4,510,451 | ​ | 4,706,242 | ​ | 672,984
Statutory reserves |  | 7,327 | ​ | 7,327 | ​ | 1,048
Accumulated other comprehensive loss |  | (11,890) | ​ | (11,924) | ​ | (1,705)
Accumulated deficit |  | (4,430,210) | ​ | (4,832,656) | ​ | (691,061)
Total shareholders’ equity |  | 338,649 | ​ | 190,880 | ​ | 27,296
Total liabilities and equity |  | 792,655 | ​ | 630,642 | ​ | 90,181
​ PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 AND 2025 ​ (Amounts in thousands of Renminbi (“RMB”), and in thousands of U.S. Dollars (“US$”) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 | ​ ​ ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | US$
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (Note 3)
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) |  | 20,003 | ​ | (73,424) | ​ | (402,446) | ​ | (57,549)
Adjustments for: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share-based compensation expense | ​ | 70,760 | ​ | 44,675 | ​ | 116,053 | ​ | 16,595
Impairment on advances and other assets | ​ | — | ​ | — | ​ | 1,278 | ​ | 183
Changes in fair value on other investments | ​ | — | ​ | — | ​ | 278 | ​ | 40
Impairment on equity investments |  | — | ​ | — | ​ | 32,130 | ​ | 4,595
Impairment on other investments | ​ | — | ​ | — | ​ | 48,646 | ​ | 6,956
Non-cash interest expense on convertible notes |  | 25,967 | ​ | 30,289 | ​ | 16,252 | ​ | 2,324
Gain on extinguishment of convertible notes | ​ | — | ​ | — | ​ | (1,203) | ​ | (172)
Foreign currency exchange (gain) loss |  | (785) | ​ | 148 | ​ | 394 | ​ | 56
Cancellation of ordinary shares | ​ | — | ​ | — | ​ | — | ​ | —
Equity in loss (income) of subsidiaries and VIE |  | (117,204) | ​ | 10,173 | ​ | (52,428) | ​ | (7,499)
Gain (loss) from change in fair value of conversion feature derivative liability, option assets and liabilities | ​ | (23,171) | ​ | (45,037) | ​ | 5,733 | ​ | 820
Gain on disposal of other investment | ​ | — | ​ | — | ​ | (3,400) | ​ | (486)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in operating assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in prepayments and other current assets |  | — | ​ | (1,278) | ​ | (52) | ​ | (7)
Change in amounts due from intercompany |  | (15,563) | ​ | 36,461 | ​ | 239,311 | ​ | 34,221
Change in accrued expenses and other current liabilities |  | (11,952) | ​ | 1,686 | ​ | (535) | ​ | (76)
Increase/(Decrease) in interest payable | ​ | (2,432) | ​ | 1,243 | ​ | — | ​ | —
Net cash provided by (used in) operating activities |  | (54,377) | ​ | 4,936 | ​ | 11 | ​ | 1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from the issuance of convertible note | ​ | 85,349 | ​ | — | ​ | — | ​ | —
Proceeds from disposal of other investment | ​ | 5,163 | ​ | 5 | ​ | — | ​ | —
Repayments of convertible notes and interest-free loan | ​ | (42,903) | ​ | (34,390) | ​ | — | ​ | —
Proceeds from issuance of ordinary shares | ​ | — | ​ | 17,783 | ​ | — | ​ | —
Net cash provided by (used in) financing activities |  | 47,609 | ​ | (16,602) | ​ | — | ​ | —
Effect of foreign exchange rate changes on cash and cash equivalents |  | 502 | ​ | (298) | ​ | — | ​ | —
Net change in cash and cash equivalents |  | (6,266) | ​ | (11,964) | ​ | 11 | ​ | 1
Cash and cash equivalents, beginning of year |  | 18,704 | ​ | 12,438 | ​ | 474 | ​ | 68
Cash and cash equivalents, end of year | ​ | 12,438 | ​ | 474 | ​ | 485 | ​ | 69
Supplement disclosure of cash flow information: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-cash investing and financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Conversion of convertible notes into ordinary shares |  | 24,822 | ​ | 18,161 | ​ | 53,388 | ​ | 7,634
Restricted ordinary shares issued in exchange for investments | ​ | — | ​ | 230,478 | ​ | — | ​ | —
Put option liability | ​ | — | ​ | (1,923) | ​ | 1,811 | ​ | 259
Issuance of shares for acquisition of noncontrolling interest | ​ | — | ​ | — | ​ | 15,000 | ​ | 2,145
Non-cash unwind of investments and related share arrangements | ​ | — | ​ | — | ​ | 3,877 | ​ | 554
Cancellation of contingently redeemable shares | ​ | — | ​ | — | ​ | 15,613 | ​ | 2,233
Receipt of BTC from investors | ​ | — | ​ | — | ​ | 33,937 | ​ | 4,853
Receipt of USDT from investors | ​ | — | ​ | — | ​ | 4,263 | ​ | 610
Proceeds from issuance of ordinary shares | ​ | — | ​ | — | ​ | 31,504 | ​ | 4,505
Proceeds from convertible notes | ​ | — | ​ | — | ​ | 78,358 | ​ | 11,205
​

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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