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TAXATION (Tables)

12 Months Ended

Dec. 31, 2025

TAXATION

Schedule of income (loss) before income taxes

​

​	​	​	​	​	​	​	​	​
​	​	For the years ended December 31,
​	​	2023	​	2024	​	2025	​	2025
​	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	US$
​	​	(in thousands)					​	(Note 3)
Mainland China		(50,136)		(42,551)		(67,851)		(9,703)
Other jurisdictions		62,712		(31,091)		(340,955)		(48,755)
Total profit income (loss) before tax		12,576		(73,642)		(408,806)		(58,458)

Schedule of composition of income tax expense

​

​	​	​	​	​	​	​	​	​
​	​	For the years ended December 31,
​	​ ​ ​	2023	​ ​ ​	2024	​ ​ ​	2025	​ ​ ​	2025
​	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	US$
​	​	(in thousands)					​	(Note 3)
Current income tax expense		​		​	​	​	​	​
PRC		—		—		110		16
Deferred income tax expense (benefit)		—		—		—		—
​		—	​	—	​	110	​	16

Schedule of reconciliation between statutory EIT rate and Group's effective tax rate

​

​	​	​	​	​	​
​	​ ​ ​	For the year ended	​ ​ ​	For the year ended	​ ​ ​
​	​	December 31,	​	December 31,	​
​	​ ​ ​	2023	​ ​ ​	2024	​ ​ ​
​	​	​	​	​	​
PRC statutory EIT rate		25	%	25	%
Effect of different tax rates in other jurisdictions		0	%	(270)	%
Change in future tax rate (upon expiration of preferential rate)		(1)	%	0	%
Change of prior year deferred tax assets		(37)	%	16	%
Change of valuation allowance		194	%	174	%
Income not subject to tax and non-deductible expenses, net		16	%	(2)	%
Effect of expired net operating loss		(197)	%	57	%
PRC withholding tax	​	0	%	0	%
Effective EIT rate		0	%	0	%

​

​	​	​	​	​	​	​	​
​	​	For the year ended					​
​	​	December 31,					​
​	​	2025					​
​	​	RMB	​	USD	​	​	​
​	​	(in thousands)					​
PRC statutory EIT rate	​ ​ ​	(99,071)	​	(14,167)	​	24	%
Effect of different tax rates in other jurisdictions		—	​	—	​	—	%
Change in future tax rate (upon expiration of preferential rate)		(6,458)	​	(923)	​	2	%
Change of prior year deferred tax assets		66,281	​	9,478	​	(16)	%
Change of valuation allowance		45,994	​	6,577	​	(11)	%
Income not subject to tax and non-deductible expenses, net		1,166	​	167	​	(1)	%
Effect of expired net operating loss		(7,802)	​	(1,116)	​	2	%
PRC withholding tax		—	​	—	​	—	%
Effective EIT rate		110	​	16	​	0	%

Schedule of significant components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	December 31,	​	December 31,	​	December 31,
​	​ ​ ​	2024	​ ​ ​	2025	​ ​ ​	2025
​	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	US$
​	​	(in thousands)			​	(Note 3)
Temporary differences related to expenses and accruals		530		460		66
Temporary differences related to impairment on advances to suppliers		306		306		44
Temporary differences related to provision for credit losses		600		601		86
Other		—		23		3
Temporary differences related to depreciation, amortization, and impairment of equipment and intangible assets		(3,392)		(3,317)		(474)
Startup expenses and advertising fees		33		14		2
Temporary differences related to equity investments		7,747		14,041		2,008
Temporary differences related to provision for prepayment for equipment		—		—		—
Tax loss carry forwards		142,365		97,392		13,926
Total deferred tax assets		148,189		109,520		15,661
Less: Valuation allowance		(148,189)		(109,520)		(15,661)
Total deferred tax assets		—		—		—

Schedule of movement of valuation allowance on deferred tax assets

​

​	​	​	​	​	​	​
​	​ ​ ​	For the year ended	​ ​ ​	For the year ended	​ ​ ​	For the year ended
​	​	December 31,	​	December 31,	​	December 31,
​	​	2024	​	2025	​	2025
​	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	US$
​	​	(in thousands)			​	(Note 3)
Beginning balance		84,879	​	148,189	​	21,191
Increase (decrease) in valuation allowance		63,310	​	(38,669)	​	(5,530)
Ending balance		148,189	​	109,520	​	15,661

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Topic 740
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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