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 (¥)
Operating activities:        
Net income (loss) $ 15,648 ¥ 109,429 ¥ (146,480) ¥ 110,499
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities        
Depreciation 254 1,779 2,971 4,888
Changes in fair value of long-term investments 6,224 43,526 187,725
Investment income (11,298) (79,008) (4,203) (4,648)
Gain on disposal of property and equipment 1 10 (38) (75)
Reduction in the carrying amount of right-of-use assets 1,735 12,134 13,313 12,473
Share-based compensation expenses 6,639 46,430 160,027
Foreign currency exchange gain 458 3,203 (62) (26)
Changes in operating assets and liabilities:        
Accounts receivable (2,836) (19,833) (4,778) 660
Prepayments and other current assets 320 2,226 3,955 (5,557)
Other non-current assets 220 1,538 350 (4,388)
Accounts payable 100 699 (116,441) (16,304)
Deferred revenue 540 3,773 4,823 12,896
Accrued expenses and other current liabilities (2,053) (14,356) (85,715) (51,778)
Operating leases (1,791) (12,523) (13,258) (12,933)
Net cash provided by (used in) operating activities 14,161 99,027 2,189 45,707
Investing activities:        
Proceeds from maturities of investments 147,425 1,030,959 612,857 728,724
Purchase of investments (163,358) (1,142,376) (1,109,818) (735,000)
Proceeds from maturity of term deposit 36,152
Purchase of term deposit (918)
Proceeds from disposal of property and equipment 13 88 65 176
Purchase of property and equipment (19) (131) (1,141) (3,085)
Net cash provided by (used in) investing activities (15,939) (111,460) (498,037) 26,049
Financing activities:        
Proceeds from the IPO, net of underwriting discounts and commissions 447,967
Payments of listing expenses relating to the IPO (763) (5,336) (14,455) (359)
Repurchase of ordinary shares (7,835) (54,790)
Proceeds from exercise of share-based awards 131 918
Net cash provided by (used in) financing activities (8,467) (59,208) 433,512 (359)
Effect of foreign currency exchange rate changes on cash and cash equivalents (891) (6,234) 2,038 5,850
Net increase (decrease) in cash and cash equivalents (11,136) (77,875) (60,298) 77,247
Cash and cash equivalents, and restricted cash at the beginning of the year 91,389 639,093 699,391 622,144
Cash and cash equivalents, and restricted cash at the end of the year 80,253 561,218 639,093 699,391
Supplemental cash flow information:        
Income taxes paid 22 157 69
Non-cash investing and financing activities:        
Accrual of IPO cost 1,688 5,215
Automatic conversion of redeemable convertible preferred shares to Class A ordinary shares upon the IPO 2,818,674
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 80,240 561,127 592,358 699,391
Restricted cash 13 91 46,735
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 80,253 ¥ 561,218 ¥ 639,093 ¥ 699,391