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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2025

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

31.PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

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

​

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)

​

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

​

Basis of presentation

For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments - Equity Method and Joint Ventures. Such investment is presented on the balance sheet as “Investment in subsidiaries” and the subsidiaries profit or loss as “Equity in loss of subsidiaries” on the statements of comprehensive income loss. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements.

X

- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

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