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CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥)
¥ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities      
Loss before income tax ¥ (7,305) ¥ (500,370) ¥ (395,803)
Adjustments for:      
Depreciation of property, plant and equipment 0 0 2,903
Amortization of intangible asset 0 0 1
Amortization of right-of-use asset 520 250 0
Credit impairment losses 0 0 373,647
Share-based payment expenses 758 1,726 0
Loss from disposal of discontinued operations and subsidiaries 0 497,532 0
Operating loss before changes in working capital (6,027) (862) (19,252)
Loans receivable 0 0 (11,218)
Trade receivable (4,110) (12,568) 0
Prepaid expenses 2,985 (1,386) (360)
Trade payable 1,121 1,302 0
Salary and benefit payable 498 1,379 1,834
Interest payable 0 0 18,088
Income tax payable 731 1,711 0
Other payable 1,077 2,996 (109)
Lease liability 327 330 0
Cash flows from (used in) operating activities (3,398) (9,098) (11,017)
Cash flow from investing activities      
Cash paid for acquisition of investment (1,960) 0 0
Net cash used in investing activities (1,960) 0 0
Cash flow from financing activities      
Proceeds received from issuance of share 0 0 7,792
Proceeds received from issuance of convertible notes 7,171 8,272 7,277
Repayments of convertible notes 0 0 (284)
Net cash provided by financing activities 7,171 8,272 14,785
Net (decrease)/increase in cash, cash equivalents and restricted cash 1,813 (826) 3,768
Cash, cash equivalents and restricted cash at beginning of year 79 2,533 295
Exchange gain/(losses) on cash, cash equivalents and restricted cash 1,447 (1,628) (1,530)
Cash, cash equivalents and restricted cash at end of year 3,339 79 2,533
Supplemental disclosure of non-cash flow:      
Operating lease right-of-use asset obtained in exchange for operating lease liabilities 1,165 443 0
Conversion of convertible notes 15,972 7,040 0
Share issuance for share placement, etc 3,546 1,735 ¥ 0
Share issued for downpayment of property acquisition ¥ 9,141 ¥ 0