The balance sheet showed cash and short-term investments of about 621 million RMB as of June 30, 2025, but 2025 operating cash flow was negative and there were significant fair-value losses and credit provisions.
Subsequent corporate actions include large equity issuance and a modest September 2026 par-value Class B issuance that alters control without bolstering liquidity. Debt appears manageable, yet recurring profitability and cash generation are unproven post-restructuring.







