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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net income (loss) ¥ (408,916,000) $ (58,474) ¥ (73,642,000) ¥ 12,576,000
Adjustments to reconcile net income(loss) to net cash used in operating activities:        
Loss (gain) on disposal of property, equipment and software (1,071,000) (152) 7,345,000 (50,000)
Loss on disposal of subsidiaries 1,502,000 215 11,606,000 282,000
Amortization of deferred loan costs 2,606,000 373    
Gain on disposal of discontinued operations, net       (158,809,000)
Non-cash other income (257,000) (37) (2,033,000) (2,519,000)
Share-based compensation expenses 116,053,000 16,595 44,675,000 70,760,000
Impairment on equity investments 41,629,000 6,000 0 0
Changes in fair value on other investments 300,000 40 7,160,000 (3,490,000)
Impairment on advance and other assets 7,807,000 1,116 794,000 4,383,000
Impairment loss of equipment, intangible assets and long-lived assets 0   6,505,000 161,002,000
Impairment on other investments 64,960,000 9,289    
Gain on extinguished liabilities of WoW       (175,302,000)
Gain (loss) from change in fair value of conversion feature derivative liability 5,733,000 820 (45,037,000) (23,171,000)
Depreciation and amortization of property, equipment and software 13,600,000 2,000 61,464,000 86,866,000
Share of loss in equity method investments 600,000 82 1,122,000 0
(Gain) loss on disposal of investment in equity investee and available-for-sales investment     8,000 (1,666,000)
Gain on disposal of other investment (3,400,000) (486)    
Foreign currency exchange loss (2,989,000) (427) 713,000 6,816,000
Non-cash interest expense on convertible notes 16,252,000 2,324 30,289,000 25,967,000
Amortization of intangible assets 1,539,000 220    
Gain on extinguishment of convertible notes (1,203,000) (172)    
Non-cash lease expense 4,502,000 644 4,384,000 4,975,000
Cryptocurrency mining revenue (56,352,000) (8,058) (110,739,000) (168,324,000)
Receipt of BTC from operating activities     (1,107,000)  
Realized gain on exchange of cryptocurrencies (10,627,000) (1,520) (60,783,000) (42,836,000)
Change in fair value of cryptocurrencies 36,178,000 5,173 (48,290,000) (40,036,000)
Receipt of ETH from operating activities     (4,000) (433,000)
Receipt of USDT from exchange of other cryptocurrencies (16,886,000) (2,415) (65,718,000) (705,000)
Receipt of USDC from operating activities (15,933,000) (2,278)    
Interest income-Cryptocurrencies     (87,296,000) (131,000)
Payment in cryptocurrencies for operating activities 88,310,000 12,628 104,186,000 153,167,000
Sale of cryptocurrencies for cash 67,948,000 9,716 109,023,000 70,539,000
Interest expense 2,974,000 425 1,194,000  
Sale of cryptocurrencies for other cryptocurrencies 16,886,000 2,415 65,710,000  
Changes in operating assets and liabilities:        
Change in accounts receivable (10,973,000) (1,569) (54,000) 95,000
Change in advances to suppliers (2,350,000) (336)   30,000
Change in other long-lived assets (151,000) (22)    
Change in operating lease right-of-use assets     (3,597,000)  
Change in prepayments and other current assets 2,016,000 288 (3,020,000) 673,000
Change in accounts payable 6,951,000 994 (1,256,000) 2,368,000
Change in amounts due from related parties 426,000 61    
Change in other taxes payable 139,000 20 (36,000) (149,000)
Change in advances from customers (3,246,000) (464) 222,000 267,000
Change in interest payable     1,243,000 (2,432,000)
Change in accrued expenses and other current liabilities 8,366,000 1,196 1,690,000 (21,213,000)
Change in operating lease liabilities (4,612,000) (659) (918,000) (5,820,000)
Net cash used in operating activities (31,756,000) (4,540) (44,197,000) (46,320,000)
