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Principal Activities and Organization (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of the Company's Principal Subsidiary

As of December 31, 2024, the Company’s principal subsidiary is as

follow:

Name of subsidiary

Place of

incorporation

Date of incorporation
or acquisition

Percentage of direct
or indirect ownership

Establish or
acquired

Principal activities

Yunxuetang Information Technology (Jiangsu)
Co., Ltd.

Suzhou

August 8, 2017

100

Established

Technology
development

Schedule of the Company's Principal VIEs and VIEs' Subsidiaries

As of December 31, 2024, the Company’s principal VIEs and VIEs’ subsidiaries are as follow:

Name of VIEs and VIEs’ subsidiaries

Place of
incorporation

Date of incorporation
or acquisition

Percentage of
economic interest

Establish or

acquired

Principal activities

Jiangsu Radnova Intelligence Technology Co., Ltd.(formerly known as Jiangsu Yunxuetang Network Technology Co., Ltd.)*

Suzhou

December 22, 2011

100

Established

Technology development and sales of SaaS platform

Beijing Xuanxing Intelligence Technology Co., Ltd. (formerly “Beijing Yunxuetang Network Technology Co., Ltd.”)

Beijing

August 21, 2012

100

Established

Technology development and sales of SaaS platform

Suzhou Xuanxing Intelligence Technology Co., Ltd (formerly “Suzhou Xuancai Network Technology Co., Ltd”)

Suzhou

September 25, 2015

100

Established

Technology development and sales of SaaS platform

*	The name of this entity was change on March 26, 2025.

Schedule of the Assets, Liabilities of the Consolidated VIEs and their Subsidiaries

The following tables set forth the assets, liabilities, results of operations and changes in cash and cash equivalents of the consolidated VIEs and their subsidiaries taken as a whole before eliminations of intercompany balances and transactions with other entities of the Group:


	As of December 31,
	2023		2024
	RMB		RMB
ASSETS
Current assets
Cash and cash equivalents		292,286		143,120
Restricted cash		—		322
Accounts receivable, net		32,790		19,386
Amounts due from the Group’s entities		25,012		149,180
Amounts due from related parties		—		2,000
Prepaid expense and other current assets		9,652		29,450

Total current assets		359,740		343,458

Non-current assets
Long-term investments		126,341		113,884
Property, equipment and software, net		8,469		4,942
Intangible assets, net		12,720		7,069
Operating lease right-of-use assets, net		32,300		25,559
Other non-current assets		4,154		16,092

Total non-current assets		183,984		167,546

Total assets		543,724		511,004

LIABILITIES
Current liabilities
Accounts payable		17,855		6,188
Amounts due to related parties		—		2,452
Short-term borrowings		46,800		163,000
Deferred revenue, current		188,485		125,428
Amounts due to the Group’s entities		6,282		—
Acquisition consideration payable, onshore		5,792		5,792
Other payable and accrued liabilities		40,025		17,451
Operating lease liabilities, current		12,778		8,920

Total current liabilities		318,017		329,231

Non-current liabilities
Loan from the Group’s entity		—		30,000
Operating lease liabilities, non-current		20,257		17,439
Long-term borrowings		219,000		125,500
Deferred revenue, non-current		58,952		57,710

Total non-current liabilities		298,209		230,649

Total liabilities		616,226		559,880

Schedule of the Results of Operations and Changes in Cash and Cash Equivalents of the Consolidated VIEs and their Subsidiaries


	Year ended December 31,
	2022			2023			2024
	RMB			RMB			RMB
Third-party revenues		430,636			424,016			331,190
Cost of revenues		(116,162	)		(136,865	)		(97,076	)

Net loss		(1,952	)		(45,835	)		(18,255	)
Net cash generated from/(used in) operating activities		47,372			(4,070	)		(54,515	)
Net cash used in investing activities		(28,222	)		(10,711	)		(147,029	)
Net cash generated from financing activities		32,000			185,800			52,700

Net increase/(decrease) in cash, cash equivalents and restricted cash		51,150			171,019			(148,844	)
Cash, cash equivalents and restricted cash at beginning of the year		70,117			121,267			292,286

Cash, cash equivalents and restricted cash at end of the year		121,267			292,286			143,442

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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