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 tax ¥ (1,236,047) $ (176,753) ¥ (395,255) ¥ (932,862)
Adjustments for:        
Depreciation of property, plant and equipment [1] 65,761 9,404 71,184 55,281
Depreciation of investment property [1] 15,883
Depreciation of right-of-use assets 10,657 1,524 11,134 11,632
Amortization of intangible assets 10,062 1,439 10,851 10,399
Equity-settled share-based payments 20,874 2,985 20,924 31,503
(Gain)/loss on disposal of items of property, plant and equipment 18 3 50 (4)
Gain on disposal of leases (685) (99) (85)
Fair value loss on financial assets measured at FVTPL 1,134 162 832 699
Fair value loss on financial liabilities measured at FVTPL 29,533 4,223
Fair value gain on derivative financial instruments (2,822)
Finance costs 54,070 7,732 64,455 96,057
Share of (profit)/loss of a joint venture (314) (45) 281 (1,076)
Provision for inventory write-down 4,180 598
Foreign exchange (gain)/loss 10,161 1,453 (6,694) (1,621)
Total (1,030,596) (147,374) (222,323) (716,931)
(Increase)/ Decrease in restricted cash balances 18,948 2,710 (96) (7,936)
(Increase)/Decrease in inventories (26,201) (3,747) 9,570 (6,719)
(Increase)/Decrease in trade receivables (169,795) (24,281) 62,750 (91,537)
Increase in prepayments, other receivables and other assets (86,337) (12,346) (14,421) (7,841)
(Increase) /Decrease in other non-current assets 27,784 3,974 (48,950) (3,552)
(Decrease) /Increase in trade payables 14,774 2,113 19,521 (23,114)
Increase in other payables and accruals 113,809 16,274 78,506 48,573
Increase /(Decrease) in contract liabilities (37,485) (5,360) (3,654) 81,620
Increase in deferred income 1,000 143 7,740 1,360
Income tax paid (29) (4)
Net cash flows used in operating activities (1,174,128) (167,898) (111,357) (726,077)
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchases of property, plant and equipment (27,571) (3,942) (24,289) (46,108)
Proceeds from disposal of property, plant and equipment 14
Purchase of intangible assets (10,736)
Payment of contingent consideration related to acquisition of a subsidiary (43,342) (6,198) (9,516) (20,000)
Maturity/(Placement) in time deposits with original maturity of more than three months (925,139) (132,294) (312,230) 98,752
Investment in other financial assets (4,000) (572)
Investment in a joint venture (16,000)
Net cash flows generated from/ (used in) investing activities (1,000,052) (143,006) (362,035) 21,922
CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds from issue of shares 2,304,905 329,597 533,940 470,081
Treasury share purchases (9,036) (1,292) (5,923)
Proceeds from exercise of share options 4 1 6 8
Interest paid (51,308) (7,337) (60,556) (92,348)
Proceeds from bank loans 1,240,970 177,456 535,923 953,500
Repayment of bank loans (923,990) (132,129) (672,850) (956,091)
Principal portion of lease payments (9,717) (1,390) (8,413) (10,766)
Capital contribution from non-controlling shareholders of a subsidiary 10,290
Listing expense paid (11,728) (1,677) (13,283)
Net cash flows generated from financing activities 2,540,100 363,229 314,767 368,751
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS 365,920 52,325 (158,625) (335,404)
Cash and cash equivalents at beginning of year 893,100 127,712 1,038,048 1,345,639
Effect of foreign exchange rate changes, net (63,236) (9,042) 13,677 27,813
CASH AND CASH EQUIVALENTS AT END OF YEAR 1,195,784 $ 170,995 893,100 1,038,048
Cash and cash equivalents at end of year 1,195,784   893,100 1,038,048
Restricted bank balances 5,685   24,633 24,537
Time deposits with original maturity of more than three months 1,268,616   343,478 31,248
Cash and bank balances at end of year ¥ 2,470,085   ¥ 1,261,211 ¥ 1,093,833
[1] The depreciation of property, plant and equipment, the depreciation of investment property, the depreciation of right-of-use assets, the amortization of intangible assets and the equity-settled share-based payment expenses for the years are included in “Cost of Sales”, “Research and development expenses”, “Selling and distribution expenses” and “Administrative expenses” in the consolidated statements of profit or loss.