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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2025
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
Schedule of condensed balance sheets | Condensed balance sheets ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As at December 31
​ | ​ | 2024 | ​ | 2025 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | US$
ASSETS |  | ​ |  | ​ |  | ​
Current assets: |  | ​ |  | ​ |  | ​
Cash and cash equivalent |  | 409 | ​ | 336 | ​ | 48
Restricted cash | ​ | — | ​ | 91 | ​ | 13
Prepayments and other current assets | ​ | 73,592 | ​ | 77,546 | ​ | 11,089
Total current assets |  | 74,001 | ​ | 77,973 | ​ | 11,150
Total assets |  | 74,001 | ​ | 77,973 | ​ | 11,150
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND SHAREHOLDERS’ EQUITY |  | ​ |  | ​ | ​ | ​
Current liabilities: |  | ​ |  | ​ | ​ | ​
Short term loan |  | 34,307 | ​ | 12,588 | ​ | 1,800
Long-term debts due within one year | ​ | 84,482 | ​ | 49,469 | ​ | 7,074
Accrued expenses and other liabilities |  | 67,300 | ​ | 68,001 | ​ | 9,724
Derivative liability | ​ | — | ​ | — | ​ | —
Amounts due to subsidiaries |  | 2,337,986 | ​ | 2,051,025 | ​ | 293,293
Total current liabilities |  | 2,524,075 | ​ | 2,181,083 | ​ | 311,891
​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Long-term bank and other borrowings, non-current portion | ​ | 2,190 | ​ | — | ​ | —
Total liabilities |  | 2,526,265 | ​ | 2,181,083 | ​ | 311,891
​ | ​ | ​ | ​ | ​ | ​ | ​
Shareholders’ equity (deficit): |  | ​ |  | ​ | ​ | ​
Class A ordinary shares (par value of US$0.0001per share; authorized shares-500,000,000; issued shares-96,565,584 and 96,565,584 as of December 31, 2024 and 2025; outstanding shares-84,463,737 and 84,463,737 as of December 31, 2024 and 2025, respectively) |  | 68 | ​ | 68 | ​ | 10
Class B ordinary shares (par value of US$0.0001per share; authorized shares‑45,787,948; issued shares-45,787,948 and 45,787,948 as of December 31, 2024 and 2025; outstanding shares- 45,787,948 and 45,787,948 as of December 31, 2024 and 2025, respectively) |  | 37 | ​ | 37 | ​ | 5
Treasury stock (12,101,847 and 12,101,847 shares as of December 31, 2024 and 2025, respectively) |  | (7) | ​ | (7) | ​ | (1)
Additional paid-in capital |  | 2,169,693 | ​ | 2,438,000 | ​ | 348,629
Accumulated other comprehensive loss |  | (77,349) | ​ | (75,565) | ​ | (10,806)
Accumulated deficit |  | (4,544,706) | ​ | (4,465,643) | ​ | (638,578)
Total shareholders’ equity (deficit) |  | (2,452,264) | ​ | (2,103,110) | ​ | (300,741)
Total liabilities and shareholders’ equity (deficit) |  | 74,001 | ​ | 77,973 | ​ | 11,150
​
Schedule of condensed statements of comprehensive loss | Condensed statements of comprehensive loss ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | US$
Revenues |  | — | ​ | — | ​ | — | ​ | —
Cost of revenues |  | — | ​ | — | ​ | — | ​ | —
General and administrative expenses |  | (2,414) | ​ | (2,642) | ​ | (2,469) | ​ | (353)
Selling expenses |  | — | ​ | — | ​ | — | ​ | —
Operating loss |  | (2,414) | ​ | (2,642) | ​ | (2,469) | ​ | (353)
Equity in loss of subsidiaries |  | (314,122) | ​ | (422,351) | ​ | (68,132) | ​ | (9,742)
Interest income |  | 14 | ​ | 438 | ​ | 622 | ​ | 89
Interest expense |  | (9,926) | ​ | (47,314) | ​ | (3,979) | ​ | (569)
Changes in fair value of derivatives |  | 5,282 | ​ | 168 | ​ | — | ​ | —
Other income, net | ​ | (1,008) | ​ | — | ​ | — | ​ | —
Foreign exchange gain(loss) |  | 24,516 | ​ | (8,416) | ​ | (18,853) | ​ | (2,696)
Net loss |  | (297,658) | ​ | (480,117) | ​ | (92,811) | ​ | (13,271)
Other comprehensive income (loss) |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency translation, net of tax of nil | ​ | (6,480) | ​ | (7,630) | ​ | 16,406 | ​ | 2,346
Unrealized losses on available-for-sale securities, net | ​ | (31,173) | ​ | (4,299) | ​ | (14,623) | ​ | (2,091)
Total other comprehensive (loss) income |  | (37,653) | ​ | (11,929) | ​ | 1,783 | ​ | 255
Comprehensive loss |  | (335,311) | ​ | (492,046) | ​ | (91,028) | ​ | (13,016)
​
Schedule of condensed statements of cash flows | Condensed statements of cash flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | US$
Net cash (used in) generated from operating activities |  | (1,258) | ​ | 641 | ​ | (2,304) | ​ | (329)
Net cash (used in) generated from investing activities |  | 15,655 | ​ | 19,039 | ​ | 56,186 | ​ | 8,034
Net cash (used in) generated from financing activities |  | 1,590 | ​ | (37,226) | ​ | (53,847) | ​ | (7,700)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exchange rate effect on cash |  | (31) | ​ | 489 | ​ | (17) | ​ | (2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (decrease) increase in cash |  | 15,956 | ​ | (17,057) | ​ | 18 | ​ | 3
Cash at beginning of the year |  | 1,510 | ​ | 17,466 | ​ | 409 | ​ | 58
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents and restricted cash end of the year |  | 17,466 | ​ | 409 | ​ | 427 | ​ | 61
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | 17,466 | ​ | 409 | ​ | 336 | ​ | 48
Restricted cash, current portion | ​ | — | ​ | — | ​ | 91 | ​ | 13
Total cash and cash equivalents and restricted cash | ​ | 17,466 | ​ | 409 | ​ | 427 | ​ | 61
​

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