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CONVERTIBLE NOTES (Tables)

12 Months Ended

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