| Schedule of condensed balance sheets |
| | | | | | | | | As of December 31, | | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | US$ | | | (in thousands, except for number of shares and per share data) | ASSETS | | | | | | | Current assets | | | | | | | Cash and cash equivalents | | 155,828 | | 30,786 | | 4,402 | Amounts due from subsidiaries | | 253,441 | | 349,029 | | 49,910 | Prepayments and other current assets | | 4,266 | | 2,932 | | 420 | Total current assets | | 413,535 | | 382,747 | | 54,732 | Non-current assets | | | | | | | Investments in subsidiaries, the VIE and VIE’s subsidiaries | | 555,621 | | 654,883 | | 93,647 | Other non-current assets | | 1,229 | | — | | — | Total non-current assets | | 556,850 | | 654,883 | | 93,647 | Total assets | | 970,385 | | 1,037,630 | | 148,379 | LIABILITIES | | | | | | | Current liabilities | | | | | | | Amounts due to subsidiaries and the VIE | | 4,148 | | 40,332 | | 5,767 | Accrued expenses and other current liabilities | | 3,228 | | 2,128 | | 304 | Dividend payable | | 2,164 | | — | | — | Total current liabilities | | 9,540 | | 42,460 | | 6,071 | Total liabilities | | 9,540 | | 42,460 | | 6,071 | SHAREHOLDERS’ EQUITY | | | | | | | Ordinary shares (par value of US$0.0001 per share, 700,000,000 Class A shares authorized as of December 31, 2024 and December 31, 2025; 125,122,382 Class A shares issued and 116,084,207 outstanding as of December 31, 2024; 125,122,382 Class A shares issued and 111,541,887 outstanding as of December 31, 2025; 200,000,000 Class B shares authorized, 144,000,000 Class B ordinary shares issued and outstanding as of December 31, 2024 and December 31, 2025; 100,000,000 shares (undesignated) authorized, nil shares (undesignated) issued and outstanding as of December 31, 2024 and December 31, 2025) | | 185 | | 186 | | 27 | Additional paid-in capital | | 996,657 | | 960,641 | | 137,370 | Treasury stock | | (26,296) | | (43,483) | | (6,218) | Accumulated other comprehensive income | | 24,009 | | 16,134 | | 2,307 | Retained earnings (accumulated deficit) | | (33,710) | | 61,692 | | 8,822 | Total shareholders’ equity | | 960,845 | | 995,170 | | 142,308 | Total liabilities and shareholders’ equity | | 970,385 | | 1,037,630 | | 148,379 |
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| Schedule of condensed statements of results of operations and cash flows |
| | | | | | | | | | | For the year ended December 31, | | | 2023 | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | RMB | | US$ | | | (in thousands) | Operating expenses | | | | | | | | | General and administrative expenses | | (16,011) | | (11,449) | | (8,094) | | (1,157) | Total operating expenses | | (16,011) | | (11,449) | | (8,094) | | (1,157) | Operating loss | | (16,011) | | (11,449) | | (8,094) | | (1,157) | Share of income from subsidiaries, the VIE and VIE’s subsidiaries | | 190,880 | | 102,725 | | 98,583 | | 14,097 | Other income, net | | 6,038 | | 7,313 | | 4,913 | | 703 | Income before income taxes | | 180,907 | | 98,589 | | 95,402 | | 13,643 | Income tax expenses | | — | | — | | — | | — | Net income | | 180,907 | | 98,589 | | 95,402 | | 13,643 | Total comprehensive income | | 188,365 | | 104,643 | | 87,527 | | 12,517 | | | | | | | | | | Net cash used in operating activities | | (15,968) | | (2,663) | | (482) | | (69) | Net cash provided by (used in) investing activities | | (25,483) | | 62,597 | | (67,149) | | (9,602) | Net cash used in financing activities | | (9,448) | | (44,853) | | (56,088) | | (8,021) | Effect of exchange rate changes on cash and cash equivalents | | 2,648 | | 2,173 | | (1,323) | | (189) | Net change in cash and cash equivalents | | (48,251) | | 17,254 | | (125,042) | | (17,881) | Cash and cash equivalents at the beginning of the year | | 186,825 | | 138,574 | | 155,828 | | 22,283 | Cash and cash equivalents at the end of the year | | 138,574 | | 155,828 | | 30,786 | | 4,402 |
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