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Unaudited Condensed Consolidated Statements of Cash Flows
¥ in Thousands, $ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2023
CNY (¥)
Jun. 30, 2023
USD ($)
Jun. 30, 2022
CNY (¥)
Dec. 31, 2022
CNY (¥)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
CNY (¥)
Dec. 31, 2020
CNY (¥)
Cash flows from operating activities              
Net income ¥ 79,339 $ 10,939 ¥ 150,601 ¥ 195,225 $ 28,306 ¥ 170,012 ¥ 176,100
Adjustments to reconcile net income to net cash provided by operating activities              
Depreciation of property and equipment 616 85 529 1,149 167 745 555
Amortization of intangible assets 3,476 479 3,557 7,038 1,020 4,090 1,749
Provision for doubtful accounts 2,230 308 3,101     (1,592) (8,253)
Loss from disposal of property and equipment 1        
Deferred tax benefit (1,719) (237) (629) (1,402) (203) 319 1,945
Change in fair value of contingent consideration 1,978 273 (10,790)     33,584 14,068
Change in fair value of warrant liabilities (153) (21) (8,382)     (16,421) (3,904)
Change in fair value of investment in marketable security (65,148) (8,984) (867)     (25,831)
Investments income (loss) 4,088 564 (597)     2,998
Share based compensation 8,613 1,188 7,437     31,857
Amortization of right-of-use assets 3,484 480 2,219    
Changes in operating assets and liabilities              
Accounts receivable 59,326 8,181 (174,208)     23,499 (70,513)
Prepaid expense and other current assets 19,797 2,730 8,579     (151,657) 5,193
Long term deposits and other assets (2) 79     230 1,379
Accounts payable (59,014) (8,138) 19,150     18,712 28,396
Deferred revenue (6,999) (965) 51,338     15,838 1,404
Accrued salary and employee benefits (3,194) (440) (14,308)     6,392 8,028
Accrued expenses and other current liabilities (8,424) (1,162) (22,374)     3,825 (852)
Income tax payable (3,132) (432) 1,761     (299) 146
Lease liabilities (3,546) (489) (2,576)    
Net cash provided by operating activities 31,616 4,359 13,621     116,301 155,441
Cash flows from investing activities              
Cash acquired from acquisition 9,707     10,152
Payment for Weiliantong Acquisition (13,800)     (50,000)
Payment for long term investment (4,500) (621) (75,000)     (113,735)
Purchase of property and equipment and intangible assets (201) (28) (890)     (1,389) (1,086)
Net cash used in investing activities (4,701) (649) (79,983)     (115,124) (40,934)
Cash flows from financing activities              
Proceeds from bank loan 5,000 690    
Net proceeds from private placement           15,284
Net cash acquired in the reverse recapitalization           32,659
Repayment for bank loan (5,000) (690)     (57,400)
Repayment from related parties 1,052 145     22,340
Loan to related parties           (14,007)
Share repurchase          
Payment of listing cost           (6,924)
Net cash provided by financing activities 1,052 145     15,284 (23,332)
Effect of foreign exchange rate changes on cash (499) (67) 843     (282) (3,758)
Net increase (decrease) in cash and cash equivalents 27,468 3,788 (65,519)     16,179 87,417
Cash and cash equivalents at beginning of the period 175,292 24,174 240,947 240,947   224,768 137,351
Cash and cash equivalents at end of the period 202,760 27,962 175,428 175,292 24,174 240,947 224,768
Supplemental disclosures of cash flow information:              
Income taxes paid 10,749 1,482 6,160     (9,502) (6,946)
Supplemental non-cash investing and financing information:              
Issuance of Class A ordinary shares for Weiliantong acquisition 148,283        
Conversion of convertible notes and rights           13,452 4,038
Recognition of contingent consideration           306,583
Issuance of Class A ordinary shares for acquisition           175,000
Issuance of Class A ordinary shares for settlement of underwriting fee           14,131
Issuance of Class A ordinary shares to underwriter and advisors           18,713
Issuance of Class A ordinary shares for achievement of earnout target 13,106 1,807 117,264     200,100
Issuance of Class B ordinary shares for achievement of earnout target 10,855    
Shares to be issued for achievement of earnout target           128,119 200,100
Shares to be issued for Weiliantong Acquisition       20,817  
Right-of-assets obtained in exchange for operating lease obligations 13,383    
Previously Reported              
Cash flows from operating activities              
Net income       195,225 28,306    
Adjustments to reconcile net income to net cash provided by operating activities              
Depreciation of property and equipment       1,149 167    
Amortization of intangible assets       7,038 1,020    
Provision for doubtful accounts       2,739 397    
Deferred tax benefit       (1,402) (203)    
Change in fair value of contingent consideration       (13,071) (1,895)    
Change in fair value of warrant liabilities       (10,776) (1,562)    
Change in fair value of investment in marketable security       (1,760) (255)    
Investments income (loss)       (25,449) (3,690)    
Share based compensation       11,954 1,733    
Amortization of right-of-use assets       6,265 908    
Changes in operating assets and liabilities              
Accounts receivable       (112,058) (16,247)    
Prepaid expense and other current assets       64,180 9,305    
Long term deposits and other assets       335 49    
Accounts payable       25,503 3,698    
Deferred revenue       22,397 3,247    
Accrued salary and employee benefits       (14,109) (2,046)    
Accrued expenses and other current liabilities       (100,331) (14,547)    
Income tax payable       5,249 761    
Lease liabilities       (5,527) (801)    
Net cash provided by operating activities       57,551 8,345    
Cash flows from investing activities              
Cash acquired from acquisition       9,707 1,407    
Payment for Weiliantong Acquisition       (13,800) (2,001)    
Payment for long term investment       (107,000) (15,514)    
Purchase of property and equipment and intangible assets       (2,153) (312)    
Net cash used in investing activities       (113,246) (16,420)    
Cash flows from financing activities              
Proceeds from bank loan       5,000 725    
Net proceeds from private placement          
Net cash acquired in the reverse recapitalization          
Repayment for bank loan          
Repayment from related parties          
Loan to related parties          
Share repurchase       (16,482) (2,390)    
Payment of listing cost          
Net cash provided by financing activities       (11,482) (1,665)    
Effect of foreign exchange rate changes on cash       1,522 221    
Net increase (decrease) in cash and cash equivalents       (65,655) (9,519)    
Cash and cash equivalents at beginning of the period ¥ 175,292 $ 25,415 ¥ 240,947 240,947 34,934    
Cash and cash equivalents at end of the period       175,292 25,415 ¥ 240,947  
Supplemental disclosures of cash flow information:              
Income taxes paid       9,076 1,316    
Supplemental non-cash investing and financing information:              
Conversion of convertible notes and rights          
Recognition of contingent consideration       19,875 2,882    
Issuance of Class A ordinary shares for acquisition       127,466 18,481    
Issuance of Class A ordinary shares for settlement of underwriting fee          
Issuance of Class A ordinary shares to underwriter and advisors          
Issuance of Class A ordinary shares for achievement of earnout target       117,264 17,002    
Issuance of Class B ordinary shares for achievement of earnout target       10,855 1,574    
Shares to be issued for achievement of earnout target       13,106 1,900    
Shares to be issued for Weiliantong Acquisition       20,817 3,018    
Right-of-assets obtained in exchange for operating lease obligations       ¥ 25,474 $ 3,693