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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 (¥)
Cash flows from operating activities        
Net (loss) income ¥ (595,000) $ (85,084) ¥ 26,683 ¥ (34,976)
Adjustments to reconcile net (loss) income to net cash provided by operating activities        
Depreciation of property and equipment 1,198 171 1,127 1,237
Amortization of intangible assets 6,455 923 6,969 6,964
Loss from disposal of property and equipment 2 5
Provision for credit losses 127,290 18,202 30,584 17,865
Deferred tax benefit (88,214) (12,615) (1,545) (4,460)
Change in fair value of contingent consideration 5,624
Change in fair value of warrant liabilities (170)
Change in fair value of investment in marketable security 29,067 4,157 (6,103) 9,023
Impairment for goodwill 186,170 26,622
Impairment for intangible assets 398,835 57,033
Investments loss (income) (8,712) (1,246) 5,742 31,328
Impairment of long-term investments 10,425 11,800
Share-based compensation 7,504 1,073 10,579 13,637
Amortization of right-of-use assets-operating lease 6,592 943 7,312 7,052
Changes in operating assets and liabilities        
Accounts receivable 55,480 7,934 34,335 54,148
Prepaid expense and other current assets 6,150 879 20,239 20,284
Long term deposits and other assets 125 18 (180) 227
Accounts payable (19,348) (2,767) (37,171) (43,065)
Deferred revenue (29,722) (4,250) (17,400) 4,203
Accrued salary and employee benefits (7,330) (1,048) 7,583 2,335
Lease liabilities-operating lease (7,200) (1,030) (7,974) (7,175)
Income tax payable (386) (55) (1,720) (526)
Accrued expenses and other current liabilities 1,562 223 (20,771) 7,334
Net cash provided by operating activities 70,516 10,083 68,716 102,694
Cash flows from investing activities        
Cash acquired from acquisitions 1,787 256 212
Payment for acquisition (1,224) (175) (3,546)
Proceeds from long term investments 150,206 21,479 444 521
Payment for long term investments (156,000) (22,308) (19,500) (63,884)
Purchase of property and equipment and intangible assets (837) (120) (988) (493)
Net cash used in investing activities (6,068) (868) (20,044) (67,190)
Cash flows from financing activities        
Capital contribution by non-controlling shareholders 245 1,751
Proceeds from (advance to) related parties (100) (14) 355 760
Proceeds from bank loan 5,000
Repayment of bank loan (10,000)
Share repurchase (736) (2,734)
Net cash used in financing activities (100) (14) (136) (5,223)
Effect of foreign exchange rate changes on cash (9,238) (1,321) (1,461) (108)
Net increase in cash and cash equivalents 55,110 7,880 47,075 30,173
Cash and cash equivalents at beginning of the year 252,540 36,113 205,465 175,292
Cash and cash equivalents at end of the year 307,650 43,993 252,540 205,465
Supplemental disclosures of cash flow information:        
Income taxes paid 8,231 1,177 15,842 13,447
Supplemental non-cash investing and financing information:        
Issuance of Class A ordinary shares for achievement of earnout target 9,960 13,106
Shares to be issued for achievement of earnout target 9,960
Right-of-assets obtained in exchange for operating lease obligations 16,442 2,351
Non-controlling interests from acquisitions ¥ (869) $ (124) ¥ (288)