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LEASES

12 Months Ended

Dec. 31, 2025

LEASES

LEASES

18. LEASES

The Group has operating leases primarily for office space, parking lots, and warehouse. The items related to operating leases in the consolidated balance sheets are summarized below:

​

​	​	​	​	​	​	​
​	​ ​ ​	December 31, 2024	​ ​ ​	December 31, 2025	​ ​ ​	December 31, 2025
​	​	RMB	​	RMB	​	US$
​	​	(in thousands)			​	(Note 3)
Operating lease right-of-use assets		4,283	​	11,836	​	1,693
Operating lease liabilities-current portion		2,841	​	4,189	​	599
Operating lease liabilities-non-current portion		1,604	​	7,815	​	1,118

​

For the years ended December 31, 2023, 2024, and 2025, the Group recognized sublease income of nil, nil, and RMB 416 (in thousands), respectively. The sublease arrangement terminated in November 2025.

​

Lease cost recognized in the consolidated statements of operations and comprehensive income (loss) is summarized as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Classification in Consolidated	​	​	​	​	​	​	​	​
​	​	Statements of Operations	​	​	​	​	​	​	​	​
​	​ ​	and Comprehensive	​ ​	​	​ ​	​	​	​	​ ​	​
​	​ ​ ​	Income (Loss)	​ ​ ​	December 31, 2023	​ ​ ​	December 31, 2024	​ ​ ​	December 31, 2025	​ ​ ​	December 31, 2025
​	​	​	​	RMB	​	RMB	​	RMB	​	US$
​	​	​	​	​	​	(in thousands)	​	​	​	(Note 3)
Operating lease cost	​	Operating expenses	​	5,428	​	4,602	​	4,854	​	694
Cost of other leases with terms less than one year		Operating expenses		80	​	85	​	211	​	30
Total		​		5,508	​	4,687	​	5,065	​	724

​

Maturities of operating lease liabilities are as follows:

​

​	​	​	​	​	​	​
​	​ ​ ​	December 31, 2024	​ ​ ​	December 31, 2025	​ ​ ​	December 31, 2025
​	​	RMB	​	RMB	​	US$
​	​	(in thousands)			​	(Note 3)
Due within one year		2,969	​	4,659	​	666
Due in the second year		444	​	4,670	​	668
Due in the third year		455	​	3,091	​	442
Due in the fourth year	​	466	​	415	​	60
Due in the fifth year	​	415	​	—	​	—
Total lease payments		4,749	​	12,835	​	1,836
Less: imputed interest		(304)	​	(831)	​	(119)
Total		4,445	​	12,004	​	1,717

​

The following table summarizes the weighted average remaining lease term and discount rate for the Group’s operating leases as of December 31, 2024 and 2025:

​

​	​	​	​	​	​
​	​ ​ ​	2024	​ ​ ​	2025	​
Weighted average remaining lease term (in years)	​	1.99	​	2.95	​
Weighted average discount rate	​	4.65	%	4.65	%

​

As of December 31, 2024 and 2025, the Group does not have significant operating or finance leases that have not yet commenced. The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Supplemental cash flow information related to operating leases is as follows:

​

​	​	​	​	​	​	​	​	​
​	​ ​ ​	December 31, 2023	​ ​ ​	December 31, 2024	​ ​ ​	December 31, 2025	​ ​ ​	December 31, 2025
​	​	RMB	​	RMB	​	RMB	​	US$
​	​	(in thousands)					​	(Note 3)
Cash paid for amounts included in the measurement of operating lease liabilities	​	6,196		4,817	​	4,884	​	698

​

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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