Condensed Financial Information of the Parent Company

12 Months Ended

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