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Condensed Financial Information of the Parent Company | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Information of the Parent Company |
19 | CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
For the presentation of the parent company only condensed financial information, the Company records its investments in subsidiaries and VIE under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures . Such investments are presented on the condensed balance sheets as “Equity method investment” and their respective losses as “Share of losses in subsidiaries, the VIE and the VIE’s subsidiaries” on the condensed statements of comprehensive loss. Under the equity method of accounting, the Company’s carrying amount of its investments in subsidiaries, the VIE and the VIE’s subsidiaries was reduced to nil as of December 31, 2023 and 2024 and the carrying amount of “Inter-company receivables” was further adjusted as the Company committed to provide financial support to the VIE as disclosed in Note 1. The subsidiaries did not pay any dividends to the Company for the years presented. The Company does not have significant commitments or long-term obligations as of the year end other than those presented. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements. Condensed Balance Sheets
|  | As of December 31, |
|  | 2023 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | US$ |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 14,171 |  |  |  | 9,328 |  |  |  | 1,278 |
Restricted cash |  |  | 62 |  |  |  | 224 |  |  |  | 31 |
Inter-company receivables |  |  | 3,152,747 |  |  |  | 3,198,215 |  |  |  | 438,152 |
Prepayments and other current assets |  |  | 315 |  |  |  | 297 |  |  |  | 41 |
Total current assets |  |  | 3,167,295 |  |  |  | 3,208,064 |  |  |  | 439,502 |
Non-current assets: |  |  |  |  |  |  |  |  |  |  |  |
Equity method investment |  |  | 337 |  |  |  | — |  |  |  | — |
Property and equipment, net |  |  | 627 |  |  |  | 77 |  |  |  | 11 |
Total non-current assets |  |  | 964 |  |  |  | 77 |  |  |  | 11 |
Total assets |  |  | 3,168,259 |  |  |  | 3,208,141 |  |  |  | 439,513 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Inter-company payables |  |  | 2,399,333 |  |  |  | 2,626,851 |  |  |  | 359,876 |
Accrued liabilities and other current liabilities |  |  | 516 |  |  |  | 463 |  |  |  | 63 |
Total current liabilities |  |  | 2,399,849 |  |  |  | 2,627,314 |  |  |  | 359,939 |
Total liabilities |  |  | 2,399,849 |  |  |  | 2,627,314 |  |  |  | 359,939 |
|  | As of December 31, |
|  | 2023 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | US$ |
LIABILITIES AND SHAREHOLDERS’ EQUITY (CONTINUED) |  |  |  |  |  |  |  |  |  |  |  |
Shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Class A ordinary shares (par value of US$0.0002 per share; 230,000,000 shares authorized; 85,115,600 and 90,289,123 shares issued and outstanding as of December 31, 2023 and 2024, respectively) |  |  | 116 |  |  |  | 124 |  |  |  | 17 |
Class B ordinary shares (par value of US$0.0002 per share; 20,000,000 shares authorized; 17,324,848 shares issued and outstanding as of December 31, 2023 and 2024) |  |  | 21 |  |  |  | 21 |  |  |  | 3 |
Treasury stock |  |  | (65,896 | ) |  |  | (63,264 | ) |  |  | (8,667 | )
Additional paid-in capital |  |  | 4,849,337 |  |  |  | 5,002,255 |  |  |  | 685,306 |
Accumulated deficits |  |  | (3,853,635 | ) |  |  | (4,200,261 | ) |  |  | (575,433 | )
Accumulated other comprehensive loss |  |  | (161,533 | ) |  |  | (158,048 | ) |  |  | (21,652 | )
Total shareholders’ equity |  |  | 768,410 |  |  |  | 580,827 |  |  |  | 79,574 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  | 3,168,259 |  |  |  | 3,208,141 |  |  |  | 439,513 |
Condensed Statements of Comprehensive Loss
|  | For the years ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
Revenues |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cost of revenues |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross profit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  | (31,041 | ) |  |  | (11,616 | ) |  |  | (13,128 | ) |  |  | (1,799 | )
Impairment loss on long-lived assets |  |  | — |  |  |  | — |  |  |  | (102 | ) |  |  | (14 | )
Share of losses in subsidiaries, the VIE and the VIE’s subsidiaries |  |  | (943,534 | ) |  |  | (645,522 | ) |  |  | (337,078 | ) |  |  | (46,181 | )
Total operating expenses |  |  | (974,575 | ) |  |  | (657,138 | ) |  |  | (350,308 | ) |  |  | (47,994 | )
Loss from operations |  |  | (974,575 | ) |  |  | (657,138 | ) |  |  | (350,308 | ) |  |  | (47,994 | )
Interest income |  |  | 3,636 |  |  |  | 3,811 |  |  |  | 4,021 |  |  |  | 551 |
Other expense, net |  |  | (294 | ) |  |  | (362 | ) |  |  | (339 | ) |  |  | (46 | )
Loss before income taxes |  |  | (971,233 | ) |  |  | (653,689 | ) |  |  | (346,626 | ) |  |  | (47,489 | )
Income tax expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net loss |  |  | (971,233 | ) |  |  | (653,689 | ) |  |  | (346,626 | ) |  |  | (47,489 | )
Other comprehensive (loss) income, net of tax of nil: |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency translation adjustments |  |  | 41,347 |  |  |  | 4,189 |  |  |  | 3,485 |  |  |  | 477 |
Total comprehensive loss |  |  | (929,886 | ) |  |  | (649,500 | ) |  |  | (343,141 | ) |  |  | (47,012 | )
Condensed Statements of Cash Flows
|  | For the years ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
Net cash used in operating activities |  |  | (19,357 | ) |  |  | (19,253 | ) |  |  | (7,833 | ) |  |  | (1,074 | )
Net cash used in investing activities |  |  | 125,576 |  |  |  | (41,305 | ) |  |  | (5,840 | ) |  |  | (799 | )
Net cash (used in) generated from financing activities |  |  | (66,850 | ) |  |  | — |  |  |  | 8,902 |  |  |  | 1,220 |
Effect of exchange rate changes |  |  | 1,508 |  |  |  | 813 |  |  |  | 90 |  |  |  | 12 |
Net increase (decrease) in cash, cash equivalents and restricted cash |  |  | 40,877 |  |  |  | (59,745 | ) |  |  | (4,681 | ) |  |  | (641 | )
Cash, cash equivalents and restricted cash at the beginning of year |  |  | 33,101 |  |  |  | 73,978 |  |  |  | 14,233 |  |  |  | 1,950 |
Cash, cash equivalents and restricted cash at the end of year |  |  | 73,978 |  |  |  | 14,233 |  |  |  | 9,552 |  |  |  | 1,309 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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