v3.26.1
Consolidated Statements of Cash Flows
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
CNY (¥)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net loss $ (19,059) ¥ (133,285) ¥ (123,121) ¥ (165,120)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 1,603 11,207 8,917 6,545
Shared-based compensation 40 279 2,430 (885)
(Gain)/loss from disposal of property, equipment and software 54 378 183 (350)
Equity in loss/(income) of affiliates (516) (3,608) 5,061 7,276
Changes in fair value for equity securities (175) (1,221) (8,387) 80,923
Inventory write-downs 490 3,427 12,722 9,270
Foreign exchange loss/(income) (545) (3,811) 2,330 8,313
Amortization of right of use assets 318 2,223 3,601 1,742
Loss/(gain) on disposal of long-term investments and subsidiaries 891 6,234 (272) 23
Reverse stock splits expense 1,524 4,356
Allowance for expected credit losses 11,869 83,001 15,364 37,098
Impairment of long-lived assets other than goodwill 26,090
Changes in operating assets and liabilities:        
(Increase)/decrease in accounts receivable 7,647 53,480 8,271 (39,363)
Decrease/(increase) in inventories (2,142) (14,979) 546 2,665
Decrease/(increase) in advance to suppliers (53) (368) 4,248 18,683
Decrease/(increase) in prepaid expenses and other current assets (2,388) (16,708) 12,930 32,464
Decrease/(increase) in other non-current assets 39 273 (128) 932
(Increase)/decrease in amounts due from related parties 62 437 699 (1,159)
Decrease in accounts payable (729) (5,100) (29,745) (24,722)
Decrease in incentive payables to members (2,203) (15,404) (58,850) (82,442)
(Decrease)/increase in member management fees payable 49 341 (3,110) (6,714)
(Decrease)/increase in deferred revenue 360 2,519 (816) (12,335)
Decrease in amount due to related parties (16) (109) (1,890) (7,073)
Decrease in other payable and accrued liabilities (3,858) (26,986) (4,679) (40,989)
Net cash used in operating activities (8,262) (57,780) (126,082) (170,862)
Cash flows from investing activities:        
Purchase of property, equipment and software (9,838) (68,795) (15,888) (12,407)
Proceeds from disposal of property, equipment and software 21 145 105 640
Cash paid for short term investments (6,180) (43,215) (7,159)
Cash received from maturity of short-term investments 7,350 214,374
Cash received from factorings services 8 59 850 50,694
Cash paid for loans provided to a third party (5,191) (36,300)
Cash received from repayment of loans provided to third parties 6,398 44,744 11,075 83,439
Cash received from disposal of long-term investments 1,121 7,836 4,158 3,481
Impact to cash resulting from deconsolidation of subsidiaries, net 715 5,000 2,021 1,743
Cash paid for long-term investments (71) (500) (40,770)
Cash dividends received from long-term investments 400 2,796 559
Purchase of land use rights (176,645)
Cash received from acquisition of a subsidiary, net 85
Net cash generated from/(used in) investing activities (12,617) (88,230) (166,330) 294,035
Cash flows from financing activities:        
Cash paid for repurchase of common stocks (20,978)
Cash paid for reverse stock splits expense (103) (719) (805) (4,356)
Cash paid to a non-controlling shareholder (196)
Proceed from short-term bank loans 17,407 121,730
Repayment of short-term bank loans (11,680) (81,680)
Cash used in merchant settlement, net (91) (635) (12,318) (17,399)
Net cash (used in)/generated from financing activities 5,533 38,696 (13,319) (42,733)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (452) (3,161) 3,852 7,528
Net increase/(decrease) in cash, cash equivalents and restricted cash (15,798) (110,475) (301,879) 87,968
Cash, cash equivalents and restricted cash at beginning of the year 34,725 242,832 544,711 456,743
Cash, cash equivalents and restricted cash at the end of the year 18,927 132,357 242,832 544,711
Supplemental disclosure of cash flow information        
Cash paid for income tax 257 1,796 3,532 4,128
Cash paid for interest expenses 72 ¥ 504
Cash and cash equivalents 15,671     517,542
Restricted cash(Note 2.9) 3,256     27,169
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 18,927     ¥ 544,711