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Consolidated Statements of Cash Flows
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
CNY (¥)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2022
CNY (¥)
Cash flows from operating activities        
Net income (loss) ¥ 26,683 $ 3,657 ¥ (34,976) ¥ 195,225
Adjustments to reconcile net income to net cash provided by operating activities        
Depreciation of property and equipment 1,127 154 1,237 1,149
Amortization of intangible assets 6,969 955 6,964 7,038
Loss from disposal of property and equipment 2 5
Provision for credit losses 30,584 4,188 17,865 2,739
Deferred tax (benefit) expenses (1,545) (211) (4,460) (1,402)
Change in fair value of contingent consideration 5,624 (13,071)
Change in fair value of warrant liabilities (170) (10,776)
Change in fair value of investment in marketable security (6,103) (836) 9,023 (1,760)
Investments (income) loss 5,742 787 31,328 (25,449)
Impairment of long-term investments 10,425 1,428 11,800
Share-based compensation 10,579 1,449 13,637 11,954
Amortization of right-of-use assets-operating lease 7,312 1,002 7,052 6,265
Changes in operating assets and liabilities        
Accounts receivable 34,335 4,704 54,148 (112,058)
Prepaid expense and other current assets 20,239 2,773 20,284 64,180
Long term deposits and other assets (180) (24) 227 335
Accounts payable (37,171) (5,092) (43,065) 25,503
Deferred revenue (17,400) (2,384) 4,203 22,397
Accrued salary and employee benefits 7,583 1,039 2,335 (14,109)
Accrued expenses and other current liabilities (20,771) (2,846) 7,334 (100,331)
Lease liabilities-operating lease (7,974) (1,092) (7,175) (5,527)
Income tax payable (1,720) (236) (526) 5,249
Net cash provided by operating activities 68,716 9,415 102,694 57,551
Cash flows from investing activities        
Cash acquired from acquisition 212 9,707
Payment for acquisition (3,546) (13,800)
Payment for long term investments (19,056) (2,611) (63,363) (107,000)
Purchase of property and equipment and intangible assets (988) (135) (493) (2,153)
Net cash used in investing activities (20,044) (2,746) (67,190) (113,246)
Cash flows from financing activities        
Capital contribution by non-controlling shareholders 245 34 1,751
Proceeds from related parties 355 49 760
Proceeds from bank loan 5,000 5,000
Repayment of bank loan (10,000)
Share repurchase (736) (101) (2,734) (16,482)
Net cash used in financing activities (136) (18) (5,223) (11,482)
Effect of foreign exchange rate changes on cash (1,461) (202) (108) 1,522
Net (decrease) increase in cash and cash equivalents 47,075 6,449 30,173 (65,655)
Cash and cash equivalents at beginning of the year 205,465 28,149 175,292 240,947
Cash and cash equivalents at end of the year 252,540 34,598 205,465 175,292
Supplemental disclosures of cash flow information:        
Income taxes paid 15,842 2,170 13,447 9,076
Supplemental non-cash investing and financing information:        
Recognition of contingent consideration 19,875
Issuance of Class A ordinary shares for acquisition 127,466
Issuance of Class A ordinary shares for achievement of earnout target 9,960 1,365 13,106 117,264
Issuance of Class B ordinary shares for achievement of earnout target 10,855
Shares to be issued for achievement of earnout target 9,960 13,106
Shares to be issued for Weiliantong Acquisition 20,817
Right-of-assets obtained in exchange for operating lease obligations 25,474
Non-controlling interests from Acquisition of SJ Verse Global Media LLC ¥ (288)