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Consolidated Balance Sheets - CNY (¥)
¥ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents ¥ 144,511 ¥ 117,472
Restricted cash 5,000
Short-term investments 226 35,423
Accounts receivable, net 1,145,752 982,479
Prepayments and other current assets 60,059 45,436
Total current assets 1,355,548 1,180,810
Non-current assets:    
Restricted cash 21,086 5,000
Property, equipment and leasehold improvement, net 831 1,368
Intangible assets, net 3,850 5,950
Right-of-use assets 6,453 5,653
Goodwill 84,609 84,609
Other non-current assets 2,477 4,530
Total non-current assets 119,306 107,110
TOTAL ASSETS 1,474,854 1,287,920
Current liabilities    
Accounts payable 842,728 725,815
Short-term borrowings 80,500 30,000
Contract liabilities 1,044 1,781
Salary and welfare benefits payable 83,686 80,377
Tax payable 22,657 12,011
Accrued expenses and other current liabilities 19,206 25,248
Short-term lease liabilities 4,727 3,037
Total current liabilities 1,105,174 878,269
Non-current liabilities    
Deferred tax liabilities 963 1,488
Long-term lease liabilities 801 2,137
Long-term borrowings 9,800
Amounts due to related party 45,811
Deferred revenue 1,432 1,432
Warrant 1,512 3,032
Total non-current liabilities 14,508 53,900
TOTAL LIABILITIES 1,119,682 932,169
Commitments and contingencies (Note 20)
SHAREHOLDERS’ EQUITY:    
Ordinary shares (US$ 0.00001 par value, 5,000,000,000 and 5,000,000,000 shares (4,000,000,000 Class A ordinary shares and 1,000,000,000 Class B ordinary shares) authorized as of December 31, 2024 and 2025, respectively; 80,321,873 and 83,020,061 shares (64,423,557 Class A ordinary shares and 18,596,504 Class B ordinary shares) issued and outstanding as of December 31, 2024 and 2025, respectively) [1] 6 6
Treasury stock [1] (1,025) (1,025)
Additional paid-in capital [1] 2,550,197 2,525,741
Accumulated deficit (2,192,846) (2,175,057)
Accumulated other comprehensive income/(loss) (1,160) 6,086
TOTAL SHAREHOLDERS’ EQUITY: 355,172 355,751
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,474,854 1,287,920
Related Party [Member]    
Current liabilities    
Amounts due to related party ¥ 50,626
[1] Shares outstanding for all periods reflect the adjustment for Reverse Recapitalization (Note 3).