| Schedule of VIE and its subsidiaries' financial statements |
The table sets forth the assets and liabilities of the VIE and VIE’s subsidiaries included in the Group’s consolidated balance sheets: | | | | | | | | | As of December 31, | | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | US$ | | | (in thousands) | ASSETS | | | | | | | Current assets | | | | | | | Cash and cash equivalents | | 698,463 | | 781,825 | | 111,799 | Short-term investments | | 30,900 | | — | | — | Accounts receivable, net of allowance of RMB5,565 and RMB554 (US$79) as of December 31, 2024 and 2025, respectively | | 48,375 | | 43,985 | | 6,290 | Inventories, net | | 23,957 | | 21,808 | | 3,119 | Amounts due from related parties (including amounts due from Group entities of RMB171,522 and RMB188,904 (US$27,013) as of December 31, 2024 and 2025, respectively) | | 172,992 | | 192,673 | | 27,552 | Prepayments and other current assets | | 81,395 | | 68,424 | | 9,785 | Total current assets | | 1,056,082 | | 1,108,715 | | 158,545 | Non‑current assets | | | | | | | Property and equipment, net | | 3,298 | | 2,468 | | 353 | Intangible assets, net | | 15,269 | | 16,552 | | 2,367 | Operating lease right‑of‑use assets | | 14,885 | | 11,372 | | 1,626 | Long-term investment | | 26,333 | | 26,333 | | 3,766 | Other non‑current assets | | 21,345 | | 11,242 | | 1,608 | Total non‑current assets | | 81,130 | | 67,967 | | 9,720 | Total assets | | 1,137,212 | | 1,176,682 | | 168,265 | LIABILITIES | | | | | | | Current liabilities | | | | | | | Accounts payable | | 26,632 | | 24,706 | | 3,533 | Deferred revenue and customer advances | | 280,705 | | 218,375 | | 31,227 | Amounts due to related parties (including amounts due to Group entities of RMB403 and RMB1,639 (US$234) as of December 31, 2024 and 2025, respectively) | | 1,965 | | 2,574 | | 368 | Accrued expenses and other current liabilities | | 100,213 | | 91,935 | | 13,147 | Current operating lease liabilities | | 3,661 | | 2,166 | | 310 | Total current liabilities | | 413,176 | | 339,756 | | 48,585 | Non‑current liabilities | | | | | | | Non‑current operating lease liabilities | | 11,252 | | 9,208 | | 1,317 | Total non‑current liabilities | | 11,252 | | 9,208 | | 1,317 | Total liabilities | | 424,428 | | 348,964 | | 49,902 |
The table sets forth the results of operations of the VIE and VIE’s subsidiaries included in the Group’s consolidated statements of comprehensive income for the years ended December 31, 2023, 2024 and 2025, respectively: | | | | | | | | | | | For the year ended December 31, | | | 2023 | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | RMB | | US$ | | | (in thousands) | Revenues | | 1,010,418 | | 895,193 | | 772,996 | | 110,537 | Net income | | 258,999 | | 149,122 | | 114,314 | | 16,347 |
The table sets forth the cash flows of the VIE and VIE’s subsidiaries included in the Group’s consolidated statements of cash flows for the years ended December 31, 2023, 2024 and 2025, respectively: | | | | | | | | | | | For the year ended December 31, | | | 2023 | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | RMB | | US$ | | | (in thousands) | Net cash provided by operating activities | | 215,169 | | 64,861 | | 67,167 | | 9,605 | Net cash provided by (used in) investing activities | | 18,960 | | (48,718) | | 16,195 | | 2,316 | Net cash used in financing activities | | — | | (57,430) | | — | | — | Net change in cash and cash equivalents | | 234,129 | | (41,287) | | 83,362 | | 11,921 |
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