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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Operating activities:        
Net loss ¥ (22,515) $ (3,219) ¥ (20,776) ¥ (353,433)
Adjustments to reconcile net income to net cash used in operating activities:        
Share-based compensation 10,047 1,437 20,149 226,691
Depreciation and amortization 11,840 1,693 16,967 21,780
Loss on disposal of property and equipment 39 6 31 992
Inventory write-down 1,807 258 3,887 19,910
Credit loss 3,181 455 519 1,950
Investment (income) loss, net (710) (102) 170 (4,025)
Noncash lease expense 38,701 5,534 48,497 62,610
Exchange loss (gain)     910 610
Exchange loss (gain) (480) (69)    
Changes in operating assets and liabilities:        
Accounts receivable 150,520 21,524 123,203 (49,898)
Notes receivable 20,210 2,890 (1,230) (34,266)
Inventories 387,131 55,359 28,107 59,594
Prepayments and other current assets 54,428 7,783 (26,214) 57,165
Other non-current assets 5,396 772 (1,372) 7,038
Accounts payable (439,057) (62,784) 132,734 (176,735)
Accrued expenses and other current liabilities (96,604) (13,815) (32,199) (229,975)
Operating lease liabilities 1,988 284 (34,082) (62,497)
Other non-current liabilities (6,780) (970) 3,715 5,245
Net cash (used in) provided by operating activities 119,142 17,036 263,016 (447,244)
Investing activities:        
Purchases of property and equipment (4,451) (636) (15,199) (9,822)
Purchases of intangible assets       (3)
Proceeds from sale of long-term investments     900  
Purchase of short-term investments (749,999) (107,248) (460,000) (914,326)
Proceeds from sale or maturity of short-term investments 700,645 100,191 511,217 1,074,246
Proceeds from disposal of property and equipment 82 12 458 1,648
Net cash provided by (used in) investing activities (53,723) (7,681) 37,376 151,743
Financing activities:        
Net proceeds from issuance of ordinary shares upon the exercise of stock options 745 107 14 223
Contribution from redeemable non-controlling interest holders     1,225  
Payment for share repurchase from non-controlling interest holders (1,864) (267) (13,521)  
Repayment of redemption rights from redeemable non-controlling interest holders (3,151) (451) (87,502)  
Proceeds from short-term bank borrowings 287,631 41,131 438,864 919,635
Repayment of short-term bank borrowings (260,981) (37,320) (615,958) (750,127)
Proceeds from other financing activities 53,463 7,645 710,954 1,451,352
Repayment for other financing activities (97,037) (13,876) (840,312) (1,415,105)
Net cash provided by (used in) financing activities (21,194) (3,031) (406,236) 205,978
Effect of exchange rate changes on cash and cash equivalents, and restricted cash (1,253) (179) 628 (3,720)
Net (decrease) increase in cash and cash equivalents, and restricted cash 42,972 6,145 (105,216) (93,243)
Cash and cash equivalents, and restricted cash at the beginning of the year 518,332 74,120 623,548 716,791
Cash and cash equivalents, and restricted cash at the end of the year 561,304 80,265 518,332 623,548
Supplemental disclosure of cash flow information:        
Interest paid 2,417 346 6,157 10,423
Income tax paid 13 2 96 251
Supplemental disclosures of non-cash investing and financing activities:        
Change in fair value of available-for-sale investments 677 97 1,074 4,343
Purchases of property and equipment included in payables 825 118    
Adjustment attributable to redeemable non-controlling interest (49,077) $ (7,018) (54,357) (86,941)
Reconciliation of cash, cash equivalents, and restricted cash        
Cash and cash equivalents 510,967   462,289 603,523
Restricted cash 50,337   56,043 20,025
Cash and cash equivalents, and restricted cash ¥ 561,304   ¥ 518,332 ¥ 623,548