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PUT OPTION LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

PUT OPTION LIABILITIES

Schedule of key unobservable inputs used in the valuation of the put options

​

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	Shenma			​ ​ ​	Beijing Naonao
​	​	​	​ ​ ​	As of December 31,	​	​	​ ​ ​	As of December 31,
Assumptions	​	Initial Valuation	​	2024	​	Initial Valuation	​	2024
Expected volatility		69.56	%	69.22	%	118.18	%	96.74	%
Risk-free rate		1.83	%	1.10	%	2.11	%	1.15	%
Contractual term (years)		2.00		1.33		3.17		2.34	​
Dividend yield		0.00	%	0.00	%	0	%	0	%

​

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	Shenma			​	Beijing Naonao
​	​	As of December 31,	​	As of December 31,	​	As of December 31,	​	As of June 30,
Assumptions	​ ​ ​	2024	​ ​ ​	2025	​ ​ ​	2024	​ ​ ​	2025
Expected volatility		69.22	%	53.87	%	96.74	%	81.73	%
Risk-free rate		1.10	%	1.22	%	1.15	%	1.37	%
Contractual term (years)		1.33		0.33		2.34		1.5	​
Dividend yield		0.00	%	0.00	%	0	%	0	%

Schedule of put option liabilities

​

​	​	​	​	​	​	​	​	​
​	​ ​ ​	Shenma	​ ​ ​	Beijing Naonao	​ ​ ​	Total	​ ​ ​	Total
​	​	US$	​	US$	​	RMB	​	US$
​	​	(in thousands)
Transaction Date	​	May 20, 2024	​	March 26, 2024		—		—
Expiration date	​	April 30, 2026	​	May 2, 2027		—		—
Number of investees’’ shares acquired	​	14,250	​	—		—		—
Option equity interest	​	19.00	%	21.70	%	—		—
The initial valuation of put option liabilities	​	199	​	884		7,718		1,083
Balance at December 31, 2024	​	14	​	275	​	1,923	​	289
Gain on change in fair value of put option liabilities in 2024	​	185	​	609	​	5,795	​	794
​	​	​	​	​	​	​	​	​
Balance at December 31, 2025	​	20	​	—	​	112	​	20*
Gain (loss) on change in fair value of put option liabilities in 2025	​	(6)	​	39		237		33
Gain on derecognition in 2025**	​	—	​	236		1,574		236

* The difference of US$4 in consolidated balance sheets is attributable to fluctuations in the exchange rate. The USD amount is converted from RMB using an exchange rate of 6.9931.

​

** On June 30, 2025, the Group and Beijing Naonao entered an amendment to the Share Purchase Agreement originally executed on March 26, 2024, pursuant to which the share repurchase terms were removed. As a result, the put option liability and call option asset of Beijing Naonao were both derecognized as of June 30, 2025. Immediately prior to derecognition, the fair value of the put liability was approximately US$0.2 million and the fair value of the call option asset was approximately US$1.0 million (see Note 12. – Call Option Assets). The net loss on derecognition of US$0.8 million, representing the excess of the call option asset derecognized over the put option liability simultaneously derecognized, is included in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2025.

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of liability measured on recurring and nonrecurring basis.

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- Definition

Tabular disclosure of derivative liabilities at fair value.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

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