Organization and Reorganization (Tables)

6 Months Ended

Jun. 30, 2025

Organization and Reorganization [Abstract]

Schedule of Consolidated Financial Statements

The following combined financial information of the Group’s VIEs as of December 31, 2024 and June 30, 2025 and for the six months ended June 30, 2024 and 2025 were included in the accompanying condensed consolidated financial statements of the Group as follows:

	As of December 31,		As of June 30,
	2024		2025
	RMB		RMB
			(unaudited)
ASSETS
Current assets:
Cash and cash equivalents		1,178		75
Amount due from the subsidiaries of the Group		122,613		123,013
Other current assets		12,708		11,143
Total current assets		136,499		134,231
Non-current assets:
Long-term investments		6,096		5,936
Operating lease right-of-use assets		—		—
Total non-current assets		6,096		5,936
TOTAL ASSETS		142,595		140,167
Current liabilities:
Short term borrowings		19,734		14,634
Accounts payable		5,332		3,200
Advance from customers		8,371		9,434
Salary and welfare benefits payable		2,324		5,367
Other taxes payable		905		1,178
Short-term operating lease liabilities		—		—
Current portion of deferred revenue		798		72
Other current liabilities		10,868		38,779
Account due to subsidiaries of the Group		231,968		205,626
Total current liabilities		280,300		278,290
Long-term borrowings		10,000		10,000
Long-term operating lease liabilities		—		—
Non-current portion of deferred revenue		—		—
Total non-current liabilities		10,000		10,000
TOTAL LIABILITIES		290,300		288,290

	For the six months ended June 30,
	2024			2025
	RMB			RMB
Net revenues		15,360			21,521
Net loss		(15,250	)		(1,589	)

	For the six months ended June 30,
	2024			2025
	RMB			RMB
Net cash used in operating activities		(6,868	)		(3	)
Net cash generated from investing activities		—			—
Net cash generated from/(used in) financing activities		6,413			(1,100	)
Net decrease in cash, cash equivalent and restricted cash		(455	)		(1,103	)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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Token Cat Ltd 6-K