Condensed Financial Information of the Parent Company (Tables)

12 Months Ended

Dec. 31, 2024

The following table sets forth the assets and liabilities of the VIE and subsidiaries of the VIE included in the Group’s consolidated balance sheets:


	As of December 31,
	2023		2024
	RMB		RMB		US$
Cash and cash equivalents		314,724		150,947		20,680
Restricted cash		20		20		3
Accounts receivable (net of allowance of RMB38,123 and RMB45,590 (US$6,246) as of December 31, 2023 and 2024, respectively)		126,851		151,971		20,821
Contract assets (net of allowance of RMB58,790 and RMB61,856 (US$8,474) as of December 31, 2023 and 2024, respectively)		22,748		13,855		1,898
Inter-company receivables*		343,342		605,656		82,975
Inventories		61,169		53,618		7,345
Prepayments and other current assets		16,855		13,737		1,882

Total current assets		885,709		989,804		135,604

Property and equipment, net		45,533		19,656		2,692
Intangible assets, net		38		224		30
Other non-current assets		2,398		5,353		733
Operating right-of-use assets		4,524		41,985		5,752

Total non-current assets		52,493		67,218		9,207

TOTAL ASSETS		938,202		1,057,022		144,811

Accounts payable		11,209		30,408		4,166
Deferred revenue		127,631		110,652		15,159
Inter-company payables*		1,693,577		1,768,322		242,259
Accrued liabilities and other current liabilities		71,144		61,212		8,386
Customer deposits		1,197		592		81
Current portion of operating lease liabilities		3,639		13,832		1,895

Total current liabilities		1,908,397		1,985,018		271,946

Other non-current liabilities		4,288		10,171		1,395
Non-current portion of operating lease liabilities		—		26,669		3,654

Total non-current liabilities		4,288		36,840		5,049

TOTAL LIABILITIES		1,912,685		2,021,858		276,995

*	Inter-company receivables/payables represent balances of VIE and subsidiaries of the VIE due from/to the Company and the Group’s consolidated subsidiaries.

The table sets forth the cash flows of the VIE and subsidiaries of the VIE included in the Group’s consolidated statements of cash flows:


	For the years ended December 31,
	2022			2023			2024

	RMB			RMB			RMB			US$
Net cash used in operating activities		(139,381	)		(2,768	)		(160,551	)		(21,994	)
Net cash used in investing activities		(37,088	)		(606	)		(3,226	)		(442	)
Net cash generated from (used in) financing activities		377,630			(68,894	)		—			—

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