v3.26.1
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        
Loss before income tax from continuing operations ¥ (425,110) $ (60,790) ¥ (927,188) ¥ (1,290,722)
Loss before income tax from discontinued operations (24,857) (3,555) (5,211) (12,642)
Loss before income tax including discontinued operations (449,967) (64,345) (932,399) (1,303,364)
Adjustments for:        
Depreciation of property, plant and equipment 1,336 191 1,579 1,186
Amortization of intangible assets and other non-current assets 2,596 371 8,150 7,681
Depreciation of right-of-use assets 1,646 235 6,136 8,160
—Trade receivables, prepayments, other receivables and other assets 106,848 15,279 76,359 72,931
—Other financial assets 0 0 231,115 1,797
Provision for/(reversal of) losses on inventories (1,181) (169) (10,687) 14,409
(Gain)/loss on disposal of non-current assets and subsidiaries 102 15 (16,270) 0
Fair value changes of financial instruments at fair value through profit or loss 126,749 18,125 80,261 204,039
Share-based compensation expense/(reversal) (17,505) (2,503) 160,421 399,076
Investment income (6,332) (905) (16,884) (9,397)
Interest income (22) (3) (4,619) (5,239)
Interest expense 32,653 4,669 42,436 32,960
(Increase)/decrease in trade receivables and contract assets 43,092 6,162 15,197 (66,483)
(Increase)/decrease in prepayments, other receivables and other assets 19,789 2,830 232,311 (170,808)
Increase/(decrease) in trade and other payables 141,466 20,228 (33,646) 220,930
Increase/(decrease) in contract liabilities (3,106) (444) (42,051) 56,121
(Increase)/decrease in inventories 2,346 335 22,819 (36,842)
Cash (used in)/generated from operations 510 71 (179,772) (572,843)
Interest received 22 3 634 5,239
Net cash (used in)/generated from operating activities 532 74 (179,138) (567,604)
Cash flows from investing activities        
Purchase of property, plant and equipment and other non-current assets 0 0 0 (6,327)
Investment in financial assets and equity method investees 0 0 (541,326) (725,264)
Proceeds from disposal of financial assets 9,129 1,305 332,768 421,749
Dividends received 53 8 4,272 4,280
Net cash paid for acquisition of subsidiaries 0 0 0 (34,048)
Proceeds from disposal of subsidiaries 3,000 429 2,615 0
Loan advanced to a related party 0 0 0 (110,000)
Repayment of loan by a related party 0 0 0 110,000
Net cash (used in)/generated from investing activities 12,182 1,742 (201,671) (339,610)
Cash flows from financing activities        
Net proceeds from debt and equity financing 222,605 31,832 292,784 1,027,486
Repayment of borrowings (529,564) (75,728) (155,989) (143,872)
Interest paid (32,876) (4,701) (42,329) (32,228)
Expense for issuance of convertible bonds and ordinary shares (2,526) (361) (8,473) (39,957)
Payments for lease liabilities (1,562) (223) (5,499) (7,231)
Proceeds from revenue-based financing 0 0 12,318 24,372
Repayments for revenue-based financing (2,604) (372) (31,342) (2,744)
Capital injection from non-controlling interests 52,000 7,436 9,800 4,279
Loan from a related party 237,333 33,938 0 0
Net cash generated from/(used in) financing activities (57,194) (8,179) 71,270 830,105
Net decrease in cash and cash equivalents (44,480) (6,363) (309,539) (77,109)
Cash and cash equivalents at the beginning of the year 126,703 18,118 436,242 513,351
Cash and cash equivalents at the end of the year 82,223 11,755 126,703 436,242
Included in cash and cash equivalents per balance sheet 81,154 11,605 126,614 436,242
Included in assets classified as held for sale ¥ 1,069 $ 150 ¥ 89 ¥ 0