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Consolidated Statements of Cash Flows
¥ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
CNY (¥)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2022
CNY (¥)
Cash flows from operating activities:        
Net loss ¥ (92,053) $ (12,611) ¥ (229,838) ¥ (640,295)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation of property, equipment and software 7,638 1,046 9,368 7,732
Amortization of intangible assets 5,673 777 21,985 23,729
Impairment of intangible assets     21,660  
Gain on deconsolidation of CEIBS Publishing Group (78,760) (10,790)    
Loss/(gain) from disposal of property, equipment and software (22) (3) 132 465
Fair value change of derivatives liabilities (34,378) (4,710) (102,419) 32,190
Accrual/(reverse) of allowance for doubtful accounts/expected credit losses (252) (35) (654) 978
Impairment of available-for-sale debt securities 14,464 1,981 13,144  
Unrealized foreign exchange loss/(gain) (79) (11) 335 32
Deferred income tax, net     (9,871) (5,391)
Share-based compensations 5,879 805 26,123 71,815
Changes in operating assets and liabilities:        
Accounts receivable 2,728 374 3,224 4,841
Prepaid expenses and other assets (40,288) (5,519) 15,330 3,863
Accounts payable (2,710) (371) 1,100 2,364
Amounts due to related parties 2,452 336    
Deferred revenue 1,629 223 19,081 24,658
Other payable and accrued liabilities (3,655) (499) (45,729) 16,184
Net cash used in operating activities (211,734) (29,007) (257,029) (456,835)
Cash flows from investing activities:        
Purchase of property, equipment and software (1,697) (232) (4,640) (11,907)
Purchase of intangible assets     (991) (6,779)
Cash paid for short-term investments (56,261) (7,708) (96,468) (224,269)
Cash received from maturity of short-term investments 115,117 15,771 141,728 547,672
Cash paid for long-term bank deposit     (117,573)  
Cash received from maturity of long-term bank deposit 117,728 16,129    
Purchase of available-for-sale debt securities     (10,000) (36,800)
Partial cash payment for acquisition of CEIBS Publishing Group     (9,600)  
Amounts due from related parties (2,000) (274)    
Cash change due to deconsolidation of CEIBS Publishing Group (30,767) (4,215)    
Proceeds from disposal of property and equipment 46 6 11  
Net cash generated from/(used in) investing activities 142,166 19,477 (97,533) 267,917
Cash flows from financing activities:        
Proceeds from short-term borrowings 110,000 15,070 39,800 20,000
Repayment of short-term borrowings (39,800) (5,453) (20,000) (8,000)
Proceeds from long-term borrowings 138,000 18,906 230,000  
Repayment of long-term borrowings (185,500) (25,413) (4,000)  
Proceeds from issuance of ordinary shares upon the completion of IPO 178,063 24,395    
Payments of initial public offering costs (27,034) (3,704) (3,896) (2,425)
Net cash generated from financing activities 173,729 23,801 241,904 9,575
Effect of exchange rate changes (6,408) (879) 1,140 20,809
Net (decrease)/increase in cash and cash equivalents 97,753 13,392 (111,518) (158,534)
Cash, cash equivalents and restricted cash at beginning of the year 320,489 43,907 432,007 590,541
Cash, cash equivalents and restricted cash at the end of the year 418,242 57,299 320,489 432,007
Less: restricted cash 322 44    
Cash and cash equivalents at the end of the year 417,920 57,255 320,489 432,007
Supplemental disclosure of cash flow information        
Cash paid for interest (10,563) (1,447) (4,390) (543)
Supplemental schedule of non-cash investing and financing activities        
Net accretion on convertible redeemable preferred shares to redemption value 290,543 39,804 ¥ 9,452 ¥ 396,716
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares (672,170) (92,087)    
Deemed dividend to convertible redeemable preferred share shareholders due to modifications and re-designation ¥ 5,940 $ 814