Cash flows from investing activities        
Loan to a related party (7,132,000) (1,020)    
Proceeds from disposal of other investments 3,400,000 486 5,000 5,163,000
Proceeds from disposal of property, equipment and software 89,000 13 145,000 4,000
Refund from subscribed tokens and other investment       1,500,000
Purchase of short term investment (3,360,000) (480)    
Proceeds from sales of short term investment 2,500,000 357    
Purchase of equity method investments     (10,641,000)  
Purchase of other investments     (28,445,000)  
Refund (purchase) of license asset 9,000,000 1,287 (9,000,000)  
Refund (purchase) of deferred royalty costs 9,000,000 1,287 (9,000,000)  
Cash disposed of upon deconsolidation of subsidiary (426,000) (61) (82,000) (85,000)
Purchase of intangible assets (10,510,000) (1,503)    
Purchase of property, equipment and software (1,446,000) (207)   (2,112,000)
Net cash provided by (used in) investing activities 1,115,000 159 (57,018,000) 4,470,000
Cash flows from financing activities:        
Proceeds from issuance of convertible notes 78,358,000 11,205   85,349,000
Proceeds from BTC Mortgage loan     87,296,000  
Loans from a related party     814,000  
Contributions from noncontrolling interest 1,144,000 164    
Repayment of loans / advances due to a related party     (2,834,000) (9,482,000)
Proceeds from other loans       1,434,000
Repayments of other loans       (2,195,000)
Contribution from shareholders     1,099,000 262,000
Acquisition of noncontrolling interest (490,000) (70)    
Proceeds from issuance of ordinary shares 31,504,000 4,505 17,783,000  
Repayments of BTC Mortgage loan (32,048,000) (4,583)    
Repayments of convertible notes     (34,390,000) (42,903,000)
Net cash provided by financing activities 78,468,000 11,221 69,768,000 32,465,000
Effect of foreign exchange rate changes on cash and cash equivalents (249,000) (36) (2,864,000) (3,457,000)
Net change in cash and cash equivalents 47,578,000 6,804 (34,311,000) (12,842,000)
Cash and cash equivalents, beginning of year 10,911,000 1,560 45,222,000 58,064,000
Cash and cash equivalents, end of year 58,489,000 8,364 10,911,000 45,222,000
Supplemental disclosure of cash flow information:        
Interest paid 1,432,000 205 1,561,000 5,533,000
Income taxes paid 134,000 19    
Non-cash investing and financing activities        
Property, equipment and software acquired through prepayment 39,841,000 5,697    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 13,354,000 1,910 1,798,000 (218,000)
Property and equipment acquired on credit as liabilities       198,637,000
Receipt of USDT from disposal of mining machines and subsidiaries 1,651,000 236 2,283,000 8,731,000
Cumulative effect from the adoption of ASU 2023-08       1,531,000
Conversion of convertible notes into ordinary shares 53,388,000 7,634 18,161,000 ¥ 24,822,000
Restricted ordinary shares issued in exchange for investments     230,478,000  
Receipt of USDT from BTC Mortgage borrowing, net of deferred loan cost of RMB 3.5 million and RMB 0.9 million for the years ended December 31, 2025 and 2024, respectively 176,214,000 25,198 87,296,000  
Receipt of BTC from investors 33,937,000 4,853    
Call option assets     15,843,000  
Put option liabilities 1,811,000 259 ¥ (1,923,000)  
Receipt of USDT from investors 4,263,000 610    
Repayment of BTC Mortgage borrowing 57,225,000 8,183    
Intangible assets acquired through accounts payable 7,000,000 1,001    
Issuance of shares for acquisition of noncontrolling interest 15,000,000 2,145    
Non-cash unwind of investments and related share arrangements 3,877,000 554    
Cancellation of contingently redeemable shares ¥ 15,613,000 $ 2,233