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Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES

15. LEASES

 

The Company leases buildings, office facilities, land use rights and batteries in PRC. The Company does not have any finance leases for the year ended December 31, 2023, and for the six months ended June 30, 2024, respectively. Operating leases result in the recognition of right-of-use (“ROU”) assets and lease liabilities on the balance sheet. ROU assets represent the Company’s right to use the leased asset for the lease term, and lease liabilities represent the obligation to make lease payments. The operating lease expenses were charged to cost of sales, research and development expenses and general and administrative expenses.

 

A summary of supplemental information related to operating leases as of the year ended December 31, 2023 and the six months ended June 30, 2024 was as follows:

 

   December 31, 2023   June 30, 2024 
   RMB   RMB   US$ 
       (Unaudited) 
Operating lease right-of-use assets, net   21,656    18,855    2,595 
Operating lease liabilities, current   1,750    1,811    249 
Operating lease liabilities, non-current   5,980    5,054    695 
Weighted average remaining lease terms   3.56 years    4.25 years    4.25 years 
Weighted average discount rate   4.36%   4.64%   4.64%

 

Cash flow information related to leases consists of the following:

 

   December 31, 2023   June 30, 2024 
   RMB   RMB   US$ 
       (Unaudited) 
Right-of-use assets obtained in exchange for new operating lease liabilities   4,698    304    42 

 

Future lease payments under operating leases as of June 30, 2024 were as follows: 

 

   As of
June 30,
2024		 
   RMB 
   (Unaudited) 
FY2024   1,053 
FY2025   2,118 
FY2026   1,870 
FY2027   1,087 
FY2028   620 
FY2029   290 
FY2030   145 
Total future lease payment   7,183 
less: imputed interest   (318)
Represent value of future lease payments(1)   6,865 

 

(1) Present value of future operating lease payments consisted of current portion of operating lease liabilities and non-current portion of operating lease liabilities, amounting to RMB1,811 (US$249) and RMB5,054 (US$695) as of June 30, 2024.